ning foul of one another; that, however, they ought to be looked
upon as patriots and fathers of their country; and since they had by
mischance discovered their nakedness, the other members ought, according
to the custom of the East, to turn their backs upon them, that they
might not be seen in such a shameful condition. Mr. Boscawen moved that
the house would lay their commands upon them, that no further notice
should be taken of what had passed. He was seconded by Mr. Methuen: tha
house approved of the motion; and the speaker took their word and honour
that they should not prosecute their resentment. The money corporations
having agreed to provide cash for such creditors as should be willing to
receive their principal, the house came to certain resolutions, on which
were founded the three bills that passed into laws, under the names
of "The South-Sea act, the Bank act, and the General Fund act." The
original stock of the South-Sea company did not exceed nine millions
four hundred and seventy-one thousand three hundred and twenty-five
pounds; but the funds granted being sufficient to answer the interest
of ten millions at six per cent., the company made up that sum to the
government, for which they received six hundred thousand pounds yearly,
and eight thousand pounds a-year for management. By this act they
declared themselves willing to receive five hundred thousand pounds,
and the eight thousand for management. It was enacted, that the company
should continue a corporation until the redemption of their annuity,
towards which not less than a million should be paid at a time. They
were likewise required to advance a sum not exceeding two millions,
towards discharging the principal and interest due on the four lottery
funds of the ninth and tenth years of queen Anne. By the Bank act the
governors and company declared themselves willing to accept an annuity
of eighty-eight thousand seven hundred and fifty-one pounds, seven
shillings and tenpence halfpenny, or the principal of one million seven
hundred and seventy-five thousand and twenty-seven pounds, seventeen
shillings and tenpence halfpenny, in lieu of the present annuity,
amounting to one hundred and six thousand five hundred and one pounds,
thirteen shillings and fivepence. They also declared themselves willing
to discharge, and deliver up to be cancelled, as many exchequer-bills
as amounted to two millions, and to accept of an annuity of one hundred
thousand pounds,