AN ESSAY UPON Publick Credit, &c.

THE World being ſo full of Polititians, and ſo ma⯑ny Authors having of late turn'd Stateſmen, it be⯑hoves me to lay every Thing down exceeding plain, as I go on; The Subject is nice, the Age abuſive, the Town full of Obſervers and Reviewers, who Write to pleaſe and content the No⯑tions of Men, who, directed by their In⯑tereſt and Parties, differ even with them⯑ſelves; Reaſon, it is true, is DICTATOR in the Society of Mankind; from her there ought to lye no Appeal; But here we want a Pope in our Philoſophy, to be the infallible Judge of what is oris not Reaſon.

[6] I am to ſpeak of what all People are buſie about, but not one in Forty under⯑ſtands: Every Man has a Concern in it, few know what it is, nor is it eaſy to de⯑fine or deſcribe it. If a Man goes about to explain it by Words, he rather ſtruggles to loſe himſelf in the Wood, than bring o⯑thers out of it. It is beſt deſcrib'd by it ſelf; 'tis like the Wind that blows where it liſts, we hear the ſound thereof, but hardly know whence it comes, or whither it goes.

Like the Soul in the Body, it acts all Subſtance, yet is it ſelf Immaterial; it gives Motion, yet it ſelf cannot be ſaid to Exiſt; it creates Forms, yet has it ſelf no Form; it is neither Quantity or Quali⯑ty; it has no Whereneſs, or Whenneſs, Scite, or Habit. If I ſhould ſay it is the eſſen⯑tial Shadow of ſomething that is Not; ſhould I not Puzzle the thing rather than Explain it, and leave you and my ſelf more the Dark than we were before?

To come a at direct and clear Under⯑ſtanding of the Thing, the beſt Me⯑thod will be to deſcribe its Operations, rather than define its Nature; to ſhow how it Acts rather than how it Exiſts, and what it does, rather than what it is.

TRADE, as the Author of the Re⯑view has told us, and who I can better ſubmit to learn of on that ſubject, than [7] ſome other he talks more about ‘"was derived by Convenience from the profitable exchanging of Goods from Nation to Nation, and from Place to Place, as People encreaſing, found their Neighbours poſſeſt of what they wan⯑ted, and themſelves having to ſpare of what their Neighbouring Countries did not produce."’ This we now call Barter, and is not ſo much in Uſe as it was in the Infancy of Commerce in the World.

The Brittains Inhabiting this Iſland were found to Exchange their Block Tin with the Phenecian Merchants for Spices, Wines and Oyls, even long before Julius Caeſar ſet his Foot upon this Iſland.

But as Trade increaſed, two Accidents fell in, as Effects; being the great Medi⯑ums of Univerſal Commerce, the Vehicle in which Trade is Preſerv'd or Admini⯑ſtred thro' the World; theſe were Money and Credit.

This thing call'd Commerce flouriſh⯑ing, and extending every way into all the Corners of the World, the Nations fall⯑ing generally into Dealing with one ano⯑ther; yet Trade found it ſelf unſuffera⯑bly ſtreightned and perplext for want of a General Species of a compleat intrinſick Worth, as the Medium to ſupply the de⯑fect of Exchanging, and to make good the Balance▪ where a Nation, or a Mar⯑ket, [8] or a Merchant, demanded of ano⯑ther a greater quantity of Goods than ei⯑ther the Buyer had Goods to Anſwer, or the Seller had occaſion to take back.

This nothing could be found in the World of univerſal and intrinſick Worth enough to Anſwer, but Metals; as being neither conſuming in Quality, bulky in Carriage, or uſeleſs in Nature: Of theſe Metals ſeveral Nations adhered a long time, to ſuch as their own Country pro⯑duced; but Gold and Silver, by their meer intrinſick Worth, prevailed; and they alone retain the univerſal Character, as it may be called, in all Payments of whatever kind in the World.

The Courſe of Trade being thus turn⯑ed, from exchanging of Goods for Goods, or Delivering and Taking, to Selling and Paying, all the Bargains in the World are now ſtated upon the Foot of a Price in Money; and tho' it be at any Time an Exchange of Goods for Goods, yet even thoſe Goods are on either ſide rated at a Price in Money.

