A true account of the design, and advantages of the South-Sea trade: with answers to all the objections rais'd against it.

Table of contents

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A TRUE ACCOUNT OF THE SOƲTH-SEA Trade, &c.

Great Debts of the Nation

IT is but too Notorious, That the Debts of the Nation, which, at Her Majesty's happy Accession to the Throne, were very Great, instead of being lessen'd, were rather accumulated to an immense Degree, when this present Parliament began their first Session.

Necessity to satisfie them, to restore Publick Credit.

Without invidiously tracing up this Evil to its Causes, either primary or subordinate, it must be agreed, on all Hands, that there lay a Duty incumbent on the Parliament and Ministry to apply to it a speedy Remedy: Without which, Publick Credit must have had such a Fall, as might have drawn after it, if not the Ruin of the State, at least of a vast Number of private Persons.

Difficulties to do it, during the War.

When a Man seriously consider'd, That the Nation has, for near Twenty Years, sustain'd the Weight of Two Burdensome expensive Wars, the second of which is yet unfinish'd, and must, of Necessity, be carry'd on with the utmost Vigour; and reflected, besides, that some of the best old Funds were clogg'd with Mortgages and Anticipations, and that some New ones had prov'd Deficient, there appear'd insuperable Difficulties in satisfying Publick Debts:
Removed by the Ministry and Parliament.

But the Wisdom and Skill of the Ministry, and the Honesty of the Parliament, have surmounted all Obstacles.

The First Step they made, was, like able Physicians, to probe the Wound, and inform themselves of all the Circumstances of the Evil they undertook to Cure.

Having, by this Means, come to a perfect Knowledge of the Debts of the Nation, and found that they amounted to about Nine Millions Sterling; which 'twas altogether impossible to discharge, whilst the War lasted,
Provision made for the Payment of an Interest on all Publick Debit.

They made, however, Provision for the Payment of the Interest, at the Rate of Six per Cent. for ever, redeemable by Parliament: Which, considering the Goodness of the Security, and the Exemption of Publick Taxes, may, in Time, prove more advantageous to the respective Creditors, than the actual Payment of the Capital Sum.

Advantage allow'd to the Proprietors of those Debts, by Incorporating them, to carry on a Trade to the South-Seas.

Besides this Provision for the Interest at Six per Cent. of all the National Debts, the Parliament readily gave into a Project, formed with great Wisdom and Publick Spirit by the Prime Minister, for Incorporating the Proprietors of the said Debts to carry on a Trade to the South-Seas: Whereby a further Advantage will, in all Probibility, accrue to the said Proprietors, and, through their Means, to the Whole Nation.

We have hitherto made War for Honour's sake.

For we may here observe, That hitherto we seem to have been Fighting, like Knight-Errants, for Honour's sake, and to redress Publick Grievances, without any Regard to our private Interest. Thus, instead of making a good Use, either of the Necessities and Streights of the House of Austria, or of the Misfortunes of the Common Enemy, as the Duke of Savoy, in the first Case, and the Dutch in the second, have wisely done, we have even neglected the Pursuit of those advantageous Conditions on which we enter'd into the Grand Alliance, viz. That we should remain Masters of such as we should possess our selves of in the West-Indies, during the Course of the War, to be undertaken for the Recovery of the Spanish Dominions.

On the other Hand, 'tis melancholy to reflect, That France, notwithstanding all the Difficulties she has struggled with, notwithstanding those repeated Disgraces that have attended her Arms, and given such terrible Shocks to her Power, has yet got a Handle to compass her main Design, viz. The Engrossing all the Wealth of the West-Indies: Which, if not prevented, will not only repair all her former Losses, but enable her to arrive at Universal Empire in Europe.

Settlements of the French in America.

All the World knows, that upon Occasion of taking Possession of Old-Spain for King Philip, and other specious Pretences, the French took also Possession of great Part of New-Spain: Pretending to put it into a Posture of Defence; which, indeed, they have done but too well; having, in particular, built a strong Fort at Calo that secures the Entrance to the wealthy City of Lima; and they have improved this Possession to the infinite Advantage of France, in an open Trade to the Spanish West-Indies directly; a Thing they never attempted before.

At which the Spaniards were uneasie.

The Spaniards could not without Jealousy and Uneasiness see the Increase of the French Trade and Power in America: So that, at last, the Chamber of Commerce in Sevil, made earnest Application to King Philip to put a Stop to it. That Prince represented to his Grand-Father the absolute Necessity of yielding to the Importunities of the Spanish Merchants, back'd by the powerfull Sollicitations of the Nobility; but the French King, who was resolv'd not to abandon the Trade to America, contented himself with causing it to be publickly declar'd in Spain, That his Subjects should be recall'd from the Spanish West-Indies; and that the Trade thither should return to its old proper Channel; and, at the same Time, contrary to this Declaration, that Politick Monarch conniv'd at, if not directed, the sending of several Ships more than usual to the South-Seas, with Cannon, Mortars, Arms, Ammunition, Officers, Soldiers, and Ingeniers, to put the several Ports of Peru and Chili in a Posture of Defence; in order to keep Possession of them by Force, in Case the Spaniards should insist on the Removing the French from their Settlements on that Coast.

