&Iic; Acknowledge my self a Person so retir'd, that the late Pamphlet, Inti&rehy;tled, The Crisis, though it treats on the important Subject of Property, might have escaped my Perusal, if it had not come to my Hand by the Penny-Post; per&rehy;haps, from some conscientious Senator, to check, and reprove me for having early dis&rehy;coursed, and concerned my self on this Subject of the Annuities, and for having promoted the Proposal of the South-Sea Company; I had heard such a Pamphlet was publish'd by the Governour of the Company of Comedians, therefore (as I had also at that time no leisure) I slighted the Pamphlet, and laid it aside, expecting no extraordinary Performance on a Subject of this Nature from a Person so em&rehy;ploy'd; but by Chance observing soon after the well-known Name of the Author, I im&rehy;mediately read the Treatise.

This second Crisis, in the beginning of it, falls something foul on the ingenious Mr. A. H. because of the Estimate that Gentle&rehy;man publish'd of the National Debt, and the Remarks which were subjoin'd to some Cal&rehy;culations made in April 1717. This ingenious Gentleman assiduously attends the Service of his Country in Parliament; and at this time, especially, when the publick Debts and Ac&rehy;counts lie on the Table, may probably not be at leisure to publish any Thing further on this Subject, though his Words are quoted relating to the Funds; and his Thoughts and Reasoning thereon, openly Arraigned by our Author.

I shall however touch but lightly what&rehy;ever respects the Calculation, and Arguments, grounded on the Topick of Profit and Loss; but shall keep to the more exalted Subject of Sir R&horfill;'s Treatise; a Subject sufficiently co&rehy;pious (viz.) The Law of Equity! A Law that demands out highest Regard, and strictest Conformity! A Law Sacred, Eternal, and Immutable!

To undertake what relates to the accompt&rehy;ing Part, is indeed needless, after having been so well perform'd in the said celebrated Schemes, and Remarks; which have also been Revised, and in some Things amended by the accurate and elaborate Pen of Mr. Crookshanks; but these Schemes relate only to the Exche&rehy;quer and Parliamentary Funds.

Sir R&horfill; would instruct us in the more universal Dealings between Merchants, whe&rehy;ther of the same, or different Nations, and likewise between sovereign Powers, and their own Subjects, or the Subjects of other Princes. If I should presume to meddle in these Things, Mr. H&horfill; who is rightfully in Possession of this Part of the Subject in Question, may esteem me a Trespasser, and thus I should ha&rehy;zard being attacked by both these Champi&rehy;ons; each skilful at his Pen! Each a Veteran of such Abilities, that I am very sensible they can do what they please with a Feather; a dangerous Weapon in some Hands! They Combat also both of them under the Buckler, the broad Shield of their Right of Session in the Senate House. I am a naked Man, a weak Opponent; a Shadow when compar'd with the Nestorian Race of the Iron-sides, now an Equestrian House; therefore with due Sub&rehy;mission, though without Fear or Despondency, I enter the Lists, relying on that supream Power to which Sir R&horfill; has Appealed; EQUITY is my Guard, and if that can&rehy;not defend me, I am sure to be foil'd, and am already disarm'd.

