However, so undistinguished a caution cannot, in my opinion, be justified, by which the owner loseth many advantages, and whereof all men, who deserved to be confided in, may with some reason complain. His love of procrastination (wherein doubtless nature hath her share) may probably be increased by the same means, but this is an imputation laid upon many other great ministers, who, like men under too heavy a load, let fall that which is of the least consequence, and go back to fetch it when their shoulders are free, for time is often gained, as well as lost, by delay, which at worst is a fault on the securer side.[12] Neither probably is this minister answerable for half the clamour raised against him upon that article: his endeavours are wholly turned upon the general welfare of his country, but perhaps with too little regard to that of particular persons, which renders him less amiable, than he would otherwise have been from the goodness of his humour, and agreeable conversation in a private capacity, and with few dependers. Yet some allowance may perhaps be given to this failing, which is one of the greatest he hath, since he cannot be more careless of other men's fortunes than he is of his own. He is master of a very great and faithful memory, which is of mighty use in the management of public affairs; and I believe there are few examples to be produced in any age, of a person who hath passed through so many employments in the state, endowed with a great share, both of divine and human learning.
[Footnote 12: Unfortunately, procrastination too often ended for Harley in very unpleasant results, and it is not too much to say, this failing was the indirect cause of his downfall. Swift's character of Oxford, as given in this "History," should be compared with that given of him in "An Enquiry into the Behaviour of the Queen's Last Ministry" (vol v, pp 431-434, of present edition). Dr William King, to whom Swift had written in 1736, for certain dates and official extracts to be included in this "History," wrote to Swift (December 7th, 1736), referring to this very matter of Oxford's character. As the letter applies to some other portions of this "History," it will be better if it be given here.
"London, December 7th, 1736
SIR,
I arrived here yesterday [King had been on a visit to Paris], and I am now ready to obey your commands. I hope you are come to a positive resolution concerning the History. You need not hesitate about the dates, or the references which are to be made to any public papers, for I can supply them without the least trouble. As well as I remember, there is but one of those public pieces which you determined should be inserted at length; I mean Sir Thomas Hanmer's Representation; this I have now by me. If you incline to publish the two tracts as an Appendix to the History, you will be pleased to see if the character given of the Earl of Oxford in the pamphlet of 1715 agrees with the character given of the same person in the History. Perhaps on a review, you may think proper to leave one of them quite out. You have (I think) barely mentioned the attempt of Guiscard, and the quarrel between Rechteren and Mesnager. But as these are facts which are probably now forgot or unknown, it would not be amiss if they were related at large in the notes, which may be done from the Gazettes, or any other newspapers of those times," etc. See Sir W. Scott's edit, vol xix, pp 20-21 [T.S.]
I am persuaded that foreigners, as well as those at home, who live too remote from the scene of business to be rightly informed, will not be displeased with this account of a person, who in the space of two years, hath been so highly instrumental in changing the face of affairs in Europe, and hath deserved so well of his own Prince and country.[13]
[Footnote 13: See also Swift's "Enquiry" (vol. v., pp. 425-476). [W.S.J.]
In that perplexed condition of the public debts, which I have already described, this minister was brought into the treasury and exchequer, and had the chief direction of affairs. His first regulation was that of exchequer bills, which, to the great discouragement of public credit, and scandal to the crown, were three per cent. less in value than the sums specified in them. The present treasurer, being then chancellor of the exchequer, procured an Act of Parliament, by which the Bank of England should be obliged, in consideration of forty-five thousand pounds, to accept and circulate those bills without any discount. He then proceeded to stop the depredations of those who dealt in remittances of money to the army, who, by unheard of exactions in that kind of traffic, had amassed prodigious wealth at the public cost, to which the Earl of Godolphin had given too much way,[14] possibly by neglect; for I think he cannot be accused of corruption.
[Footnote 14: Added in the author's own handwriting. [ORIGINAL NOTE.] P. Fitzgerald gives the addition as "either through ignorance, connivance, or neglect." [W.S.J.]
But the new treasurer's chief concern was to restore the credit of the nation, by finding some settlement for unprovided debts, amounting in the whole to ten millions, which hung on the public as a load equally heavy and disgraceful, without any prospect of being removed, and which former ministers never had the care or courage to inspect. He resolved to go at once to the bottom of this evil; and having computed and summed up the debt of the navy, and victualling, ordnance, and transport of the army, and transport debentures made out for the service of the last war, of the general mortgage tallies for the year one thousand seven hundred and ten, and some other deficiencies, he then found out a fund of interest sufficient to answer all this, which, being applied to other uses, could not raise present money for the war, but in a very few years would clear the debt it was engaged for. The intermediate accruing interest was to be paid by the treasurer of the navy; and, as a farther advantage to the creditors, they should be erected into a company for trading to the South Seas, and for encouragement of fishery. When all this was fully prepared and digested, he made a motion in the House of Commons (who deferred extremely to his judgment and abilities) for paying the debts of the navy, and other unprovided deficiencies, without entering into particulars, which was immediately voted. But a sudden stop was put to this affair by an unforeseen accident. The chancellor of the exchequer (which was then his title) being stabbed with a penknife, the following day, at the Cockpit, in the midst of a dozen lords of the council, by the Sieur de Guiscard, a French papist; the circumstances of which fact being not within the compass of this History, I shall only observe, that after two months' confinement, and frequent danger of his life, he returned to his seat in Parliament.[15]