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 VINDICATION 
 
 O F 
 
 E.~^e B.g.J, Efq^&c: 
 
 v-itiTTii' . -n i ii l i r i -ii r t ill ■ ! I ■[ 'Mf /^-HmJhm^btm^mmi^m^mmiliimita
 
 .it. . . V.^,*- -»-: 
 
 4^ ^^ X -L 
 
 •1 V,,' . 
 
 
 ,4.
 
 A 
 
 VINDICATION 
 
 O F 
 
 From the Imputation of his 
 being the Author of a Print- 
 ed Speech, faid to be 
 fpoken at a General Court 
 of the South-Sea Com- 
 pany in Merchant-Taylor's 
 Hall, on Friday^ Sept. 30. 
 1720, 
 
 Wherein the Cafe of the S e l l e r s and 
 Purchasers of the Third and 
 Fourth Subfcription is Confidered. 
 
 puid nan Mortalia peUora cogis 
 
 Ami Sacra fames ? *- I^iyt, 
 
 L O N T> O N: 
 
 Trintcd for W. Boreham at the Angel in Vater- 
 Nojler-Row, 1720.
 
 Vry- 
 
 VINDICATION 
 
 E — ce B-g'h Efq; 
 
 I!F all the Bubbles this 
 Fruitful Age has produ- 
 [ ced> none feem to me 
 more deteftable than (uch 
 as are Calculated to rob Worthy Men 
 of their Fame. 
 
 A Gentleman plunder'd of his 
 Fortune by the Lavd-Vkates of Ex^ 
 
 }0 
 
 .>
 
 change - Alky, -may have it m'lhjs 
 
 Power to make Reprizals j. hm :^ 
 
 Good Name is chat Precwus O'mtmmt, 
 
 which when once tainted with the 
 
 poifonous Breath of Wicked Mei|, 
 
 may never recover its Odour 5 there' 
 
 tore do I think it incumbent on me, 
 
 as a Brother of the QluH, to do Ju- 
 
 ftice to fo eminent a Meider of our 
 
 Fraternky.. ' ' , '" | \/' 
 
 When weconfidci' the difcreet De- 
 meanpur.of this hjured Gmtlem^i^ 
 both' in Publick and Private li4; 
 his diffidence in Opinion, and his 
 dif-incereftednefs in Bufoefs, can we 
 fuppofefo wild a Flight as this Spp^ech,| 
 tat leaft a^ it is tpii into the World)] 
 could be-the' Fruits of fo Cultivatedi 
 ^ Mind ?^ Can my. imparcial^ lylai;^ 
 imagin-e, that a Gentlemaji mkq<S^ 
 crificed fo great a Stake m Ireland to 
 a laudable Zeal for the Publxck, 
 would now Sacrifice his R^afont^ 
 
 his
 
 his private Inta'eft? And yet, ^ 
 Paffage in this Speech, tends to (uch 
 an Imputation. 
 
 It is this, — " I ohfewe, ( fays 
 this Speech) that you intend to de- 
 *^ liver out the Receipts of the 
 ^, Third and Fourth SuWcription in 
 *^ the fame Form they were to have 
 *^- been at firft. Every Gentleman 
 " muft fee with half an Eye, the 
 ^^^•Defign of this is that all exorbi- 
 *^" tant Bargains for the Receipts of 
 *^.tho{c two Subfcriptions, fliould 
 *^ remain Good and Valid, — but 
 *^ whether — When e'very thmg is 
 ^^ fo altered from what it was at the 
 *^ time thofe Barsains were made, 
 *' this is juft and reaionable, willde- 
 " ferve our further Confideration. — 
 
 Now is not all this, (aying in 
 other Words, " I have happened Sir, 
 ^ ro make lome of thofe Exorbitant 
 
 '* Bargains,
 
 « 
 
 '" Bargains, which I believed woulcl 
 *^ have added much to my Wealth, 
 " and my Wifdom,- but fince tk 
 ^^ Tide is turned^ let there be feme- 
 thing done that may be a Pretence 
 for not complying with thole 
 Bargains^ which otherwife may 
 bring my Purfe and my Parts un- 
 der the irhputation of being mf- 
 ty. 
 
 This, I think, is a juft Conclufion 
 (rom that Part of the Speech I have 
 cjuoted j provided the Fad is true, 
 (which I dare fay, will not be con- 
 teftedt-that fuch Bargains have been 
 made by this Gentleman. Here we 
 find they are called Exorhifant -•— 
 Why ? Becaufe things are altered *- 
 therefore do they put this Gendeman 
 upon Doubting, whether thofe Bar-^ 
 gains fiould remain good and Palid. Now 
 mull not every Gendeman fee 
 with half an Eye, into what ab- 
 
 furdities
 
 [9] 
 
 futditics in Law as well as in Reafeft, 
 they would plunge the pretended 
 Author of this Speech? 
 
