iption be opened
for that purpose, with an assurance that no part of the principal should
be paid off for fourteen years. He expatiated on the national advantages
that would accrue from a reduction of interest. From easy and obvious
calculations he inferred, that in a very little time the interest upon
all the South-Sea annuities would be reduced from four to three per
cent., without any danger to public credit, or breach of public faith;
that then the produce of the sinking fund would amount to fourteen
hundred thousand pounds per annum, to be applied only towards redeeming
the capital of the several trading companies; he proved that this
measure would bring every one of them so much within the power of
parliament, that they would be glad to accept of three per cent,
interest on any reasonable terms; in which case the sinking-fund would
rise to one million six hundred thousand pounds per annum. Then the
parliament might venture to annihilate one half of it, by freeing the
people from the taxes upon coals, candles, soap, leather, and other such
impositions as lay heavy upon the poor labourers and manufacturers;
the remaining part of the sinking-fund might be applied towards the
discharge of those annuities and public debts which bore an interest of
three per cent, only, and afterwards towards diminishing the capitals of
the several trading companies till the term of fourteen years should
be expired; then the sinking-fund would again amount to above a million
yearly, which would be sufficient for paying them off, and freeing the
nation entirely from all its incumbrances. This salutary scheme was
violently opposed by alderman Heathcote, and other partisans of the
ministry; yet all their objections were refuted; and, in order to
defeat the project, they were obliged to have recourse to artifice.
Mr. Winnington moved, that all the public creditors, as well as
the South-Sea annuitants, should be comprehended. Sir John Barnard
demonstrated that it might be easy for the government to borrow money
at three per cent, sufficient for paying off such of the proprietors of
four-and-twenty millions as were not willing to accept of that interest;
but it would be extremely difficult to borrow enough to satisfy the
proprietors of four-and-forty millions, who might choose to have their
principal rather than such an interest. Nevertheless, resolutions were
founded on this and other alterations of the original scheme; and a bill
was immedia