The CASE of
Richard Thompſon and Company.
THAT we being ſeverally poſſeſſed of conſiderable Eſtates, did upon the ſecond day of January 1670. (as is frequent with other Merchants) enter into a Society among our ſelves, giving
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ur joynt Bonds for ſecurity to all ſuch Perſons as
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ffered Money to be depoſited with us. Many had
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dviſed, more approved of this our Undertaking, and
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aily confirmed us in it; by intruſting us with ſeveral
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umms to a great value, at the uſual Intereſt: which
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hey found ſo little cauſe to repent of or ſuſpect; that notwithſtanding the Calamity which about a year after fell upon Bankers, and conſequently upon ſo many hundreds of Perſons concerned with them in the Exchequer, yet our Creditors continued the more their former Confidence in us, till in ſucceeding years ſo many others choſe to imploy their Money in our hands, that the Debt muſt neceſſarily exceed our Eſtate, of which our Creditors could not at the ſame time be ignorant, yet were not diſtruſtful. And therefore we extended our utmoſt Induſtry, and Fidelity, in meaſure to the growth of our Reputation: having
imbarqued our ſelves in ſeveral advantagious or probable Trades: That of Wine, that of Silk, that to Ruſsia, parts of Eaſt-India Shipping, the private Trade to Eaſt-India, Lead-Mines, the Iriſh Manufactures, Exchange, &c. omitting nothing within the compaſs of our ingenuity; whereby as we were at firſt, ſo we might ſtill be enabled to comply with our Obligations to ſo many worthy Perſons.
Nor were our endeavours herein unſucceſsful; but that notwithſtanding the difficulties which all Merchants have for theſe late years experienced, and which we particularly in ſo various Buſineſs and Adventures muſt neceſſarily have met with, we were by God's Bleſſing alwayes in a condition to perform with our Creditors, and in a rational proſpect of far other Fortune to our ſelves, than hath ſince befaln us. So that for above five years time we chearfully and punctually comply'd with all Men, our dealing being direct, and open; nor any viſible or hidden flaw in our Credits, but we paid every one duly, whether Principal, or Intereſt, as demanded: nor could it in ordinary Reaſon have happened otherwiſe for the future.
For it is not eaſie to imagine, that Men ſhould conſpire to tear out the Planks of that Veſſel whereof themſelves are the Owners; or plunder their own Fortunes out of a Ship which themſelves had fraighted; nor
that the ſame Perſons, ſhould at the ſame time build up General Credit, and deſtroy it.
There is indeed in all Undertakings of this kind, as
〈◊〉
other humane Affairs, ſome mutual hazard: But the
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dventure of the Debtor however is much greater, and is Caſe much harder than that of the Creditor.
For moſt Creditors do only let out to them the Spa
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able, and more Superfluous part of their Eſtates for a
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ertain Income: Whereas the Debtor imploys his whole Time, and Induſtry; binds his whole Fortune;
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nd which is more, expoſes all his Reputation for Se
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urity to the Creditor's Humour, or Conveniency.
But therefore the Creditor, at the ſame time that he
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eceives Bond, does in the very nature of the thing en
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er into a tacit Contract, both that his Debtor may
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mploy the Money, without which it is not to be ſup
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oſed that he ſhould pay Intereſt; and that himſelf
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ill not joyn with the reſt in ſo ſudden and univerſal Draught, as ſhould make it impoſſible to diſcharge
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e Principal.
We may well call this a Contract, ſeeing although
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nwritten indeed, and unatteſted, yet is it as firm as
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umanity to the Debtor, Equity to fellow Creditors:
〈◊〉
ſetting thoſe aſide, Truth to a Man's proper Con
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rn, and Security can make it.
Yet the contrary to this befel us, at a time when we
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uld leaſt foreſee or expect it. Our Creditors about
Michaelmas 1675, begining to run at once upon us; and by how much we had given leſs Reaſon for their doing ſo, the leſs hopes was there to allay it by Reaſon. We were not ſo unconcerned, as to be long ignorant whence it all proceeded, but we think it more mee
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and proper in our Condition, to humble our ſelves fo
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having aimed at a ſuperfluous Fortune, than to reproach the Malice, or Imprudence of ſuch as have occaſioned our Ruine.
