this General Fund, but the surplusses of several Had this method (begun and executed so successfully, and with such satisfaction) been further pursued, and without interruption, the dangerous and mischievous part of the late South Sea Scheme might have been avoided: and yet the further reduction of interest might have been obtained, and taken place, much sooner than it was done by the execution of that scheme. num to the Sinking Fund, which is just so much gained by the public, if valued at 25 years purchase, at which rate all annuities are now currently sold, makes a real profit to the public, amounting to twenty millions. "This is the happy state of the Sinking Fund, taken separately and by itself; but, if we cast our eyes upon the state of our Public Credit in general, it must be an additional satisfaction to us, that, by preserving the public faith inviolable, by the discharge of the old Exchequer Bills, and the reduction of the high interest on all our Standing Debts, the whole credit that is taken on the annual funds, for carrying on the current service of the year, is and may be supplied for the future at 31. per cent. or less, for interest, premium and charges, by Exchequer Bills, created just as the occasions of the public require, without any loans, or being obliged to any persons for money to be advanced or lent on the credit of them; and so far is the public from being under the former necessities of allowing extravagant interest, premiums or discounts, for any money they want, that the only contest now among the creditors of the public is, that every one of them desires to be the last in course of payment. "Permit us then, most gracious Sovereign, to congratulate your Majesty on the comforta ble prospect we have now before us, if, notwithstanding the many difficulties this nation has laboured under since the happy accession. of your Majesty's late royal father to the throne, notwithstanding the unnatural Rebellion which soon after broke out, and the many heinous Plots and Conspiracies which have since been formed and carried on for overturn "But now, at length, not only the reduction from 51. to 41. per cent. settled by the South Sea Act, bas taken place, but a voluntary reduction hath also been made, by the Bank of England, from 51. to 41. per cent. interest or annuities, for two principal sums belonging to them, amounting together to upwards of 3,775,000l. and by these several reductions a further addition is made to the Sinking Fund of more than 377,000l. per annum, from Miding the Religion and Liberties of our country, summer last: by all these means, and by the savings of interest of the debts that have been already discharged, and by several wise provisions for the improvement of the funds themselves, this Sinking Fund is risen to, and may be reasonably estimated at 1,200,000l. per ann. or thereabouts; and will be every year increasing from the further savings of the interest of the remaining debts, from time to time, as they shall be paid off. "But, if any thing were further necessary to demonstrate the immediate and certain advantages, that have accrued to the public from the methods used and established to discharge the National Debts, it is sufficient only to reflect, that the interest of the greatest part of the debt, being now actually reduced from 6l. to 41. per cent. makes a saving of one-third of the interest of such debt; which, being in the hands and possession of the government, and applicable from time to time, to the discharge of the principal, makes a gain and profit to the public, equal to the discharge of one-third of such principal. And, if the amount of the produce of the Sinking Fund did appear originally to be about 400,000l. per annum only, the produce of the said fund being now raised to about 1,200,000l. per annum, the addition of 800,000l. per an and the Protestant Succession in your most illustrious family, the many disturbances which have arisen, and the uncertain and embroiled condition of the affairs of Europe, not a little fomented and encouraged by the false intelligence, and malicious insinuations, which have been industriously spread abroad by your Majesty's and our enemies, of the uneasy and perplexed state of our affairs at home, as if that had rendered it almost impossible for this nation, effectually to exert themselves in defence of their own just rights and possessions, and for establishing and securing the public peace and tranquillity; if, notwithstanding these and many other difficulties which we laboured under, and while the Sinking Fund was yet in its infancy, and so much less than it now is, we have been able to diminish the National Debts so much already, what may we not hope for in regard to a more speedy and sensible discharge of them for the future, now the Sinking Fund is so greatly increased, and our Public Credit in so flourishing a condition? "The finishing and perfecting this great work seems to be a peculiar glory reserved for your Majesty's reign. From your known goodness and wisdom, the present age may promise themselves the certain and immediate benefit of your Majesty's particular regard to the Pub lic Credit, and your universal care and concern ! for the ease and happiness of your people, which our latest posterity must remember, and acknowledge with duty and gratitude."* A motion being made, aud the question being put, That the House do agree with the Committee in the said Representation; the House divided: Ayes, 243. Noes, 77.