A TRUE ACCOUNT OF THE SOƲTH-SEA Trade, &c.

Great Debts of the Nation IT is but too Notorious, That the Debts of the Nation, which, at Her Majeſty's happy Acceſ⯑ſion to the Throne, were very Great, inſtead of being leſſen'd, were ra⯑ther accumulated to an immenſe Degree, when this preſent Parliament began their firſt Seſſion.

Neceſſity to ſatisfie them, to reſtore Publick Cre⯑dit.Without invidiouſly tracing up this Evil to its Cauſes, either primary or ſub⯑ordinate, it muſt be agreed, on all Hands, that there lay a Duty incum⯑bent on the Parliament and Miniſtry to apply to it a ſpeedy Remedy: Without which, Publick Credit muſt have had ſuch a Fall, as might have drawn after it, if not the Ruin of the State, at leaſt of a vaſt Number of private Perſons.

[4] Difficulties to do it, during the War.When a Man ſeriouſly conſider'd, That the Nation has, for near Twenty Years, ſuſtain'd the Weight of Two Burdenſome expenſive Wars, the ſecond of which is yet unfiniſh'd, and muſt, of Neceſſity, be carry'd on with the utmoſt Vigour; and reflected, beſides, that ſome of the beſt old Funds were clogg'd with Mort⯑gages and Anticipations, and that ſome New ones had prov'd Deficient, there appear'd inſuperable Difficulties in ſatiſ⯑fying Publick Debts: Removed by the Miniſtry and Parlia⯑ment.But the Wiſdom and Skill of the Miniſtry, and the Ho⯑neſty of the Parliament, have ſurmount⯑ed all Obſtacles.

The Firſt Step they made, was, like able Phyſicians, to probe the Wound, and inform themſelves of all the Circumſtan⯑ces of the Evil they undertook to Cure.

Having, by this Means, come to a perfect Knowledge of the Debts of the Nation, and found that they amounted to about Nine Millions Sterling; which 'twas altogether impoſſible to diſcharge, whilſt the War laſted, Proviſion made for the Payment of an Intereſt on all Publick Debit.They made, how⯑ever, Proviſion for the Payment of the Intereſt, at the Rate of Six per Cent. for ever, redeemable by Parliament: Which, conſidering the Goodneſs of the Securi⯑ty, and the Exemption of Publick Taxes, may, in Time, prove more advanta⯑geous to the reſpective Creditors, than [5] the actual Payment of the Capital Sum.

Advantage allow'd to the Proprietors of thoſe Debts, by Incorpora⯑ting them, to carry on a Trade to the South-Seas.Beſides this Proviſion for the Intereſt at Six per Cent. of all the National Debts, the Parliament readily gave into a Pro⯑ject, formed with great Wiſdom and Publick Spirit by the Prime Miniſter, for Incorporating the Proprietors of the ſaid Debts to carry on a Trade to the South-Seas: Whereby a further Ad⯑vantage will, in all Probibility, accrue to the ſaid Proprietors, and, through their Means, to the Whole Nation.

We have hi⯑therto made War for Ho⯑nour's ſake.For we may here obſerve, That hi⯑therto we ſeem to have been Fighting, like Knight-Errants, for Honour's ſake, and to redreſs Publick Grievances, with⯑out any Regard to our private Intereſt. Thus, inſtead of making a good Uſe, ei⯑ther of the Neceſſities and Streights of the Houſe of Auſtria, or of the Misfor⯑tunes of the Common Enemy, as the Duke of Savoy, in the firſt Caſe, and the Dutch in the ſecond, have wiſely done, we have even neglected the Pur⯑ſuit of thoſe advantageous Conditions on which we enter'd into the Grand Al⯑liance, viz. That we ſhould remain Maſters of ſuch as we ſhould poſſeſs our ſelves of in the Weſt-Indies, during the Courſe of the War, to be undertaken for the Recovery of the Spaniſh Domini⯑ons.

[6]On the other Hand, 'tis melancholy to reflect, That France, notwithſtanding all the Difficulties ſhe has ſtruggled with, notwithſtanding thoſe repeated Diſgraces that have attended her Arms, and given ſuch terrible Shocks to her Power, has yet got a Handle to compaſs her main Deſign, viz. The Engroſſing all the Wealth of the Weſt-Indies: Which, if not prevented, will not only repair all her former Loſſes, but enable her to arrive at Univerſal Empire in Europe.

Settlements of the French in America.All the World knows, that upon Oc⯑caſion of taking Poſſeſſion of Old-Spain for King Philip, and other ſpecious Pre⯑tences, the French took alſo Poſſeſſion of great Part of New-Spain: Pretending to put it into a Poſture of Defence; which, indeed, they have done but too well; having, in particular, built a ſtrong Fort at Calo that ſecures the En⯑trance to the wealthy City of Lima; and they have improved this Poſſeſſion to the infinite Advantage of France, in an open Trade to the Spaniſh Weſt-Indies directly; a Thing they never attempted before.

