Tuesday, July 19, 1735

London Country Journal

Location: London, Middlesex

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London Country Journal (Newspaper) - July 19, 1735, London, Middlesex f � � . 0 It, THE y...... By CALEB B*AN VERS, tf: Gr^y*s-Imn, JE$; SATURDAY, Juty 15?, i;3> Remarks on the Daily Gazetteer ofWednefday the 9th Jnfiant, relatingto the Cafe of .the j N E of the minifterial Confederates, or perhaps the'Minijler Mimjelff hath at- length given us a, Glofs upon the memorable Affair of the Bank Contract ; which is fo mean a Piece of Prevarication, that I might be eafily excusVL front talcing any Notice of it j but when I confider Importance of the Thing itfelfy aadhow many Thousands of innocent Families were utterly ruined by it, I cannot let it pafs without fome farther Explanation.  The Author -of this Paper, now under Confideiafckm,' Bath riot confinM Himfelf to the Gale, of the Bank-Contract, but rambled into Several-Reflexions on Hie Rife .jatd. Progrefs of the South-Sea. Scheme in general; and there-? fore I fhall premife Something on the fame ffead. He tells us that the'honourable Terfon, who fiands charged with this infamous TranfaSHop, " was always.anEnemy � to the Soutb&ea Schemethat He oppos'd' it, when it ?' wasJrftproposed; -law the Mifchief, that it was big ** with; and avoided all Dealings and Tr-aftick in it. -- But This is fo fax from being true, that it hath been already proved, in the Cafe of the jinking Fund, and upon fevers] o-, ther Occasions, that nobody contributed more to the Ca-. lamitiesof thofe Times, or turn'd thero more to his .own Advantage^ than'the honourable Gentleman Himielf,' how-� ever He may how think.fit to deny it, or endeavour to diiguife it.. ;. �:- . .  "t. I[v&e firft Pkce, it ought to .fce remembered that He prapofed a Scheme, in the Yeaufc^ijifi, whilft He was in a Place of greatPower, payu^glpiF th>; national. Debts,- by feeing in theIrredeemables upon his own Terms; which Jh-uckatrthe. Foundation of.a�-^#f� Faith in fiich a Manser, that it ra^'d a general Cla^W amongft th&'Propriel tors, and'even his good FriendVs6| the Bank were the lou-* deft in it But farther. Does He think that We have forgot his t%v.o notasle Schemes, much about/the Jame Time ; one, for ingrafting the wholeCapital of� the Barii into: the Southfea. Company, \valuing the;, hiier-at 600 I* per jsjfent; the other, fir tonfolidating the three great Companies into one, and. .dividing- the Debts of the Nation among Them? Mr. J Trenchard treated the''Mjk:of-:-iheje'Bcbi&er-9&% Conspiracy to give**jp the whole Nation into theurHaSids.' I now come to the Point immediately in Dilute ; and, in order to fet it in s..true iaght, will be. neceffary to give the Reader a ihbrt State of;thet-afe;jas it i^ds between the Cffg/^r^r'and theAuthor^ of'the Cafe of the Jinking Fund. V .. . The former tells us that, upon th* ftrft Appearance of a general Diftrefs, in the Year if.2&, die honourable Gentleman, || " was font for up out of die Country ;- and as He " was then thought to have fome Credit with the Bank, " He was defir'd to exert it in Behalf of the Southfea Com-" pany, by prevailing, on the Batik to circulate a Number "of their Bopds. It is farther acknowledg'd, v-"jdid accordingly come up to Town, and- had a Meeting " with a Committee of each Company, at the Poftrtnafter-" GenerdPs'Hou{e,' in the Prefence offeveral other Gentle-- men in the Admniftration. v That, after fome'Hoursfpent in Conference at this "- Meeting, the Bank was prevaiPd upon to yield; and " that it was then thought proper to have fomething re-" due'd .into Writing, as & Minute of the Subftance of " what had been under Corifideration, and to ferve as a "Foundation of s. future Agreement, or Contrast, to be " made between the two Companies. " That there was fome little Difpute,; who fhould write " down, or draw the Minute j but it being the general " Defire that Mr. W--- fhould do'it, in thePjefence-of " the whole Meeting, He put down in Writing, what hath �'.