It is the Prudence of a Government, to establish Credit on the most solid Foundation; and what can be so solid as a Parliamentary Security? Will the Government be trusted with any future Loans, if their Debts are settled upon a precarious Bottom? And are Corporation-Pillars a good Foundation?
The Method already propos'd, is seemingly calculated for the Service of Stock-Jobbing, and a Parcel of I know not who, (Sharpers,) to reap the Benefit of it: And if so, the Nation will be utterly ruin'd. For God's Sake, then, let us not run any more Hazards, but prudently take such Measures as are most safe and advantageous.
If the Government will forgive the South-Sea Company the Debt of Seven Millions, Five Hundred Thousand Pounds, and put them in Statu quo; they ought to sit down contented, and be easy and thankful.
If the present Scheme gives the Subscribers but Twenty Five Pounds Capital Stock for a Hundred, and the Government will give such Subscribers Fifty Pounds for a Hundred, I hope they will have no Reason to complain.
For should the Subscriptions be ty'd down to Four Hundred, Thousands of Families will be ruin'd.
If we consider the Debt we owe to Foreigners, and how they, on the Advance of Stocks, drain us of our Money; we shall find it very dangerous to suffer Stocks to be sold above the intrinsick Value.
If Common Interest be reduc'd to Four per Cent. as was intended; what Proprietor can say he shall be a Loser? Setting aside the Subscriptions and Stock, bought and sold at extravagant Prices; which is impossible to redress, without making a far greater Number of Sufferers.
Will the Proposal of Tying down the Subscribers at Four Hundred, give a greater Interest than Ten per Cent. for the Capital? And what will the Capital be, when paid off? Will that be more than Twenty Five Pounds for a Hundred? Does not this Proposal give Fifty Pounds for One Hundred, with a double Advantage to all; and at the same Time pays a great Part of our Debt, and settles our Credit on a solid Foundation?
A Nation cannot flourish without Virtue; nor Virtue without good Conscience. Sudden Ways of growing rich, must be ruinous to the Publick: There are of late those who have too suddenly got vast Estates, and others as soon stripp'd of great Fortunes.
Industry is therefore the true natural Way to Wealth, as Idleness is to Poverty. Riches cannot be honestly got without Industry, therefore it ought to be encourag'd, and all idle Persons made to work; and such as will not work, ought to be serv'd as they are in Holland, that is, exercis'd with the Pump.