aid to the public. The
present act likewise directed several additions to be made to the stock
of the proprietors, out of that possessed by the company in their own
right; it made a particular distribution of stock, amounting to two
millions two hun dred thousand pounds; and upon remitting five millions
of the seven to be paid to the public, annihilated two millions of their
capital. It was enacted, that, after these distributions, the remaining
capital stock should be divided among all the proprietors. This dividend
amounted to thirty-three pounds six shillings and eight-pence per cent,
and deprived the company of eight millions nine hundred thousand pounds.
They had lent above eleven millions on stock unredeemed; of which the
parliament discharged all the debtors, upon their paying ten per cent.
Upon this article the company's loss exceeded six millions nine hundred
thousand pounds, for many debtors refused to make any payment. The
proprietors of the stock loudly complained of their being deprived of
two millions; and the parliament in the sequel revived that sum which
had been annihilated. While this affair was in agitation, petitions
from counties, cities, and boroughs, in all parts of the kingdom, were
presented to the house, crying for justice against the villany of
the directors. Pamphlets and papers were daily published on the same
subject; so that the whole nation was exasperated to the highest pitch
of resentment. Nevertheless, by the wise and vigorous resolutions of
the parliament, the South-Sea company was soon in a condition to fulfil
their engagements with the public; the ferment of the people subsided;
and the credit of the nation was restored.

CHAPTER III.

_Bill against Atheism and Immorality postponed..... Session
closed..... Alliances between Great Britain, France, and
Spain..... Plague at Marseilles..... Debates in the House of
Lords about Mr. Law the Projector..... Sentiments of some
Lords touching the War with Spain..... Petition of the
Quakers..... The Parliament dissolved..... Rumours of a
Conspiracy..... The Bishop of Rochester is committed to the
Tower..... New Parliament..... Declaration of the
Pretender..... Report of the Secret Committee..... Bill of
Pains and Penalties against the Bishop of Rochester..... Who
is deprived and driven into perpetual Exile..... Proceedings
against those concerned in the Lottery at Hamburgh....