A Stiptick for a Bleeding Nation / Or, a safe and speedy way to restore publick credit, and pay the national debts

by Unknown

The Matter standing in this Light, the only View is the Benefit of our Country.

The Body Politick is very weak, and requires an honest and able Physician; and where to find him, is the only Thing in Question.

Let us consider, whether this design'd Ingraftment of Nine Millions into the Bank, and Nine Millions into the East-India Company, will prove any real Benefit to the Nation as a Nation? No surely, that cannot be pretended; but only, that they making greater Dividends, may be of Service to Individuals; and yet that is much to be doubted.

For as to the Bank, the Capital was too big before to render any great Advance: And had it not been for a new Practice, first begun by the South-Sea Company, of Lending Money on their Stock; had it not been, I say, for their imitating (tho' with Caution) that infamous Practice, their Dividends would have been reduc'd to Seven per Cent. or under.

And for the East-India Company, their Trade is so far extended, especially at this Juncture, when they are forc'd to over-trade themselves, in order to ruin the Ostenders, that it's look'd on already as a Grievance: And yet by adding Nine Millions, they must divide Four Hundred and Fifty Thousand Pounds Profit more than before. And notwithstanding their Trade (as I said before) was then a Grievance; to what an Extension must it be driven now, to divide such a Profit; when hitherto they never divided above One Hundred and Sixty Thousand Pounds a Year Profit?

But will it not be a Second Injustice to the Annuitants, after so great a Diminution of their Estates, to have Two Thirds of it ingrafted on a precarious Bottom? All Stocks having been suffer'd to divide above the Value of the Nett Produce of their Capital; a sure Way to distress Trade: Especially when Corporations are suffer'd to issue out Bonds, without Trading with the Money, but purely to advance their Stock.

The Two Ingraftments are brought in, in order to help the Proprietors, by Advantages of Dividends, to a greater Income than the Stock could make, if retain'd in the South-Sea; and so to raise the Nominal Price of Stock. Whether it will do the former, is a Doubt; but if so, the Stock had better been kept where it was; and if the latter, it will be only a New Bubble, to ruin us.

Neither the Bank, nor the East-India Company, seem fond of the Project of this Ingraftment; and nothing can be argued, but that Something must be done, at least to amuse People with vain Hopes: Whereas, the true Interest of our Country would have been, to have laid the Wound open to every one's View; to have shewn the World, what Dividend could be made out of the Interest, and what they might expect. Then Foreigners would have sat still; for they could no where else make Five per Cent. of One Hundred Pounds; and their Money have remain'd here.

But if we come to make Dividends of Twelve per Cent. and by that means advance the Stock to Three Hundred; then those Strangers that had Four Millions Capital, and receiv'd Two Hundred Thousand Pounds per Ann. will have Four Hundred and Eighty Thousand Pounds per Annum, and have a Demand of Twelve Millions on you; which will entirely finish what the late South-Sea Directors so gloriously began.

Is this a Time to endeavour at new Projects, when the Nation is at so low an Ebb; and when the World is ready, on the least Opportunity given, to put to the Finishing Stroke?