But succeeding Events prevented the further Importunities of the Spaniards on that Head; and rather favour'd the Designs of the Court of France, who made a very politick Use of King Philip's Misfortunes. For the Spanish Army being routed at Almenara, and, soon after, totally defeated near Saragossa, upon the Application the Grandees of Spain made to the French King for immediate Assistance, it was required from them, That they should give their solemn Consent to the new Treaty of Alliance, then agitating between the Two Crowns, whereby very advantageous Concessions were made to the French in the West-Indies: Which, through the desperate Condition of their Affairs, the Grandees were oblig'd to agree to. By this Treaty the French retain several Forts and Fortifications, and being planted over the whole Kingdom of Chili, they have, at this Time, several Ships of Force Trading in those Seas, which come Home with rich Cargoes, from at least 30000 to 200000l. Ster. in Silver.

By this Means the French have laid a Foundation, not only to keep Old-Spain in a perpetual Dependance upon them; by depriving them of that Commerce in which their Riches and Subsistence mainly consist; but also, if not speedily prevented, to supplant all the rest of the World in the Beneficial Trade to Old and New-Spain; and to encrease the Wealth and Power of France, to such a Degree as (which I hinted before) in Process of Time, to put that ambitious Crown in a Condition to give Laws to Europe, and to revive her lately baffled Project of an Universal Monarchy. It is certain, at least, that as the Trade to the Spanish West-Indies is the present Support of our Enemies, so, consequently, as long as they preserve that Trade, there's little Possibility of bringing this necessary, but expensive War, to a safe and honourable Conclusion.

The French must be removed from the West-Indies.

We may therefore lay down this Political Axiom, or Maxim, that The French must be remov'd from their Settlements in the Spanish West-Indies, as the most effectual Means, both to procure a lasting Peace, and to settle the Grand Trade and Wealth of Europe on a due Ballance.

The Spaniards wish to do it, but can't; therefore we must undertake it.

Tho' the Spaniards have it, undoubtedly, in their wishes, yet 'tis beyond Dispute that they are not like ever to have it in their Power to drive the French out of South-America. And as, next to the Spaniards, we are the most concern'd in that Undertaking, so we ought to exert our utmost Power to accomplish it.

This was the main Design in Eresting the South-Sea Company.

Upon this wise Consideration it was, that the Ministry and Parliament thought fit to incorporate the Proprietors of the Army-Debentures, Navy-Bills, Deficient-Tallies, and other Publick Debts, to carry on a Trade to the South-Seas: Which Corporation, when form'd and regulated, will have the largest Stock of any Trading-Company in the whole World; and therefore will be best able, with a Small Contribution of each Proprietor; the concurrent Assistance of the National Shipping and Land-Forces, and other Advantages that shall be Specified in their Charter, to dislodge the French from the Spanish West-Indies; or, at least, to make Settlements there; and carry on a Trade most benefical to the said Corporation, and to the whole British Nation.

This Undertaking no new Project.

It rather adds to, than derogates from the Honour and Praise due to the Great Genius who brought this Undertaking so near Execution, to observe, that the vast Advantages that will attend its Success, are so obvious, that a Project, not unlike this, was form'd above Fourscore Years ago; as appears by a remarkable Speech made by Sir Benjamin Rudyerd at a Committee of the Whole House of Commons, in the Parliament 21 Jac. 1. about a West-India-Association, which was to the Effect following:
Sir Benjamin Rudyerd's Speech at a Committee of the Whole House of Commons, 21 Jac. 1. Anno 1624.

Sir Dudley Digs,

'I do profess, that as my Affection, my Reason and my Judgment, go strongly with the Scope and Drift of this Proposition; so shall a good Part of my poor Fortune, when it comes to Execution.'

'For to my Understanding, there was never propounded, in Parliament, a Design more proper for this Kingdom, nor of more pregnant Advantage to it, whether we consider the nature of our Scituation, or the Quality of our Enemy's Forces.'

'As we are an Island, it concerns our very Being to have Store of Ships to defend us, and also our Well-being by their Trade to enrich us.'

'This Association for the West-Indies, when it shall be regulated and establish'd by Act of Parliament, and thereby secured from the Violence and injury of any intruding hand, will certainly give many Men Encouragement and Confidence, voluntarily to bring in large and liberal Contributions towards so Noble, so Profitable an Enterprise: So that, in short time, we shall see many new Ships built, many brave Men employ'd, and enabled for the Service of their Country. None of this Money shall be carried out of the Kingdom, but laid out for Shipping, which is the Defence of it, and bestow'd upon our own Men, who must be fed and maintain'd, tho' they stay at Home. For this we shall reap the Fruit of whatsoever Benefit, Plantation, Traffick, or Purchase can procure us, besides Honour and Security.'

