"the king of Spain made emperor: that the ftates-general 1711. "had concured with her majesty; and that she had taken "the most proper measures to engage all thofe, who had a "fhare in this election, and were in the intereft of com"mon cause, to join with her in bringing this great work "to a good iffue and fhe had an intire confidence in the "affection and duty of her parliament, that, with their af

fiftance, fhe fhould be enabled to make a happy conclu"fion of the war in a fafe and honourable peace." This "produced a joint address from both houses in almost the fame language as the meffage, both which are the more re

In the fame manner he ftates the accounts of Atkinson, Nutting, Mason, Povey, Micklethwayte, and Savery; by which it appears, that, of the thirty-five millions, above thirty millions were accounted for, though not all paffed, and that the total to be accounted for amounted only to 4,330,1351. which, as Mr. Maynwaring obferves, was much fhort of a year's fupply. He fays further on this fubject, no accomptant is obliged, by the courfe of the exchequer, to render his account under fifteen months, nor fome under eighteen; yet this vote takes ⚫ in all accounts to the first meet

ing of the committee; but there is no mention made from what period of time they did commence. To have been particular, in every refpe&, was too much for the compafs of a vote; fo that there are ⚫ accounts from king Charles, king James, and hing William's reign, in the principal branches of the expence in all the revenue brought in, to make up and fwell the general account; and this is, by many thousands of people, without doors, imputed to the late minifters.' He then expofes the partiality of

Z 4

the house of commons, of which
he was himself a member, in or-
dering fo unjuft a vote to be
printed: adding, and now if
I may be allowed to fuppofe
• what I think I have fully prov-
ed, that many irregularities,
⚫ and unavoidable delays, attend
the paffing of fome accounts,
which no care or industry can
'prevent. If it happen, that
the nature of the services, and
the method of payment in fome
offices, being inconfiftent with
the courfe of the exchequer,
require privy-feals, and are the
'work of longer time than is li-
mited for paffing accounts; if
it appears, that these irregula-
rities, incident to accounts,
· are yet neceflary for the accom-
'modation of the fervice, and
not to be avoided without in-
finite prejudice to the manage-
•ment; and if it appears, that
the fecurity of the public does
not entirely depend upon the
actual paffing of accounts, pro-
vided they have been daily
rendered, all which he ful-
"ly makes out," I hope peo-
ple will begin to be fatis-
fied, that the nation has not
been cheated of thirty-five
millions.'

marka ble,

1711. markable, as the meffage gave fome intimation of the project, which the new miniftry formed upon the death of the emperor, and which they afterwards publicly avowed, to make a peace by yielding Spain and the Weft-Indies to king Philip; not only becaufe the regaining of them for king Charles was attended with infuperable difficulties, but also becaufe, in their opinion, the fame, if practicable, would deftroy the balance of Europe, the fettling of which was the chief aim of the grand alliance. And, both houses of parliament having, in that addrefs, fhewn a difpofition to approve any meafures, which her majefty fhould think pro-. per to procure a peace, the miniftry thought themselves armed with fufficient authority to pursue their scheme.

An act for

the South

Sea trade.
Burnet.

Pr. H. C.

The last thing fettled by the parliament, was the creating a new fund for a trade with Spain. The commons, on the 20th of January, had appointed a committee to examine the debts of the navy; and, about two months after, they reported, that thefe debts amounted to above five millions. This great debt upon the navy was occafioned partly by the deficiency of the funds appointed for the service at fea, but chiefly by the neceffity of applying fuch fupplies as were given, without appropriating claufes, to the fervice abroad, where it was impoffible to carry it on by credit, without ready money; fo it was judged neceffary to let the debt of the navy run on upon credit; by which means it had risen up to fo many millions, and the difcount on navy-bills was very high (b) all this debt, with many others, were thrown

(b) A full account of this mat-
ter was foon after published in
a letter about the debts of the
navy,' by which it appeared,
that the public money had been
managed with the utmoft fideli-
ty; and it was made evident,

that, when there was not money
enough to answer all the expence
of the war, it was neceflary to
apply it to that which preffed:
fo this debt was contracted by an
inevitable neceffity, and all rea-
fonable perfons were fully fatisfied
with this account of it. The
author of the letter thus fhews
the reasonableness of including

into one stock, amounting in the whole to 9,471,325 1. and a fund was formed for paying an intereft or annuity of 6 per cent. till the principal fhould be paid, which interest amounted to the annual fum of 568,279 1. 10 s. For the raifing of this fum, all the duties upon wines, vinegar, and tobacco, India goods, wrought filks, whale-fins, &c. were, after the year 1716, continued for ever, and till then the parliament was to make an annual provifion for the interest. With this fund was alfo granted the monopoly of a fupposed trade to the South-Sea or coaft of Peru in America; the feveral proprietors of the navy-bills, debentures, and other public fecurities, being to be incorporated for that purpofe. This grant may juftly be called chemerical, fince the projector knew he was entering upon a negotiation of peace, which, by the ceffion of Spain and the Weft-Indies, would for ever exclude the English from the privileges of trading to Peru and Mexico. Accordingly inftead of fuch trade, king Philip, upon the conclufion of a peace, gave the precarious licence to fend a fhip or two thither yearly, limiting them both as to tonnage and value of cargo. This fcheme produced what is called the South-Sea company (c).