Tho' this was a great Aſſiſtant to Trade, and gave a liberty to the increaſe of Com⯑merce more than ever it had before, yet ſuch was the great increaſe of Trade, that it even over-run the Money it ſelf, and all the Specie in the World could not anſwer the Demand, or be ready juſt at [9] Time, Trade called for it. This occaſioned, That when A Bought more Goods of B than A had Money to pay for; and B having no Need of any Goods that A had to Sell; it behoved, that A ſhould leave his Goods with B for a certain Time, in which A was to provide the Money for the ſaid Goods: And this was done, both from the Occaſion B had to ſell his Goods, the Occaſion A had to buy them, and the Opinion B had of A's Integrity and Ability for Payment.

And this is the Great Thing call'd CREDIT.

CREDIT is a Conſequence, not a Cauſe; the Effect of a Subſtance, not a Subſtance; 'tis the Sun-ſhine, not the Sun; the quickning SOMETHING, Call it what you will, that gives Life to Trade, gives Being to the Branches, and Moiſture to the Root; 'tis the Oil of the Wheel, the Marrow in the Bones, the Blood in the Veins, and the Spirits in the Heart of all the Negoce, Trade, Caſh, and Commerce in the World.

It is produc'd, and grows inſenſibly, from fair and upright Dealing, punctual Compliance, honourable Performance of Contracts and Covenants, in ſhort, 'tis the Off-ſpring of univerſal Probity.

[10] 'Tis apparent, even by its Nature, 'tis no way dependent upon Perſons, Parliaments, or any particular Men, or Sett of Men, as ſuch, in the World; but upon their Conduct and Juſt Behaviour. Credit never was chain'd to Mens Names, but to their Actions; not to Families, Clans, or Collections of Men; no, not to Nations; 'Tis the Honour, the Juſtice, the Fair-Dealing, and the equal Conduct of Men, Bodies of Men, Nations, and People, that raiſe the thing call'd Credit among them; whereſoever this is found, CREDIT will live and thrive, grow and encreaſe; where this is wanting, let all the Power and Wit of Man join toge⯑ther, they can neither give her Being, or preſerve her Life.

Arts have been try'd, on various Occa⯑ſions in the World, to raiſe CREDIT; Art has been found able, with more Eaſe, to deſtroy Credit, than to raiſe it: The Force of Art, aſſiſted by the punctual, fair, and juſt Dealing aboveſaid; may have done much to form a Credit upon the Face of Things; but we find ſtill the Honour would have done it without the Art, but never the Art without the Ho⯑nour. Nor will Money it ſelf, which Solo⯑mon ſays, anſwers all things, purchaſe this thing call'd Credit, or reſtore it when loſt.

[11] It is in vain to talk of Credit without this Probity: Honeſty will raiſe Credit without Money; but all the Money in the World will not raiſe Credit without the Principle. D. was a Prince of high Birth, a great Character for Wit, Gallan⯑try, and all the Perfections of a Duke and Peer of one of the Politeſt Nations in Europe; he had, beſides, a noble Fortune, built great Edifices, purchaſed great Houſes, maintain'd a vaſt Equipage, and did every thing with the Air of an exqui⯑ſite and moſt accompliſh'd Gentleman; he had a vaſt Fortune, great Offices at Court, nor did he ever want Money; his Stewards were never without 20000 Pi⯑ſtols in Caſh; if any Summ, however great, was wanting to ſupport any Point of Honour, for his Play, or to pur⯑chaſe what he had his Eye upon, he knew how to produce it; yet the Barber would not truſt him for a Perriwig; the Coach-maker would not let his Chariot go home with a new Sett of Wheels; What was the matter? He would pay no Body generouſ⯑ly, or honourably; he would be ſurroun⯑ded with Duns as he came out of his Pa⯑lace, and would go Incognito to Court to prevent being inſulted: The Sbirri, or Provoſt's Men at Paris, would ſtop his Coach in the Street, he has been forc'd to [12] call a Chair, and leave his Coach and Horſes in their Poſſeſſion.