'Now, let us a little consider the Enemy we are to encounter, the King of
Whatever was then said of the King of Spain, may, in the main, be now applied to the French King.

Spain. They are not his great Territories which make him so powerful, and so troublesome to all Christendom. For it is very well known, that Spain it self is but weak in Men, and barren of natural Commodities. As for his other Territories, they lye divided and asunder which is a weakness in it self. Besides, they are held by Force, and maintain'd at an extraordinary Charge. Insomuch, as altho' he be a great King, yet he is like that Gyant, who was said to have a Hundred Hands, but he had 50 Bellies to feed, so that ratably, he had no more Hands than another Man.'

'No, Sir, they are his MINES in the WEST-INDIES, which Minister Fuell to feed his vast ambitious Desire of UNIVERSAL MONARCHY: It is the Money he hath from thence, which makes him able to levy, and pay Soldiers in all Places; and to keep an Army continually on foot, ready to invade and indanger his Neighbours.'

'So that we have no other way, but to endeavour to cut him off at Root, and seek to impeach, or to Supplant him in the West-Indies. By part of which Course that Famous Queen, of most Glorious Memory, had heretofore almost brought him on his Knees. And this our Undertaking (if it please God to bless it) must needs effect it sooner, and quicker; the whole Body of the Kingdom being United and concurring in a perpetual Supply to this Action; so that he will have no free Time given him to rest.'

'Moreover, this will be a Means not only to save, but to fill his Majesty's Coffers, enabling the People to give him liberally, and often; the King's Ships will have little to do but to guard the Coasts, for the Sea-War will chiefly be made at the Charge of the Subject. Thus (Sir Dudley Digs) I doubt not but that, in a short Time, both King and People shall be safe at Home, and fear'd Abroad. To conclude, I shall be very glad to hear any Man make Objections against this Design, so that he do it with an Intention to retine and perfect the Work; but if any shall speak against it, with a Mind to hinder and destroy it, I must entreat him to pardon me, if I do scarce think him to be a GOOD ENGLISH-MAN.'

The Project of a South-Sea Trade laid before King William.

About the Middle of King William's Reign, a Project of much the same Nature as this, was also laid before his Majesty, who highly approv'd of it; and would have pursued it, had he not been diverted from it, either by the short and Self-Interested Views of some Persons about him, or by the Contradictions he met with in most of his Publick-Spirited Undertakings. However, being informed by Father Hennepin, who was introduc'd to his Majesty, and dedicated to him the Account of his Voyages and Travels in the West-Indies: That the French were, at that Time, endeavouring to lay a Foundation to engross the Trade thither, by Means of a Communication between the River Canada, and that of Missisippi, which empties itself into the Gulf of Mexico; His Majesty, upon the Decease of the King of Spain, resolved to pursue the Scheme before-mention'd. In Order to that, Commodore Bembow was sent with a strong Squadron to the West-Indies, to both intercept the Spanish Galleons, and to countenance some Attempts intended to be made on the Spanish Settlements in America, and of which, History has preserv'd us the following Particulars.
Annals of Q. Anne, Vol. 1. p. 204, 205.

'About the Beginning of February 1702/3 Letters from Port-Royal in Jamaica brought the Melancholy News of the Death of that brave and experienc'd Sea-Officer, Rear Admiral Bembow, who, upon the 4th of December, Died of the Wound he receiv'd in his late Engagement with Monsieur Du Casse, &c.
Successes of the English in America, in the Year 1702.