- ever fince befinoU'd, the Bank Contract. The Confident,then gives us- a Copy of this. Minute, as He caU^Ht}; which is, indeed, a very jntyerfeli Draught, that the honourable Perfon Soon after Thh, ^honourabkGentkmm^ or Preamble to it, and the mqft from his Employments,- another Scheme was prpgbfed by ables only-i which being confiftent witix Parliamentary. Credit, the Bank and South-Sea, Company hot only confenteq. to a 'Reduftibn of their own Inter eft� but enabled the Pub* lick to reduce above nine.Millions, more to 5 per Cent, by engaging to advance four Millions and an half, between Them, if it fhould be wanted, for redeeming and paying off the Lottery Ails of the 9th and ioth of Queen Anne, and the Banker's Debt. Let the World therefore judge which .was the -moft equitable Scheme ; That, which was projected by the honourable Gentleman, and prov'd abortive / or That, which was afterwards proposed, and took Effeft. It is true, indeed, that the fame Gentleman, being ftill outof Power, oppos'd the South-Sea Company's Proppfel, in the Year 1719, and fpirited. up the Bank to bid againft Them i but This is fo far from proving- that He was al-. mays an Enemy to the Scheme itfelf, that it is aft Argument *� the contrary, and implies the i&ongeft Approbation of it. The only Conteft was, who fbould have we Execution, of ibis Scheme; and Bank-Stock being, at that Time, confide-sably higher than South-Sea, the former were perfiiaded that They coald afford more for it than the latter. Every-Body kaovfs that the Bank actually bad five MilBoKS for it; which was more by three Millions and an half than the Sodth-Sea Company offered at.firit; but as all Competitions, of this Nature, are apt to run into Extravagance, They �Were at laft induced to hid fet1 en Millions�, rather than let die Bank have it. This gave Rife to the general Tnfatua-tion> which afteiwards preyaiFd amongft all Ranks of Peor pie, from the vain Hopes of exorbitant .Advantages, and bid-the Foundation of all the Calamities, which enfiied upon th Execution, of the South-Sea Scheme ; for admitting of as much Mifmanagement in it as thefe Writers pleafe, I believe, nobody will pretend to deny that the. ill Succefs of . it was, in a great Meafure, owing to the Madnefs of the Timci, and the monftreius Premium They contracted to* give for it j or to aflert that We fhould have been in a much better Condition, if the Bank had prevail'd, inflead k of the South-Sea Company. Hqw therefore can it be kid, ^7ith any Colour of Truth, Reafon; or Juftice, * that ike honourable Gentleman is Ttot refponfible for any Sondifea- Tranfatfim-of the Tear 1720 i when it appears'that He .blew up the Coals qfCort: tention between the tzuo Companies, which occafion^d all the  fubfequent Misfortunes; efoecially, if it fhoijd be true, as We are given to a'nderftahd in the f Cafe of the . Jinking Fund, that the Bank .did not deftff from, bidding gaihft the Southfea Company, till He 'found his private Ad-vantage in engaging Them to do it ? material Articles "being left blank. - He-teHf^sr that this feting was on;, die 19" th -of Sept. 1720 ; and then adds the following AfFertiori. f *f " This is all1 that was wrote by Sir R.' W-at " this or any other