The thing was plain, he had no Credit; his great Eſtate, his high Birth and Qua⯑lity, his Equipage, his vaſt Quantity of Gold Plate, his large Caſh, they would not add one Inch to the Stature of his Credit; but he liv'd as if he was Poor, and was leſs eſteem'd in the Shops of the Marchands than a private Gentleman; nay, than one of the Burgois; I had al⯑moſt ſaid, than a Shoe-maker in the City.

On the other hand, S— is a Gen⯑tleman of a moderate Fortune, compar'd to the other, but is alſo a Man of Quality; he lives Nobly, tho' Frugally; keeps a good Equipage, a handſom Family, does not lay up much, his generous Nature will not permit it; but he pays punctu⯑ally, no Man comes twice for his Mo⯑ney; if a Tradeſman leaves his Bill, he buys no more of him till he comes for his Money; he never Dines till his Wine is paid for; he wears no Cloaths that the Taylor or Mercer can reproach him for, and call THEIRS as he goes along the Street; inſtead of having his Door crow⯑ded with Duns, and his Steward brib'd to pay, he is rather crowded with Shop⯑keepers to petition for his Cuſtom; his Servants are teiz'd to procure their Lord [13] to buy here or there, and every one ſtu⯑dies to leave his Goods for Approbation. The Tradeſmen are ready to fight, who ſhall get in his Goods, and Sell often to Loſs, to under-rate one another. What's the Matter? Credit ſtands at his Door; Honour lives there, and Credit is her Handmaid. The Count deals juſtly, pays punctually, every Man's Demands are anſwer'd, Credit courts him, he ſhall have her Favour, whether he will uſe her or no.

It is needleſs to enlarge; Experience tells us the ſame thing in all Caſes, whe⯑ther private or publick, Perſonal or Na⯑tional.

Credit is the Conſequence of juſt and honourable Dealing; fair Propoſals pun⯑ctually perform'd will bring Credit, let the Perſon or People be who they will. How do we Trade among the Turks, and Truſt the Mahometans, one of whoſe Do⯑ctrines, in the Alchor an, is, not to keep Faith with Chriſtians? They have ob⯑tain'd it by a juſt, punctual, and honour⯑able Practice in Trade, and you Credit them without Scruple; nay, rather than a Chriſtian.

Upon this Foundation I build what I am in hand with, and bring it down to the preſent Caſe: I know no Perſons or Parties in my Argument: This Lord [14] Treaſurer or another Lord Treaſurer, or no Lord Treaſurer, it is the ſame thing to me; a Bank or no Bank, 'tis all one, I'll ſell none of my Tallies or Annuities, I'll diſcount no Exchequer Bills: Diſſolve the Parliament or not Diſſolve the Parlia⯑ment, 'tis all one to me; I neither fear, deſire, or am anxious about either; nor can I ſee ſo much Cauſe for an A⯑larm among our People that have Money, as if Credit was pinn'd to the Girdle of a Man, or waited at the Door of the Houſe of Commons; the thing is a Miſtake, Credit attends the honourable Manage⯑ment of your Treaſurers, your Exchequers, your Parliaments, whether paſt, preſent, or to come.

I do not examine what Politic Rea⯑ſons may induce her Majeſty, to change or remove her Great Men in the Miniſtry; I enquire not whether her Majeſty pur⯑poſes to diſſolve the Parliament, or to let them Sir, theſe things are not concern'd in our Caſe: The late Lord Treaſurer, I allow, has done Honourably, has manag'd the Finances with great and un⯑uſual Dexterity, and has acquir'd thereby the Fame of the Beſt Officer, that has for many Years acted in that Poſt; I could be content to ſpend a whole Page in his Praiſe; the Nation is infinitely obli⯑ged to him; and his Royal Miſtreſs, no [15] doubt, has receiv'd infinite Satisfaction in his Conduct, as appears by rejecting all Attempts againſt him, and keeping him ſo long in a Poſt of ſo Great Truſt.