These Letters added: Not long after his Death, Colonel Robert Daniel, arriving at Port-Royal from Carolina, brought an Account, that Collonel Moore, Governour of that Plantation, march'd from Charles-Town in Carolina with 500 Men, in order to attack a Colony of the Spaniards about 300 Miles distant, call'd St. Augustine, near the Gulph of Florida; that he soon possess'd himself of the Town, the Inhabitants deserting it, and retiring with their best Effects into a Strong Castle, surrounded by a very deep and broad Moat, in which Place they had laid up Provisions enough to last them four Months, and that they defended themselves there very obstinately; so it being impossible to take this Castle by Storm, Colonel Moore had order'd it to be Block'd up; and sent Colonel Daniel to Port-Royal to borrow a Mortar and Stone-Shells to Bombard it, and doubted not but he should by that means soon force them to surrender. If this Expedition had succeeded, it would have greatly Contributed to the Security of Carolina, there being no other Place from whence they could afterwards be disturb'd, except a small Settlement which the French call the Palissadoes, about 200 Miles farther into the Country, to the Westward: But some French and Spanish Galleons being arriv'd at St. Augustine's Port, before the return of Colonel Daniel, Colonel Moore was obliged to raise the Blockade, and to return to his Government by Land, after having Burnt the Ship in which he was come. The Same Letters brought advice, that Six or Eight Frigates of our small Privateers, attack'd a Place call'd Toulon, on the Continent, about 10 Leagues from Carthagena, which they Took, Plunder'd and Burnt. From thence they sail'd to Caledonia; went up the River Darien, and in Twelve Days March to the Gold Mines at Santa Cruz de Cana, near Santa Maria. The 9th Day of their March they fell within an Out-Guard of Ten Men, which the Spaniards had at some Distance from the Place, of whom they took Nine, but the other Escaping gave Notice at the Mines of their approach, whereupon the richest of the Inhabitants retir'd from thence with their Money and Jewels; however, our Party, which Consisted of about Four Hundred Men being come up, Took the Fort, and possess'd themselves of the Mine, where there remain'd 70 Negroes, whom they set to Work, and continued there 21 Days, in which time they got about 80 Pound weight of Gold Dust; they also found several Parcels of Plate, which the Inhabitants had buried at their leaving that Place. Our Men, at their Departure, burnt all the Town, except the Church, and return'd to their Sloops, bringing away the Negroes. Some went further up the River in their Sloops, having a Design upon another Gold Mine, call'd Chocoa, and two of the Sloops commanded by Captain Plowman, and Captain Grandy, sail'd toward Cuba, landed near Trinidado, and, with 150 Men, took the Town, burnt a great part of it, and brought off a very considerable Booty.'

K. William's Project resumed by Q. Anne.

Not long after Her Majesty's happy Accession to the Throne, some Advances were made towards the Prosecution of King William's Project;
The Lords pass an Act to encourage it.

in Order to which, the Lords pass'd a Bill, entitled, An Act for the better Carrying on the present War by Sea and Land in the West-Indies, which the Commons read a second Time on the 17th of February 170 2/3, and committed the same to a Grand Committee;
Which is lost.

but two Days after, (February 19th) upon a Debate arising about the Speaker's leaving the Chair to consider of the said Bill, the Debate was adjourn'd to the 29th of that Month; and the Parliament being prorogu'd the 27th, that Bill was lost.
The Dutch forward in the intended Expedition.

Nevertheless, the Court seem'd still resolv'd upon an Expedition to the West Indies, in Conjunction with the Dutch, under the Command of the Earl of Peterborow: And there's no Doubt to be made, that if that Resolute, and Pushing General, had carried our Victorious Forces, and his Good Fortune to the West-Indies, instead of going to Spain, the Enemy would long before now, have been obliged to submit to the Conditions of a safe and lasting Peace. But tho' the Dutch were very earnest and forward in this intended Expedition, having for that purpose. sent a Squadron, with 1800 Land-Men on Board, to Portsmouth, in the Beginning of the Spring of the Year 1703:
Which, however, is laid aside.

Yet, either as 'twas reported, upon a Disgust given to that Noble Peer, by refusing him several Necessaries, or for some other Reasons, that Undertaking was then laid aside.
The Design reviv'd, and brought to Perfection by the present Ministry.

This Design lay dormant for about Eight Years, till the Scheme of it was New-Modell'd, and digested into better Consistency and Form, by the Present Ministry, who did wisely Incorporate the Proprietors of Publick Debts, to carry it on.

Advantages resulting from a Settlement in the South-Seas.

The Settlements which the British Corporation are allow'd to make in the South-Seas, both by the Treaty of the Grand-Alliance, and by Act of Parliament, will certainly be attended with infinite Advantages:

- 1. The Trade of such Places as we shall Seize and Plant, will, by Degrees, encrease both within it self, and with others; and will open such a Vein of Riches, will return such Wealth, as, in few Years, will make us more than sufficient Amends for the vast Expences we have been at since the Revolution.

- 2. For it will occasion a great Consumption of our Woollen, Iron, and other Manufactures, as will be hereunder specified.

- 3. Consequently it will find Work and Employment for Abundance of our Poor, and thereby ease the Parishes of that heavy Burden.

- 4. It will advance the Value of Land.

- 5. It will increase our Shipping, and the Number of our Sea Men, in both which the chief and natural Strength of this Nation consists.

- 6. Our Settling in South-America may open a beneficial Trade for our Plantations in North-America, who want a Market for the Over-plus of those Provisions that grow in those Countries.

- 7. The South-Sea-Trade may greatly contribute towards the buoying up and supporting the sinking, and near expiring Royal-African-Company, by affording it an Opportunity of Vending great Numbers of Negroes to the Spaniards, who, by a Contract with the Jamaicans, did formerly buy them at the Rate of 200 Pieces of Eight a-head. As an illustration of this, it may be observ'd, That the chief Motive that engag'd the French in the Attempt they made, some Years ago, upon the Islands of Nevis and St. Christopher's, was the Alluring Booty of the Negroes on those Plantations: The French King having borrow'd a great Sum from the Spaniards, upon Condition of Furnishing them with a certain Number of Negroes, which he could not have perform'd, but for the successful Invasion of the said Island.

