The CASE of Mr. LAW truly ſtated.

THERE has been a Pamph⯑let publiſh'd here, enti⯑tiled, A Letter to you (Mr. Law) which has partly banter'd you, and partly flatter'd you in a kind of a flouriſhing but ſuperficial Way; leaving us altoge⯑ther in the Dark, at the Cloſe, as to the Author's Meaning, or indeed whether he has any Meaning or no, other than to have you ſpoken of and made a little obnoxious; and this indeed ſeems to be the principal Deſign of the Book; if, as I ſay above, there is any real Deſign in it: or if not this, then by ſetting out your great Ca⯑pacities, and perhaps more than your own Modeſty will ſuffer you to acknowledge, prepare us to expect ſome great Things from you here, and to receive them well when they ſhall be propoſed.

I have obſerv'd among the Boys in our Streets, (with your Pardon for the Alluſion) when ſometimes one more quarrelſome [4] than his Fellows falls upon another, and offers him any Violence, that the ordinary return of the injur'd Boy is thus; Let me alone, I don't meddle with you: The natural Juſtice in that Reply, however Boyiſh, is very pungent; and as this Book call'd a Letter, or the Letter call'd a Book, has thus offer'd you a Piece of ſimple, empty, unmeaning Violence, it would be a full Anſwer for Mr. Law to ſay to the rheto⯑cial Author, no more than this, Let me a⯑lone, I don't meddle with you.

But ſince Mr. Law is come among us, and though he does not meddle with us, we will meddle with him; give me leave, Sir, to addreſs you in another manner, per⯑haps with more Plainneſs and fewer Flou⯑riſhes, yet with more Juſtice to you, and as much to our ſelves: In order to this, I muſt firſt ask your leave to follow him a little in his too partial Hiſtory of your late Tranſactions abroad, as alſo in his Pa⯑rallel with ours at home.

What you did in France, and how or to what extravagance Things were run up there, is nothing at all to us; beſides, if this Author's Hiſtory of you is juſt, (viz.) that your Scheme was right, and that the extravagant advance of things was againſt your Judgment, and oppoſed by you with all your Might; but that you were over⯑ruled [5] by thoſe who had an Influence at Court at that Time, and who had worſe Deſigns: I ſay, if his Hiſtory is juſt, all the Diſa⯑ſters which have happen'd there are no⯑thing at all to you. But on the contrary, he ſuppoſes you had been able to have carry'd on all your Schemes with Succeſs, and every thing would have anſwer'd it ſelf; and that you were ſo far from being the Inſtrument of Ruin to the French Na⯑tion, that they were only ruin'd by your being over-rul'd by thoſe that had an In⯑fluence as Court at that Time. If this be true, all his long Blank may be filled up, without any Prejudice to your Character, or without putting any Body in Appre⯑henſion either of what you may do, or of what others may project to do by your Means, or by your Aſſiſtance among us.

This Book call'd a Letter, gives a long Detail of your Abilities, ‘'your Skill in Calculations, your being a Man whoſe Talent and Genius lay particularly in Figures, who had thereby a ſuperior and uncommon Skill in thoſe Games which depend chiefly on Calculation, who had viſited moſt of the Courts of Europe, and made your Observations of every thing relating to the Management of their Finances.'’ And after he has thus ſet you off, is every Jot as favourable to [6] your Projects; intimating, that they were ſuch as would have ſupported themſelves, and that the Principles on which they were founded were good; that the whole Structure was overthrown by nothing but the exceſſive Riſe of the Stock, run up by the raſh and ſudden Humour of the Peo⯑ple, not only of France, but even of all the Nations of Europe, who, in ſuch prodi⯑gious Numbers, flock'd at that time to Paris to get into them.

Now, Sir, not to flatter you with all theſe fine Things, which I humbly preſume to ſay, you know your ſelf to be falſe; and which you cannot but ſmile at the reading of, knowing how unfairly, tho' to your Advantage, your Caſe is there ſtated; give me leave, with all Decency and Re⯑ſpect to your Perſon, to tell the World that if Mr. Law himſelf was to give a true and genuine Hiſtory of himſelf, with re⯑ſpect to the part which he acted in France, it would be quite another way, and he would acknowledge that great part of thoſe fine Things which are ſaid of him in the ſaid Letter, either are not true in Fact, or ought to have quite another Turn given them, ſeeing they are ſet in a wrong Light, and our Eyes are turned from a true to a deluſive Perſpective, in our View both of his Conduct and of his Deſign.

[7] Previous to this, Sir, give me leave to ſay, that all this which the Letter has been pleaſed to ſay of Mr. Law and of his De⯑ſigns, is no more or leſs but what may and perhaps with the ſame Juſtice be ſaid of the late Directors of the South-Sea Com⯑pany; of whom, ſince our Eyes have been open to ſome of the ſecret Movements of that Affair, we have ſaid ſo many groſs Things, and whom we have treated with ſuch Contempt.