But after this is ſaid, Credit, which has for ſome Years been the Nations happy Gueſt, by whoſe Aid ſuch mighty Things have been done, cannot be ſaid to be the ſole Property of my Lord T—r Perſonally; it is not ſingly intail'd upon his Family, or his Name; this would be to go a length his Lordſhip himſelf has more Modeſty than to claim; no would his Lordſhip be well pleaſed with any that could think ſuch courſe kind of Flattery would oblige him.

Our Credit in this Caſe is a Public Thing; it is rightly call'd by ſome of our Writers, NATIONAL CREDIT; the Word denominates its Original; 'tis pro⯑duc'd by the Nations Probity, the Honour and exact performing National Engage⯑ments. In this the Great Officers of the Treaſury and Exchequer are, as we may ſay, perfectly Paſſive; their Buſineſs is in⯑deed Active; ſo the Wheels of a Clock, their Buſineſs is to go round; but they are ſubject to the Influence of their Poſi⯑tion, the Operations of the Springs and Wheels that guide their Motion, by which they act paſſively, if that may be ſaid, that is, of meer Neceſſity; and the pun⯑ctual [16] pointing of the Hand to the Lines ſhewing the Hour, the Minutes and the Seconds, are Conſequences of theſe Motions: Theſe indeed tell us that the Wheels are good, perfectly made, exact⯑ly plac'd, and move to a Truth; but the Honour redounds to the Workman, who plac'd them in that exact Order, adapted them to their ſeveral Uſes, and pla⯑ced ſuch Springs and Wheels about them, which by their like exactneſs, but all de⯑riv'd from the ſame Original, oblige eve⯑ry part punctually to perform the End of the whole Movement.

CREDIT is not the Effect of this or that Wheel in the Government, moving regular and juſt to its proper Work; but of the whole Movement, a⯑cting by the Force of its true original Mo⯑tion, according to the exquiſite De⯑ſign of the Director of the whole Frame.

Thus the Honour, the Probity, the exact, punctual Management, which has raiſed our Credit to the pitch it is now arriv'd at, has not been merely the Great Wheel in the Nations Clockwork, that turn'd about the Treaſure, but the Great Spring that turn'd about that Wheel, and this is the QUEEN and PARLIAMENT. The one, the Spring (ſtill keeping to the Allegory) that gives Motion or Life to the whole; the other, the Balance or Pendulum, [17] that regulates that Motion, keeps it true to, and exact in the performance of the General Work, (viz.) the equal and punctual dividing the ſmalleſt meaſures of Time.

This Nice Caſe requires me a little to deſcend to Particulars, and touch Mat⯑ter of Fact nearer than was intended; What is it has reſtored and recovered the Nations Credit from the Breaches made in it? The anſwering this neceſſarily re⯑quires that I ſhould alſo ask what made the former Breaches in our Credit? I ſhall do this as Modeſtly as I can; for it is not the preſent Work to open Sores, but to heal them, to prevent more from breaking out.

Some of the Reaſons which ſunk our Credit, and made the Breaches in it in the late Reign, were the ſettling Funds that were in themſelves deficient; and making no Provinſion to ſupply thoſe De⯑ficiencies. Some would perhaps go far⯑ther, and ſay, It was ſettling Funds that were not probable, and whoſe Deficiencies Were viſible. I ſhall not go that length; the Error was in the Original; it would be unjuſt to charge the Deficiency of theſe Funds upon the Commiſſioners of the Treaſury for the Time being, it would be ſtill harder to blame them for the Par⯑liament [18] not ſupplying thoſe Deficiencies. Some may have ſaid they were to blame in the Firſt Act, becauſe it was their Work to provide Funds, and the Parliament on⯑ly gave what they ask'd; that they took them and went away ſatisfied, as ſuffici⯑ent for the ſupply of the Occaſion, and that they were Judges of the probability: I am not of that mind, tho' it is not to my purpoſe here to debate it. But this is Certain, the not ſupplying the Deficien⯑cies upon the repeated Application of the Perſons whoſe Eſtates lay in thoſe Defici⯑encies, ſeem'd wholly to lye at the Door of the Parliament, and this brought the Tallies on thoſe Funds to intollerable, un⯑heard of Diſcounts, to the ruin of all that we called Credit.