- 8. In the Last Place, though it was not thought consistent with the Honour of the Nation to grant the Pirates of Madagascar a Pardon, yet since they have establish'd and form'd themselves into a kind of regular Government, it will not be more dishonourable for the South-Sea Company to trade with them, than it was for the People of Italy to hold a Commerce and friendly Correspondence with the First Founders of Old Rome, who were but a Company of Publick Robbers. It may, indeed, be alledg'd, That the South-Sea-Corporation is not allow'd to trade in Madagascar, which would be an Incroachment on the East-India Company; but as the Act of Parliament only limits Places, and not Persons, so the South-Sea-Company may, within the Limitations of the Act, carry on a very beneficial Commerce with the Madagascarians, who drive themselves a considerable Trade in the South-Seas, either in a Friendly, or a Piratical Manner.

And here it may not be improper to subjoin the Account, which, in the Year 1703, was given of the Pirates of Madagascar, which was as follows:

Account of the Wealth of the Pirates in Madagascar, and of what they offer'd for their Pardon.

'Captain Wheeler, Captain Brent, and Dr. Dawsone, who was within the Limitation of King William's Proclamation, and had the Benefit of the same, as also Captain Hicks, and others that were condemn'd for Piracy, but Pardon'd by Her present Majesty; as also Captain Brown, and Peter Dearlove, who were bail'd out of Prison, did all give the following Account of the Number and Wealth of the Pirates, to Captain Martin Laycock, and did assure him, That if he could get a General Pardon, without Exception of Crimes, Persons, or Places; as also Liberty for their Effects, they could bring him to full Fifteen Hundred Men, that would willingly give one Fourth Part of what they were worth, and that, one with another, they had full 5000 l. a Man.'

Captain Avery's Crew was then 700, at 5000l. each Man, is

3,500,000l.

Captain Read's Crew was 400 Men, who shared at one Time 1100l. at another Time 1300l. at another Time 800l. and at another Time 600l. each Man; which to each Man amounts to 3800l. in all

1,520,000l.

Capt. Thomas Tongs's Crew consisted of 600 Men, worth full 6000l. each Man; he being a West-Indian born, and one of the boldest and forwardest of them all: Worth in all

3,600,000l.

Total

8,620,000l.

Captain Avery, Capt. Read, and Capt. Tongs, were reckon'd to be worth each as much as their entire respective Crews, viz.

8,620,000l.

And the Officers under them were accounted to be worth about Three Millions more.

3,000,000l.

In All

20,240,000l.

'Besides Captain Brown's Crew, and others in the South-Seas, and those that go between Madagascar and the West-Indies, whom they could give no certain Account of to Captain Laycock; but who, they were sure, would readily give the Fourth Part of what they were worth for their Pardon; so that, by a modest Computation, the Fourth Part of the whole would bring in above Six Millions Sterling to the Government.'
Thus far the Account of the Madagascarians given in 1703.

Upon the whole Matter, the real Advantages of this Trade, will, with God's Blessing, abundantly answer the Charge and Expectation both of the private Adventurers, and of the whole Nation.

Commodities proper for a Trade to the South-Seas.

A LIST of the Commodities proper for a Trade to the SOUTH-SEA.

- ALL sorts of Woollen Cloth.

- Colchester Bays, White and Died.

- Flannels.

- All sorts of Serges.

- All sorts of Druggets.

- Shalloons.

- Says.

- Cottons.

- Norwich Stuffs, and Worsted Stuffs made at other Places.

- Stuffs mix'd with Silk.

- Worsted Crapes.

- Silk Crapes.

- Silks of all kinds.

- Velvets.

- Silk Handkerchiefs.

- Worsted Hose.

- Silk Hose for Men and Women.

- Thread Hose for Men and Women.

- Hats, Beavers, and Carolins.

- Flanders and English Lace.

- Silver and Gold Thread.

- Sowing Silk of all Colours.

- Linnens of all kinds, from the Coursest to the Finest.

- The Vermillions, and Cotton-Goods of Lancashire.

- Callicoes, and the Goods of India.

- All sorts of Iron-Ware, necessary in Building, and Country Affairs.

- All sorts of Houshold Goods that are made of Iron.

- Stilliards.

- Scales and Weights for Gold and Silver.

- Sheeres for cutting Gold and Silver.

- Tools of all kinds for Carpenters, Joyners, Smiths, &c.

- Arms.

- Clocks.

- Watches.

- Toys, and other Curiosities of Iron and Steel.

- Glass Ware of all sorts.

- Round Coral for Necklaces and Beads.

- Paper.

- Sealing-Wax.

- White-Wax for Tapers.

- Castle-Soap.

- Pepper.

- Cinnamon.

- Cloves.

- Mace.

- Nutmegs.

- Cheese.

- Pickles, and Sawce.

- Oils.

Objections rais'd against the South-Sea Trade.