 For by the fame parity of Et^ui- 
 ty and Reafon, might not a Negd- 
 iiator in the Alley objed^ that he h 
 not obliged to take Stock contradled 
 for feme time |)aft: at a t'Ooa f^ 
 Cent ? Would not his objedion in 
 this Cafe carry the (ame Weight as 
 in the Cafe of the Third and Fourth 
 Subfcription if he infifled, " That 
 *^ this Stock could never be fuppofed 
 '^'^ to rife to: a Thoufand if the Com- 
 ** pany had riot taken a Subfcription 
 -f ^ at that Price j but that Subfcrip^ 
 *^ rion being now reduced 10400/. 
 my Contract (fays he) Jime thmgs, 
 we alteredy ist not Good and Falidi 
 
 €< 
 X6 
 
 The fame Dodrine will equally 
 hold to deflroy all Honour, Credit, 
 
 B and
 
 and good Faith in every Bargain 
 made or to be made for this Stock, 
 or any [other of the Subfcriptions, 
 and how far that may tend to the 
 fupport of Publick Credit and this 
 Company's Stock j let thofe Gen- 
 tlemen confider, who feemed to at 
 fiime a Judicatory, that no way be- 
 longed to them. I own that it was 
 as extrajudicial to accufe any Mem- 
 ber of a Court, where the Party ac- 
 cufed was to have no (iTiall Share in 
 the determination of the Charge a- 
 gainfl: him^ as it was injudicious for 
 the Accuied to think of taking off the 
 Edge of their Accufers Refcntment, 
 by affuming a Determination of what 
 was altogether foreign to their Pro* 
 vince, and the Conlequenccs where- 
 of they certainly had not confi- 
 dered. 
 
 5or
 
 For the Expedient propofed, will, 
 (in my Opinion) be of no Advantage 
 but to the Crafty, to the Litigious, 
 and to the Lawyers. 
 
 For State the Cafe thus. 
 
 A Subfcription is taken for the Sale 
 of the Stock at a Thoufandi A. B, 
 pays a Subfcriber Two Hundred per 
 Cent, Premium upon one Subfcripti- 
 on, at a Time, when the Stock and 
 the other Subfcriptions were advanced 
 in proportion : The Seller of this 
 Third Subfcription buys a second 
 subfcription of a Diredor at above 
 Five Hundred fer Cent, advance, (as 
 many Inftances of that kind have hap- 
 pened, and can be proved.) Now 
 the Subfcriber at One Thoufand 
 Pound, who has Sold his Subfcripti- 
 on, muft refund;, but thofe that were 
 
 loaded
 
 [ 12 J 
 
 loaded with the Second Subfcription^ 
 at Four Hundred Pound, muft, ac- 
 cording to all Reafon and Equity, 
 have the Benefit of what they have 
 Sold 5 or how, otherwife, can the 
 dear Purchafts they have made, the 
 Equipages and Gilt Coaches they have 
 bought, be paid for? 
 
 Let us now confider, whether the 
 Alteration made in Favour of the An* 
 nuitants, and the Subfcribers of the 
 Redeemable Debts, will not, if fuch 
 Logic and Reafon prevail, equally 
 void all the Bargains thoie Annuitants 
 ^c, have made for the Stock that 
 Was firfl: ordered them at Eight Hun- 
 dred Pounds : For die Purchafers of 
 that Stock may objed. That it being 
 now reduced to Four Hundred, that 
 fince Tlomgs are alter d^ they look upon 
 she Bargains to be Exorbitant, and 
 therefore Void. — Notwithftanding 
 
 thi 
 
 IS
 
 [ 13 3 
 
 this Alteration is in their Favour, and 
 confequently makes the Equity the 
 Stronger, that the Purchafers ought 
 to take Stock according to dieir Con- 
 trails. 
 
 But to fet this Matter in a clearer 
 Light, for the undeceiving fuch,. 
 as through Intereft or Ignorance, have 
 given into an Opinion, That the 
 Contradls for Shares in the Third 
 and Fourth Subfcription, are void- 
 able by the Alteration made therein. 
 I will offer a Parallell Cafe to prove. 
 That thePradice and Cuftom of JS.v- 
 change- Alley, as well as the Letter and 
 Equity of thofe Contrads, is fuffici- 
 e^t to enforce the Performance of 
 them. -'-- The Cafe which is frefli 
 in every one's Memory, is this.
 