At which the Spaniards were uneaſie.The Spaniards could not without Jealouſy and Uneaſineſs ſee the Increaſe of the French Trade and Power in Ame⯑rica: So that, at laſt, the Chamber of [7] Commerce in Sevil, made earneſt Applica⯑tion to King Philip to put a Stop to it. That Prince repreſented to his Grand-Father the abſolute Neceſſity of yielding to the Importunities of the Spaniſh Mer⯑chants, back'd by the powerfull Sollici⯑tations of the Nobility; but the French King, who was reſolv'd not to abandon the Trade to America, contented himſelf with cauſing it to be publickly declar'd in Spain, That his Subjects ſhould be re⯑call'd from the Spaniſh Weſt-Indies; and that the Trade thither ſhould return to its old proper Channel; and, at the ſame Time, contrary to this Declaration, that Politick Monarch conniv'd at, if not directed, the ſending of ſeveral Ships more than uſual to the South-Seas, with Cannon, Mortars, Arms, Ammunition, Officers, Soldiers, and Ingeniers, to put the ſeveral Ports of Peru and Chili in a Poſture of Defence; in order to keep Poſſeſſion of them by Force, in Caſe the Spaniards ſhould inſiſt on the Re⯑moving the French from their Settle⯑ments on that Coaſt.

But ſucceeding Events prevented the further Importunities of the Spaniards on that Head; and rather favour'd the Deſigns of the Court of France, who made a very politick Uſe of King Philip's Misfortunes. For the Spaniſh Army [8] being routed at Almenara, and, ſoon af⯑ter, totally defeated near Saragoſſa, up⯑on the Application the Grandees of Spain made to the French King for im⯑mediate Aſſiſtance, it was required from them, That they ſhould give their ſolemn Conſent to the new Treaty of Alliance, then agitating between the Two Crowns, whereby very advantage⯑ous Conceſſions were made to the French in the Weſt-Indies: Which, through the deſperate Condition of their Affairs, the Grandees were oblig'd to agree to. By this Treaty the French retain ſeve⯑ral Forts and Fortifications, and being planted over the whole Kingdom of Chili, they have, at this Time, ſeveral Ships of Force Trading in thoſe Seas, which come Home with rich Cargoes, from at leaſt 30000 to 200000l. Ster. in Silver.

By this Means the French have laid a Foundation, not only to keep Old-Spain in a perpetual Dependance upon them; by depriving them of that Commerce in which their Riches and Subſiſtence mainly conſiſt; but alſo, if not ſpeedily prevented, to ſupplant all the reſt of the World in the Beneficial Trade to Old and New-Spain; and to encreaſe the Wealth and Power of France, to ſuch a Degree as (which I hinted before) in [9] Proceſs of Time, to put that ambitious Crown in a Condition to give Laws to Europe, and to revive her lately baffled Project of an Univerſal Monarchy. It is certain, at leaſt, that as the Trade to the Spaniſh Weſt-Indies is the preſent Support of our Enemies, ſo, conſequent⯑ly, as long as they preſerve that Trade, there's little Poſſibility of bringing this neceſſary, but expenſive War, to a ſafe and honourable Concluſion.

The French muſt be remo⯑ved from the Weſt-Indies.We may therefore lay down this Po⯑litical Axiom, or Maxim, that The French muſt be remov'd from their Settlements in the Spaniſh Weſt-Indies, as the moſt effectual Means, both to procure a laſting Peace, and to ſettle the Grand Trade and Wealth of Europe on a due Ballance.

The Spaniards wiſh to do it, but can't; therefore we muſt under⯑take it.Tho' the Spaniards have it, undoub⯑tedly, in their wiſhes, yet 'tis beyond Diſpute that they are not like ever to have it in their Power to drive the French out of South-America. And as, next to the Spaniards, we are the moſt concern'd in that Undertaking, ſo we ought to exert our utmoſt Power to accompliſh it.

This was the main Deſign in Eresting the South-Sea Company.Upon this wiſe Conſideration it was, that the Miniſtry and Parliament thought fit to incorporate the Proprietors of the Army-Debentures, Navy-Bills, Defici⯑ent-Tallies, and other Publick Debts, to [10] carry on a Trade to the South-Seas: Which Corporation, when form'd and regulated, will have the largeſt Stock of any Trading-Company in the whole World; and therefore will be beſt able, with a Small Contribution of each Pro⯑prietor; the concurrent Aſſiſtance of the National Shipping and Land-Forces, and other Advantages that ſhall be Specified in their Charter, to diſlodge the French from the Spaniſh Weſt-Indies; or, at leaſt, to make Settlements there; and carry on a Trade moſt benefical to the ſaid Corpo⯑ration, and to the whole Britiſh Nation.