Sir R&horfill; begins with a long Paragraph, which he mentions to be taken out of Mr. Hutchinson's Remarks; and wherein it is said, "That if the Annuitants were to account in Chancery as Mortgagees at 6. per Cent. Inte&rehy;rest, after the common Method of making up such Accounts, a large Sum will be due from the Lender to the Borrower even to the amount of 30. per Cent. at that time above Principal and Interest, instead of re&rehy;ceiving any Thing further from the Pub&rehy;lick. But the Equity of doing this doth not appear to me to be either recommended or asserted by the Author of the Remarks; nei&rehy;ther is the Re-purchasing of these Funds any otherwise mentioned, "than as a Matter which had been first opened on the Occasion of a Scheme for Redemption of the Publick Funds, which was made Publick before Mr. H&horfill; publish'd his Schemes. In this long Paragraph it is also mentioned, "That there had been an Attempt the then last Session for obtaining an Act which should have redu&rehy;ced the National Interest to 4. per Cent. And in this Paragraph Mr. H&horfill; says further, "That if the Parliament should not be of Opinion to Re-purchase these Annuities, then there would be no need to mention them in any future State of the Publick Debts; but the Nation, in that case, must rest contented until the Expiration of the long Term of Years for which these Annuities (now called the long Annuities) were grant&rehy;ed. A melancholly Prospect for a Nation groaning under the Pressure of these Debts! But the Facts are fairly stated; and the Re&rehy;marker only further mentions as his Thought, "That if Interest is reduced to 4. per Cent. by Act of Parliament before these Annuities are Re-purchased, or an Agreement made by the Publick for Re-Purchasing them; in such Case, the Value of the Annuities will be in&rehy;creased the further Sum of Three Millions and an Half more than they then were, and that the same would be worth about Seven Millions and an Half more than the Money originally advanced; which would raise the value of these Funds to the Sum of Twenty Millions and an Half. This must be what the Guardian of our Property in his Crisis terms Mr. H&horfill; his Opinion; and thereupon he affirms, "That if the Majority of the Ho&rehy;nourable House should be of the same Opi&rehy;nion, and act accordingly, we may bid Fare&rehy;wel to the Wealth, and Honour of Great Britain.

To this, I answer, that if a few Weeks more should demonstrate, that contrary to our Author's Expectation, the Parliament are of Opinion with Mr. H&horfill;, and also are con&rehy;vinced, that this Matter can be effectually Remedied without Breach of Publick Faith, or Iniquity in the Legislature (as certainly it may) in such Case, I say, I shall be inclina&rehy;ble to mistrust, that Sir R&horfill; has not well Reasoned, nor rightly Computed either with relation to these Schemes, or the Majority of Votes; and if thro' the forward Zeal, and now generous Proposal of the South-Sea Com&rehy;pany, we should be so happy as to obtain by the Aid of Parliamentary Equity, the Redemption of the Nation from this, and other heavy Burthens of Publick Debt, such a Conjuncture might justly be stiled the Crisis of Property (the Prospect whereof to our Comfort, appears not very remote) from such Proceedings, I shall conclude quite con&rehy;trary to our Author, and from this ÆRA shall date a prodigious Encrease of our Trade, our Wealth, and our Strength; and in consequence it must follow, that Great Britain will appear in Credit, in Honour and Renown beyond all past Ages. And this Aggregate Fund of the South-Sea, will at length prove in earnest the Spunge of the State; it will suck up, and wipe out, and pay off, all the rest of our old Scores!

But to proceed, Sir R&horfill; in his 7th Page is surpriz'd that Mr. H&horfill; does seem to suppose, that the Borrower is Master of the Lender; and yet they who have been ac&rehy;customed to lend Monies, or have observed the Course of Business in Chancery, must have perceived, that the Borrower frequentl&rehy;y sets the Lender at Defiance, and will neither repay, nor perform Convenants until compell'd by the slow Methods of Equity; but in the Case before us, the difficulty probably will lie on the contrary side: The Lender, so much extoll'd for the good Friend of the Government, is in danger of appearing the wayward Party; what will Sir R&horfill; be able to say on his behalf, if this forward and adventurous Subject for the Good of the State (as he calls him) shall be found so resty, and obstinate, as neither to lead nor drive, and when left to his free Will and Pleasure to take his Choice, whether he will promote the publick Good, and his own In&rehy;terest, by accepting a Sum of Money for his Annuity, which shall bring him in a better Income; or an exchance of his Annuity for another sort of Annuity, which shall bring him in Yearly a larger Sum, and be also rea&rehy;dily Saleable for a greater Sum than his An&rehy;nuity at the highest would have sold for; yet shall this applauded, good, and generous Subject refuse to do either; but being per&rehy;swaded that he is in the Right, and encou&rehy;rag'd in it, shall sullenly Hug his Property, though to the Prejudice both of himself and the Publick!

Our Author is a Man of a quick, pene&rehy;trating, and active Thought, therefore I shall avoid to swell this Discourse to a length, which is needless, and which my Affairs do not permit, but only to add some Hints which seem not to occur to Sir R&horfill;, and leave him to reflect thereon at his Leisure.