What then has raiſed this Credit? I hope I do not detract from the juſt Cha⯑racter of him, whom one calls the great Guide of the Nation's Treaſure, if I ſay, It was ſomething elſe than his Lordſhip's Management; ſomething Prior to it, in which that National Honour and Juſtice, Reſolution of punctual Payment and Con⯑cern for the Means of it, appeared, which put Life into the Nation, and made thoſe People that had Money think it as ſafe, as well depoſited, and the Principal in as good Hands as in their own; ſo that they [19] were perfectly Eaſie in adventuring their Money, and the longer this went on, the forwarder were the People to bring in their Money: Nay, ſo forward, that the faſter the Government lower'd their In⯑tereſt, the more eager were the People to bring in their Money.

Let us ſee where this began, and this will tell us whoſe doing it was. After the firſt Seſſion of Parliament of Her preſent Majeſty, the Queen acquainted the Houſe, That the Funds had more than anſwered the Sums they were given for; there was the capital Wound of Deficiency healed at once. That the Overplus ſhould be apply'd, &c. There was an Aſſurance, that all Defi⯑ciencies, if any happen'd, ſhould be made good. This gave the Parliament Part a Brightneſs that reviv'd the Spirits of the People, help'd open their Purſes which had been ſo long cloſed, and cau⯑ſed Taxes to be raiſed without murmu⯑ring.

The Queen acted the next part; Her Majeſty gave conſtant Aſſurances, that every thing given ſhould be rightly apply'd; and to Encourage her People, and ſhew ſhe was willing to bear a part of their Bur⯑then, the Queen generouſly threw in an Hundred thouſand Pownd of her own Mo⯑ney, appropriated for the Civil Liſt, to eaſe [20] the Nation of ſo much in that Years Bur⯑then. Theſe were Steps no Prince ever was known to take before. After this you never heard of a Complaint of the heavy Burthen of the Taxes, tho' greater far than any raiſed in the former Reign; on the contrary, the more you rais'd, the eaſier they were paid; the more the Nation ran in Debt, the higher their Credit roſe every day. After this you never had any Commiſ⯑ſioners of Accounts ask'd for, or any Que⯑ſtion about Miſapplication. No Man need go far for a Reaſon for this; the Credit cen⯑tred all in the Queen, whoſe Concern was ſo viſible for her Peoples good, that ſhe would ſuffer no Miſapplications; that ſhe would Employ none but in whom ſhe could place entire Confidence; whoſe Probity and Exactneſs her Majeſty could anſwer for to her ſelf, and was well aſ⯑ſured ſhe might be ſafe in.

'Tis no way leſſening the Honour of the Servants her Majeſty Choſe, to ſay that the Nations Credit depends not on the Reputation of their Conduct; but on her Majeſty's Care, in Choſing ſuch Men, whoſe Conduct would perform all the Nation could expect; and that if they ſhould fail, her Majeſty would not fail to remove them, and put in others. This is putting the thing right; the Sum and [21] Subſtance of the Argument is this, in ſhort.

Publick Credit is the Conſequence of honourable, juſt, and punctual Manage⯑ment in the Matter of Funds and Taxes, or Loans upon them. Where this goes before, Credit always follows.

This Management depends not upon the Well-Executing their Offices, by the great Officers of the Treaſury, and the Exchequer, but on the Care, Conduct and Vigilance of her Majeſty and the Parlia⯑ment; the latter in Eſtabliſhing ſufficient Funds; and the former in Placing able Offi⯑cers, and obliging them to an honourable Management.

The Publick Credit therefore depends upon the Queen and Parliament entirely, and not at all upon the well or ill Ma⯑nagement of the Officers, of what kind ſoever.