But tho' common Benefit was the only View of those that form'd this Project: Tho' the Undertaking be Noble, Great, and Advantageous, yet such is the Perversness of Humane Nature; so prone are the Generality of Men to Censure, and find Fault, that 'tis no Wonder this Publick-Spirited Design has met with Contradiction and Opposition; either from a Jealousie and Uneasiness of Temper, almost inseparable from Money'd-Men, or from the Particular Disgusts of some Persons, who, like Waspish and Sullen Patients, reject the most Wholesome Physick, because they are not pleas'd with the Hand that administers it.

First Objection.

In the first Place, it is objected, That, considering what strong Footing the French have got in the Spanish West-Indies, the Attempt to remove them from thence is like to be attended with insuparable Difficulties; the rather, because they are in Conjunction with the Spaniards, both at Land and Sea: And supposing we could get some Settlement in the Continent of South-America, yet while the War lasts, we could Trade with no more of the Country than we possess, unless it be clandestinely; and after the Peace we must expect to have less Trade; whereas the French have an open uninterrupted Commerce with the whole Country.

Answer to the First Branch of it.

As to the first Branch of this Objection, I answer, That the Necessity of driving the French out of the Spanish West-Indies being once laid down as a Fundamental Maxim, no Difficulties whatsoover ought to deterr us from the Undertaking; whereas, on the contrary, the infinite Advantage and Benefit that will attend the Success of the Attempt, ought to be a powerful Incentive to it. We have, in the Course of this War, with our Shipping, and a Handful of Land-Men, compass'd Things of far greater Difficulty; such as the Taking of Barcelona, Gibraltar, and Port-Mahon: And to bring in a fresher Instance, did not Colonel Nicholson, with inconsiderable Forces, make himself Master of Port-Royal in Nova Scotia; which, we may well suppose, was in a better Posture of Defence than several Places in South-America, in which the French are but newly settled.

Besides, can any Man of common Sense entertain so mean an Opinion of those who made this Project, and have thereby justly merited publick Acknowledgments and Rewards, as to think that they did not foresee, and provide against all Difficulties that might attend it? There's no Doubt to be made, but the Ministry have had all the Lights and Informations necessary to carry on so great an Undertaking with Probability of Success: But the Scheme they have framed, with the Assistance of several Persons, who are perfectly well acquainted with those Countries, is, and ought to remain an absolute Secret, till all Things be ready for Execution; otherwise the Enemy might take such Measures and Precautions as might render the Design abortive.

Answer to the second Branch of the First Objection.

To the Second Part of the First Objection I answer, That by a Trade to the South-Seas, it is not to be understood, that we shall take Possession of some Ports or Places on the West-side of South-America, which being to be allow'd as our Acquisitions, pursuant to the Treaty of the Grand-Alliance before-mention'd, We shall possess the same after the Peace is made; and that, from these Places, we shall carry on a Free Trade with the Spaniards and Natives of America, throughout the rest of their Plantations, as the French do now. To be sure, to expect such a Free Trade would be a fond Conceit: For, as during the War, the French, in Conjunction with the Spaniards, will certainly endeavour to prevent it; so, after the Peace, Old-Spain will not easily consent to it. The same Reasons that induc'd them, notwithstanding their inbred Antipathy to the French, rather to call the Duke of Anjou to the Throne, than to suffer a Partition of their Monarchy, will, undoubtedly, incline them not to acquiesce in a Partition of their Direct American Trade, which, as was hinted before, is the main spring of their Riches, and would, in Effect, be the same with a Partition of their Dominions.

But the Trade intended to be carried on by the British Corporation to the South-Seas, will be so far from being Prejudicial to the Spaniards, that as we may, with God's Blessing, during the War, deliver them from the intruding French, of whom (as I hinted before) they wish themselves to be rid: So, in Time of Peace, our Settlements in the South-Seas will rather be an Advantage than a Detriment to Old-Spain. This Position may, at first Blush, look like a Paradox: But as 'tis most certain, That there's room enough on the Western-Coast of South-America for us to plant and establish a flourishing Trade in, without invading the Property, or injuring the Original Commerce of the Spaniards; so, on the other Hand, we may assist them in carrying on the said Trade, by supplying them with what they stand most in need of, for that Purpose, viz. Negroes; which we may easily do, with no finall Advantage to our selves; as was before mentioned. By this it appears, That the Spaniards have no Reason to be ••••…'d, but rather to rejoyce at, and favour our Undertaking: Since the Old Treaty of Commerce between England and Spain, of which the exclusive Article was with Respect to New-Spain, may yet, with Exception only to such Places as we may possess our selves of, during the War, remain entire, after the Peace, notwithstanding our South Sea-Trade.

And here we may cursorily take Notice, That besides the Concessions made to us by the Treaty of the Grand Alliance, of such Places as we shall possess in the Spanish Dominions in America,
Our Title to California.

we have also a Right to the great Island of California, as having been first Discover'd by our Country-Man Sir Francis Drake: A Title of equal Validity with any Pretensions of other European Princes, or States, to any Part of the West or East-Indies. And that Island lying to the North-West of Mexico, may be of great Advantage to us, towards the carrying on, and improvement of the South-Sea Trade.