We attempted (but in vain) to mitigate by Diſcourſe this harſh manner of proceeding, and that not taking place, we made ready Payment, the ſole ſatisfaction that would be admitted. To do this, we did not only exhauſt all thoſe Summs of Money which we ſtill reſerved (at detriment) by us, to have ſupplied the ordinary Draughts of our Creditors upon occaſion, but were conſtrained to hale back whatſoever lay within our reach, and which had the moſt appearance of profit, at the greateſt diſadvantage and loſs.
For that general Stock, which was, and had hitherto been eſteemed as a grand Counterſecurity to every particular Creditor, was now turned into an Argument of Jealouſie, and Diſcredit: And we were daily ranſacked and run upon with ſuch haſte and violence, as muſt have diſordered the moſt reſponſible Perſon, or Society, in their private Eſtate and Reputation. Where all Men puſh at once, who can ſtand ſingle?
It were almoſt impoſſible even to tell ready Money in that time, within which we were forced to provide it, and for thoſe, who, (if we may have leave to ſpeak it) although of the moſt importunate, found it uſeleſs, and rather troubleſome to them, as ſoon as received, ſo far from neceſſary.
And yet in this condition we bore up from Michaelmas to March following, (time enough for ſecond Conſiderations, and milder Counſels) till we had paid about the ſumm of Sixty thouſand pounds, (ſufficient one would have thought to have qualified and aſſwaged ſo cauſleſs a Jealouſie, and ſo extream a Rigour:) But the Humour not abating, and Men being the more hardened by our Compliance, we were then conſtrained to take another Method, the moſt contrary to our Nature, to our Intentions, and to which nothing but the utmoſt neceſſity could have compelled us: For we were indeed as Men ſtifled with the crowd of Demanders, ſo that there was no longer living in it, but about the 9th of March aforeſaid we found it neceſſary to ſummon our Creditors.
We propounded to them that we ſhould in eight Six months time, pay off the Principal without Intereſt, which we did upon our beſt computation, of what was yet poſſible in an Eſtate (not by our fault) ſo mangled already, and under ſo ſhatter'd a Reputation.
But this our Creditors rejected, and required the
view of our Books, which we ſubmitted to, wherein there appeared about Thirty five thouſand pounds more Credits, than Debts. Upon the ſight of which, they not looking further into our Loſſes or bad Debts, bu
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taking all for good, and the Contingent for Certain
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thought it reaſonable to impoſe upon us the paying of Intereſt, and to allow us no more than Six Six Month
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to extinguiſh the Principal.
They could not have exacted any thing more plauſible from us, or more ſuitable to our own inclinations than not to pay one farthing leſs than we owed▪ only we were fearful, having once ſuffered, to enter again into Conditions that ſhould hinder the Effect.
But to overbear us in this, they diſcourſed with ſome probability, and in much ſeriouſneſs aſſured us that upon making ſo fair and ſpeedy an Agreement, (eſpecially ſince by their ſearch in our Books, they had found nothing in the manage of our Affairs, but what was both honeſt, well laid, and Merchant-like) we ſhould find the return of our former Credits, and be fortified with freſh Reputations.
This, from thoſe, who had both the power to impoſe their own Terms upon us, and ability to make good their own Promiſes, was too ſpecious for us to diſtruſt, and too forceable upon us to have refuſed.
We had before offered them freely to deliver up the whole Eſtate into the hands of ſome Truſtees of thei
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own Number, to have collected it in for the reſt of the Creditors: But the Major Part thought fit, that having agreed to their Terms, and times of Payment, We who were beſt vers'd, and moſt concern'd in the Iſſue of the Affair, ſhould have the care of conducting it to a Period.
And now we had reaſon to hope, after we had been induced to ſubmit to the payment of Principal and Intereſt, that none would have refuſed to ſign ſuch fair Propoſals, but that we might without diſturbance have collected the Eſtate, which lay at Six and Sevens in a periſhing Condition, for want of preſent management. But as we muſt upon all accounts acknowledge our own Weakneſs; ſo we think we have right to ſay, (upon experience) with reſpect to others, that there are ſome times when Men have leſs of Reaſon than all other Creatures.