It cannot be ſaid, nor as I have heard was it ever pretended, that Sir John Blunt or the abdicated Mr. Knight could imagine, or did ſuppoſe, that ever the Stock of the South-Sea could riſe to ſo ſurpriz⯑ing a Height, as by the Avarice and Hu⯑mour of the People afterwards appear⯑ed; they have not been charg'd with forming any Schemes upon a ſuppos'd Ad⯑vance of ſuch a Magnitude, nor indeed was it poſſible they ſhould; all the Riſe was Aſtoniſhment and Surprize: Nor can it be deny'd but that Sir John Blunt him⯑ſelf pretended to be againſt the Advance of the Stock, and was heard in the height of his Proſperity very often to ſay, that the Madneſs of the People wou'd ruin them all.

On the other hand, neither did Mr. Law in France forbear to make uſe of and [8] form as great and if I may ſay ſo as imprac⯑ticable Projects upon the Foot of the po⯑pular Madneſs of the People, and per⯑haps worſe in their Kind than ever Sir John Blunt or the Directors form'd here; which Projects, unwieldly in themſelves and unable to perform, added their Weight to the Overthrow of Mr. Law and his Schemes, when but a minute Accident gave them a Check, even juſt as thoſe others did to Sir John Blunt and his Schemes, when they received a Shock from a like Accident as the other.

And now, Sir, as this Part may unfold ſome Arcana, both in your Management among the French Courtiers and in the Management of our C— among the South-Sea Directors, which are not yet fully penetrated by us, no not by ſome of thoſe who were very nearly con⯑cerned in them; give me leave to run a ſhort Parallel between the two Schemes, or rather between the Management re⯑ſpectively on either Side, and we ſhall ſee into the Reaſon of the Overthrow of both, perhaps farther than we ever ſaw yet.

Mr. Law's firſt Step, ſays the Letter, was to eſtabliſh a Bank; which receiving and pay⯑ing conſiderable Sums for the Government, lend⯑ing Money at the low Intereſt of 3 per Cent. [9] diſcounting Bills, iſſuing a great Number of Notes payable at Demand, and cauſing thoſe Notes to be anſwer'd with the utmoſt Exact⯑neſs, rais'd its Credit to ſuch a height as made its Notes be 4 or 5 per Cent. better than Specie; and all the Deſigns to ruin the Credit of that Bank or its Director, gain'd the higheſt Reputation to both.

The firſt Step Sir John Blunt and the Directors of the South-Sea Company took, was to make a Propoſal to the Parliament for the paying the Publick Debts of the Na⯑tion, by ingrafting all the Debts of the Publick into the South-Sea Stock, and en⯑abling the Government to diſcharge the Funds, by reducing the Intereſt to 4 per Cent. and by yielding to the Government out of the Advance made upon the Stock, a Sum of . . . . Millions in Money in a certain Time.

Had either Mr. Law or Sir John Blunt contented themſelves with the utmoſt that they cou'd either expect from theſe ſeveral Eſtabliſhments, or ſo much as be⯑lieve to be poſſible at that Time, they had ſtill retain'd the general Applauſe of the Country they were in, and not the firſt been forc'd to fly from the Fury of the Rabble, and the laſt be attainted, ſore-faul⯑ted, confiſcated and hated.

[10] But to go on: Mr. Law finding himſelf at the Head of a Bank, whoſe Credit, as above, was 4 per Cent. better than Specie, a thing never heard of in England, Fate and his working Head puſh'd him upon innumerable Projects, ſome of them im⯑practicable and imaginary, as the Miſſiſipps; others of them vaſt, immenſe and unma⯑nagable, as that of raiſing the general Farms Four Millions a Year, and yet throwing off all the burthenſome Part of the Taxes, and giving them up to the People, ſuch as the Duties upon Fleſh, Fiſh, Fruit, Wine, and Fuel, taking the Management of the whole Revenue of France upon themſelves, and diſmiſſing 30000 Collectors, Toll-Gatherers, and other Officers who ſubſiſted on the Spoils of the People; all which was done not with a real View to be able to ſupport it by any other Way than the Publick Fame and Credit of the Scheme, for that was im⯑poſſible; but to raiſe up the Credit to a ſtupendious Height, and ſo to perform, if he really intended to perform, all thoſe impoſſible Things out of the Plunder of thoſe People, whoſe Avarice dup'd them into ſuch a Frenzy, as to give 2050 per Cent. for Shares in his Bubble.

How then can any Man ſay that Mr. Law oppos'd the Riſing of Stock? Mr. [11] Law could not but know that advancing a ſmall real Value by Credit, to a great ima⯑ginary Value, was the only Way to ſup⯑port all thoſe vaſt Undertakings; and that if that Credit laſted, or ſo long as it laſt⯑ed, thoſe Undertakings might be upheld; and therefore it was that he every Day went into ſome new Project, broach'd ſome new Propoſal, however monſtrous and impracticable, to keep up the Spirits of the People, which he had rais'd in ſo ſur⯑prizing a Manner; ſuch was the undertaking Coinage for Nine Years, the Farm of To⯑bacco, the Eaſt India Company, and the Miſſiſippi; ſuch was the undertaking Eigh⯑teen Hundred Millions of Publick Debts, and the managing the whole Publick Re⯑venue; ſuch was erecting Manufactures, making Canals and Navigations, building new Cities, and the like.