 [14 3 
 
 A General Court of- 
 
 The Royal-Exchange Affnra.tice 
 Company, did, during the fliutting 
 of their Books, reduce a Thoufand 
 Pound of their Stock to Five Hun- 
 dred Pound S tock : When the Books 
 were open'd, and the Exorbitant Bar-* 
 gains, (for Things ^ere fo alter d, that 
 the Stock was then funk near Two 
 Hundred per Cent.) were to be per- 
 formed j fome Crafty Jobbers made 
 that Redudion of the Stock a Pre- 
 tence, for not complying with a loofing 
 Bargain j but fu:ch a Scandalous Eva- 
 fion was exploded by all Men of Ho- 
 nour and Juftice, with that Spirit of 
 Indignation, that of all thofe Bargains, 
 I am confident not one remains un- 
 performed or unadjufted upon that 
 Pretence : Yet in this Cafe, the Al- 
 teration of the Stock v/as to the DiC- 
 advantage of the Purchafbrs 5 where- 
 
 as
 
 [ ^5] 
 
 as that of the Third and Fourth Sub- 
 fcription, is in their Favour j which 
 makes, (as I faid before) the Equity 
 the ftronger for the Performance of 
 their Contrads, 
 
 Why iliould any Sett of Men think 
 of Redrefling a few, in Comparifon 
 of the great Number of Sufferers by 
 South-Sea Stock and Subfcriptions, be- 
 caufethofe few are only fhock'd with 
 a diftant Profped of a Lofs ? They 
 may indeed attempt the Curing of an 
 imaginary Evil, by a real Grievance, 
 but by what Rules of adling fuch a 
 Procedure is to be reconcil'd, is hard 
 to guefs. This I am Confident oi^ 
 That if Thofe who are entrufted with 
 the Fortunes of fo many Thoufands 
 of His Majefty's Subjeds, had not 
 very uncorrupt Hearts and clean Hands, 
 as mofl certainly they have, fome of 
 their late Pvcfolutions would be cfteem-
 
 [ i6 3 
 
 ti rather the Effecl: of their Fearsi 
 than the Refiilt of their Reafon. 
 
 Therefore if Grievances are to be 
 redrefs'd, Juftice requires, Thatfoch 
 a Redrefs fhould be general, and for 
 that Reafon, * the Worthy Gentle« 
 man, whofe folid Judgment in Bu- 
 linefs and whofe jufl difcernment of 
 Men's Paffions and Interefls, not only 
 this Company, but the City itfelf has 
 happily Experienced upon many Im- 
 portant Occafions ; this worthy Gen- 
 tleman, I fay, with Reafon propofed^ 
 that " as to Differences that might 
 ^ happen in relation td Contra&s, 
 '^^■'^(:^/ It'tnight be neeeilary there 
 *'^ ihould be a CommifHon [granted 
 ^ by a proper Power] to aflign every 
 ^ Man's Right. '* — And had the 
 Enemies of the Gentleman, in whofe 
 
 Defence 
 
 *" Mr. Crags,
 
 C 11 ] 
 
 Defence I now appear, allowed him 
 to have fpoken his own Sentiments, 
 his dif-intereftednefs and good Stnik^ 
 would have led him into the fame 
 manner of thinking with the wor- 
 thy Gendeman juft mentioned. 
 
 But fuch is the Malice of his Ene- 
 mies, that they will not allow him to 
 to be confiftent withhimfelf — Here 
 they make him tell the Wodd, that 
 '' The Publick Credit is upon the 
 '' brink of Deftrudion, " and there 
 to think, notwithftanding, "that the 
 ^^ Fears of his Countrymen are too 
 *' great, if at all neceflliry. ,— That 
 " the South-Sea Scheme is interwo- 
 '^ ven with, and become part of 
 ''' our very Conftitution (which i^ the 
 '' beft in the Worid ) and yet is like 
 to fplit upon the fimc Rock as the 
 MifflftppiCom^my^' which is in- 
 terwoven with fuch an Arbitrary Go- 
 
 C vernmenc 
 
 a 
 
 cc
 
 [18] 
 
 vernment, as is inconfiftent with, 
 and deftrudivc to all publick Credit^ 
 but from thefe and many other In- 
 confiftencies in Reafon and Fad, this 
 worthy Genrieman Ihall be further 
 Vindicated as the reftlefs Malice of 
 Eis Enemies Ihall make it neceffary. 
 
 FINIS.
 
 UC SOUTHERN REGIONAL LIBRARY FACILITY 
 
 AA 000 206 761 9
 
 ^■*- - :%