Another thing confirms this, (viz.) That while the Parliament Concerns it ſelf to prevent the Deficiency of Funds, and the Queen to Place Men of Probity and Honour in the Government of her Treaſury; there is no Queſtion to be made, but both would concern themſelves upon any Complaints of the Subject, to enquire into any Miſmanagement or Abuſe of the People, in the greateſt Officers; and not only puniſh the Offender, but prevent the [22] Offence, by removing ſuch Officer, and ſupplying his Place with others, who ſhould better diſcharge ſo weighty a Truſt. This reſolves the Point, That Credit centers where the Government centers; for if the Sovereign diſplaces thoſe that miſ-apply, the Wound to Cre⯑dit heals of it ſelf; and while the Sove⯑reign carefully prefers Men of Honour and Probity in the Nations Truſt, Credit riſes by a natural Conſequence.

But ſtill it is the NATIONS CRE⯑DIT; that is, it is built on the Honour of the Queen and Parliament, as above; and this has been the Caſe of the late Lord Treaſurer; the Credit of whoſe Management muſt return to the Queen, as to the Center; otherwiſe this muſt be call'd My Lord T . . . .'s Credit, not the Nations; and, to our great loſs, muſt dye with his Lordſhip; which would be very unhappy for us; and would im⯑ply, that we ought to be more concern'd for his Lordſhip's long Life than the Queen's; a thing would very ill pleaſe e⯑ven his Lordſhip to ſuggeſt.

Having laid down this as a Foun⯑dation, I build this ſhort Fabrick upon it, (viz.) That as the Publick Credit is National, not Perſonal, ſo it depends upon No thing or Perſon, No Man or Body of [23] Men, but upon the Government, that is, The Queen and Parliament; diſplacing or removing any Miniſter of State, or great Officer, whoſe Management under the So⯑vereign affects our Treaſure, can no way influence our National Credit; while the Juſt, Honourable and Punctual Conduct of the Sovereign and Parliament remains the ſame. Neither does our Credit de⯑pend upon the Perſon of the Queen, as Queen, or the individual Houſe of Com⯑mons, Identically; as if no Queen but her preſent Majeſty, and no Parliament but the preſent Parliament, could ſupport and uphold the Credit of the Nation: But it will remain a Truth, that every Queen, or every King, and every Parlia⯑ment, ſucceeding the Preſent, that ſhall diſcover the ſame Juſtice in Government, the ſame Care in giving ſufficient Funds, the ſame Honeſty in ſupplying the Defici⯑encies if they happen, the ſame Concern for the Burthen of the Subject, and the ſame Care to put the Treaſure into the Hands of Faithful and Experienc'd Offi⯑cers; ſhall keep up the ſame Character, have the ſame Credit, and reſtore all theſe Declinings to the ſame Vigour and Mag⯑nitude, as ever.

[24] From hence it appears, That our preſent Loſs of Credit does not ariſe from any Doubt, whether the like Conduct can produce this Effect or no; but from a ſtrange Suggeſtion, That a new Parlia⯑ment, or a new Miniſtry, ſhall either not Deſign or not Purſue the ſame vigorous and wiſe Reſolutions, or mannage with the ſame Integrity, as the laſt have done. If her Majeſty ſaw room ſor this Suggeſti⯑on, I make no doubt, (her Concern for the Publick Good is ſuch) that no ſuch Change had been made, or would lodge an Hour longer among her Thoughts; but if her Majeſty is of the Opinion, that ſuch a Change will not leſſen the Concern for, or juſt Meaſures in the Publick Service, then the Difficulty ends. Her Majeſty has now put new Officers into her Treaſury: No doubt her Majeſty is ſatisfied it ſhall be in their Power to preſerve the Publick Credit, and reſtore it to as great a height as ever it was before, And I will preſume to add, That if her Majeſty ſhould find it other⯑wiſe, it wouldbe an effectual Motive to far⯑ther Changes till ſuch Hands ſhould be found, in whoſe Conduct the National Credit could not Miſcarry.

It ſeems that the preſent Diſcontents are grounded upon a Suppoſition, That a New Miniſtry ſhall be leſs zealous for [25] the Publick Intereſt, than the preſent; or, at leaſt, the Objectors argue, that her Majeſty has ſufficient Experience of the Zeal of the preſent Miniſtry, for her Service, and for the Public Good; and therefore it cannot ſeem rational to run that Riſque, and the like, of a New Par⯑liament.