The Author of the Letter forgets, or perhaps was not enough in the Secret of Mr. Law's Hiſtory, to mention his grave Reſolution to cruſh entirely all the Engliſh Stocks, and ſink their Credit; and the ſeveral wiſe Meaſures, not to ſay cunning Meaſures, he entered into for the per⯑forming it, and in which he was bit by ſome Gentlemen who underſtand Engliſh Stocks better than he did; and in which ſimple Project, to ſay no worſe of it, he [12] loſt about One Hundred and Sixty Thou⯑ſand Piſtoles, which he paid Difference Money: in all which I never ſaw any of his Craft, except it was in taking Care that France ſhould not hear of it; in which alſo he was more beholden to the Modeſty of the Engliſh Gentlemen he was concern'd with, who valued their Money enough, but deſpis'd the Gaſconade of it, than to his own Policy.

Come we back to the long Scene of Ma⯑nagement in France, while the Stock kept up its prodigious Height: How many new Creations of Stock, Fifty Millions at once, did Mr. Law crave at a Time, till 300 Mil⯑lions of New Stock was granted him; all to be ſold at the monſtrous Advance which the Stock then went at?

It cannot be doubted, that had 300 Millions of Stock been actually transfer⯑red and ſold at the Price which it then was advanc'd to, namely, from 1000 to 2050 per Cent. it muſt have enabled Mr. Law, not only to have paid off all the Pub⯑lick Debts, and done all the great Things he had propoſed, but even an hundred Times as many; he might not only have peopled Miſſiſippi, but America, and have planted a New World, if he could have found Land to place it on, and the Purchaſe of what he had ſo created could not have [13] been paid for by all the Money, Plate and Jewels in Europe.

Let us go back to the Directors of the South-Sea Company; they, prompted by the ſame ſurprizing Advance upon their Stock, went on in their Degree to innu⯑merable vaſt Conceptions: How many Projects and Schemes lay before them? No leſs than taking in the Eaſt India Compa⯑ny and their Trade, the African Compa⯑ny and their Trade, the Bank and their Buſineſs, and at laſt all the Cuſtoms: By their Credit they were to diſſolve the Tax⯑es at once, clear the Revenue of all its An⯑ticipations; they were to advance all the Money the Parliament would have occa⯑ſion to grant, and the World began to think once they would make themſelves Parliament, Government, and every Thing: What they might have done, or rather what they might not have done that Way, or what Mr. Law might not have done in France, had they both gone on, is ſcarce to be expreſs'd; but Naſcitur ridiculus Mus: The Parallel goes on ſtill, both were over⯑turn'd by their own Bulk, the unperform⯑ing Machines blew themſelves up by the Force of their own Motion, and the Pro⯑jectors are overwhelm'd with them.

So Engineers that ſpring an ill-charg'd Mine, Sink in the Ruin of their own Deſign.

[14] As Mr. Law, to ſupply the monſtrous Demands which he had brought upon his Company, by taking upon them 1800 Millions of Debts, coined every Day new Grants of Stock, which the Humour of the Meſſeurs de Quincampoix early found Chapmen to take off at the moſt prodigi⯑ous and extravagant Prices; ſo our Direc⯑tors form'd, as often as they thought fit, new Subſcriptions upon their Stock, to the Tune of 4, 5, or 10 Millions at a Time, and at the prodigious Advance of 300, 400, to 1000 per Cent. which the Gentlemen crowd⯑ing every Day to Exchange. Alley, found Means to take off their Hands, at the moſt monſtrous and extravagant Prices that they could have the Face to put them up at, and at an Advance beyond it.

They do the Directors of the South. Sea Company Injuſtice in the higheſt Degree, who pretend to ſay, that they cou'd not have anſwer'd the higheſt Dividend that they ever propos'd, and for the longeſt Time that it was ever propos'd, namely, 12 Years, had all the Money for which thoſe Subſcriptions were taken in at, been either paid to them, or ſecur'd to be paid to them: And I appeal to the Men of Fi⯑gures, let them be as partial as they pleaſe if they are but juſt, to caſt up what a Sub⯑ſcription of 5 Millions and a half at 1000 [15] and 10 Millions at 1200 per Cent. as was talk'd of at that time, would not have done? The only Injuſtice done by the Directors in making thoſe Propoſals of Dividends was, that it was evident theſe Subſcriptions on which they were found⯑ed, like Mr. Law's new Millions of coin'd Stock, could never be paid for; that it was impoſſible; and that not all the Mo⯑ney or Credit of the Nation cou'd per⯑form it.

And this made the Directors, by a weak and ſcandalous Loan, part with all the Money and Paper they had, to the Tune of 11 Millions, to ſupport the Circulations of Things in the Town; which as they did no doubt ſee, or might have ſeen, could never have been paid; and which yet if they had not done, their Stock could not have held up its Head a Week together.

It may be true, and I believe it would have been true, that if the Company had ſtood, and had propoſed a fifth Subſcrip⯑tion at 1000, or even at 1200 per Cent. it would have been ſubſcrib'd, and 100 per Cent. or perhaps 200 per Cent. would have been paid in; tho' to have done it, the Company muſt not only have iſſued all the Money and Bills they had, but all the circulating Caſh, and all the Paper [16] Credit of the Nation muſt have been ſtrain'd to the utmoſt.