This Underta⯑king no new Project.It rather adds to, than derogates from the Honour and Praiſe due to the Great Genius who brought this Undertaking ſo near Execution, to obſerve, that the vaſt Advantages that will attend its Suc⯑ceſs, are ſo obvious, that a Project, not unlike this, was form'd above Fourſcore Years ago; as appears by a remarkable Speech made by Sir Benjamin Rudyerd at a Committee of the Whole Houſe of Commons, in the Parliament 21 Jac. 1. about a Weſt-India-Aſſociation, which was to the Effect following:

[14] The Project of a South-Sea Trade laid be⯑fore King William.About the Middle of King William's Reign, a Project of much the ſame Na⯑ture as this, was alſo laid before his Ma⯑jeſty, who highly approv'd of it; and would have purſued it, had he not been diverted from it, either by the ſhort and Self-Intereſted Views of ſome Perſons about him, or by the Contradictions he met with in moſt of his Publick-Spirited Undertakings. However, being infor⯑med by Father Hennepin, who was in⯑troduc'd to his Majeſty, and dedicated to him the Account of his Voyages and Travels in the Weſt-Indies: That the French were, at that Time, endeavour⯑ing to lay a Foundation to engroſs the Trade thither, by Means of a Commu⯑nication between the River Canada, and that of Miſſiſippi, which empties itſelf into the Gulf of Mexico; His Majeſty, upon the Deceaſe of the King of Spain, reſolved to purſue the Scheme before-mention'd. In Order to that, Commo⯑dore Bembow was ſent with a ſtrong Squadron to the Weſt-Indies, to both in⯑tercept the Spaniſh Galleons, and to coun⯑tenance ſome Attempts intended to be made on the Spaniſh Settlements in Ame⯑rica, and of which, Hiſtory has preſerv'd us the following Particulars. ‘Annals of Q. Anne, Vol. 1. p. 204, 205.'About the Beginning of February 1702/3 Letters from Port-Royal in Jamai⯑ca [15] brought the Melancholy News of the Death of that brave and experienc'd Sea-Officer, Rear Admiral Bembow, who, upon the 4th of December, Died of the Wound he receiv'd in his late Engage⯑ment with Monſieur Du Caſſe, &c. Succeſſes of the Engliſh in America, in the Year 1702.Theſe Letters added: Not long after his Death, Colonel Robert Daniel, arri⯑ving at Port-Royal from Carolina, brought an Account, that Collonel Moore, Go⯑vernour of that Plantation, march'd from Charles-Town in Carolina with 500 Men, in order to attack a Colony of the Spaniards about 300 Miles diſtant, call'd St. Auguſtine, near the Gulph of Florida; that he ſoon poſſeſs'd himſelf of the Town, the Inhabitants deſerting it, and retiring with their beſt Effects into a Strong Caſtle, ſurrounded by a very deep and broad Moat, in which Place they had laid up Proviſions enough to laſt them four Months, and that they defended themſelves there very obſtinately; ſo it being impoſſible to take this Caſtle by Storm, Colonel Moore had order'd it to be Block'd up; and ſent Colonel Daniel to Port-Royal to borrow a Mortar and Stone-Shells to Bombard it, and doubted not but he ſhould by that means ſoon force them to ſurrender. If this Expedition had ſucceeded, it would have greatly Con⯑tributed [16] to the Security of Carolina, there being no other Place from whence they could afterwards be diſturb'd, except a ſmall Settlement which the French call the Paliſſadoes, about 200 Miles farther into the Country, to the Weſtward: But ſome French and Spa⯑niſh Galleons being arriv'd at St. Au⯑guſtine's Port, before the return of Colonel Daniel, Colonel Moore was obliged to raiſe the Blockade, and to re⯑turn to his Government by Land, after having Burnt the Ship in which he was come. The Same Letters brought advice, that Six or Eight Frigates of our ſmall Privateers, attack'd a Place call'd Toulon, on the Continent, about 10 Leagues from Carthagena, which they Took, Plunder'd and Burnt. From thence they ſail'd to Caledonia; went up the River Darien, and in Twelve Days March to the Gold Mines at Santa Cruz de Cana, near Santa Maria. The 9th Day of their March they fell with⯑in an Out-Guard of Ten Men, which the Spaniards had at ſome Diſtance from the Place, of whom they took Nine, but the other Eſcaping gave Notice at the Mines of their approach, whereupon the richeſt of the Inhabitants retir'd from thence with their Money and Jewels; however, our Party, which [17] Conſiſted of about Four Hundred Men being come up, Took the Fort, and poſſeſs'd themſelves of the Mine, where there remain'd 70 Negroes, whom they ſet to Work, and continued there 21 Days, in which time they got about 80 Pound weight of Gold Duſt; they alſo found ſeveral Parcels of Plate, which the Inhabitants had buried at their leaving that Place. Our Men, at their Departure, burnt all the Town, except the Church, and return'd to their Sloops, bringing away the Negroes. Some went further up the River in their Sloops, having a Deſign upon another Gold Mine, call'd Chocoa, and two of the Sloops commanded by Captain Plowman, and Captain Grandy, ſail'd toward Cuba, landed near Trinidado, and, with 150 Men, took the Town, burnt a great part of it, and brought off a very conſiderable Booty.'’

