jet, and so dangerous to Liberty, that every Man who wishes well to his Country, must, in our Opinion, defire to see them put a speedy End to. Most of these Taxes were laid during the Neceffity of twolong and expensive, Wars, and were granted only for Terms of Years, that so the Principal and Interest of the Loans made on them might be paid off in a certain limited Time. Thus the Nation consented to pay in some Manner a double Tax, in order to avoid the long and uncertain Continuance of such grievous and dangerous Impofitions; and according to the first Design, many of them would have been very near the Expiration of their Term at this Hour. The Wisdom of Parliament, indeed, thought fit to throw these Taxes, and the Method of discharging the Publick Debts into another Form, which now fubfifts, but we cannot conceive that this was done with a View of continuing our Taxes and our Debts the longer. On the contrary, we are sure it was done in the View of dif charging both the fooner; and it is this very View which we apprehend must be fatally disappointed, if the present Method of diverting any Part of the Sinking Fund from the Payment of the Publick Debts, be fuffered to continue.

6. Because we apprehend that this Method may create the utmost Uneafiness in the Minds of his Majesty's Subjects, and may tend, if not timely prevented by the Wisdom and Authority of this House, to diminish their Affection for his Person and Government. Hitherto, whilst they have labour'd under the Weight of Taxes, and groan'd under the Oppression of Excise Laws, the Hope of feeing speedily an End of both, has been their fole Confolation; but nothing can maintain this Hope, except a due Application of the entire sinking Fund, to the Discharge of those Debts, for the Discharge of which, these Taxes were intended and given. If some Part of this Fund therefore continue to be mortgaged off, and other Parts to be apply'd to the current Service, even in the midst of profound Peace, this Hope must sink, and Despair arise in its Stead. We insist with greater Concern and Earnestness on this Point, from our Obfervation of what has lately passed on the Occafion of Attempts made to extend the cruel and arbitrary Methods practifed under the Laws of Excife, and naturally and necessarily, as we apprechend, flowing from them. If any new Law of this Kind had paffed elsewhere, we perfuade ourselves, it could not have prevail'd in this Houfe:

House: But we think it the more incumbent upon us, after such an Attempt, and such National Resentment expressed against it, (both which are of publick Notoriety) to promote, as effectually as we are able, the Quiet and Happiness of his Majesty's Reign, by cutting off any Hopes or Fears which may be still entertain'd, that fuch a Project will some Time or other fucceed; and to this good and laudable End, we conceive, that nothing would have contributed more, than fuch a folemn Declaration of the Sense of this House, as is contain'd in the Question.

The Proteft of the Lords in Parliament relating to the Enquiry into the Affairs of the South-Sea Company,

T

Die Sabbati, 2 Junii 1733. HE House being moved to appoint a Committee to examine into the Proceedings of the South Sea Company,

After Debate,

The Question was put, Whether a felect Committee shall be appointed, of twelve Lords to be chosen by Ballot, to examine into the Transactions and Proceedings of the South-Sea Company, from the second Day of February, 1720, and to lay their Report before this

House ?

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1. Because the present Debt of the Kingdom, being almost wholly incorporated into the three great Companies, it behoves the Legislature, who are the proper Guardians of the Publick Creditors, to take all possible Care, that they suffer no Injury in their Estates by any Frauds committed in the Management of them: For though the Directors are chofen by a General Court, they are 'invested with such extensive Powers, that they are capable, by abusing their Trust, of doing infinite Mischief to the Proprietors, unless their Proceedings

arc

are vigilantly watched and Controuled, by that supreme Authority under whose Sanction they act, and by which only such Practices can be effectually prevented or punished.

2. Because this House having been induced, by the Reasons before mentioned, to begin an Enquiry into the Management of the South-Sea Company, we apprehend that our Honour is engaged to answer those Expectations which the Publick had so jusily conceived from it; and since the advanced Seafon of the Year will not permit us to finish this Examination, during the present Session of Parliament, we apprehend a Committee was the only proper Way left to unravel such dark and intricate Affairs, which require a very nice Inspection into many voluminous Books; it appearing to us, by what we have feen and heard at our Bar, that the Accounts of this Company have been kept in a most confused, irregular, and unwarrantable Manner, in or-der, as we apprehend, to conceal Frauds, and defeat all Enquiries.