But it muſt alſo have been true, that after the Company had been thus poſſeſs'd of the whole Treaſure of the Kingdom, if they had not found ſome way or other to have iſſued it again every time a new Payment on thoſe Subſcriptions had been due, thoſe Payments cou'd not have been made: The Reaſon is plain, that like a Board of Play, when the Box has got all the Money of the Gameſters, if it does not think fit to lend it out to them again, the Game is at an End, they can play no more: So thoſe Men having thus poſſeſs'd all the Caſh of the Nation, that is to ſay, all that cou'd be come at, all that was to be had, and all the Credit alſo that the Men of Credit were able to anſwer; if they did not think fit to iſſue it again on ſome foot or other, the Play would have been at an End, no Men could have made good their Payments, and all ſorts of Confuſion would have follow'd.

This was exactly parallel to Mr. Law's Caſe in France, who likewiſe made a Di⯑vidend upon his Stock when it was about 1000 per Cent. intimating, that he was able to do the like in proportion to any Advance which the Stock might have been rais'd to, as doubtleſs he wou'd have [17] done, had all the Stock which he daily created been purchaſed at the advanc'd Price which it was current at when created and paid for too: for what might not he do, who could create Fifty or an Hundred Millions of Stock when he pleaſed, and ſell it immediately at 2000 per Cent? All the Difficulty was, that in⯑deed he might while the Humour of the People laſted, ſell his Stock at that Price, but that all the Wealth of Europe could not pay for it; and ſo, as I ſaid before, the Machine burſt it ſelf by its own Weight and the Violence of its own Motion.

And ſhall any Man come now and compliment you (Mr. Law) with telling the World how equal your Genius is to the vaſt Deſigns you had laid: and that it was only your being over-rul'd by thoſe who had an Influence at Court that over⯑threw it all?

To be plain, Sir, and not to injure Truth or you ſo much, the Caſe was only this, that thoſe People who had the In⯑fluence at Court, finding that you had laid Schemes too large for the whole Trea⯑ſure of the World to anſwer, and that you only ſcrew'd up the adventurous Hu⯑mour of the People by ſtarting every Day new Surprizes, new Oceans for them to launch out into; ſo ſupporting one Chimera by another, building Infinite op⯑on [18] Infinite, which it was evident muſt ſink all at laſt into infinite Confuſion; I ſay, ſeeing this, they thought fit to give a Check to the Velocity of the Motion, in hopes to have let Things fall gently and gradually. But the Machine being unweildy, and all the Parts depending up⯑the Progreſſion of the foremoſt, like a ſtrong Current haſtily and effectually ſtop'd, the Waters at the firſt Check over⯑flow'd all the Country round them; and ſtill not able to find a Vent forward, re⯑verted with an Ebb, a thouſand Times more ſurious than the Flux which firſt brought them on; and it was then no wonder that Mr. Law could not ſtand it; 'twas really more a Wonder that thoſe Great Men, whoſe Act and Deed that Ca⯑taſtrophe was, had Power left to carry him off as they did. And I believe, Sir, you are the firſt Man that ever came clear off, if you may think your ſelf ſafe from the Reſentment of a whole Nation, and with ſo much of the Ruins of their Coun⯑try in his Pocket.

Juſt thus, Sir, has it been here in its Kind. Happy had it been if the Great Perſons concern'd here, of whom Sir John Blunt and his Fraternity have been little more than the Shadow, had as much in time and from the ſame Principle of Concern for the publick Good, put a check to the [19] monſtrous Growth of Things which they could not but foreſee, and Mr. Aiſlabie tells us, he did foreſee, would at laſt blow up and end in Confuſion and Deſtruction.

But on the contrary, they went on to the laſt Gaſp, till they were overwhelm'd by their own Folly, and by that Envy which was only the blinded Child of unbounded Avarice and Ambition, as I ſhall ſhew preſently.

The Fall of your Machine I have touch'd at already; the Author of the Letter ſeems not at all to ſee the Nature of it, and is quite wide of the Occaſion; and hinting only at the Inſtruments, as if they were ſcarce known, in which, by the way, he is alſo miſtaken, places it to the account of a mere Trifle, namely, that the firſt Adven⯑turers began to think of realizing their Stock, and converting the prodigious Gains they had made into Specie. And this, ſays he, brought ſuch a Demand upon the Bank as it was impoſſible to anſwer.

How poor and mean a Deſcription is here of the moſt flagrant Cheat in the World, and which was juſt then offer'd in the Face of the Sun! the like of which was enough to alarm all the World. The meaning of it all was, in ſhort, nothing more or leſs than this, that the Great Men who were firſt in this monſtrous Adven⯑ture [20] of yours, and who had, as you ſay, come in at 60 per Cent. under Par, and ſtood now at 2000 per Cent. above Par, know⯑ing very well that it was, as above, im⯑poſſible to be ſupported, but muſt at laſt fall all to pieces and come to nothing, be⯑gan to think it high time to be ſatisfy'd, and ſell out, veſting their vaſt Stocks in the Bank; and from thence, as you ſay, drawing ſuch great Sums in Specie, that it was impoſſible the Bank or even the whole Kingdom ſhould anſwer them.