-So it was resolved in the affirmative. Resolved, That the said Representation be presented to his Majesty by the whole House, Ordered, That such members of this House, as are of his Majesty's most honourable Privy Council, do humbly know his Majesty's pleasure, when he will be attended by this House. The King's Answer to the said Representation.] April 10. The House presented to the King the said Representation, and on the 11th Mr. Speaker reported to the House his Majesty's Answer thereto as follows: "Gentlemen; "I cannot but be very well pleased with "Notwithstanding the great superiority . * of numbers which the minister had in the House, yet he very wisely considered, that 'unless his credit without doors as well as within, was established, his power must be precarious, or at best uneasy, if not dangerous to himself, not to mention the impression which a general dissatisfaction might make upon the mind of his royal master. He knew his enemies were in possession of the press, that most powerful of all batteries against government, and that they had, with great success, propagated amongst the people a notion that the Sinking Fund, that sacred deposit for paying off the National Debt, had been of no service to the purpose for which it was originally intended. They had pretended to prove this by numbers, and laborious calculations, which the people in general were obliged to take upon trust, be cause they did not understand them; and the effect which those writings had produced, were by no means favourable to the administration. The minister, in order at once to destroy or to rectify all prepossessions and mistakes in so capital a consideration, made his appeal, and that in the most solemn manner, to the tribunal of Majesty itself. This was the true intention of the Representation which had been voted to be presented to the King concerning the National Debt." Tindal. "The effects of the Representation both at home and abroad, were incalculably beneficial to the credit of the minister. Whatever were the opinions of individuals, whatever might be the cavils of those who opposed government, the statement of the minister was approved by more than two thirds of the national represen⚫ tatives, assembled in parliament, and was solemnly sanctioned by the King. At home the discontents visibly subsided; abroad the national credit was established on stronger grounds than ever." Coxe's Walpole, this Representation, which must give genera satisfaction to all my people, by removing those groundless jealousies and apprehensions, i which have been propagated and dispersed throughout the kingdoin. "The happy effects of the flourishing state of the Public Credit are too sensibly felt and seen, not to be confessed and acknowledged by every body. . "The provision made for gradually discharging the National Debt is now become so certain and considerable, that nothing, but some unforeseen event, can alter or diminish it; which gives us the fairest prospect of seeing the Old Debts discharged, without any necessity of incurring new. "And you may be assured, that it shall be my particular care and study to maintain and preserve the Public Credit; to improve the Sinking Fund; and to avoid all occasions of laying any new burthens upon my people." May 6. Sir Paul Methuen delivered to the The King's Message for a Vote of Credit.] House a Message signed by his Majesty, which was read by Mr. Speaker, as follows, viz. George R. "His Majesty being under some Engagements, entered into, and concerted with the advice and concurrence of the last parliament, for securing the Trade and Navigation of this kingdom, and for restoring and preserving the peace of Europe; and having been enabled to answer and defray the charges and expences thereof, as far as they have hitherto become due and payable, and there being still wanting a sum not very considerable, to perfect and fulfil these obligations, relying upon the duty and affection of his Commons, hopes they will enable him to discharge such engagements, as still remain unsatisfied upon this head of service." The consideration of this Message was put off to the next day. Debate thereon.] May 7. The House took into consideration his Majesty's Message, and after some debate, it was at last resolved, by 237 voices against 101, "That an humble Address be presented to his Majesty, to declare the duty and fidelity of this House to his Majesty, and the entire confidence which they repose in his royal care of, and goodness to, his people; and to assure his Majesty, that this House will enable his Majesty to answer and defray the charges and expences, that still remain unsatished, of the Engagements entered into and concerted, for securing the Trade and Navigation of this kingdom, and for restoring and preserving the peace of Europe. The King's Answer thereto.] May 8. The Commons presented the said Address to his Majesty, who returned the following Answer: "Gentlemen; "I return you my Thanks for this very duti. ful and affectionate Address; and you may be assured that the confidence you repose in me; shall be employed for the public good, and support of the common cause.' Mr. W. Pulteney's Motion for an Account of Grants of Timber from the Crown.] May 17. A mution being made, "That an humble Address be presented to his Majesty, that he would be graciously pleased to give directions, that