ed for
alleviating the load of the national debt, that the public, in knowing
the particulars of the scheme, might have time to consider them at
leisure, and start such objections as should occur to their reflection,
before it might be too late to adopt amendments. He observed, that
nothing could more clearly demonstrate the vigour of public credit, and
the augmentation of national commerce, than the price of stock, which
had within three years risen to a very considerable increase; and the
duties on imports, which in nine months had added one million to the
sinking fund, notwithstanding a very extraordinary sum which had been
paid as bounties for exported corn. He expressed great tenderness and
regard for the interests of those who had advanced their money for the
service of the government; declaring, that his aim was to contrive
a fair, honest, and equitable method for lessening the national
incumbrances, by lowering the interest, conformable to parliamentary
faith, and agreeable to the rules of eternal justice. His plan was
accordingly communicated, canvassed, and ap proved in the house of
commons, and an act passed for reducing the interest of the funds which
constitute the national debt. [321] _[See note 2 Q, at the end of this
Vol.]_ In pursuance of this act for the reduction of the interest, the
greater part of the creditors complied with the terms proposed, and
subscribed their respective annuities before the end of February; but
the three great companies at first kept aloof, and refused to subscribe
any part of their capital.

About the middle of March the commons ordered the proper officers to lay
before them an account of the sums which had been subscribed, and these
were taken into consideration by a committee of the whole house. It was
then that Mr. Pelham, as chancellor of the exchequer, observed, that
besides the debts due to the three great companies in their corporate
capacity, all the rest, carrying four per centum interest, had been
subscribed, except about eight or nine millions, the proprietors of
which had forfeited the favour designed them by parliament; but as many
of these had been misled by evil counsellors, who perhaps were more
intent on distressing the government, than solicitous to serve their
friends; and as many were foreigners, residing beyond sea, who had not
time to take proper advice, and give the necessary instruction; and
as these could not possibly be distinguished from such as ref