2d Objection.

In the Second Place, The vast Distance between England and the South-Seas, is alledg'd as a great Obstacle to the Success of this Undertaking:
Answer'd.

But this Objection will appear to be of no Weight, if we consider, That, by the Benefit of our Ports in Ireland, we are, as to that Particular, upon a Level with the French; and, in several other Respects, we have great Advantages over them, as in the Strength of Shipping; Number of Sea-Men; Ports on the Coast of Africa, and in our American Plantations, particularly in Jamaica, &c.

3d Objection:

A Third Outery has, by some ill designing People, been rais'd against this Project, as if the Parliament intended to pay all National Debts, with the floating Expectations of a precarious South-Sea Trade:
Confuted.

Than which nothing can be more maliciously, or more falsly suggested. For the Parliament has provided an Interest of Six per Cent, which will be punctually paid, till the Nation be in a Condition to redeem the same, by paying off the Capital Sum; And the South-Sea Corporation, as was hinted before, was erected only as an Additional Advantage, both to the Proprietors of the said Debts; and, through their Means, to the whole Nation.

4th Objection.

But the loudest, most popular, and, indeed, most plausible Clamour against this Undertaking, is the Cumpulsion put upon the Proprietors of Publick Debts to subscribe thier Tallies, Debentures, Bills, &c. into this New Company: As if the whole Debt was to be the Stock in Trade; and this Stock was to be employ'd towards the Dislodging the French out of the Spanish West-Indies, &c.

First Part of it answer'd.

As to the First Part of this Objection, I answer, That, between Man and Man, to force a free Debtor to take an Interest for his Debt, and not receive the Principal according to Contract, is certainly very hard and unjust: But the Case is vastly different between a Private Man and a Nation; for the first may fail, and prove insolvent; the latter never can. It is too visible that the Publick Debts, were too Great to be paid off in any Number of Years, while the Burden of an expensive War lies heavy upon the Nation; and therefore, all that an Honest Parliament and Wise Ministry could do, was to secure those Debts, by ascertaining them, and putting them into one Lump, and by allowing an Interest of Six per Cent; that is, as large an Interest as was ever allow'd by Parliament, (except upon extraordinary Emergencies) and One per Cent. more than some of those Debts, viz. the Army and Transport-Debentures, had before. So far the Justice and Honour of the Nation are clear and unblemish'd.

On the other Hand, the Parliament and Ministry, upon a Contemplation of the absolute Necessity of Removing the French out of South-America, in Order to attain a Safe, Honourable, and Lasting Peace; and of the other great Advantages (before-mention'd) that will result from a South-Sea Trade, resolv'd to erect a Company for that Purpose; and thereupon incorporated the Proprietors of the Publick Debts, who, by reason of their large Stock, are, certainly, the most able to carry on this Undertaking with Probability of Success. Now, if ever Compulsion can be justify'd, (and no Government can subsist without it) it is certainly in a Case not only of Necessity, but Visible Benefit. The Forcing therefore the Proprietors of Publick Debts, that is, a Multitude of Persons of different Humours, Interests, and Views, to agree and meet in one Common Center, viz. the Publick Good, and their own Private Advantage, is certainly a very happy and commendable Violence. Not but that such a Compulsion may occasion Inconveniences to several particular Persons: But as Salus Populi Suprema Lex, so Private, ought to yield to Publick Considerations.

2d. Branch of the Fourth Objection answer'd.

The Second Branch of the Fourth Objection is grounded either upon a Mistake, or a false Suggestion: For the South-Sea Company is not to make War, and endeavour to dislodge the French out of the Spanish West-Indies, at their own Sole Cost and Expence; but only with the Assistance of the National-Navy, and Land-Forces, as will be Specified in their Charter.

5th Objection.

From the Fourth there arises a Fifth Objection, viz. That the Call for the Fishery being limited to Twenty Shillings upon every Hundred Pound, and the Calls for the South-Sea Trade left Unstinted and Discretionary, the Proprietors of the Publick Debts are justly apprehensive, that great Sums of Money will be call'd in, for carrying on the said Undertaking, which has hitherto kept many of the said Proprietors from Subscribing.

Answer'd.

To this I answer, First, That the Company shall be at no further Charge, than shall be thought necessary for their own Benefit and Advantage.

Secondly, That their Capital-Stock being near Ten Millions Sterling, a Call of Five Pound upon very Hundred Pound will raise near 500000l. a Sum much greater than the Capital Joint-Stock with which the French King, his Grand-Son, and the Subjects of the Two respective Crowns, undertook and have Settled the Trade to the South-Sea, and which was only of Six Millions of French Livers, that is about 400000l. Sterling.

