rchase imaginary riches; that the addition of
above thirty millions capital would give such power to the South-Sea
company, as might endanger the liberties of the nation; for by their
extensive interest they would be able to influence most, if not all the
elections of the members; and, consequently, over-rule the resolutions
of the house of commons. Earl Cowper urged, that in all public bargains
the individuals of the administration ought to take care, that thay
shall be more advantageous to the state than to private persons; but
that a contrary method had been followed in the contract made with the
South-Sea company; for, should the stocks be kept at the advanced price
to which they had been raised by the oblique arts of stock-jobbing,
either that company or its principal members would gain above thirty
millions, of which no more than one-fourth part would be given towards
the discharge of the national debts. He apprehended that the re-purchase
of annuities would meet with insuperable difficulties; and, in such
case, none but a few persons who were in the secret, who had bought
stocks at a low rate, and afterwards sold them at a high price, would in
the end be gainers by the project. The earl of Sunderland answered their
objections. He declared that those who countenanced the scheme of the
South-Sea company, had nothing in view but the advantage of the nation.
He owned that the managers for that company had undoubtedly a prospect
of private gain, either to themselves or to their corporation; but, he
said, when the scheme was accepted, neither the one nor the other could
foresee that the stocks would have risen to such a height; that if they
had continued as they were, the public would have had the far greater
share of the advantage accruing from the scheme; and should they be kept
up to the present high price, it was but reasonable that the South-Sea
company should enjoy the profits procured to it by the wise management
and industry of the directors, which would enable it to make large
dividends, and thereby accomplish the purpose of the scheme. The bill
passed without amendment or division; and on the seventh day of April
received the royal assent. By this act the South-Sea company was
authorised to take in, by purchase or subscription, the irredeemable
debts of the nation, stated at sixteen millions five hundred forty-six
thousand four hundred and eighty-two pounds, seven shillings and one
penny farthing, at such times