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  • Publication Name: Daily Courant
  • Location: London, Middlesex
  • Pages Available: 3,820
  • Years Available: 1728 - 1833
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View Sample Pages : Daily Courant, March 10, 1730

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Daily Courant (Newspaper) - March 10, 1730, London, Middlesex The Daily Courant. Tuefday, March 10, 1729-50. Considerations occafion'd by the Eaft-India Company's Proposal, Jhexv-ing, That as the Company have not a Perpetuity in the Trade, afier the Redemption of their Fund.by theRep.iyment oftbe3,ioo,oool. the Redutlion of the Company's Annuity fom 160,000 j. to 128,000 j. and the v, of others, to difturb the publicly Refolutions, and the Peace and Happinefs of Numbers of Families: But without putting an end to the Company, there will be no putting an end to the Stockjobbing of their Stock, or the Company's making greater Dividends than their Profi:s can warrant; nay from their making Dividends at the Time they lofe by their Trade ; whereas was the Merchants Propofal to take Effect, and Foreigners to advance any part of the Money, this would not be the Cafe, fince their Dividend would only arife from the largenefs of Trade carried on, to National Pr�fit and to an increafe of his Majefiy's Revenue. Thus it is fliewn, that the Company's Propofal, not only with regard to the Sum of Money offered by them, in Prpportion to the Money which the Nation'may have for the fole Benefit of this Trade, at the Expiration of the Company's Term, but alfo with regard to many other Confiderations of much more Concern to the People of Great.Britain than a Million or :wo of Money, ought aor to be accepted by Parliament, or render'd effectual by the Legiflature. And as it has been, the large Dividends of 10 or 8 per Cent, per Ann. on every 1001. Capital (but 871. 10 s. Original Money) for 20 Years paft, that has occafion'd the railing the Stock nominally to 184, rhe Price it now fells at in Exchange-Alley,' and given Foreigners an Opportunity either to draw very great Sums annually out of the Kingdom, or felling out at advanced Prices much beyond what their Stock coft them, the Company ought to be immediately rc-ftrain'd by Parliament, who are Guardians of the Nation as well as of the Proprietors, from continuing any fuch Dividends; unlefs they can fliew that they have at this Time, or at any one Point of Time in every Year, over and above the 3,200,000 1. owing by the Government, Money in Cafh or Effects, in their Warehouses in London, fufficienr to anfwer the Money they may owe upon Bond, or btherwik, in England \ for it highly concerns the Pubiick Welfare and Happinefs, as Foreigners have luch Sums of Money in our Stocks, to prevent the raifing, by fuch artful Ways, any Pare or the whole of the Pubiick Securities: as well as to take Advantage for the Benefit of the Nation of the high Prices of Stocks, when occalion'd by a real Plenty of Money, to reduce the Intereft of fuch of the Pubiick Securities as are redeem* able by Parliament,,, As it is faid, that nothing but the Impcjfililitj of raifing 800,000 1. -without an Additional Tax on Land, or creating fome nerp Ta :, is the Inducement to fome Gentlemen to come into th� Company's Propofal, it may be neceflary; to obferve, That tho' it may be next to an Impoflibility; to continue raifing any Sum of Money for the cur~ rent Service of theTear, beyond 1,750,000 I. or rather 1,500,000 1. without exceeding Two Shillings in the Pound upon Land, which muft be owned is a very melancholy Confideration, yet this is fo far from being a Reafon for accepting the Company's Propofal, that it is a very ftrong Reafon againft it. For if we are in fuch Circumftances as to be under a Difficulty to raife 8oo,coo/. at this time, whac may we expect tc be fome Years hence, or whenever we ffiaU be fo unhappy as to have any Apprehenfions of War, or actually enter into a War wich any of our Neighbours ? This is a Confideration that the Company's Propofal fliould not be accepted, ac this time, by Parliament but the Trade to the Eaft-Indies referved to anfwer future Events. For if it be given away now, it will be given away for a Term of 30 Years after the 25th of March 1736 for the poor Confideration from the Company of 392,^00/. whereas if no Dilpofltion be made of this Trade until that time, the Nation may certainly value themfeives upon it, or have for it, three Millions of Money, or more: Therefore it is both natural and reafo-nable ro conclude, that the Company's Propofal mil net be accepted, but the 800,000 /. wanted for the current Service of the Year 1730,' (if no other Ways and Means of doing it can be found our, which undoubtedly, there may) will be rais'd by circulating Exchequer Bills upon the Credit of the Sinking Fund ; which there is not any poflible Objection to the doing fince the 800,000 /. propos'd to be borrowed will be a Debt in Perpetuity upon the Nation, unlefs repaid out of the Sinking Fund ; and fince the Proprietors of the Pubiick. Securities will every one of them be fo far from complaining of it, that they will efteem it a Angular Piece of Service done them, as may be concluded by our having been 'old, in the moft pubiick Manner, and by the beft of Authorities, that the only Con-tefi among the Creditors of the Government ft, ~ *r + that every one of them defire to be the laM*& Z^J�Ik Courfc of Payment. ^&�m ;