[Footnote 8: Sir John Blunt. [ORIGINAL NOTE.] He was one of the first projectors of the South Sea Company, and died in January, 1733. [W.S.J.]
"In the year one thousand seven hundred and seven, the sum of eight hundred twenty-two thousand three hundred and eighty one pounds, fifteen shillings and sixpence, was raised, by continuing part of the general mortgage from one thousand seven hundred and ten to one thousand seven hundred and twelve; but with no provision of interest till August the first, one thousand seven hundred and ten, otherwise than by striking tallies for it on that fund, payable after all the other money borrowed.
"In one thousand seven hundred and eight, the same funds were continued from one thousand seven hundred and twelve to one thousand seven hundred and fourteen, to raise seven hundred twenty-nine thousand sixty-seven pounds fifteen shillings and sixpence; but no provision for interest till August the first, one thousand seven hundred and twelve, otherwise than as before, by striking tallies for it on the same fund, payable after all the rest of the money borrowed. And the discount of tallies then beginning to rise, great part of that money remains still unraised; and there is nothing to pay interest for the money lent, till August the first, one thousand seven hundred and twelve. But the late lord treasurer struck tallies for the full sum directed by the act to be borrowed, great part of which have been delivered in payment to the navy and victualling offices, and some are still in the hands of the government.
"In one thousand seven hundred and nine, part of the same fund was continued from August the first, one thousand seven hundred and fourteen, to August the first, one thousand seven hundred and sixteen, to raise six hundred and forty-five thousand pounds; and no provision for interest till August the first, one thousand seven hundred and fourteen (which was about five years), but by borrowing money on the same fund, payable after the sums before lent; so that little of that money was lent But the tallies were struck for what was unlent, some of which were given out for the payment of the navy and victualling, and some still remain in the hands of the government.
"In one thousand seven hundred and ten, the sums which were before given from one thousand seven hundred and fourteen, to one thousand seven hundred and sixteen, were continued from thence to one thousand seven hundred and twenty, to raise one million two hundred and ninety-six thousand five hundred and fifty-two pounds nine shillings and elevenpence three farthings; and no immediate provision for interest till August the first, one thousand seven hundred and sixteen; only, after the duty of one shilling per bushel on salt should be cleared from the money it was then charged with, and which was not so cleared till Midsummer one thousand seven hundred and twelve last, then that fund was to be applied to pay the interest till August the first, one thousand seven hundred and sixteen, which interest amounted to about seventy-seven thousand seven hundred and ninety-three pounds per annum: and the said salt fund produceth but about fifty-five thousand pounds per annum; so that no money was borrowed upon the general mortgage in one thousand seven hundred and ten, except one hundred and fifty thousand pounds lent by the Swiss cantons; but tallies were struck for the whole sum. These all remained in the late treasurer's hands at the time of his removal, yet the money was expended, which occasioned those great demands upon the commissioners of the treasury who succeeded him, and were forced to pawn those tallies to the bank, or to remitters, rather than sell them at twenty or twenty-five per cent. discount, as the price then was. About two hundred thousand pounds of them they paid to clothiers of the army, and others; and all the rest, being above ninety thousand pounds, have been subscribed into the South Sea Company for the use of the public."
When the Earl of Godolphin was removed from his employment, he left a debt upon the navy of —— millions,[9] all contracted under his administration,[10] which had no Parliament-security, and was daily increased. Neither could I ever learn, whether that lord had the smallest prospect of clearing this incumbrance, or whether there were policy, negligence, or despair at the bottom of this unaccountable management. But the consequences were visible and ruinous; for by this means navy-bills grew to be forty per cent. discount, and upwards; and almost every kind of stores, bought by the navy and victualling offices, cost the government double rates, and sometimes more: so that the public hath directly lost several millions upon this one article, without any sort of necessity, that I could ever hear assigned by the ablest vindicators of that party.
[Footnote 9: "Of millions" in original. "Of —— millions" in 1775. [W.S.J.]
[Footnote 10: See "The Examiner," No. 45, and note in vol. ix. of this edition, p. 295. [W.S.J.]
In this oppressed and entangled state was the kingdom, with relation to its debts, when the Queen removed the Earl of Godolphin from his office, and put it into commission, of which the present treasurer was one. This person had been chosen speaker successively to three Parliaments, was afterwards secretary of state, and always in great esteem with the Queen for his wisdom and fidelity. The late ministry, about two years before their fall, had prevailed with Her Majesty, much against her inclination, to dismiss him from her service; for which they cannot be justly blamed, since he had endeavoured the same thing against them, and very narrowly failed; which makes it the more extraordinary that he should succeed in a second attempt against those very adversaries, who had such fair warning by the first. He is firm and steady in his resolutions, not easily diverted from them after he hath once possessed himself of an opinion that they are right, nor very communicative where he can act by himself, being taught by experience, that a secret is seldom safe in more than one breast. That which occurs to other men after mature deliberation, offers to him as his first thoughts; so that he decides immediately what is best to be done, and therefore is seldom at a loss upon sudden exigencies. He thinks it a more easy and safe rule in politics to watch incidents as they come, and then turn them to the advantage of what he pursues, than pretend to foresee them at a great distance. Fear, cruelty, avarice, and pride, are wholly strangers to his nature; but he is not without ambition. There is one thing peculiar in his temper, which I altogether disapprove, and do not remember to have heard or met with in any other man's character: I mean, an easiness and indifference under any imputation, although he be never so innocent, and although the strongest probabilities and appearance are against him; so that I have known him often suspected by his nearest friends, for some months, in points of the highest importance, to a degree, that they were ready to break with him, and only undeceived by time and accident. His detractors, who charge him with cunning, are but ill acquainted with his character; for, in the sense they take the word, and as it is usually understood, I know no man to whom that mean talent could be with less justice applied, as the conduct of affairs, while he hath been at the helm, doth clearly demonstrate, very contrary to the nature and principles of cunning, which is always employed in serving little turns, proposing little ends, and supplying daily exigencies by little shifts and expedients. But to rescue a prince out of the hands of insolent subjects, bent upon such designs as must probably end in the ruin of the government; to find out means for paying such exorbitant debts as this nation hath been involved in, and reduce it to a better management; to make a potent enemy offer advantageous terms of peace, and deliver up the most important fortress of his kingdom, as a security;[11] and this against all the opposition, mutually raised and inflamed by parties and allies; such performances can only be called cunning by those whose want of understanding, or of candour, puts them upon finding ill names for great qualities of the mind, which themselves do neither possess, nor can form any just conception of. However, it must be allowed, that an obstinate love of secrecy in this minister seems, at distance, to have some resemblance of cunning; for he is not only very retentive of secrets, but appears to be so too, which I number amongst his defects. He hath been blamed by his friends for refusing to discover his intentions, even in those points where the wisest man may have need of advice and assistance, and some have censured him, upon that account, as if he were jealous of power but he hath been heard to answer, "That he seldom did otherwise, without cause to repent"
[Footnote 11: This is surely a piece of Swift's partiality for Oxford; since it practically deprives Bolingbroke of whatever credit was his for the Peace of Utrecht, and that was not a little; certainly more than may be given to Oxford. [T.S.]