For it was evident, and our Books which we had ſubjected to a daily inſpection did demonſtrate, that every moment of time gained or loſt was a ſum of Money; that all delay made us the leſs reſponſible; that the Eſtate if none took care of it, would diſpoſe of it ſelf, out of the reach both of the Creditors, and our ſelves; and that our Debtors would poſſeſs it: That there was no coming to an end, but by an Agreement, which therefore the more conſiderable part of our Creditors entred into: and yet nevertheleſs there
remained ſtill a number ſufficient to obſtruct any good buſineſs of this kind: who though they knew we had drawn out all the Blood in our Veins to give ſatisfaction, yet would not allow us any time to reſtore Nature, but obſtinately refuſed to ſubſcribe the ſaid Agreement: as if they accounted it a more deſirable thing to have their Will, than to exerciſe their Underſtanding; and to execute a cauſleſs and unprofitable Revenge, than to arrive at a juſt Payment.
It was three or four Months time that had lapſed from the Ninth of March, before the greateſt part of our Creditors had Signed; but the other continued Refractory ſo long, until many of our Correſpondents both at home, and abroad in Forreign parts, took advantage thereby to delay, and ſome to imbezel what they had in their hands; beſides the badneſs of Trade, and the general Poverty, which made all Men leſs ſolvent.
We therefore, that the Eſtate might no longer lie as a Waif and Stray, and in right not only of our ſelves, and the ſubſcribing Creditors, but even to thoſe who neglected and oppoſed their own and the common Intereſt, took up a Reſolution, whatſoever were the hazard, to encounter it, and commit our ſelves to the Diſcretion of Mankind under God's Providence.
Accordingly we undertook the management; but no ſooner were we engaged, than we found our ſelves
beſet & ſurrounded by thoſe that had ſtood out againſt the Agreement; and who thought it doubtleſs an honeſt, but however a wiſe Deſign for them to be their own Carvers out of the whole Eſtate, now that the reſt had bound themſelves up to expect the times and proportions of Payment.
Our firſt Welcom, (and our conſtant Entertainment ſince) was by Threats, endeavouring Statutes of Banquerupt, Arreſts, three or four Arreſts ſometimes, and as many ſeveral Declarations, for the ſame ſum of Moneys, Attatchments, Volumns of Menacing Letters, with a multitude of other Affronts and Unkindneſſes, too long here to enumerate: It is not indeed to be deſcribed the Miſery and Importunity we again lived under.
If (as it was in this Caſe our Duty) we defended the Eſtate againſt them, it was ſo at a great and conſtant Expence, being liable to pay their Charges, beſides the Principal and Intereſt; which we were forced to tear out of the whole Cloth, and to ſpoil the whole juſt Diſtribution, in order to ſatisfie their particular Concern.
Now to ſupply this continual Flame with Fewel, we cut off the moſt fruitful Branches, and grabbled up the very Roots of our moſt profitable Trades, (for there was no doing the one without the other:) yet here alſo they way-laid and ſtrove to prevent us. One
of our Company (having ſeveral weeks before publiſhed a Journey for Ireland, and left all things here in good Order,) while he went over to gather in Debts, and diſpoſe of that Manufacture, becauſe it was moſt ready at hand; of the greateſt improvement, and raiſed the more undeſerved Envy and clamour, was Arreſted at the Sea ſide and Impriſoned, with all the ſpightful circumſtances that could be contrived.
For in all theſe things, it ſeem'd their buſineſs was not more to enforce Satisfaction to themſelves, than to render it impoſſible for others, not being contented to reap, unleſs they trampled all down, and made havock.
The Sums which by this hardſhip they extorted from us, were very great in themſelves, but in the Conſequence much greater, and more intolerable.
For hereby we were diſabled from taking any certain Meaſures of our Time, or the Eſtate, nor could by the Improvement of one Trade ballance the Diminution in another; but were forc'd to ſnatch at every thing whereſoever we could wrap or rend, to be devoured by them. And others in their capacity, (but who were more diſpoſed to Expectation and Forbearance) were induced by their Example, and with more ground of Reaſon and Neceſſity, (leſt nothing ſhould be left) to ſtrike in with them for their Parts, and joyn in the Oppreſſion.
What was thus occaſioned by Conſequence, was how
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er
more innocent in them; and though much, yet
〈◊〉
prejudicial to us, than what they did by Deſign,
〈◊〉
upon ſet-purpoſe.
For every Succeſs they had againſt us, ſeeming to
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m as a Conqueſt; they were not ſatisfied to enjoy
〈◊〉
fruits of their Victory, unleſs they proclaimed them
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abroad, and in all places publiſhed the Particulars.
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ey adviſed others by Letters, and in their daily diſ
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urſes egged them on to proſecute us; inſtructing
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m moreover how to do it in the moſt effectual
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nner. Nay it was come to that at laſt, (ſuch hap
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eſs did ſome of them take in rendring us miſerable)
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t where they met with a more peaceable Creditor,
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y have endeavoured to buy his Claim, that they
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ght have a Title to vex us.