But with his Permission, I shall first for a while address my Discourse directly to the Annuitants, and tell you, Gentlemen, that they who would have Equity, must do Equitably; I am not delivering a Subpœna to bring your Cause into Chancery; but as I presume you are convinced, that the Determinations of that Court are Equitable, I would try your Pre&rehy;tensions on this Touch-stone of good Consci&rehy;ence, that you your selves, if you can be im&rehy;partial, may perceive the too near Resem&rehy;blance.

I shall say nothing of the Bristol Bar&rehy;gain, because in that Practice, the Principal was receiv'd in Parcels, together with Inte&rehy;rest: But you, Gentlemen, after all the exor&rehy;bitant Gain of some of you hitherto by the 9. per Cent. and 14. per Cent &c. are intended and desired to receive Back your Principal, not only intire, but with as vast encrease thereof, as those who speak for you pretend now to insist on, (if they are steady to any Thing, and do not rise more and more in their Demands as Concessions are made;) there&rehy;fore, I say, your Bargain is yet worse, (that is,) more Extortionous, much more destru&rehy;ctive to the Publick, the Borrower, than the Bristol Bargain, or than what the French call Le fond perdu, which Method was once at&rehy;tempted here, but our English Parliament did declare their dislike by rejecting that Offer.

I own you are not to be dealt with as Mortgagees, yet your Case differs not so much in Point of Conscience from some of theirs, as your Advocate would represent; for he that Lends on a Mortgage, runs the Hazard of the Title, and of Incumbrances, &c. as much or more than you; and since you are Lenders, consider a little, I pray you, the Proceedings of the Court of Chancery, and what Relief is given against Contracts and Convenants that relate to Interest on Mortgages, and to Re&rehy;demption.

A Person lends Money at 5. per Cent. when six was not against Law, and might easily be had; the Borrower had also a Flaw in his Title, (but I shall wave that Matter.) The Borrower agrees to pay Interest Half&rehy;yearly, and Covenants, that if no part of the Interest of two Half-years together should be paid at the end of the Year, or within one Month after at the furthest, that then, and from thenceforth, such Year's Interest (where&rehy;of no part had been paid) should be deemed Principal, and from thenceforth should carry Interest: The Interest amounted to 400l. Half-yearly, yet no part of the Interest was paid within the first 13. Months; a second 13. Months incurr'd, yet not one Penny paid of the Interest: The Lender being now dissatis&rehy;fy'd, apply'd to Equity; a third Year in&rehy;curr'd, during the Proceedings, and when the seventh Half-year was past, and not one Penny of the Interest paid, this Matter receiv'd a Determination, viz. that the Lender should be repaid his Principal, with three Years and a Half's Interest at 5. per Cent. without any Addition thereto.

Should I suppose my self in this Case to have been the Lender, yet I would not complain; if I should use Invectives, the Great Man who gave this Determination, is, I believe, as well able to justify his Opinion now, as he was then to support his Autho&rehy;rity.

One other Case you may permit me to tell you; the Borrower had contracted to pay 5. per Cent. Interest, but covenanted, that if at any time two Half-year's Interest together should be behind, and no part thereof paid within one Month after the end of the Year, that then, and in such Case, the Borrower would allow and pay after the Rate of 6. per Cent Interest for such Year, (6. per Cent. be&rehy;ing then legal In&rehy;terest.) One Year and a Half passed, and no Interest was paid, nor could the Borrower be prevailed with to repay the principal Money with barely 5. per Cent. Interest; hereupon Equity was apply'd to, but after much Time and Money spent on this Matter, the Lender was allowed no more than barely his Principal with 5. per Cent. though his Matter was complicated with a Circumstance, which some eminent Practicers did agree, render'd it a hard Judgement. The Lender, in this last Case, was only an Assignee; the first Lender had the same Covenant for 6. per Cent. and the Interest in his time being ran far behind when the Mortgage was as&rehy;signed, (which was done with the consent, and at the earnest Request of the Borrower,) this first Lender was actually paid after the Rate of 6. per Cent. (according to the Con&rehy;tract and Covenants) for two Years, which were then behind, and due to him; yet (af&rehy;ter a further two Years and an Half's for&rehy;bearance, and much longer before this Mat&rehy;ter receiv'd a Determination) the Assignee was allowed only 5. per Cent. Interest; had this happen'd to me, it would certainly have in&rehy;clined me to have placed for the future my little Cash entirely in the Funds; but it hath been my Fate to know also, that bad Titles are to be met with by Mortgagees; for these Reasons I gladly accept the same Interest on the Funds, as before on a Mortgage, and now I have Quiet, and can fully depend on re&rehy;ceiving the Interest duly; however, your Ad&rehy;vocate will have it, that YOU Annuitants have extraordinary Merits, and are not in the Condition of other Subjects; I shall there&rehy;fore, without Exaggerating, tell you what I know of this Matter.