Thirdly, That, according to Her Majesty's Charter, all the several Calls towards the South-Sea Trade are not to exceed Ten Pound upon every Hundred Pound.

Fourthly, And in the last Place, That the Company being under the Conduct and Management of a Governor and Directors, who shall have the largest Share in the Adventure, and consequently be most concern'd in the Prosperity of the Whole; there's no Doubt to be made that, if after such Tryals as are Necessary to be made in all great and difficult Undertakings, they find that the South-Sea Trade will turn to no Account, they will fairly throw it up; and sit down contented with an Interest of Six per Cent. for their Capital-Stock, till the Parliament is in a Condition, and thinks fit to redeem it: For the Company is only empower'd, and not compell'd to trade, exclusive of all others, to the South-Seas; which is so far from being a Hardship, that it really is, as it was meant, a distinguishing Favour.

False Report about the Subscription.

And here we may take Notice of a false Report, broach'd either through Mistake, or a Sinister Design, viz. That a Fourth Part of the Subscription into this Company was to be made in ready Money; which, being inserted in one of the Publick Foreign Prints of the best Credit, has undoubtedly hindred many Foreigners, who are Proprietors of Army-Debentures, or other Publick Debts, from Subscribing.

Notwithstanding all Difficulties Four Millions were subscrib'd in Three Weeks

But notwithstanding these false Reports, and Surmizes; notwithstanding the malicious Endeavours, and discouraging Suggestions of some disgusted, on ill-designing Persons; notwithstanding all the great Trouble that has, unavoidably, attended the Subscription; such as the Examining the Title, and casting up the broken Sums of every particular Bill, and Debenture, and other Difficulties, yet 'tis very remarkable, That in the few Days the Books were open, which did not exceed Three Weeks, near Four Millions were Subscrib'd.
Two Millions more ready to be subscrib'd.

To this if we add above Two Millions, that are to be Subscrib'd for the Use of the Publick; but which cannot be done till the Accounts of the several Offices are made up, it may be computed, that above Six Millions are as good as Subscrib'd; and the greatest Part of the Three Millions and a Half remaining would have also come in, had it not been for the Uncertainty of the Time, when the Transferr-Books will be open'd, which cannot be before the CHARTER of this Corporation has pass'd the Seals; and the Remoteness from Great Britain of several Proprietors of the Publick Debts, who could not have Time to send Orders to their Correspondents, while the Subscription-Books were open'd:
This great Undertaking brought so near Perfection, one of the Wonders of this glorious Reign.

So that, the Bringing so great an Undertaking so near Perfection, in so short a Time, may well be reckon'd among the Wonders of Her Majesty's glorious Reign.

To conclude, Some Doubts that have arisen, about some Clauses in the Act of Parliament, for the erecting the South-Sea Corporation, have fill'd the Minds of some of the Proprietors of the Publick Debts with ill-grounded jealousies; which may also have put some stop to the Subscription. But, as 'tis next to impossible. That an Act of so vast Magnitude; so comprehensive of Publick Ends and Private Details, the Framing of which seem'd to require whole Years; and which, nevertheless, was necessarily to be perfected in few Days, should be altogether without Flaws:
Any Defects in the Act of Parliament will be rectify'd.

So any Defects that may appear to be in it, will be rectify'd, pursuant to the Intent of the said Act.

FINIS.

A TRUE ACCOUNT OF THE DESIGN, AND ADVANTAGES OF THE South-Sea Trade: WITH ANSWERS to all the OBJECTIONS rais'd against it. A List of the Commodities proper for that Trade: And the Progress of the Subscription towards the SOUTH-SEA Company.

LONDON: Printed, and Sold by J. Morphew, near Stationers-Hall, 1711. Price Six Pence.

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A true account of the design, and advantages of the South-Sea trade: with answers to all the objections rais'd against it.

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ID [ota]

http://ota.ox.ac.uk/id/4336

ID [isbn10]

1106013352

ID [isbn13]

9781106013354

ID [TCP]

K050360.000

ID [BIBNO]

CW3306704389

ID [ECLL]

1214000900

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— A true account of the design, and advantages of the South-Sea trade: with answers to all the objections rais'd against it., Defoe, Daniel, attributed name. 1661?-1731,. 38p. ; 8⁰. London :: printed, and sold by J. Morphew,. 1711.. [Sometimes attributed to Daniel Defoe (Trent, Hutchins, Moore, Novak). Attribution disputed by Furbank and Owens, Defoe de-attributions.] [Reproduction of original from the University of London's Goldsmiths' Library.] [Moore, 213] [Goldsmiths', 4699] [Kress, 2764] [English Short Title Catalog, ESTCT56992.] [Electronic data. Farmington Hills, Mich. : Thomson Gale, 2003. Page image (PNG). Digitized image of the microfilm version produced in Woodbridge, CT by Research Publications, 1982-2002 (later known as Primary Source Microfilm, an imprint of the Gale Group).]

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