This was indeed done with leſs Art than in England; it was immediately ſeen in the Rue de Quincampoix, that the Great Men, and particularly the firſt Pro⯑jectors, began to ſell out their Stock, and buy Eſtates; nay, the great Mr. Law, on whoſe Example ſo much depended, was not ſo politick in this part as Sir John Blant. but bought Eſtates, Lordſhips, Palaces, nay, as I have heard, even Roy alties and Principalities; I hope no Man will place that part among his Prudentials, or as a Teſtimony of his moſt accompliſh'd Genius. If Mr. Law did not foreſee that his ſelling our, and the other Peoples ſel⯑ling out, who were look'd upon to be in the main Secret of the Affair, would at leaſt he an Example to others to do the like; and that the Alarm once taken, it would ſoon [21] bring more Sellers to Market than Buy⯑ers, the Conſequence of which muſt be a Fall of the Price, which would be fatal as Death; I ſay, if he did not foreſee this, he could not be the Great Man the World at that Time eſteem'd him to be; and if he did foreſee it, and yet openly acted ſo, he muſt be ſuppoſed to ſee himſelf at the End of the Adventure, and, like a skil⯑ful Pilot, who ſeeing firſt the unavoidable Wreck of the Ship he is in, makes Provi⯑ſion for his own Safety, and takes care to get ſomething too out of the Cargo for himſelf. But neither of theſe Suppoſitions give us any Idea of Mr. Law to his Advan⯑tage, whether we ſpeak of his Capacity or of his Integrity.

Come we then to the Circumſtances which overthrew our South-Sea Fabrick here, which are in Proportion the ſame: That which gave them the firſt Blow was like⯑wiſe a Trifle, and from which even the longeſt Head among them did not expect the Conſequence that happen'd; nay, it was ſeen without Doors before it was ſeen within, if we may believe ſome who were Witneſſes to the Surprize it was, even to thoſe who ſtruck the Blow, when they found the Wound was felt where it was not intended. The Caſe was this.

Avarice, an unwearied and impatient [22] Vice, finding the Scheme on which her great Advantages were built, rival'd, as it was then call'd, by petty Bubbles of ri⯑ſing Fame, and not brooking any ſuch Thing as to ſee Part of the Gain going beſides her Mill, grown inſolent by her Succeſs, and graſping the whole World in her Imagination, ſhe grew alſo uneaſy at their Succeſs; and though ſhe ſoar'd infinitely above them all, ought to have diſdain'd them; or that being her ſelf a Bubble, ſhe ought to have encourag'd the univerſal Humour of Bubbling: I ſay, Avarice, impatient thus to be mated or ſo much as rival'd, ſtir'd up her old Ance⯑ſtor, Envy, to fall upon them; and, in a Word, to make uſe of her Friends to ſup⯑preſs all the other Bubbles of the Town.

In conſequence of this Project came out a Publication, and Proceſs was order'd to be iſſued out by Writ of Scire Facias againſt ſeveral of the Projects that were then on Foot, ſuch as York-Buildings, Bri⯑tiſh Copper, Welch Copper, Luſtring, and others; and the two Companies ſince cal⯑led the Royal Exchange and the London Aſſurances, were threaten'd with the ſame.

But the Influence of this Deſign run quite counter to what was intended, and Things began preſently to take ano⯑ther Turn; for as this immediately ſtruck [23] a mortal Blow upon the Stocks of all thoſe Companies, which were already very high, and that a prodigious Number of Con⯑tracts were made for thier Stock, and af⯑terwards became void by their never be⯑ing able to open their Books; the People were immediately oblig'd to ſell off their South-Sea Stock to ſupport their Credit, which had receiv'd ſuch a Blow in theſe Bubbles.

But it did not end here. For,

1. This brought ſuch a prodigious Quan⯑tity of Stock to Market that it was impoſ⯑ſible Buyers ſhould be found to take it off; which, as it always is when there are more Sellers than Buyers, made Stock im⯑mediately fall; and which was ſtill worſe,

2. It check'd the adventurous Humour of the People, gave them a Shock, made them ſick of Bubbles in general, and made them ſuggeſt that the South-Sea it ſelf, being by the extravagant Greatneſs become a Bubble alſo, might, ſome time or other, meet with a like Shock; and thus withdrawing univerſally from every Thing, the Cataſtrophe began, and has ever ſince gone on to what we ſee it is at preſent.

All this while, as was afterwards diſ⯑covered, the Great Men who were in the [24] Secret, who knew that one time or other it muſt all blow up, were like your Great Men in France, realizing their Stock; that is to ſay, turning it into Specie, and buying Eſtates with it, for which they gave moſt extravagant Rates, ſuch as the Sellers al⯑moſt bluſh'd to ask for them, paying for them as much as poſſibly they could in South-Sea Stock, ſo to cover the Transfer⯑ring ſuch large Sums of Stock the better.

Now all the Difference between Mr. Law and the Great Men in France, and the Directors in England was, that he did it openly and unwarily, and thereby gave the Alarm which overthrew their whole Scheme; but our People did it ſubtily and privately; and that our Alarm coming another way, as above, they were not found out till afterward.