It was once my good Luck to get Admit&rehy;tance at the Exchequer by Proxy, to subscribe for an Annuity, upon which Subscription, in little more than a Fortnight, I gained, at least, 800l. above Principal and Interest by the Sale thereof at the Price then Current, and which Price was daily advancing; this was done during the Winter; there was no Battle fought, nor any Treaty of Peace on Foot; and yet your Advocate doth assert such Gain to be Meritorious; but as most of you at this time may be only Assignees of the first Annui&rehy;tants, and know little of the true Circum&rehy;stances of these Transactions; I beseech you not to be too far misled by the insinuating and plausible Arguments, and the florid Dis&rehy;courses of your Advocate, but permit me, without offence, to represent your Case in a truer Light.

The Views, and bewitching Prospect of excessive Gain, were such, when some An&rehy;nuities were subscrib'd for, that they well deserve to be remembred on this Occasion; sometimes Books were laid open, wherein the Subscriptions were immediately fill'd up, before sufficient Authority was given for laying open such Books; and when the Parliament, and the Exchequer had given the Authority and necessary Directions for doing it, (if the ill Consequences of these Sub&rehy;scriptions did not avert one's Mind from making sport with the Matter,) I should be apt to say, Spectatum admissi risum teneatis? How many Wealthy Citizens with their Agents? How many decrepid Usurers were crowding by break of Day to get in for&rehy;most on the first Opening? How many sat up all Night with their Bills and Notes in hand, or Luggage of Bags, brib'd the Door-keeper for Admission? And by this Means, some of these brave Warriors of the forlorn Hope, had opportunity of doing themselves the Honour within this Field of Battle, to lie all Night upon their Arms! These, and such like, as I have heard, were the true Circumstances attending some of these Subscriptions; and as for those whom your Advocate calls good Citizens and Patriots; they and their Agents (a few excepted) cannot justly be supposed to have acted thus only out of their abundant Affection for the Good and Safety of the State; it may, I think, with much more Justice be suspected, that many of them deserved rather the Name of Parricides, seeking to gorge themselves with the En&rehy;trails of their Country, at that time re&rehy;quiring their more compassionate Assistance; the Oppression and Artifice at such times as these cruelly practised, might justly be&rehy;fore now have deserved a Redress from Pub&rehy;lick Equity, if the Publick were inclinable to exercise the Summum jus, which your Ad&rehy;vocate pretends to fear. How excusable this would be in the present Parliament, if there were any Necessity for it, and they were disposed to act thus, will plainer appear, if you permit me the Liberty to assert, that sometimes there was in Fact somewhat of Ex&rehy;tortion, and want of Equity in many of those who lent their Money, and wrested these An&rehy;nuities from the hands of those who would have managed better for the Publick, if they had been at Liberty to have acted for the best; but too many among the Law-makers, and others then in Power, imposed these Bargains on the Publick, and were upon the Matter too near a-kin, being many of them both the Lender and the Borrower; that my Assertion herein, may not be represented to be groundless or partial, it is necessary to pro&rehy;ceed a little farther in stating what I know relating to this Matter, to the Honour of a Worthy and indefatigable Servant of the State, in Matters of this Nature; I stept sometimes out of the Court of Chancery to discourse with this Gentleman, proud of the Liberty he gave me in being admitted to do so; after I had twice urged him with Arguments against granting Annuities, he seem'd to be displeased, as if I reproach'd him and others who influ&rehy;enced these Things as Persons managing ill for the Publick; whether Mr L&horfill;ds can recollect this Discourse, I know not, but I very well remember, that at length it was an&rehy;swer'd me with some Resentment; "I don't want for Arguments to convince me that these Annuities are not the best Method of Raising the Supply; but what can we do? They will not be quiet without them!" And by the Tendency of this Discourse, I con&rehy;ceiv'd, (as I do not doubt but that it was true in Fact) too many of the Parliament, the Officers of the Exchequer, and the great Corporations in London, were the chief Subscri&rehy;bers to these Annuities; and in short, either I mistook him, or this Gentleman's Words did imply, that, at this time, it was chiefly the Members of Parliament themselves that were bent upon Raising the Money this way.