K. William's Project reſu⯑med by Q. Anne.Not long after Her Majeſty's happy Acceſſion to the Throne, ſome Advances were made towards the Proſecution of King William's Project; The Lords paſs an Act to encourage it.in Order to which, the Lords paſs'd a Bill, entitled, An Act for the better Carrying on the preſent War by Sea and Land in the Weſt-Indies, which the Commons read a ſecond Time on the 17th of February 170 2/3, and committed the ſame to a [18] Grand Committee; Which is loſt.but two Days after, (February 19th) upon a Debate ariſing about the Speaker's leaving the Chair to conſider of the ſaid Bill, the Debate was adjourn'd to the 29th of that Month; and the Parliament being prorogu'd the 27th, that Bill was loſt. The Dutch forward in the intended Expedition.Nevertheleſs, the Court ſeem'd ſtill reſolv'd upon an Expedition to the Weſt Indies, in Con⯑junction with the Dutch, under the Command of the Earl of Peterborow: And there's no Doubt to be made, that if that Reſolute, and Puſhing General, had carried our Victorious Forces, and his Good Fortune to the Weſt-Indies, inſtead of going to Spain, the Enemy would long before now, have been obli⯑ged to ſubmit to the Conditions of a ſafe and laſting Peace. But tho' the Dutch were very earneſt and forward in this intended Expedition, having for that purpoſe. ſent a Squadron, with 1800 Land-Men on Board, to Portſmouth, in the Beginning of the Spring of the Year 1703: Which, how⯑ever, is laid aſide.Yet, either as 'twas repor⯑ted, upon a Diſguſt given to that Noble Peer, by refuſing him ſeveral Neceſ⯑ſaries, or for ſome other Reaſons, that Undertaking was then laid aſide. The Deſign reviv'd, and brought to Perfection by the preſent Miniſtry.This Deſign lay dormant for about Eight Years, till the Scheme of it was New-Modell'd, and digeſted into better Con⯑ſiſtency [19] and Form, by the Preſent Mi⯑niſtry, who did wiſely Incorporate the Proprietors of Publick Debts, to carry it on.

Advantages reſulting from a Settlement in the South-Seas.The Settlements which the Britiſh Corporation are allow'd to make in the South-Seas, both by the Treaty of the Grand-Alliance, and by Act of Parlia⯑ment, will certainly be attended with infinite Advantages:

• 1. The Trade of ſuch Places as we ſhall Seize and Plant, will, by Degrees, encreaſe both within it ſelf, and with others; and will open ſuch a Vein of Riches, will return ſuch Wealth, as, in few Years, will make us more than ſuf⯑ficient Amends for the vaſt Expences we have been at ſince the Revolution.
• 2. For it will occaſion a great Con⯑ſumption of our Woollen, Iron, and other Manufactures, as will be hereun⯑der ſpecified.
• 3. Conſequently it will find Work and Employment for Abundance of our Poor, and thereby eaſe the Pariſhes of that heavy Burden.
• 4. It will advance the Value of Land.
• 5. It will increaſe our Shipping, and the Number of our Sea Men, in both which the chief and natural Strength of this Nation conſiſts.
• [20]6. Our Settling in South-America may open a beneficial Trade for our Planta⯑tions in North-America, who want a Market for the Over-plus of thoſe Pro⯑viſions that grow in thoſe Countries.
• 7. The South-Sea-Trade may greatly contribute towards the buoying up and ſupporting the ſinking, and near expi⯑ring Royal-African-Company, by affor⯑ding it an Opportunity of Vending great Numbers of Negroes to the Spaniards, who, by a Contract with the Jamaicans, did formerly buy them at the Rate of 200 Pieces of Eight a-head. As an il⯑luſtration of this, it may be obſerv'd, That the chief Motive that engag'd the French in the Attempt they made, ſome Years ago, upon the Iſlands of Nevis and St. Chriſtopher's, was the Alluring Booty of the Negroes on thoſe Plantations: The French King having borrow'd a great Sum from the Spaniards, upon Condition of Furniſhing them with a certain Number of Negroes, which he could not have perform'd, but for the ſucceſsful Invaſion of the ſaid Iſland.
• 8. In the Laſt Place, though it was not thought conſiſtent with the Honour of the Nation to grant the Pirates of Madagaſcar a Pardon, yet ſince they have eſtabliſh'd and form'd themſelves into a kind of regular Government, it [21] will not be more diſhonourable for the South-Sea Company to trade with them, than it was for the People of Italy to hold a Commerce and friendly Corre⯑ſpondence with the Firſt Founders of Old Rome, who were but a Company of Publick Robbers. It may, indeed, be alledg'd, That the South-Sea-Corpora⯑tion is not allow'd to trade in Mada⯑gaſcar, which would be an Incroachment on the Eaſt-India Company; but as the Act of Parliament only limits Places, and not Perſons, ſo the South-Sea-Com⯑pany may, within the Limitations of the Act, carry on a very beneficial Com⯑merce with the Madagaſcarians, who drive themſelves a conſiderable Trade in the South-Seas, either in a Friendly, or a Piratical Manner.