And thus I have run a Parallel between the two Schemes, and the Management on either Side, as far as it concerns Mr. Law; in which I think I do Mr. Law no Injury, if I ſay, that the Letter Writer has made a wide Deviation from his true Character; and that tho' his Genius was really very much bent upon Figures and Calculations, and that he had at firſt juſt Notions of Credit and Caſh, and of form⯑ing Projections for the carrying thoſe Un⯑dertakings which related to a Bank, yet [25] he was bold, enterprizing, raſh, and ad⯑venturous beyond the Reach of the Plan on which he propoſed to act; that he at⯑tempted impracticable Things, and ſup⯑ported them by launching into more Things equally impracticable; ſo that there was a Neceſſity for him at laſt to ſink, as I have ſaid, in the Ruins of his own Deſign; that finding this Neceſſity ap⯑proaching and inevitable he ſold out, and amaſſed an infinite Treaſure in Specie, Part of which he remitted, that is convey⯑ed out of the Kingdom, and with other Parts of which he purchaſed Palaces, E⯑ſtates, Honours and Lands without Num⯑ber; and when in the Conſequence of this the People began to be alarm'd, and did the like, and that the Bank ſtop'd, the Stock ſunk, and all fell into Confuſion; he got leave to run away to avoid the juſt Reſentment of a ruin'd Nation.

And now, Sir, I appeal to your ſelf, whether this is not a fairer Account of the Fact, and a truer Hiſtory of Mr. Law, than what the Letter has undertaken, or than what he has introduced as from Pa⯑ris; and that tho' you are not flatter'd, no Injury is done you in it, nor any Hurt in⯑tended you.

It remains now to enquire here with the ſame Plainneſs into what the Writer of [26] the Letter would only ſuggeſt, whether maliciouſly or not I will not determine; namely, that Mr. Law being arrived here, all theſe Things may be the Conſequence of his coming hither; which ought to be written down in the four Lines which he has left Blank in his Letter, intimating, if we pleaſe to take it ſo, for he leaves every one to take it as he will, that Mr. Law may be employ'd on great Deſigns here among us, whether to good or hurt he'd likewiſe leave us to conjecture.

This I muſt needs ſay I think is doing you a great deal of Injury, and expoſing you to very great Hardſhips and Reſent⯑ments one way or other, as People may be prompted by their Fears or Hopes to ſuggeſt.

Now in this, Sir, I may perhaps do you an unexpected Piece of Juſtice, and am not out of Hopes of meriting much of your Favour by it; at leaſt I will under⯑take to deliver Mr. Law from all the Pre⯑judices and Jealouſies which ſeem to be riſing againſt him among us: and this you will be further ſatisfy'd of in the reading theſe Sheets; wherein, if I effec⯑tually make it appear that all that is ſug⯑geſted of Mr. Law, as to what he may do here, is groundleſs, and that it is impoſſi⯑ble that he ſhould ever be able to do ei⯑ther [27] good for us or hurt to us; I ſhall, Tout de une Coup, remove all the Jealouſies and ill Will that I ſee ſome People begin to entertain of him; and tho' it may be ſuggeſted that then I ſhall vote him uſeleſs, which they ſay is indeed making him a meer Invalid, and beſpeaking a Cell for him at Chelſea or at Greenwich; yet I ſay I ſhall make him full Amends by deli⯑vering him from the Clamours of the People, and ſtoping the Mouths of theſe ſpeech-making Enemies, which he might otherwiſe find very troubleſome to him on all Occaſions, making his Native Country a true Aſſylum to him, as it is to a great many harmleſs, worthleſs Gentlemen be⯑ſide.

Nor is there here any need to enter in⯑to Arguments from your good Character, and the general Principle which your Friends ſay you have acted by, and ſo en⯑deavour to prove that you will do us no harm, ſince I have that more ſolid Argu⯑ment to make uſe of, namely, the Repu⯑tation of your Senſe, your Underſtanding and Penetration; for having once laid it down as a Fundamental, and prov'd it paſt Contradiction, that it is impoſſible you ſhould do either good or hurt to us, I leave your Character of a Man of Senſe and Judgment to vouch for you that you will [28] not attempt it; and it would be the greateſt Satyr imaginable upon Mr. Law, and an Affront which my Regard for him will not ſuffer me to offer him, to in⯑ſinuate, that he will venture to embark in any thing which his Underſtanding muſt tell him is impoſſible. We are a Nation credulous enough, and have been cenſur'd for our Folly in the Conduct of our pri⯑vate Affairs, by all the wiſer People of Europe, and our late South-Sea Follies give but too much Reaſon for us to acknow⯑ledge that the Reproach is juſt; and had the great Mr. Law acted in the Place of the leſs politick Mr. Knight, or the ſtill leſs able Mr. C—g, I know not to what farther Extremes we might have run.

I acknowledge, that in the height of our jobbing Madneſs, many People as a⯑maz'd and ſurpriz'd, would frequently ſtart a little and offer the idle Queſtion, Where will all theſe Things end? But there was not a Man that did, or perhaps durſt boldly take Pen and Ink, and ſhew by juſt Calculations where they MUST end, and what Deſtruction attended them; and of which it might have even then been ſaid they were not only poſſible to be the Conſequences, but that it was impoſſible to be otherwiſe: I ſay, no Body durſt be [29] ſo free and honeſt, for he was ſure to be run down by the popular Rage of the Day on one hand, and check'd, perhaps inſulted by Power on the other Hand; nor do I ſay thus much without good Reaſons.