But let us come yet closer in this Matter; for though I have not any Annuity in Posses&rehy;sion, I must own, Gentlemen, nos inter nos, that I have some Reversions; and do think that this were better to be discoursed among our selves, than to be thus exposed and pub&rehy;lish'd Abroad.

The Members of this present Parliament will not easily be perswaded, that when your long Annuities were subscribed for, and pur&rehy;chased at very low Rates, the Government really was at that time in such imminent Dan&rehy;ger as is pretented; or that there was any sudden Hazard, and probable Loss foreseen: In Times of Danger, the Thoughts of Men are apt to be most quick and cautious; and who that had realy seen such Dangers at Hand, would have made this Choice; (the Purchasers might then have had almost what they would;) and certainly upon imminent Danger, or visible Hazard, an exorbitant In&rehy;terest for a short Term had been much better and safer; and it will scarcely be believed, that where a Man can see that the Title is dangerous, he would, notwithstanding, make Choice of a Lease for so long a Term as Ninety-nine Years, and guard himself also against the Right of Redemp&rehy;tion.

If you, Gentlemen, are true Friends of the Government, and Lovers of your Country, you have now an opportunity of shewing it, and of serving your selves also, by assisting chearfully to set open the Gates of Redemption.

The South-Sea Company's Proposal has raised your Annuities three or four Years purchase; if you like not to deal with them, it is probable, however, that so many Others will be desirous, as shall serve during this Transaction, to keep up the Price of your Annuities; if you as a scatter'd Body do su&rehy;spect hard Usage from a powerful Corporati&rehy;on, your Access to the House of Commons is as easy as theirs; but if you endeavour to urge Things too far, I wish you to look back to the Case I have cited, where the Borrower himself allowed to the first Mortgagee, what the Court of Equity denied to his Assignee; yet I mistrust not the Favour of a British Par&rehy;liament towards you, while you seek not to oppose that great and good Work which they have encourag'd.

In setting a value on your Annuities, you'll consider that your 10l. per Annum will be in your own Hands a fixed Sum, and dead Weight on the Government; but if subscribed into the South-Sea, or purchased by them, it will after Midsummer 1727, begin to move off briskly, and will then be to them, and to the Government but 8l. per Annum; you'll consider also, that the Stock of the said Com&rehy;pany, may, and doth advance much faster, and higher in the Price, than your Annuities; and that their Dividend may be also greatly enlarged; but Yours as an Annuity with you will remain the same; these Things should chiefly incline you to set a higher or lower Value on the one, and the other, ac&rehy;cording as your own Reason, or better Advice shall direct you; but for you to apply to Parliament to fix a Price, (as some have discoursed, you do intend to do,) that you may be certain of Admission into the South&rehy;Sea Stock at that Price, this will be difficult to adjust, because of the greater Variation in the Price of their Stock; and if this were now fixed, the South-Sea Corporation would not be willing to be long tied down to such fixed Prices; nor can it be expected of them, while you remain still at Liberty to sell, or not, and to subscribe into them, or not, at your Pleasure! But this is not my Business; you among your selves will find out the Ways and Means for setling all Things to mutual Satisfaction; but what is part of my Business while I am Writing this, is to dis&rehy;swade from such Thoughts and Attempts as may prove the Ruin of many of your selves, and Families; I would apply this, not only to the Annuitants, but to all such other Per&rehy;sons as may be inclined, or drawn in to en&rehy;deavour to run down the Price of South-Sea Stock; or under a Notion of setting a cer&rehy;tain Price, or Value on this Stock, such a Price as is not in the least probable, (accor&rehy;ding to common Methods, and the Course of other Things,) it should exceed; and depend&rehy;ing on such like Notions, are eager to sell this Stock at time for higher Prices, esteem&rehy;ing the Gain this way, as good as certain; or by taking large Premiums, or earnest Mo&rehy;ney, to deliver this Stock at three Months, six Months, or twelve Months after, at a fixed high Price; as suppose it be 150, 200, 250, &c. per Cent. Some also venture to sell this Stock when they have none; or do sell ten Times more than they have, or are able to make good upon a sudden Rise; such Notions and Practices, I say, may be the Ruin of many Families, and it is chiefly to caution against, and to use my endeavour to prevent this approaching and spreading Evil that I have taken Pen in Hand, and re&rehy;solved to publish these Sheets, great Mis&rehy;chief hath often befallen those who have used these Ways in other Stocks, but certain&rehy;ly it will be found more dangerous and fatal in this Stock of the South-Sea Company. The shallow Waters are more proper for the Fry, and smaller sized Fish; Men of great Estates may bear with Losses this way, as well as by other ways of Gaming; but for a light Purse there is not any Game more Fatal.