And here it may not be improper to ſubjoin the Account, which, in the Year 1703, was given of the Pirates of Mada⯑gaſcar, which was as follows:

Thus far the Account of the Madagaſcarians given in 1703.

Upon the whole Matter, the real Ad⯑vantages of this Trade, will, with God's Bleſſing, abundantly anſwer the Charge and Expectation both of the private Ad⯑venturers, and of the whole Nation.

• ALL ſorts of Woollen Cloth.
• Colcheſter Bays, White and Died.
• Flannels.
• All ſorts of Serges.
• All ſorts of Druggets.
• Shalloons.
• Says.
• Cottons.
• Norwich Stuffs, and Worſted Stuffs made at other Places.
• Stuffs mix'd with Silk.
• Worſted Crapes.
• Silk Crapes.
• Silks of all kinds.
• Velvets.
• Silk Handkerchiefs.
• Worſted Hoſe.
• Silk Hoſe for Men and Women.
• Thread Hoſe for Men and Women.
• Hats, Beavers, and Carolins.
• Flanders and Engliſh Lace.
• Silver and Gold Thread.
• Sowing Silk of all Colours.
• Linnens of all kinds, from the Courſeſt to the Fineſt.
• The Vermillions, and Cotton-Goods of Lancaſhire.
• [25] Callicoes, and the Goods of India.
• All ſorts of Iron-Ware, neceſſary in Buil⯑ding, and Country Affairs.
• All ſorts of Houſhold Goods that are made of Iron.
• Stilliards.
• Scales and Weights for Gold and Silver.
• Sheeres for cutting Gold and Silver.
• Tools of all kinds for Carpenters, Joyners, Smiths, &c.
• Arms.
• Clocks.
• Watches.
• Toys, and other Curioſities of Iron and Steel.
• Glaſs Ware of all ſorts.
• Round Coral for Necklaces and Beads.
• Paper.
• Sealing-Wax.
• White-Wax for Tapers.
• Caſtle-Soap.
• Pepper.
• Cinnamon.
• Cloves.
• Mace.
• Nutmegs.
• Cheeſe.
• Pickles, and Sawce.
• Oils.

Objections rais'd againſt the South-Sea Trade.But tho' common Benefit was the on⯑ly View of thoſe that form'd this Pro⯑ject: [26] Tho' the Undertaking be Noble, Great, and Advantageous, yet ſuch is the Perverſneſs of Humane Nature; ſo prone are the Generality of Men to Cenſure, and find Fault, that 'tis no Wonder this Publick-Spirited Deſign has met with Contradiction and Oppoſition; either from a Jealouſie and Uneaſineſs of Tem⯑per, almoſt inſeparable from Money'd-Men, or from the Particular Diſguſts of ſome Perſons, who, like Waſpiſh and Sullen Patients, reject the moſt Whole⯑ſome Phyſick, becauſe they are not pleas'd with the Hand that adminiſters it.

Firſt Objecti⯑on.In the firſt Place, it is objected, That, conſidering what ſtrong Footing the French have got in the Spaniſh Weſt-Indies, the Attempt to remove them from thence is like to be attended with inſu⯑parable Difficulties; the rather, becauſe they are in Conjunction with the Spani⯑ards, both at Land and Sea: And ſup⯑poſing we could get ſome Settlement in the Continent of South-America, yet while the War laſts, we could Trade with no more of the Country than we poſſeſs, unleſs it be clandeſtinely; and after the Peace we muſt expect to have leſs Trade; whereas the French have an open unin⯑terrupted Commerce with the whole Country.