the proper officer do lay before this House an Account of the Sale of Woods, and Grants of the Falls of Woods, by his late Majesty, from Christmas, 1715, to June 1, 1727, and how the same have been accounted for:" It occasioned a warm debate, wherein Mr. William Pulteney urged, That through the connivance of some men in favour with our late most gracious King, his Majesty's goodness had been abused in several grants of considerable falls of woods, to the great detriment and waste of the royal forests, at a time when the nation stood in so great need of Timber, for the repairing and building of ships; and therefore he thought it very proper for the House to inquire by what means the said Grants came to be obtained. He was answered by Sir Robert Walpole, who represented, That such an inquiry might be injurious to the memory of some dead, and after all, prove altogether unprofitable to the living. Then the previous question being put, That the question be now put, it passed in the nega tive. The King's Speech at the Close of the Session.] May 28. The King came to the House of Peers, and the Commons attending, his Majesty made the following Speech to both Houses: "My Lords and Gentlemen; "The dispatch you have given to the public business, and the advanced season of the year, make it proper for me to put an end to this session of parliament. "The zeal and unanimity which you have shewn in all your proceedings, in regard to the true interest of your country, and in support of the common cause, have fully answered my expectations, and will, I am persuaded, give general satisfaction here at home, and cannot fail of having their due weight and influence abroad. "I expect very soon to hear that the Congress is opened. The Preliminary Articles haying laid so good a foundation for a general pacification, I hope all parties will bring with them such favourable dispositions for finishing and perfecting this desirable work, that we shall soon see a happy conclusion of this important transaction, with that satisfaction to me and my Allies, which may reasonably be expected from the justice of our cause, and the mutual confidence which is established among us. The Order against the Admission of Strangers into the House of Lords was so strictly observed during this session, that no account of their lordships' Speeches or Debates was published, as usual, after the recess. "Gentlemen of the House of Commons; "I return you my Thanks for the effectual Supplies you have raised for the service of the year. The prudent application you have made of the produce of the Sinking Fund will contribute to the support of the Public Credit; and 500,000l. for the discharge of the Seamen's the power you have given me of borrowing Wages, will meet with universal approbation. "My Lords and Gentlemen; "It is unnecessary for me to recommend, in any particular manner, to your care, the preservation of the public peace in your several stations and countries: your own inclinations will naturally lead you, by a due execution of the laws, and a faithful administration of justice, to promote upon all occasions the welfare and prosperity of my people." Then the Lord Chancellor prorogued the Parliament to the 8th of August: It was afterwards further prorogued to the 21st of Janu ary 1729. SECOND SESSION OF THE SEVENTH PARLIAMENT OF GREAT BRITAIN. The King's Speech on Opening of the Session.] January 21, 1729. The Parliament being met at Westminster, the King came to the House of Peers, and the Commons being also come thither, his Majesty made the following Speech to both Houses : "My Lords and Gentlemen ; "I am sensible you are met together in expectation of being informed of the present situation of public affairs; and of receiving that satisfaction which the expences already made, and the apprehension of their being continued for some longer time, make it just and reasonable for you to desire. "The execution of the Preliminary Articles, and the opening of the Congress at Soissons, laid a foundation for you to entertain hopes of seeing, very soon, the happy fruits and effects of a general pacification. "But the various and extensive views, which fell under consideration, in settling and reconciling the different interests and pretensions of so many different powers, appeared to be a work of so much time and difficulty, that the project of a Provisional Treaty was thought of as a proper expedient; which being concerted and negotiated among the ministers of the principal powers, parties to the Treaties of Hanover and Vienna, was approved of by me and my allies, not without reasonable hopes of the concurrence of the Imperial Court and the Court of Madrid. "But no definitive Answer being yet re turned by either of them, nor the Project of the Provisional Treaty either accepted, or rejected, the fate of Europe is still held in suspence, la bouring under difficulties that unavoidably at tend such a doubtful and undetermined condition. care to make a farther application of it to its proper uses. 66 My Lords and Gentlemen; "It cannot be expected that I should enter into the several causes and motives, which may have occasioned the present delays in the courts of Vienna and Madrid; but if, among other reasons, hopes given from hence of creating discontents and divisions among my subjects, and a prospect of seeing difficulties arise at home, have greatly encouraged them in their dilatory proceedings: I am