Debts_, 6,993,247
_By =Ditto= Unredeemable Debts_, 6,035,178
----------
23,030,425

The _Government_ is only to pay Ten _per Cent._ for the Sum of _Twenty
Three Millions, Thirty Thousand, Four Hundred Twenty Five Pounds_. The
_South-Sea_ Company being in _Statu quo_, are to receive an Interest as
the _Act_ directed before the last _Settlement_.

The other Moiety will enable the _Government_ to make good the
_Deficiency_ (if any) to the _South-Sea_ Company, to forgive them the
_Seven Millions, Five Hundred Thousand Pounds_, pay the _Interest_ due
from the _Government_ and clear a great Part of the _Principal Debt_.

The _Scheme_, as before-mention'd, will restore our _Credit_, and pay
Part of our _Debt_; but if we intend to pay the Remainder, we must
endeavour to be at a _Par_ with our Neighbours in Trade: And if they
outdo us in Policy therein, and we do not strive to follow their
_Methods_, we must expect in the End to be the Losers, and never to have
a Balance.

We ought to consult those Methods that will increase our _Exports_, and
lessen the _Importation_ of such Goods as takes away our _Bullion_, and
prevent our _Coin_ from being exported, in the best Manner we can.

* * * * *

Now, Sir, you having consider'd the _Proposal_, and what has been
previously maintain'd give me Leave to ask you a few Questions: _Viz._

1. Whether the Corporation of the _South-Sea_ Company, if they could be
sure that the _Government_ would forgive them the Debt of _Seven
Millions, Five Hundred Thousand Pounds_, and put them in _Statu quo_,
(that is, in the Condition they were in when Stock was at _One Hundred
Twenty Five_) would not they readily embrace the _Offer_?

2. Whether either the _South-Sea_ Company, the Bank of _England_, or the
_East-India_ Company, desire the _Ingraftment_ propos'd by Parliament?

3. Whether a more equal Distribution of _Loss_ can be made, to please
all Parties, especially the major Part; or who will be the greatest
_Loser_ by the _Proposal_ herein mention'd?

One great Calamity is the Loss of _Paper Credit_, on which our _Trade_
chiefly depended: We find already a great Decay, which will soon be more
apparent. We have indeed at present too little _Cash_, and too little
_Credit_, to support _Trade_; and if we do not take other _Methods_ than
what has been