They deviſed untrue Reports, fomented undue Su
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cions, and would never ceaſe till they had infected
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a manner the whole Town with a Belief of our ſufficiency: which was a good, and indeed the only
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y to make a future Truth of a preſent Falſhood:
〈◊〉
thoſe who deprive Men at once both of Eſtate
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Reputation, may eaſily foretel what muſt follow.
And to put the laſt hand to the Accompliſhment of
〈◊〉
Work: As they had ſuggeſted our Inſufficiency,
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y defamed our Intentions, (of which God is a bet
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Witneſs) as if we had a deſign to defraud them,
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d all others.
Whereas by our Payment before the ſtop to abo
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Sixty thouſand pounds, as is before mentioned.
By our then offering up the remaining Eſtate to t
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Creditors own diſpoſal and Collection.
By the difficulty we made afterwards to undertake this Agreement.
By the performance of it ſince under all theſe Pr
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ſures and Violence from others, (when once under
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ken) till we had iſſued near Fifty thouſand poun
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more, we have ſufficiently manifeſted to any co
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mon Ingenuity, how ſincerely we meant, and how u
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deſervedly we ſuffered under thoſe Aſperſions.
But if Cruel Men will judge us by an Effect,
〈◊〉
which themſelves are the Cauſe, what defence is the
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againſt Calumny?
And yet this our Complaint which we make unw
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lingly, and not by way of reflexion, but of neceſſa
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and plain Narrative, might have been ſpared and pr
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vented, had thoſe Worthy Gentlemen, complied wi
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our firſt Propoſition, or with their own good Intent
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ons, and the Promiſes they made us, who thereby pr
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vailed with us to ſubmit, and on their own Terms
〈◊〉
pay the Intereſt as well as the Principal.
For had they but accordingly refreſhed, and fed
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again with moderate and ſeaſonable Credits, (where
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moſt of them after the Agreement made, rather ſtudie
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how to ſubſtract and drain their Proportions befor
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e time) we had in all probability been able, either
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manage, or draw in our Eſtate regularly to advan
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ge, and might inſtead of eating our Corn in the
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oſs, have expected the Harveſt.
But where our Friends at once failed us, and our
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nemies all along purſued us, vve muſt be, vve vvere
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duced to extremity.
We (if not rather they) have broken dovvn all
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eſe moſt probable Trades of, &c. before mentioned,
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hile others that build upon our Ruines take them up
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the ſame inſtant, and manage them by thoſe that
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ere our Agents: ſo rational do our Deſigns yet ap
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ear, and ſo proper our Inſtruments.
We have drawn what we had therein back by Ex
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hange at great dammage.
Many of our Debtors broke, while we brought
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em under the ſame circumſtances which obliged us
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call upon them.
Others of them took this advantage upon us on pur
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oſe to defraud us.
And ſome delaid Payment out of their own Cove
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ouſneſs.
Nor were we able to ſell our Effects at the Mar
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et price, or upon any tollerable conditions.
Being diſabled to Buy, Sell, or Receive Debts in,
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ke other Men, but at Twenty, Thirty, and ſometimes
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orty per Cent. loſs, beſides all deſperate Debts, and or
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inary accidental Loſſes.
Our Creditors ſeveral of them, and even ſuch have in 1676 received half of their Money, did ſtill the beginning of the year 1677 ſummon us before t
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Lord Chancellor, to ſhew Cauſe why a Statute Banquerupt ſhould not iſſue againſt us, giving up o
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Names to the Clarks of the Office beforehand to p
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pare it, divulging all upon the Exchange, and throug
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the Countries; Declarations, Arreſts, Actions, &c. we our daily-Bread, as it hath been from the beginning and no better proſpect for the future.
We could not at laſt have ſo much Credit upon th
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Exchange as to draw one hundred pounds upon o
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Correſpondents beyond Sea, on whom we cou
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have drawn thouſands without the leaſt ſhew of ſ
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ſpition.
This has been, and is our Condition, tedious to
〈◊〉
late, but much more to ſuffer, yet not the hundred
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part of the uſage we have met with, the which we co
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ceal out of modeſty to the Actors.