Time, relating to this Affair i and t " have been afTur'd, in the- future Meetings upon this Bu-" He.was never once prefent. . � \ On the other Hand, it is afferted, by the. Cafe-Writer, "that there was another Meeting upon ibis Bu* " Jinefs'i four Days after ; viz. on Friday Sept, 23 j. that " the.honourable^ Gwl/m^ was prefent at. thisJAeeting, and drew up another Paper, between.thetioo-Companies; " which had not only a Title, but the Blanks were filled up, and the Bank exprefly agreed to fubferibe their Capital Stock of 3,775,0001., into the Southfea Company at 400 /, per Cent; with fome other particular Articles between them. - The Author of the Cafe, hath given us a Copy of this Paper, which He fays was always called the Bank Contract, and even affures Us that th Original was then lying beforeHini, 'in Sir' R. Wi^^w-ow'n Hand-Writing. . ;� ,  Here therefore are two direel Contrariis aflerted , both of which cannot be truei and as the - Pout hV Debate is a Matter "of very great Important which lath long been litigated, the PubJick feem'd rtQ expeft tbit \\ fhould be clear'd up � elpecially, when it was brougit tci fo fhort an Iflue.. But the miniderial Advocates wre immediately ftruck durnb ; and, though frequently caltd upon, refus'd to plead upon this Point; in Hopes, I jrefume, that it would dye away before faeffinter came o>.. Ai laft, when They found Themfelves difappointed in itais Expectation, anonymous Writer fieals out in the ftaily ho^^mpre^Fdie Msitter than He pre^^v^i He had much better have let it alone j' for, inftead of vhidicatingi the hopjmrabier Gentleman^ He only makes hisCaufe, worfe), an^ihows ta. *vhat wretched Expedients He isredue'd.- ^Haying ftated the jl^ceedhigs.at^die firft Meetjing^ ia, much the faihe Manner as they appear in theGon/ideratmrK He-comes, to the real Bank Cont^aCI1, as k-'w^s, drawn'upat ihefecenS^eiing} but quotes it very unfair-, ty'; for He hath left out both |he Title .and the Conclujum, which^ are very'materi^w.an^ thengoes on daus. - V Whether: the honourable Perfon was oniy,a,t one of thefe; Meetings, and drew up only the former Writing, astheAtithor of pkeConfiderations alledgesj. or.'Whether, �V- HbiWas at both, /^I'drew up the batter Writing like-wife J'is a Facl:, which I cannot pretend to depejnnine^ -"' nor perhaps the.honourable Gentleman Himfelfi 'a^.&chk' <l a Diftance of Time; it bemg near ago, an^ afterrfiich z. MoMtude of'other Affairs, intervening. '�'which,might occaffonyfo^ ^ Civcumfiance 'to flip the " happieft aiid ftrongeft Memory ; fupppfing, for' Argu-'* rrient'sSakeywhat the. Author of the Cafe of the finking " J^i-aiTerts,tol^ , (.i maybe a. Forgery i iior would it be any Want of Charftji "to conclude it to be| fo,! without better Evidence, to fupt " port it than hath yet been produced, : - I am ready to acknowledge that: die Courfe cg~fifteen. FearsM a pretty long Term for any Minifher; and that the honourable Gentleman hath . certainly hid a'-Multitude of other Affairs up^nhis|Hands, during that Time. It is likewife very probable that He may not have one of the %4^A'a^fir9^^'^m"et-- pf.allThipgs .m^h? World, I cannot imagine how it was poffibTe for Jlim to forget, fucb a. Circumflante as. This, which vyas :atten^e<| with fo -many remarkable. Particulars;(finte' H& xiq,r only came up to Townf on Purpofe, but-it is., plam from the Confiderations (which every Body looks" upGR his own.) that -the trut?'BankrContract,; orthe. %$d,of Sep. -was-then, lying before Him, as %vell as the pretended one ,6f the t�9#J- -for He!] gives us'the, ? Subftanceof it. iigt  Part, exaftly enough'; |l and thai -breaks