To this may be anſwer'd; Why ſhould it be ſuggeſted, that a New Parli⯑ament ſhall not be equally zealous for the Liberties of Britain with the preſent? They are to be choſen by the Freeholders, they are to be Engliſhmen; they are to be Proteſtants; they are to abjure the Pretender; they are to be join'd with the ſame Houſe of Lords, to be bleſſed with the ſame Queen; and the Queen, I doubt not, fill'd with the ſame Principles as before; the ſame by which her Maje⯑ſty, for I muſt place it there, reſtor'd the Nations Credit before, and raiſed it to what we have now ſeen it.

Shall we ſay, The Parliament will not raiſe Money to carry on the War? This would be to ſay, We ſhall chooſe ſuch a Parliament as will declare the Pretender, forſake the Confederacy, join with the Common Enemy, and Depoſe the Queen. Theſe are Fears no thinking Man can ſuppoſe to be rational; and are ſpread a⯑bout [26] by none but thoſe that deſire it ſhould be ſo; and who, crying out loudeſt of the Fall of Public Credit, procure the thing they complain of; and indeed we have no Breach of our Credit, but what riſes from theſe Men.

To back their Fears, and make others think them reaſonable, they give long Accounts of the Progreſs of Dr. Sacheve⯑rell, as if the Folly and Impolitick Vanity of that Gentleman could influence the People of England, to ſend up Men as mad and fooliſh as himſelf: I muſt profeſs to think, if Dr. Sacheverell thinks he ſerves the Intereſt he pretends to appear for, by his mobbing and riotous Progreſs, he is as much miſtaken as they were, who made him Popular by a haſty Proſecution, in⯑ſtead of committing his Sermon to the Hang-Man, and kicking him from the Bar for a Lunatic; which if they had done, the Nation had been more in Debt to their Prudence, than I think they are now for their Juſtice.

I am againſt Furies on both ſides; nor do I ſee any ſuch coming in: If her Maje⯑ſty does let in any ſuch, I dare preſume to ſay, it muſt be for want of having their due Character; and the Term of their Services may probably end when they diſcover themſelves.

[27] But if Men of Moderation, and Men of Integrity come in, I ſee no room to fear, but our Credit ſhall revive as well under a New Miniſtry as an Old.

I know, that ſome talk of a Stagnation of the Fountain; that there is a Famine of Funds; that the Nation is exhauſted, and we are at a full Stop: This I take to be an Amuſement, that comes over from France, and is calculated very much for the Service of the Enemy. But there are ways to get over the Difficulty, and the beſt way is Demonſtration and Experi⯑ence; I believe the French King does not raiſe half ſo much Hopes from our not being able to find any Funds at all, as from our being at a loſs for Credit to borrow upon thoſe Funds when they are raiſed; and he may live to be deceived in both.

But to obviate theſe things, I take the liberty to ſay, and that not without-book, When the Parliament meets, be it the preſent Parliament, or a new Parliament; be it the preſent Miniſtry, or a new Mi⯑niſtry; as I hope there will not want Zeal in the Members, to ſupply her Ma⯑jeſty's Occaſions for the War; ſo were this War to hold Seven Years longer, it is eaſy to propoſe ſufficient Funds for the carrying it on, without that horrid Propo⯑ſal of mortgaging our Land-Tax, or with⯑out [28] any ſuch Taxes, as ſhall either be bur⯑thenſom to the Poor, or ſcandalous to the Nation.

As to Credit, while the Parliament and the Queen continue to preſerve thoſe Funds from Deficiencies, to make good ſuch as happen, and to ſupport the Vi⯑gour and Honour of the Publick Manage⯑ment; I ſee no room to doubt, but Credit ſhall revive, and as we have not yet found any Fund the Parliament has rais'd, un⯑ſupply'd with Loans and Advances upon it, even faſter than could be deſired; ſo I can ſee no room to fear the contrary: Yet if ſuch a Thing ſhould happen, a mean Head may find out ſome Expedient that may not be ineffectual; for a Supply of which, if there ſhould be Occaſion, a Propoſal ſhall not be wanting.