But had any of thoſe wiſe Men, who like Prophets that prophecy after a Thing is come to paſs, have ſince ſhewn us how im⯑poſſible it was thoſe Things ſhould end other⯑wiſe than they did, had Zeal enough for their Country's Good, and to have adven⯑tured to ſay as much and with as clear Demonſtrations of it before-hand as they did afterward, however they might have been treated then, they would have ob⯑tain'd a double ſhare of Reputation now, as well for their Honeſty as their Pene⯑tration.

But we muſt take Things as they are, and as Nature preſents them to us. Fate and our National Precipitations deter⯑min'd us at that Time to be a Prey to our Deluders, and which is worſe to be the Fools of Fools; for really the Managers, however by the Inſatuation of the Times they prevail'd to impoſe upon us to ſuch a Degree, yet it muſt be acknowledg'd us'd no great Cunning in deceiving us: The Baits were laid ſo ſuperficially, and the Hook appeared ſo open, that had we not [30] been blinded by a voracious Avarice, it had been impoſſible to have brought a whole Nation to be plundered as they were, even running into the Pit with their Eyes open.

It is reported that a certain Fiſh, which we deal much in Abroad, is ſo eager for the Prey, that if a Hook be but cover'd with a bit of red Cloth inſtead of Fleſh, they ſwallow it all at once, and are ta⯑ken without any Bait at all; we were in⯑deed taken in thoſe Days without a Bait; we were a Temptation to our ſelves, our own Avarice led us on, and we came to the South-Sea Houſe ſo eager to be un⯑done, that there was no need to lay Traps and Plots to deceive us.

The Uſe I make of this, for I am not entring into the Hiſtory of it, is not to ſhow how mad we were then, but to ſhow how ſenſible we are of it now, and to let you ſee, Sir, that the Train being now fir'd and blown up, there is no need to fear we ſhall a ſecond Time be drawn in: That we can no more be Bubble-riden; that we ſhall not bite at a red Rag now; and if all the Men of Figures, and Men of Art in Europe were to Angle for us, they would catch no more Guageons here; the Seaſon is over; the Moon-blind People are effectually cur'd, the Frenzy is aba⯑ted; [31] not the ſharpeſt Jobber of the Town can reach us, or over-reach us now, no not the great Mr. Law; if he thinks he can, he may go to work when he pleaſes; but he will ſoon ſee his Engines will not work; the Seaſon for National Deluſion is over: He may as well raiſe a Harveſt in Winter, as raiſe the adventurous Tem⯑per again among the People, after the Shocks and Damps to their Courage which they have lately receiv'd: As the adven⯑turing Temper of the People is check'd, and the Edge of their Courage that Way taken off, ſo Mr. Law muſt give me leave to ſay, and lay a great Streſs upon it too, that the Tools to work with on ſuch Oc⯑caſions, I mean Money and Credit.

Mr. Law was certainly right in his Poſ⯑tulata, which the Letter to him ſays to his Praiſe, p. 19. were the Principles which he went upon in his great Under⯑taking, namely,

I ſay, theſe are all ſolid and undoubted Axioms in the Affairs of Trade or Re⯑venues, Funds, National Treaſure, and ſuch like Things, and are worthy of the Ge⯑nius of the Great Mr. Law, when acting in France, where Credit never ſhew'd much of her Face before; tho' here, with your Pardon, theſe Things are common To⯑picks that every Stock-Jobber is Maſter of.

But what is all this to be talk'd of now? And I wonder that the Letter Writer cou'd mention them, after what he had ſaid, p. 6. of the deplorable Con⯑dition of our Native Country: See his Words;

‘"You will find our Trade loſt, our Credit ruin'd, our Money in the Hands of the baſeſt Men among us, and the Innocent and Deluded ſtill groaning un⯑der the Oppreſſions of the Wicked and Inſatiable—’

Now, Sir, after this, is it not a moſt prepoſterous Thing, an Abſurdity, and merits Ridicule to the higheſt Degree, to hear the ſame Writer talk of any Danger from Mr. Law? What can be more incon⯑ſiſtent? Mr. Law indeed laid down the great and undoubted Particulars above as [33] compleat Propoſitions, and he was right; and upon theſe he founded all the great Things he did in France: For Example, he ſet up a Bank, amaſſed Money, and e⯑rected Credit; on theſe Three what might he not do, and much greater Things he might have done, if his Genius, which this Man extols ſo much, had been equal to his Undertaking.

But what is this to his ſetting his Wheels to work among us, who this Man ſays, have neither Trade, Money, or Credit? If the beſt Engineer, or Mill⯑wright in the Nation were to build a Water-mill, and make it a moſt beautiful compleat Piece of Work that ever was ſeen, yet if he has no Water to drive it, 'tis a Thing without Life, uſeleſs and fit for nothing. For Mr. Law to ſet his Wit to work upon a Scheme of Credit may be a fine Thing, and I am ready to do Mr. Law Juſtice with my utmoſt Skill; but what can this do among us, whoſe Cre⯑dit is ruin'd? Do Gameſters invite People to play that have no Bank? or do Mer⯑chants invite Men to buy that have no Credit?