And we who were all our lives hitherto of unbl
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miſh'd Reputations, of Reſponſible Fortunes, and (f
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which we appeal to God) of Honeſt, Conſtant, U
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right Intentions, were become by this means in th
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compaſs of one Year the ſad Objects of common O
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loquy, or Pity.
But that which moſt afflicts our Spirits, (if thereb
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any diſtinguiſhable degree in ſo extream an Afflictio
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in ſo utter a Confuſion) is to reflect upon the Favour and Patience of thoſe worthy Perſons towards us, who by the contrary proceedings of others, are for the preſent betrayed into the worſt Condition: And would
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o God it were in our power yet to redreſs them.
But the Loſſes we have ſuſtained, and muſt foreſee, are ſuch, that we our ſelves can ſcarce believe it, and
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herefore as yet forbear to mention them; but ſo great
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hey are, that we in faithfulneſs, and as the beſt remain
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ng husbandry to the Body of the Creditors, are obliged to make our Retreat, and give this Account of it.
For though the uſage we have generally met with hath been ſo unmerciful, and as we think unreaſonable, as might corrupt Mens Nature and Principles, and
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empt us to commit a Baſeneſs not without a coulour
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o juſtifie it;
Yet it will be found, that what we are thus inforced
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o do, hath not been in Fraud to our Creditors, but
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he better to pay every one an equal proportion as far as the Eſtate will reach, (if equitably and timely con
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idered:) And to prevent thoſe who would make private Seiſures to their own uſe, and leave nothing for the reſt, as hath been too much practiſed already.
Thus far we had faithfully ſtated our Caſe befor
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we withdrew, cauſing ſeveral Copies of it to be pr
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pared to repreſent the whole Matter to our Creditor
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Conſideration. But it found ſo little entertainmen
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in minds freſhly exaſperated, that we were diſcouraged from making further uſe of it till Time and Experience ſhould bear witneſs to the Truth of what w
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declared, and and diſpoſe Men to another temper.
In the mean time therefore our Creditors withou
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giving themſelves or us any reſpit to deliberate of Propoſal for other ſatisfaction, Petitioned the Lor
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Chancellor upon the very ſame day that their Mone
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firſt grew due, for a Statute of Banquerupt againſt u
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which was ſoon granted; And hereby we were prevented by ſome days, from tendering that Offer which we immediatly after made to ſome of the moſt emine
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Creditors, and within a while after to the whole Bod
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of thoſe about London, at a general Meeting upon ou
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requeſt at Mr. Thompſon's.
Where we beſought them to except of 6 s. 8 d. p
••
pound, that being the uttermoſt which upon our be
••
Calculation the Eſtate would amount to. But of tha
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We promiſed the one half vvithin Six days after thei
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general ſigning their Aſſent to that Propoſal: And the remaining half within Two Three Months, the ſooneſ
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that We could draw it together out of the hands of ou
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ſeveral Correſpondents.
This divers of our Creditors ſubſcribed to upon the
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lace; And many others vvere ready to have follow
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d, but ſuſpended again till they might behold a while what the effects vvould be of a new Statute taken out
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y ſome ſelect Creditors; And which was proſecuted vvith extraordinary vigour and violence.
For it is vvorth notice, that vvhereas the firſt Statute had been granted upon the general Petition of the Creditors; And the Commiſſioners therein appointed by
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heir common Nomination and Conſent: Theſe others procured that firſt to be ſuperſeded; and having obtained a ſecond Commiſſion at their own private Application, and vvithout communicating with the Body intereſſed; Yet they quaſh'd that alſo, and had another granted. So that in one Months time there were no leſs than three ſeveral Commiſſions of Banquerupt iſſued out againſt us.
And this might naturally lead us to ſearch into the Cauſes, and to demonſtrate thoſe Cauſes by the Effects and Proceedings of this third Commiſſion. But neither is it our Intereſt nor our purpoſe to reproach the preſent Commiſſioners, or by reckoning up other Mens Faults to diſcount for our own Failings, much leſs is it for us to cenſure any ſingle Creditor, who being all indamaged, and therefore ſubject to think themſelves injured by us, are free to proſecute each his own Remedy according to his beſt judgment.
But whatſoever can be ſaid with Truth toward th
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rectifying our own Reputation, or for better information of the Body of the Creditors, and to vindicate th
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remainder of the Eſtate to their uſe, from the dange
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of this Statute, that we take our ſelves not only allowed but obliged to publiſh, yet always as Men under the reſtraint of our own modeſty.
