The Government is only to pay Ten per Cent. for the Sum of Twenty Three Millions, Thirty Thousand, Four Hundred Twenty Five Pounds. The South-Sea Company being in Statu quo, are to receive an Interest as the Act directed before the last Settlement.
The other Moiety will enable the Government to make good the Deficiency (if any) to the South-Sea Company, to forgive them the Seven Millions, Five Hundred Thousand Pounds, pay the Interest due from the Government and clear a great Part of the Principal Debt.
The Scheme, as before-mention'd, will restore our Credit, and pay Part of our Debt; but if we intend to pay the Remainder, we must endeavour to be at a Par with our Neighbours in Trade: And if they outdo us in Policy therein, and we do not strive to follow their Methods, we must expect in the End to be the Losers, and never to have a Balance.
We ought to consult those Methods that will increase our Exports, and lessen the Importation of such Goods as takes away our Bullion, and prevent our Coin from being exported, in the best Manner we can.
Now, Sir, you having consider'd the Proposal, and what has been previously maintain'd give me Leave to ask you a few Questions: Viz.
1. Whether the Corporation of the South-Sea Company, if they could be sure that the Government would forgive them the Debt of Seven Millions, Five Hundred Thousand Pounds, and put them in Statu quo, (that is, in the Condition they were in when Stock was at One Hundred Twenty Five) would not they readily embrace the Offer?
2. Whether either the South-Sea Company, the Bank of England, or the East-India Company, desire the Ingraftment propos'd by Parliament?
3. Whether a more equal Distribution of Loss can be made, to please all Parties, especially the major Part; or who will be the greatest Loser by the Proposal herein mention'd?
One great Calamity is the Loss of Paper Credit, on which our Trade chiefly depended: We find already a great Decay, which will soon be more apparent. We have indeed at present too little Cash, and too little Credit, to support Trade; and if we do not take other Methods than what has been yet practis'd, it will be entirely lost.