Again, as we have no Credit, ſo we have no Money; and what have we to fear being cheated of, who have nothing to loſe?

If we had a flowing Caſh and a high Credit, we might indeed be jealous of a Man ſam'd for an extraordinary Genius; which I take to be only fine Words for ſomething elſe, and a mannerly way of calling a Gentleman a Bite and a Sharper, which I ſhall not imitate. I ſay, Mr. Law may be all that this Gentleman ſays of him, tho' I ſhall not ſay I believe it of him: But if Mr. Law was ſharper than he and Forty more as cunning as himſelf, they could never raiſe a Project to the hurt of thoſe People who have neither Money or Credit.

If Mr. Law will ſet up the fineſt Pro⯑ject in the World upon a Foundation of Nothing, we will come all into it, and bring Nothing to his Nothing; and let him ſee what he will make of us; there can be no Danger on our Side.

I remember an old Verſe of a Gentle⯑man, who having loſt what he had at Play, liſted himſelf for a Soldier; and his Friends perſwading him againſt it, and telling him of the Danger, he wrote this to them in Anſwer;‘[35] What cares he to die, Sir, that can't tell how to live?’

I turn the Caſe to the Point in hand: Projects are a Game; let Mr. Law ſet up as many as he pleaſes, we may all come into them. For,‘What care they to Game, Sir, who nothing have to loſe?’ This is argued upon the Author's own Hy⯑potheſis, namely, that our Trade is loſt, our Money gone, our Credit ruin'd; if this be true, what can Mr. Law make of us? what can he get by us? So we may effectually clear him of having any Deſign upon thoſe of whom nothing is to be gotten.

But leaſt it ſhould be ſuggeſted that this is only catching at the Advantage given in Argument, but has no ſolid Weight in it, for that the Aſſumption may be denied; and 'tis apparent we have both Trade and Money, and Credit, though not much of the latter.

To come then to the other ſide of the Propoſition, and prove, that as he will not attempt us, becauſe nothing is to be got by us, ſo he cannot hurt us if he [36] ſhould attempt it, becauſe our Eyes are now open; we are the burnt Children who ſhall always dread the Fire; we have been bit once, and it was our Ma⯑ſters the * * * *, and our Maſters the * * * * *, and our Maſters the * * * * * 's Fault; but if we are bit again it will be our own Faults and no Body's elſe. And on this Account only I am far from being of their Opinion, and would have none be jealous of Mr. Law. I ſay, let Mr. Law go to work, and if he has not ſpent all his Ammunition in France, and export⯑ed all his Policy, and exhauſted his calcu⯑lating Genius there; let him try his Hand among us, let him go to work with us, and ſee what he can make of it and wel⯑come. I ſay, that what between thoſe who have no Money to loſe, and thoſe who having loſt ſo much are made too cunning to loſe any more, we have no⯑thing to fear from Mr. Law.

In the next place, and to conclude all: Here are no Materials for Mr. Law to work with; here are no more Funds to bring in; as there are no more Fools to ſub⯑ſcribe them, ſo there are no Things for them to ſubſcribe.

It is true that our Credit has ſuffered a Blow, a deep Wound, tho' I hope not a mortal Wound: On the other Hand, it [37] is not to be reviv'd by any Project, I ſay not by any; the whole World cannot re⯑ſtore Credit in England to what it has been; but by the Aſſiſtance of the One Article call'd Time, which does not con⯑ſiſt with any Company's d'Eclas, either Mr. Law, or any Man in the World can bring forth.

Our Credit has been loſt by Knavery, by Tricking and falſe Dealing; and nothing but the Reverſe of the Chicane, which is Honeſty, can reſtore it: and this Ho⯑neſty muſt be approv'd to be the prevail⯑ing general Practice of the Age as the o⯑ther has been, before it can introduce Credit. Honeſty and Credit went away together, and they muſt come together or not at all; the Alluſion will be found to be juſt, and the Conſequence is plain, that till by Length of Time we recover our Honeſty of Dealing, we ſhall never fully reſtore our Credit; and till Credit is reſtor'd, there's no Foundation for a Man of Genius to build upon, to do us or him⯑ſelf any Good; and I take Mr. Law to be too wiſe a Man to pretend to form any new Undertaking here, as both we and himſelf are now circumſtanc'd in the World.

I might have mention'd here, that the particular Jealouſy People have of Mr. [38] Law, upon Account of the late Underta⯑king in France, and that little Credit he has obtained for Integrity in his Part, is another Obſtruction to his making any Attempt; and eſpecially ſeeing the Letter wrote to compliment him ſo much, and perhaps to prepare us to think better of him, has ſo ill come off in his Panegy⯑rick, and endeavouring to prove him the Great Genius, that he would have him be thought to be; he has neither clear'd him as an honeſt Man, or as a wiſe Man. I cou'd explain my ſelf to Mr. Law's Diſad⯑vantage: but I forbear till further Occa⯑ſion may be given; which, however, I foreſee will not be long.