[27] Anſwer to the Firſt Branch of it.As to the firſt Branch of this Objecti⯑on, I anſwer, That the Neceſſity of dri⯑ving the French out of the Spaniſh Weſt-Indies being once laid down as a Funda⯑mental Maxim, no Difficulties whatſo⯑over ought to deterr us from the Under⯑taking; whereas, on the contrary, the infinite Advantage and Benefit that will attend the Succeſs of the Attempt, ought to be a powerful Incentive to it. We have, in the Courſe of this War, with our Shipping, and a Handful of Land-Men, compaſs'd Things of far greater Difficulty; ſuch as the Taking of Barce⯑lona, Gibraltar, and Port-Mahon: And to bring in a freſher Inſtance, did not Colonel Nicholſon, with inconſiderable Forces, make himſelf Maſter of Port-Royal in Nova Scotia; which, we may well ſuppoſe, was in a better Poſture of Defence than ſeveral Places in South-America, in which the French are but newly ſettled.

Beſides, can any Man of common Senſe entertain ſo mean an Opinion of thoſe who made this Project, and have thereby juſtly merited publick Acknow⯑ledgments and Rewards, as to think that they did not foreſee, and provide againſt all Difficulties that might attend it? There's no Doubt to be made, but the Miniſtry have had all the Lights and [28] Informations neceſſary to carry on ſo great an Undertaking with Probability of Succeſs: But the Scheme they have framed, with the Aſſiſtance of ſeveral Perſons, who are perfectly well acquain⯑ted with thoſe Countries, is, and ought to remain an abſolute Secret, till all Things be ready for Execution; other⯑wiſe the Enemy might take ſuch Mea⯑ſures and Precautions as might render the Deſign abortive.

Anſwer to the ſecond Branch of the Firſt Objection.To the Second Part of the Firſt Ob⯑jection I anſwer, That by a Trade to the South-Seas, it is not to be underſtood, that we ſhall take Poſſeſſion of ſome Ports or Places on the Weſt-ſide of South-America, which being to be al⯑low'd as our Acquiſitions, purſuant to the Treaty of the Grand-Alliance be⯑fore-mention'd, We ſhall poſſeſs the ſame after the Peace is made; and that, from theſe Places, we ſhall carry on a Free Trade with the Spaniards and Natives of America, throughout the reſt of their Plantations, as the French do now. To be ſure, to expect ſuch a Free Trade would be a fond Conceit: For, as du⯑ring the War, the French, in Conjun⯑ction with the Spaniards, will certainly endeavour to prevent it; ſo, after the Peace, Old-Spain will not eaſily conſent to it. The ſame Reaſons that induc'd [29] them, notwithſtanding their inbred An⯑tipathy to the French, rather to call the Duke of Anjou to the Throne, than to ſuffer a Partition of their Monarchy, will, undoubtedly, incline them not to acquieſce in a Partition of their Direct American Trade, which, as was hinted before, is the main ſpring of their Riches, and would, in Effect, be the ſame with a Partition of their Dominions.

But the Trade intended to be carried on by the Britiſh Corporation to the South-Seas, will be ſo far from being Prejudicial to the Spaniards, that as we may, with God's Bleſſing, during the War, deliver them from the intruding French, of whom (as I hinted before) they wiſh themſelves to be rid: So, in Time of Peace, our Settlements in the South-Seas will rather be an Advantage than a Detriment to Old-Spain. This Poſition may, at firſt Bluſh, look like a Paradox: But as 'tis moſt certain, That there's room enough on the Weſtern-Coaſt of South-America for us to plant and eſtabliſh a flouriſhing Trade in, without invading the Property, or inju⯑ring the Original Commerce of the Spa⯑niards; ſo, on the other Hand, we may aſſiſt them in carrying on the ſaid Trade, by ſupplying them with what they ſtand moſt in need of, for that Purpoſe, [30] viz. Negroes; which we may eaſily do, with no finall Advantage to our ſelves; as was before mentioned. By this it appears, That the Spaniards have no Reaſon to be [...]'d, but rather to re⯑joyce at, and favour our Undertaking: Since the Old Treaty of Commerce be⯑tween England and Spain, of which the excluſive Article was with Reſpect to New-Spain, may yet, with Exception only to ſuch Places as we may poſſeſs our ſelves of, during the War, remain entire, after the Peace, notwithſtanding our South Sea-Trade.

And here we may curſorily take No⯑tice, That beſides the Conceſſions made to us by the Treaty of the Grand Al⯑liance, of ſuch Places as we ſhall poſ⯑ſeſs in the Spaniſh Dominions in Ame⯑rica, Our Title to California.we have alſo a Right to the great Iſland of California, as having been firſt Diſcover'd by our Country-Man Sir Francis Drake: A Title of equal Va⯑lidity with any Pretenſions of other European Princes, or States, to any Part of the Weſt or Eaſt-Indies. And that Iſland lying to the North-Weſt of Mexico, may be of great Advantage to us, towards the carrying on, and im⯑provement of the South-Sea Trade.