The flatterers of the new minifters made great use of this to magnify them, and to afperse the old ministry. But the

'much as could be well raised

within the year, they ftill thought it more advifeable to • leave the extraordinary charges as a growing debt, than to increafe the public burden upon the people, by enlarging the • ufual provifions for the navy. And in the parliament before the laft, a full account of the navy-debt being called for, the late minifters were fo far from being blamed upon this fubject, that, after a full confideration, and long debate a⚫bout the caufes and methods of contracting that debt, the house came to a refolution in their favour, and went as far in ap'proving their conduct and management, as any fubfequent

6

6

:

earl

parliament has gone in cenfuring them and, when the justice of two different parlia⚫ments comes to be the question, • I must not take upon me to determine between them, but will only make this fhort remark: that, from fuch time, at leaft, as the fenfe of the house ⚫ was known upon this occafion, the late miniftry cannot be thought blameable for proceeding in their ufual method, when they were fupported by authority and approbation of parliament,'

(c) The particulars of the debts and deficiencies, that were thus incorporated, were as as follows:

The

1711.

1711. earl of Godolphin's unblemished integrity was such, that no imputation of any fort could be fastened on him; and therefore, to keep up a clamour, they reflected on the expence he had run the nation into, upon the early successes in 1706, which were very juftly acknowledged, and cleared in the fucceeding feffion, as hath been related. But that affair was now revived, and it was faid to be an invafion of the great right of the commons in giving fupplies, to enter on defigns, and to engage the nation in expence not provided for by parliament. This was aggravated with many tragical expreffions as a fubverfion of the constitution; and at the end of the feffions an inflaming representation about this and the thirty-five millions, of which the accounts were not yet paffed, was presented by the commons to the queen, wherein

The debt of the navy

The debt of the ordnance

For tranfport-fervice

424,791 5 42

An army and transport-debenture, to Sept. 1,018,656 17 94

29, 1710

-

}

to raise the annual fum of five hundred and fixty-eight thoufand, two hundred and feventynine pounds, ten fhillings.

they

6

;

1711.

The repre

the feffions.

they tell her, that they had not only raised the neceffary fupplies, but difcharged the heavy debts fo long and fo justly complained of, and traced the causes thereof: that sentation of in feveral years the fervice had been inlarged beyond the the commons 'bounds prefcribed by parliament: that the furplufage of at the end of • fome funds had not been applied to answer the deficiency Pr. H. C. ' of others; but other ufes were found out, such as were IV. 217. • neither voted nor addreffed for by parliament, which there'fore we judge a mifapplication of public money. The ⚫ debt of the navy has arisen from a liberty, that has been 'taken of transferring money, iffued for that fervice, to other ufes, particularly for provifions for the land-forces in Spain and Portugal. To this we must add, the many ' notorious embezzlements in your majesty's brew-house ' and that the commiffioners for victualling have been guilty of great negligence; that the receivers of the landtax were not obliged to make due and punctual payments.' Then they added, Thus far have we proceeded in difcovering fome of those causes, which have brought fo great a weight of debts upon the nation; and we might have ‹ made a much greater progrefs in our inquiries, if the accounts of the public money had been regularly paffed; 'but, to our great furprize and concern, we find, "that they, who of late years have had the management of your majefty's treafury, and ought to have compelled the "feveral accomptants duly to pass their respective accounts, "have been guilty of fo notorious a breach of trust, and of "fo high an injuftice to the nation, that of the monies "granted by parliament, and iffued for the public fervice. "to Christmas 1710, there remains unaccounted for the "fum of thirty five millions, three hundred and two thou"fand, one hundred and feven pounds; for a great part of "which no accounts have fo much as been laid before the ❝auditors: and for the reft, though fome accounts have "been brought in, yet they have not been prosecuted by "the accomptants and finifhed." This has made it impracticable for us to arrive at fo exact a knowledge of the ftate of the nation, with regard to the public money, as we wifhed, and might have expected; and your majefty will please to confider, in fuch an immenfe fum unaccounted for, how many embezzlements may be concealed, and how juftly it is to be fufpected, that fo fcandalous a remifnefs has been allowed with no other defign. We humbly befeech your majefty, that you will give immediate and effectual directions for the compelling the feveral impreft accomptants

66

speedily