off with an, h?e. .... � ... As m the Meeting of the 19th,. a^d-the ?apetK. �azetteer, and pretends to take up the Gauntlet i bxx pours^ about at a piftance, and dares not tome: to Engagement. '. He begins with calling this Charge^ abbut the Ba^k Contract, a notable Piece of explodedScundalrevi&d a* gain.; though He. cpnfefies, hi a line or two after, that He knows nothing more of the Tranfadion than, what He hath collecled from the two Pamphlets above-mentioned. �- The Charge, indeed, is of. a pretty loiig flandmgj and hath been often repeated.j but it is fo far uarh beii% exploded, that I do not remember any Attempt to anr\ver it, in Form, till the Author of the Confederations undertook diat Task, and promis'd to give us ah- authentici:. Account of the whole Af--'� fair. Bcfides, if this Writer (Ittiean the Gazetteer j knows ,*' Confiderations, p. 88. { Caris.Letters, zd Edit. Vol,%, �44. || Confederations, f, 85. ' 1*4-Confederations, p. 88,. Cafe of the Jinking Fund, p. 10^.' then drawn' up. He is even minutely circumfhmtialj and feems-to rerxiember. every Particiilarj, as" well as if it, had happened but yefterday. Now, it |s yer^: furprizing to'tne that his Memory^ihould ferye.Him fo Well 3s to eneoftbefi. Papers,, and-fail'Him intirely as to the other; though' 'the' fame Diftance of Time, and die. fame Variety of otber'l ffi-fairs, haye^mterven'd beRveen both;my, what is ftiUmdreJ remarkable, though tie Paper, which He, reniembers lq exaftly, was immedia^ly dropt^ zndthe'dther, which He pretends to haveibrgol, fub^fed' alrnoft two Tears afteri wards, and Occafioned a Multitude' of Difoutes,'. Let .This 'fuffic'eas.fo the Gentlemanly Memor y , ---r� But it is infimjated, in the fame Paragraph, that the whole Story of-this original Bank Contract is nodting: but a Forgery. Thiisln^nuatipn is repeated, with greaf Confidence, in Several other Places of the fame Paper \ 'par- ' ticularly in pne,: where jit -is faid, '.that there_is alltbrs'.Rea~ �fon imaginable 4o 'beliefe it to be fo; but as the AitboQ hath not any where dar\i ta infift upon it," in direel Terms,' it ought to be lobk\i upon as another wretched Piece of Prevarication, which almsft amqunts to a Confefjion off Guilt. . - :| - _ ' .. "'  ' For my pwii Part,;! am very well affured that there is fuch a genuine Papeq now in Being; which feveral Genr demen, well, acquainted with the Hand, have already feen; and f beheve there-Is not one Perlori, any Party^ in the tyhole Kmgdornj, who. can make any Doubt oF the ;Txuth<)f it^- after-wf{at-hath pafs^d QtiJfrth Sides. ' .'""". v; But if the honourable Perfon hath any Reafoa to believe it a. Fo^ery; \vhy_ dqes not1 He endeayoht 'to deteft' iti-and dp Hirj^^Juftice' ? There are feveral Gentlemen'. fbl| living, who- Wer�pref|nt at thofe Meetings, either ,^Wik rnffes, oi Parties, to the Proceedings there.' It is poffible ; that fome of Thejri-ftiay ha\"e feronger ^e^cries^aT^^ honourable Gentlemen Hinjfelfj.and be able to recollect whe-r. ther He was at the Meeting of thett^d; or who Jit wasV that drew -tq� the Paper, which is noiv imputed to Him.- Nay, perhaps, He might find upon' jEnquiry that Ha not only drew up this: Paper, but rr^de two Copies from it, in his pWnHand^iting j viz. one for each Company ; sail have.hear^d^itwfiifper'd about that it coft Him';fom Trpubletogefup ?Z*(f^; but,-it feems, He "forgot the* pi"-riginah ormigh't-poffibly 'think'that it Was loft, after feitb a Diftance of Ttvte, arid t Multitude of other Affairs. This Feems to have been'die fatal Miftakc, an �T:ne^t.*' Qenfiderattons.

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