persuaded, that your knowu affection to me, and a just regard for your own honour and the interest and security of the nation, will determine you effectually to discourage the unnatural and injurious practices of some few, who suggest the means of distressing their country, and afterwards clamour at the inconveniencies which they themselves have occasioned. It is more than pro "It is with no small concern, that I am again obliged to speak to my Parliament in this state of uncertainty; nor am I insensible of the burthens which my subjects bear, and that in our present circumstances some may be be induced to think, that an actual war is preferable to such a doubtful and imperfect peace. But as the exchange is very easy to be made at any time; and as I am confident, I shall not be thought backward in doing myself and the nation justice, when a proper occasion calls upon me for it, I hope you will believe, that a just regard for the ease and interest of my people alone prevailed upon me, rather to suffer some temporary inconveniencies, with the daily prospect of obtaining a safe and honourable Peace; than too precipitately to kindle a War in Europe, and to plunge the nation into still greater bable, that foreign courts will wait now for the and unknown expences. But how disagreeable result of your deliberations; and as you may soever these delays may be, nothing is more depend upon my constancy and steadiness, that unjust than to impute them to the conduct of no wicked and groundless suggestions or insime, or my allies. No endeavours indeed have nuations shall make me depart from my prebeen wanting to separate and dissolve the sent purposes, so I entirely rely upon your wishappy union that is established among us; but dom and unanimity, to convince the world, long experience, and repeated proofs of mutual that such pernicious designs and intrigues shall fidelity, have so strengthened and cemented not alter that affection, harmony, and good unthis alliance, founded upon, and united by com-derstanding, which has hitherto subsisted, and mon interest, that all attempts to weaken it, or to create jealousies and diffidence, among us, have proved as vain and fruitless, as the insinuations to the contrary are false and ground less. "It will nevertheless be incumbent upon us to bring this important transaction to a speedy and certain decision, that if a conclusion can be put to it, consistent with the security and preservation of the rights, privileges, and possessions of Great Britain and my allies, the blessings of peace may be diffused throughout Europe, and my kingdoms again enjoy the bappy effects of a settled tranquillity; or, if this cannot be had, that the allies may unite with vigour and resolution, and exert themselves in procuring that justice and satisfaction which has been so long delayed. If this should unavoidably be the case, I depend upon the zeal and affection of this Parliament, that they will cheerfully and effectually support me in carrying on a just and necessary war. I hope will always subsist, between me and my agreed to the following Address of Thanks: "Most Gracious Sovereign; "We your Majesty's most dutiful and loyal subjects, the Lords spiritual and temporal in parliament assembled, beg leave to offer the humble and hearty Thanks of this House for your Majesty's most gracious Speech from the throne; and to congratulate your Majesty upon the safe arrival of his royal highness the prince of Wales. "This happiness is owing to your Majesty's paternal affection, and affords the highest and most peculiar honour to this House, and a great satisfaction to all good subjects. The communicating to us the present situation of Public Affairs, the giving all the satisfaction concerning them we could reasonably desire, and the tender concern your Majesty is pleased to "Gentlemen of the House of Commons; express for the suspence in which the affairs of "I wished and truly hoped to have seen the Europe are still held, and the temporary inpublic Expences lessened before this time, but conveniences to us, which of necessity must atthe present circumstances of affairs oblige me tend it, are fresh instances how much your Mato ask of you such Supplies as shall be neces-jesty has at heart the welfare of your kingdoms. for answering and defraying the charge and services of the ensuing year, and for enabling me, as events may require, to act with vigour, and in concert with iny allies, who have resolved to make the same preparations, and to keep on foot all their extraordinary forces: I will order the proper Estimates to be immediately prepared and laid before you. And as the produce of the Sinking Fund has exceeded our expectations, I must recommend it to your sary "However doubtful the event of the present negotiations may prove, which your Majesty has laboured with so much prudence, in concert with your Allies, to bring to an honourable conclusion, we must with great satis-, faction observe, that our present state of uncertainty will soon be determined, your Majesty having been pleased to declare your opinion, in concurrence with the most ardent desires of all your faithful subjects, that it is nes cessary to insist upon a speedy and certain decision of this important transaction. This is a measure now become essential to the interest of our country, and will convince all those who have promoted those delays, or have had the high presumption to impute them