And therefore we ſhall alſo paſs over all the perſonal Rigours of this third Commiſſion againſt our ſelv
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and Families (with all the Menaces, Contumelies, an
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Reflexions upon us) although the like of it hath no
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been uſually practiſed; and though even of late yea
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there have ſeveral Caſes happened of as odious circumſtances, and where the reſpective ſums due to particular Creditors have been greater, and yet all accommodated upon eaſier terms, without any ſuch harſhneſs But if any of the Diſgraces caſt upon us beyond truth or number; or if any ſuch perſonal ſeverities uſed o
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threatned, have or could poſſibly tend to the ſervice o
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the Creditors, or to enable us to pay any one of them a greater proportion than our Propoſal, We are ſufficiently humbled to ſit or lie down under them, and to admit any; though this be the worſt Expedient fo
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their advantage.
But as that firſt Run vvas ſo fatal to Us and ou
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Creditors, ſhrivling the whole Eſtate by thoſe forceabl
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Evacuations; And vvithdrawing on the ſudden a
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Nouriſhment of Credit; ſo theſe ſecond Proceedings, vvhether more or leſs Statutable, if continued, can on
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y contribute to make the Remainder dwindle into nothing.
For in all Commiſſions of Banquerupt, unleſs We ſhould imagine the Commiſſioners to be more than Men, and ſo ſelf-denying that they will act againſt their own Intereſt, it is to be ſuppoſed that they will not be their own Executioners, to do any thing that may deſtroy their Office. But whereas it is the Creditors aim to come by their means to a ſpeedier Concluſion, they on the contrary muſt intend all things whereby they may perpetuate their Power, and their Salaries.
Hence are the Examples ſo frequent of Eſtates torn in pieces, made deſperate, eaten and drunk up by Commiſſions, but few or no Preſidents where Creditors have thereby recovered more than the Debtors voluntary Propoſal.
But however, were ſuch Statutes uſually carried on in the direct and moſt diſintereſſed way and manner, yet the neceſſary Expences that accompany them, and the Charges of Law that follow after, are ſufficient to conſume what the honeſt Debtors have ſav'd to make Reſtitution; and hath ſo far vitiated ſome, or neceſſitated others, that they have caſt away all deſign, or loſt all poſſibility of giving any ſatisfaction.
As to what reſpects our own Caſe more particularly, We muſt do the Commiſſioners that right as to confeſs that there hath not been within the memory of Man ſo frequent and diligent ſitting, as hath been day by day upon this Statute; and that We do ſuppoſe them all to be Perſons of that worth as to act above the conſideration of their Salaries, as howſoever that allowance is but due for their pains, and no more than neceſſary for the honour of their employment.
But withal it muſt be alſo acknowledged that their ſo conſtant ſitting hath occaſioned ſo much greater Expence out of the Creditors Eſtate; and that although to hold the Creditors on, to purſue the Statute, and off from Agreement to our Propoſal, there hath been a pretence of mighty Diſcoveries, Yet in truth they have not in this five Months time found out in all, beſides our Wives Jointures, ſo much as will probably defray the Law-Charges, in trying to poſſeſs the Creditors of what the Eſtate hath no Title to.
But becauſe it may be retorted upon us, That all this trouble and expence of the Statute might have been ſpared, had We from the firſt dealt clearly, and not conceal'd our Eſtates, our Books, and our Loſſes. We ſhall therefore ingenuouſly give account of the Reaſon, and we hope Reaſonableneſs of all our Doings in thoſe three Particulars, in the ſame order. But if we have either in whole or in part therein erred, We ſhall confeſs it,
ask Pardon, and do our beſt to redreſs it.
As to that firſt of Concealing the Eſtate, We have in the former part of this Narrative repreſented the Cauſes that led to our Departure, which when we ſaw to be unavoidable, like Men rather to die than live, We ſet our Houſe in order, We looked upon the ſad reſidue of our broken Fortunes as a Legacy to Weſtminſter-Hall, and would be all ſpent at the Barr, unleſs We our ſelves ſecured it for the Creditors. For if while We were yet living, till the Ninth of March 1675, and when We lay gaſping till the 15th of June 1677, Men nevertheleſs rent the whole Eſtate piecemeal before our faces, and every one was making up his own Pack, there could nothing be expected among them, after We ſhould be civilly dead (for ſo it is with Us) but the greateſt Diſorder and Confuſion. We therefore conſidered further, that although we ſhould be at great loſs in fixing or recalling the diſtracted and diſperſed Eſtate, yet it would be more valuable, and turn even ſo to the Creditors better account, than if they were left to rifle for it in our Scritours, or Warehouſes.
