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London Country Journal Newspaper Archive: July 19, 1735 - Page 1

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Publication: 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' 
                            

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