The Enlarging the South-Sea Capital, and the Consequences thereof, as to the Ministry and the State, is a Production worthy of the Genius of Great Britain; but as to Men of mean Estate, it is, Monstrum horrendum, in&rehy;forme ingens. &horfill; You Gentlemen may have heard of Scylla, and Charibdis; of Ætna, and Vesuvius; but here &horfill; depend on't &horfill; there are Mountains, and Rocks more stupendious; and by far more tremendous Gulphs! Beware then! Launch not out in Fly-boats beyond your Knowledge into this vast Abyss of Southern Seas: I fear not a Chaos of Confusion, or a second DELUGE, but do fully expect that the next Age in speaking of this, will use the words of Ovid &horfill; Omnia PONTUS erat!

But I am to ask Pardon of Sir R&horfill;, and expect it from his 10th Page, where he pro&rehy;mises to have Patience; and to deserve this at his Hands, I shall proceed to give him those Hints I promised, viz. That in many Cases, Equity is exerted, where Persons out of Wilfulness do prevent their own Benefit, as well as the Publick Good.

There are Men that will not suffer their boggy Land to be drained; others, such Lo&rehy;vers of Liberty and the Commonwealth, that they will not suffer Wasts, Heaths, or com&rehy;monable Grounds to be inclosed, though they might thereby become Owners of a Propor&rehy;tion in severalty; but in such Cases Equity Over-rules; in time of Danger by Fire, Houses are pull'd down, or blown up, for the Pub&rehy;lick Good, though against the Will of the Owners; also to preserve the Town, the Suburbs are frequently burnt or demolish'd; even the Town is destroy'd to preserve the Citadel. A Person in Danger of immerging through the Weight, or Force of another, may even destroy the other to preserve himself; and a Thousand such like Instances might be given.

As to our Author's 14th Page towards the latter part, and in the beginning of the 21st Page, I am willing to suppose some Error of the Press; especially where it is said, that the Borrower ought not to intermeddle with what is Lent, but by the Command or Ap&rehy;plication of the Lender; this, I suppose, should have been the Security for what is Lent, which the Borrower is not to meddle with; (because this moves from the Borrower, and passeth to the Lender) for if it were meerly the Thing lent, (as suppose it to be Money lent, which the Borrower is not to in&rehy;termeddle with,) in such Case, if our Author will be so Equitable towards me, as to per&rehy;mit me for a while to intermeddle with, and borrow some of his Expressions, and to use, and apply them only for the present, as I think proper, in such Case, I would say, that this seems something like what he calls a Chimera, or Crudity; for at this Rate, his Lend&rehy;er would really be an Oppressor, and his Borrower a Bubble; and thus these Terms might be Synonimous, if not convertible; and our Author would have proved what he is not willing to own, (viz.) that his Lender not only had, but still hath too much Command over the Borrower.