2d Objection.In the Second Place, The vaſt Di⯑ſtance [31] between England and the South-Seas, is alledg'd as a great Obſtacle to the Succeſs of this Undertaking: Anſwer'd.But this Objection will appear to be of no Weight, if we conſider, That, by the Be⯑nefit of our Ports in Ireland, we are, as to that Particular, upon a Level with the French; and, in ſeveral other Re⯑ſpects, we have great Advantages over them, as in the Strength of Shipping; Number of Sea-Men; Ports on the Coaſt of Africa, and in our American Plantations, particularly in Jamaica, &c.

3d Objection:A Third Outery has, by ſome ill de⯑ſigning People, been rais'd againſt this Project, as if the Parliament intended to pay all National Debts, with the floating Expectations of a precarious South-Sea Trade: Confuted. Than which nothing can be more maliciouſly, or more falſly ſuggeſted. For the Parliament has provided an In⯑tereſt of Six per Cent, which will be punctually paid, till the Nation be in a Condition to redeem the ſame, by pay⯑ing off the Capital Sum; And the South-Sea Corporation, as was hinted before, was erected only as an Additional Ad⯑vantage, both to the Proprietors of the ſaid Debts; and, through their Means, to the whole Nation.

[32] 4th Objection.But the loudeſt, moſt popular, and, indeed, moſt plauſible Clamour againſt this Undertaking, is the Cumpulſion put upon the Proprietors of Publick Debts to ſubſcribe thier Tallies, Debentures, Bills, &c. into this New Company: As if the whole Debt was to be the Stock in Trade; and this Stock was to be em⯑ploy'd towards the Diſlodging the French out of the Spaniſh Weſt-Indies, &c.

Firſt Part of it anſwer'd.As to the Firſt Part of this Objection, I anſwer, That, between Man and Man, to force a free Debtor to take an Intereſt for his Debt, and not receive the Princi⯑pal according to Contract, is certainly ve⯑ry hard and unjuſt: But the Caſe is vaſt⯑ly different between a Private Man and a Nation; for the firſt may fail, and prove inſolvent; the latter never can. It is too viſible that the Publick Debts, were too Great to be paid off in any Number of Years, while the Burden of an expenſive War lies heavy upon the Nation; and therefore, all that an Ho⯑neſt Parliament and Wiſe Miniſtry could do, was to ſecure thoſe Debts, by aſcer⯑taining them, and putting them into one Lump, and by allowing an Intereſt of Six per Cent; that is, as large an Intereſt as was ever allow'd by Parliament, (except upon extraordinary Emergencies) and [33] One per Cent. more than ſome of thoſe Debts, viz. the Army and Tranſport-De⯑bentures, had before. So far the Juſtice and Honour of the Nation are clear and unblemiſh'd.

On the other Hand, the Parliament and Miniſtry, upon a Contemplation of the abſolute Neceſſity of Removing the French out of South-America, in Order to attain a Safe, Honourable, and Laſting Peace; and of the other great Advan⯑tages (before-mention'd) that will reſult from a South-Sea Trade, reſolv'd to erect a Company for that Purpoſe; and thereupon incorporated the Proprietors of the Publick Debts, who, by reaſon of their large Stock, are, certainly, the moſt able to carry on this Undertaking with Probability of Succeſs. Now, if ever Compulſion can be juſtify'd, (and no Government can ſubſiſt without it) it is certainly in a Caſe not only of Neceſſity, but Viſible Benefit. The Forcing there⯑fore the Proprietors of Publick Debts, that is, a Multitude of Perſons of different Humours, Intereſts, and Views, to agree and meet in one Common Center, viz. the Publick Good, and their own Pri⯑vate Advantage, is certainly a very happy and commendable Violence. Not but that ſuch a Compulſion may occaſion Incon⯑veniences to ſeveral particular Perſons: [34] But as Salus Populi Suprema Lex, ſo Private, ought to yield to Publick Conſi⯑derations.

2d. Branch of the Fourth Objection an⯑ſwer'd.The Second Branch of the Fourth Objection is grounded either upon a Miſtake, or a falſe Suggeſtion: For the South-Sea Company is not to make War, and endeavour to diſlodge the French out of the Spaniſh Weſt-Indies, at their own Sole Coſt and Expence; but only with the Aſſiſtance of the National-Navy, and Land-Forces, as will be Specified in their Charter.