3. Because the great Distresses and Calamities of the Year 1720, having been occafioned by the Directors at that Time declaring such extragant Dividends, as the Company was not able to support, the Legislature have, in all their Acts relating to this Corporation, which have passed since that Time, taken the utmost Care to prohibit and restrain the Directors from being guilty of the like Practices; yet notwithstanding this, they have been so far from taking Warning by the Examples made of their Predecessors, that it appears, by the Accounts laid before this House, that although by the Cash which came into their Hands, and by the Sale of four Millions of Stock to the Bank, and by the Loans of Stock and otherwise, they were sufficiently enabled to pay off the Debt of five Millions four Hundred Thousand Pounds, then owing by the Company, as in Justice and Prudence they ought to have done; yet influenced, as we have Reason to believe, by the great corrupt Views of fome few, who may have affumed to themselves the whole Management of the Affairs of this Corporation, they left great Part of their Debt on Bonds at Interest unpaid, and by unwarrantable Dividends out of the Money, in order to give a fallacious Value to their Stock, Multitudes of his Majesty's Subjects have been defrauded ; and they have, without the Knowledge of the Proprietors, not only diffipated above two Millions three hundred thousand

thousand Pounds, received from the Directors Estates; but they have likewife brought a new Debt of two Millions upon the Company, and thereby diminished the Capital of every Proprietor's Stock; by which Means great Injury and Injustice have in numerous Instances been done to Orphans, and the Reversionary Heirs of these Estates, to the great Dishonour of the publick Faith, and Difcredit of the Nation.

4. Because, although the Directors apply'd to Parliament in the Year 1727, for their Authority to dispose of the Produce of the Estates of the forfeiting Directors, pretended to be then remaining in their Hands, yet it appears by the Accounts now before us, that the greatest Part of this Money had been before actually divided out in extraordinary Dividends, and when, in order to give fome Colour to these Proceedings, they obtained an Act of Parliament to dispose of these Effects, they never call'd a General Court to acquaint them with the State of this Account, or to take their Directions for the Application of any remaining Part of these Estates, notwithstanding they were expresly required so to do by the faid Act.

5. Because there is Reason to believe, from a general View of the fame Accounts, that there are many Articles hitherto unexamined, under which a Multitude of Frauds made be conceal'd; such as buying, felling, creating, and issuing of Bonds, employing irregularly the Cash of the Company which lay in their Hands, whilft the Proprietors were paying Interest for Money borrow'd of the Bank, in transacting Stock abroad, and selling fictitious Stock at Home, with many other Practices of the like Nature, too long and various to be particularly explain'd: For these Reasons, we conceive, it was abfolutely neceffary to have appointed a Committee, as the only Method to diftinguish the few, who probably are criminal, from many Gentlemen who may at present lie unjustly under the fame Imputation; especially at a Time when a Bill was actually depending for dividing the Capital of this Company, three Fourths into Annuities, and leaving the remaining Quarter to be a trading Stock, with a large Debt, and Demands upon it unliquidated, and the Value of it confequently unknown; which, should it pass into a Law, will, in all probability, promote and encourage the infamous Practice of Stock-jobbing, to the Ruin of great Numbers of his Majesty's Subjects.

6. Because

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6. Because the other House have frequently appointed Commiffioners to inspect the Publick Accounts, during the Interval of Parliament, as the only practicable Method of arriving at any Knowledge in such Affairs; a Method, indeed, too much disused of late Years; we therefore apprehend, that no just Objection either was, or could be made to a Committee, which is perfectly agreeable to the Nature of our Constitution, cannot be of any Prejudice to the Company, and being confined to a particular Enquiry, can give no Grounds of Apprehenfion to any but those who are afraid it may lead to further Discoveries of iniquitous Contracts, and corrupt Bargains in the Settlement and Transactions of this Company, fince the Year 1720, which some Persons have endeavour'd with so much Industry to conceal.

7. Because we think it highly expedient at this Time to vindicate the Publick Faith of the Nation, left Foreigners should be induced, by the many Instances of Fraud and Corruption, which have been of late discover'd in other Corporations, suddenly to withdraw their Effects out of our Funds, and thereby totally destroy publick Credit, and plunge us into inextricable Difficulties.

8. Because the Acts made Use of to divert us from our Duty, and defeat this Enquiry, give us Reasons to prosecute it with fresh Vigour; for Impunity of Guilt (if any fuch there be) is the strongest Encouragement to the Repetition of the same Practices in future Times, by chalking out a safe Method of committing the most flagitious Frauds, under the Protection of some corrupt and all-fcreening Minifter.

9. For these Reasons we think ourselves under an indispensable Obligation to vindicate our own Honour, by leaving our Testimonies in the Journals of this House, that we are not under the Influence of any Man whatsoever, whose Safety may depend on the Protection of Fraud and Corruption; and that we enter'd upon this Enquiry with a fincere and just Design of going to the Bottom of the Evil, and applying to it the most proper and effectual Remedies.

Strafford, Shaftsbury,

Suffolk, Craven,

Tweedale,

Thanet,

Coventry,

Chesterfield,

Masham,

Cobham,

Stair,

Berkshire,

Redford,

Bathurst,

Litchfield,

Nottingham, Marchmont,

Journal

Montrose, Bridgewater, Bruce,