After the like manner, his Treatise may Endeavours to prove, that the Nation, the Parliament, and in Consequence their Assignee the South-Sea Company (if they prevail) will become Bank&rehy;rupt by paying their Debts at 20s. in the Pound; if so, the higher their Composition shall be, the greater (our Author may say) is the Bankruptcy, and thus, indeed, our Case will be very desperate; for 'tis more than probable, that such of the long Annuities as shall come-in timely, may receive by the South-Sea Stock from 200. to 300. per Cent. for what they Originaly paid; but while no&rehy;thing worse than this is intended towards them, if there should be sufficient Occasion given, summo Jure agere, and that a little of the duritia Juris should be necessary, (some&rehy;thing of wholesome Severity, to help to bring in, and to open the Eyes of such who shall blindly mistake their own Interest, and wil&rehy;fully oppose the Publick Good,) what loud Complaints will Sir R&horfill; make?

As the Annuitants Annuities are Tax-free, and the Proprietors have already been told, that they are exempt from any NEW Direction, they may also be told, that they are Optimo Jure Prædia, a new sort of Freehold; and thus those especially who have Annuities for Life, or Lives, may be animated, and induced to think themselves sufficiently Entitled to a Right of Voting at Elections for Members of Parliament, and if they would be thus hardy, who should be their Representative? &horfill;

But I must neither advance too far into Sir R&horfill;'s Province, nor quite forget our Au&rehy;thor, &horfill; it is he that will dictate in the Se&rehy;nate; if he does this after the manner he has promis'd us in his 28th Page, were it not better that he would forbear it? I shall not presume to propose any Thing to that August Assembly, and if I take the Liberty of incerting here my Thoughts; it will be very ob&rehy;liging if they escape the Descants as well as the Railery of Sir R&horfill;, who, perhaps, for the present, is too much exasperated; but I must expect the Cavils and various Reflections of the many- minded Multitude, the incertum Vulgus, of whom there is scarce any Thing certain, but this, Quod scindet in contraria; I use Latin, that they may not know what I mean, for they censure, and condemn what comes within their Knowledge, but are apt to admire what they do not understand; however, I shall freely expose my self to their Mercy, in Hopes that from my Thought im&rehy;prov'd, somewhat may arise which may tend to the Advantage and Service of the Publick.

We have not, God be thanked, at this time, any urgent Motives that should prevail with us to buy Foreign Gold too dear; and to let other Nations into that great Gain they propose to make by the Rise of the South-Sea Stock, upon the Enlargement of their Capital; for which they are watching, and as it is said, are already preparing to catch the Op&rehy;portunity so soon as a Bill in Parliament shall be ready to pass; or, perhaps, only brought into the House for this purpose; if, therefore, at once, and as it were in an Instant, (before it can be known Abroad, and Commissi&rehy;ons sent hither,) the Stock of the prevailing Company should be advanced to near that Price which it ought to have, and may rea&rehy;sonably bear, the Annuitants hereby would be silenc'd, or Petition for Admittance; much of the Chicane, and Juggle of our Quincam&rehy;pois will be avoided, and the Publick, may obstruct, and very much prevent that Gain, which other Kingdoms, and States propose to make (to our Loss) on this Occasion; the French Nation are now too late strugling with many Difficulties for want of timely Manage&rehy;ment, with regard hereunto; yet this, it is likely, has not arisen so much from any Over-sight, or Defect in the Schemes of that enterprizing Genius, who hath the chief Di&rehy;rection, or of others with whom he must Con&rehy;cert; but thro' an over-ruling Self-Interest, on account of the vast Gain to be privately made by the many Turns and Vibrations his Projects would admit of; which it should not be supposed that he did not foresee, or failed to concert his Measures accordingly; a Profit, and Gain capable of being so Im&rehy;mense, that, whatever the French Nation in general may suffer thereby, if the private Gain hath really been such, and so great as it may reasonably be imagined, the Effects thereof may too soon be such, as may prevent it's remaining long a Secret to the rest of Eu&rehy;rope; but my Pen hath already let fall too much Ink on this Subject; and, I fear, that what I have here only touched, may rather be taken for a Blot, than accepted as it is in&rehy;tended by me.