5th Objection.From the Fourth there ariſes a Fifth Objection, viz. That the Call for the Fiſhery being limited to Twenty Shil⯑lings upon every Hundred Pound, and the Calls for the South-Sea Trade left Un⯑ſtinted and Diſcretionary, the Proprietors of the Publick Debts are juſtly appre⯑henſive, that great Sums of Money will be call'd in, for carrying on the ſaid Undertaking, which has hitherto kept many of the ſaid Proprietors from Subſcribing.

Anſwer'd.To this I anſwer, Firſt, That the Company ſhall be at no further Charge, than ſhall be thought neceſſary for their own Benefit and Advantage.

[35]Secondly, That their Capital-Stock be⯑ing near Ten Millions Sterling, a Call of Five Pound upon very Hundred Pound will raiſe near 500000l. a Sum much greater than the Capital Joint-Stock with which the French King, his Grand-Son, and the Subjects of the Two reſpective Crowns, undertook and have Settled the Trade to the South-Sea, and which was only of Six Millions of French Livers, that is about 400000l. Sterling.

Thirdly, That, according to Her Ma⯑jeſty's Charter, all the ſeveral Calls towards the South-Sea Trade are not to exceed Ten Pound upon every Hundred Pound.

Fourthly, And in the laſt Place, That the Company being under the Conduct and Management of a Governor and Di⯑rectors, who ſhall have the largeſt Share in the Adventure, and conſequently be moſt concern'd in the Proſperity of the Whole; there's no Doubt to be made that, if after ſuch Tryals as are Neceſ⯑ſary to be made in all great and difficult Undertakings, they find that the South-Sea Trade will turn to no Account, they will fairly throw it up; and ſit down contented with an Intereſt of Six per Cent. for their Capital-Stock, till [36] the Parliament is in a Condition, and thinks fit to redeem it: For the Compa⯑ny is only empower'd, and not compell'd to trade, excluſive of all others, to the South-Seas; which is ſo far from being a Hardſhip, that it really is, as it was meant, a diſtinguiſhing Favour.

Falſe Report about the Subſcription.And here we may take Notice of a falſe Report, broach'd either through Miſtake, or a Siniſter Deſign, viz. That a Fourth Part of the Subſcription into this Company was to be made in ready Money; which, being inſerted in one of the Publick Foreign Prints of the beſt Credit, has undoubtedly hindred ma⯑ny Foreigners, who are Proprietors of Army-Debentures, or other Publick Debts, from Subſcribing.

Notwithſtan⯑ding all Dif⯑ficulties Four Millions were ſubſcrib'd in Three WeeksBut notwithſtanding theſe falſe Re⯑ports, and Surmizes; notwithſtanding the malicious Endeavours, and diſcou⯑raging Suggeſtions of ſome diſguſted, on ill-deſigning Perſons; notwithſtanding all the great Trouble that has, unavoi⯑dably, attended the Subſcription; ſuch as the Examining the Title, and caſting up the broken Sums of every particular Bill, and Debenture, and other Diffi⯑culties, yet 'tis very remarkable, That in the few Days the Books were open, which did not exceed Three Weeks, near Four Millions were Subſcrib'd. [37] Two Millions more ready to be ſubſcrib'd.To this if we add above Two Milli⯑ons, that are to be Subſcrib'd for the Uſe of the Publick; but which can⯑not be done till the Accounts of the ſeveral Offices are made up, it may be computed, that above Six Millions are as good as Subſcrib'd; and the greateſt Part of the Three Millions and a Half remaining would have alſo come in, had it not been for the Uncertainty of the Time, when the Transferr-Books will be open'd, which cannot be before the CHARTER of this Corporation has paſs'd the Seals; and the Remote⯑neſs from Great Britain of ſeveral Pro⯑prietors of the Publick Debts, who could not have Time to ſend Orders to their Correſpondents, while the Subſcription-Books were open'd: This great Undertaking brought ſo near Perfecti⯑on, one of the Wonders of this glorious Reign.So that, the Bringing ſo great an Un⯑dertaking ſo near Perfection, in ſo ſhort a Time, may well be reckon'd among the Wonders of Her Majeſty's glorious Reign.

To conclude, Some Doubts that have ariſen, about ſome Clauſes in the Act of Parliament, for the erecting the South-Sea Corporation, have fill'd the Minds of ſome of the Proprietors of the Publick Debts with ill-grounded jealouſies; which may alſo have put ſome ſtop to the Subſcription. But, as [38] 'tis next to impoſſible. That an Act of ſo vaſt Magnitude; ſo comprehenſive of Publick Ends and Private Details, the Framing of which ſeem'd to re⯑quire whole Years; and which, never⯑theleſs, was neceſſarily to be perfected in few Days, ſhould be altogether without Flaws: Any Defects in the Act of Parliament will be recti⯑fy'd.So any Defects that may appear to be in it, will be rectify'd, purſuant to the Intent of the ſaid Act.