to your Majesty's conduct, that the sceptre of Great Britain is in the hands of a prince as little capable of being amused as intimidated. "We are fully sensible, that a generous and compassionate regard for the ease and happiness of your subjects could alone have prevail ed upon your Majesty to be hitherto patient under these dilatory proceedings; for if this undetermined state has been detrimental to the interests of your kingdoms, and if it has laid any burthen on your people, it must necessarily have raised a high resentment in your Majesty, the guardian and father of them." But if, contrary to your Majesty's wishes and our own, that justice and satisfaction, so long delayed, cannot be obtained by amicable measures; if the patience of your Majesty and your Allies should be abused, and if the only way to Peace should be by an appeal to Heaven in a just and necessary War, we shall, with the greatest cheerfulness and zeal, support your Majesty in the prosecution of it, and enable you to carry it on with vigour in conjunction with your allies; we have this comfort, if a war unavoidably must happen, that it will be kindled at a time, when the reputation of the arms of Great Britain cannot suffer any diminution. "The alliance, in which your Majesty is engaged, being founded upon common interest, and strengthened with repeated marks of mutual fidelity, will, we hope, effectually defeat the wicked designs of your enemies, who, by false and malicious insinuations, would either create a diffidence among the powers so united, or mislead your own subjects into unjust opinions of the conduct of your Majesty's Allies. "It appears evident to us, that nothing could more encourage the courts of Vienna and Madrid in their present delays, than if hopes have been given from hence of creating discontents and divisions among us, and of a prospect of seeing difficulties arise at home: But whatever have been the various and secret machinations of some few, who, through envy or ambition may have debased themselves so far, as to act in concert with the meanest and most treacherous disturbers of the state; we hope that by their continual disappointments in their pernicious and unnatural designs, they will themselves despair of being able to bring distress upon their country, even though they should, by artifice, and the lenity of the constitution, almost daily abused, escape the infamous punishment due by the laws of the land to such crimes. We entirely depend upon your Majesty's constancy and steadiness (virtues ever inseparable from a great mind) that no wicked and groundless suggestions or insinuations will alter your present purposes, or induce your Majesty to give ear to fluctuat ing counsels; and we shall endeavour to con vince the world, that no artful designs or in trigues shall change that affection and harmony, which has, and we are confident, ever will subsist, between your Majesty and your parlia ment." The King's Answer.] To this Address his Majesty returned the following Answer: "My Lords; You dress. So seasonable an instance of your con"I thank you for this dutiful and loyal Ad fidence in me, cannot fail of producing very good effects both at home and abroad. may depend upon my constant endeavours to promote the ease and prosperity of my people, zeal and affection." which is the best return I can make for your Debate in the Commons on the Address of Thanks.] The Commons being returned to their House, and the Speaker having reported his Majesty's Speech, sir George Oxenden moved for an Address "To return his Majesty the Thanks of the House, for his most gracious Speech; to congratulate his Majesty upon the arrival of the Prince of Wales; to acknowledge his Majesty's goodness and wisdom, in avoiding all difficulties and delays, by concerting the most expeditious methods of conclud ing, with honour and justice, the negotiations depending at Soissons: to express their grateful sense of his Majesty's tender regard for the ease and interest of his people, in declining to plunge the nation into greater and unknown expences, as long as there is a prospect of obtaining a safe and honourable peace: to assure his Majesty, that this House, fully convinced, that his Majesty's own honour, and the honour of the nation, are, above all things dear and precious to him, entirely relies upon bis Majesty to do himself and the nation justice, as soon as any proper occasion shall call upon him for it, and to secure the commerce of this king. dom. "Nothing could be more decent than the Address proposed; but the Opposition, in or der to expose the ministry to the commercial part of the nation especially, raised a debate upon a mere quibble; for they moved, that his Majesty should be addressed to restore' the commerce of the kingdom. Though this cavil was below criticism, yet it gave a handle for declamation upon a point which the ministry could not get over, the depredations of the Spaniards. Sir William Young was then a frequent and a ready speaker. He was obnoxious to many, how justly we cannot say, for some steps he had made in private life, and this prepossession affected the opinion of the public in his parliamentary and ministerial character. Notwithstanding this, had he been in the opposition he would have been cried up as a man of wit, parts and eloquence. In fact he was a man of good natural endowments, and though he stuck to his friend who was at the head of the admi |