This, however, may be repeated, that it would be greatly to our Advantage, by some timely, and proper Means to prevent other Countries from sharing too much, and car&rehy;rying away the Profit of that Advance of our Publick Securities, which seems to be at Hand; and the due Precaution herein, is more absolutely necessary, because our happy Constitution does not admit a Reliance on such Artifices, and After-Games, as in France are easy to be concerted, and may as suddenly be put in Practice.

In stating, and arguing the Case of the Annuitants, there appears so little Occasion for introducing the Silesia Loan, and so much less for mentioning the Equivalent allowed to Scotland, and also the English Grants; that some take Umbrage, and fancy there was not any good Reason for picking out these Instances.

But if the Question is to turn upon the Equity, and Power of Parliaments, it will be answer'd by only stating the Question right&rehy;ly; the Nation by a long and expensive War, is highly incumbred, and grievously Oppres&rehy;sed with many heavy Debts; the greatest, the most encreasing, the longest continuing, and the most obnoxious Debt is the Annuities; in short, the way thro' these Annuities is the on&rehy;ly Right, and ready Road thro' which the Government must pass to ease the Nati&rehy;on of the Burthen of all the rest of these Debts; Now, whether you will have the Government to Travel by Land, or by Wa&rehy;ter, it will be the same; if the Highway is such as is dangerous to Travellers, and can&rehy;not otherwise be amended, there must be an Act of Parliament; and (giving Satisfaction to the Owners,) whatever is needful in such Cases must be done; Gates, Bars, Hedges, and all Obstructions may be removed; and new Gates, new Bars, and Turnpikes erect&rehy;ed; and none may pass to buy, or sell, for the future, but by this new Road, and ac&rehy;cording to new Directions; also Penalties, Levies, and Tolls may be appointed for maintaining this new Highway; and, in like manner, for the Publick Benefit, Rivers are made Navigable; any Man's Lands are cut through, though against the Will of the Owner; and Goats, Sluices, Hatches, and Flood-Gates are erected; and must be main&rehy;tained by the Owners of such Lands.

But let us suppose that many should take Offence, and in Opposition to these necessary, profitable, and publick Works, would act as Rioters, or Lunaticks; and that such a Number of Persons should act thus, that no other Pow&rehy;er but Parliament would undertake to meddle with them; would their Number, or the fear of their Resentment, awe the Senate, and prevent them from being used like other Lu&rehy;naticks, who would mischief either them&rehy;selves, or others? But, here, as to the An&rehy;nuitants, it is said, the Senate hath promis'd not to interpose, or use their Authority; and hath Enacted, that the Annuitants shall not be in the same Condition as other Subjects, but during Ninety-nine Years shall be exempt from any new Direction; in this Case, if there were any Court of Equity above the Power of Parliament, there would naturally lie an Appeal to such higher Power; but there being none such, is the reason why the Parliament wherein this was Enacted, is lia&rehy;ble to be controul'd, and over-ruled by the Power of a future Parliament; for in the Nature, and Constitution of the British Legi&rehy;slature, there is a tacit and indefezible Equity reserved, by Virtue whereof (as the Occasion of private, or publick Good shall require it) Acts of Parliament are, and will be explain&rehy;ed, or amended; continued, or suffered to expire; repealed, revived, revoked, or an&rehy;nulled: As I may appeal from the Judgment of Sir R&horfill; the last Month, to the Judgment of Sir R&horfill; better adviced this Month!

But in his 12th and 13th Pages, our Au&rehy;thor mentions the Insurance of Ships as a pa&rehy;rallel Case to this of the Annuitants; and defies any Man breathing to shew a juster Comparison; hereon he throws down his Gauntlet; and who shall dare to take it up? Sir R&horfill; is not a Man of Straw; No! no! His Legs, his Arms, and his Sides are of Iron; his Countenance is terrible in Battle; though he can demolish a stong Fortress with a Goose Quill, yet the Staff of his Spear is like a Weaver's Beam; the Head thereof is of polish'd Steel, well pointed, and the Weight six Hundred Shekels.