Hence it was that whilſt We were yet of a diſpoſing mind, and before We ſhould be buried in a perpetual Priſon, We choſe, as the diſcreeteſt way, and the honeſteſt in our deplorable Circumſtances, to recollect as We could the ſcattered Eſtate, and having truly computed
it, to diſtribute it equally as far as it was capable, which We have accordingly offered in our humble Propoſal.
And for what concerns the ſecond Objection againſt us, the concealing of our Books, being much of the ſame nature with the former, We ſhall for further ſatisfaction in them both, appeal to any Conſidering Perſon diſintereſſed, or to the Conſcience of any of our Worthy Creditors, Whether We could indeed, or ought in this to have done otherwiſe? For, ſuppoſing our Books to contain the ſubſtance and ſum of the Eſtate: The delivery of them could only be required in order to diſcovery wherein it conſiſted, and how or where it was diſpoſed; and that diſcovery, to the end that the Creditors might themſelves collect it in, and recover it; and it was and is indifferent to Us whether they pleaſed to do ſo, or to accept of our humble Propoſal, ſo that We might either one way or the other come to an end with them. But therefore We humbly propoſe theſe Queries.
Firſt, (in that general ſuſpicion which the Creditors have conceived, and do all along continue and ſtill propagate (though contrary to their own Intereſt, and in prejudice both to the extrinſick and intrinſick value of the remaining Eſtate) concerning Us and our Actings) Whether they would have admitted thoſe Books (when, or if produced) as true, authentick, and which
they would reſt by; before that they had made experiment on each particular Article relating to our Negotiations both at Home and in Foreign parts. If (as is probable) they ſhould not, but either all, or moſt, or ſome of them, reſolve to ſuſpect the Books, though never ſo exactly or faithfully kept, what nearer ſhould We have been to a Concluſion with the Creditors notwithſtanding the Delivery? For (which puts all upon a ſhort Iſſue) We will humbly demand once more, Whether upon ſurrendring up our Books to them, would they at the ſame time have delivered us our Bonds, and diſcharged us? We preſume, until better informed, that whatſoever any good Man might undertake in his own particular, yet that none will affirm it for ſo numerous a Body, with ſo many Minds as that of the Creditors. And therefore We leave it to any rational Man to judge, Whether (unleſs all of them joyn'd in ſo doing) it were proper, just, or feaſible for us at once to diveſt our ſelves of the whole Eſtate by delivering up our Books, and to make our ſelves at the ſame time liable for the whole Eſtate, our Bonds remaining uncancell'd?
There is a third Clamour againſt us, and not without Reaſon until it be anſwered, about the Concealment of our Loſſes.
To this We ſay, That they were communicated early (as well as the Caſe) to ſome of our Creditors, and of the moſt active in the Statute.
Secondly, That as in the former part of our Caſe We had declared, that the Loſſes we had ſuſtained, and muſt ſtill foreſee, were ſuch as We could yet ſcarce our ſelves believe, and therefore forbore as then to mention.
So after We came on Review to diſcern them more evidently, We were indeed aſhamed, as in an undecent Nakedneſs to make them very publick.
But laſtly, finding that this was in common diſcourſe ſo much inſiſted on againſt us, We have cauſed Copies of them ſome while ago to be delivered to the Commiſſioners, and among the Body of the Creditors; by which, and the further Teſtimony (if required) of our Book-keepers, it may and hath appeared that We have had no leſs than 90000 l. Loſs: a Terrible Sum indeed! but the greateſt part of which Dammage we owe to that infortunate Importunity of ſome Creditors. But We hope that now ſuch of them as have been pleaſed to inveigh againſt us themſelves, and to provoke others upon that ſingle ſuggeſtion, of not having made out our Loſſes, will hence-forward abate that onely pretence for their Severity, and for their ſuſpicion of our Diſhoneſty.
And indeed although We are as capable (if not more) of committing Indiſcretions as any man, and ſhall for ever be ſenſible of that Remarkable One in our firſt entring into ſuch a Society; Yet ſhall no Man diſprove, though it is in every one's power to blemiſh the Uprightneſs of our Intentions.
Have We not paid out above 100000 l. ſince Michaelmas 1675? Had We not Underſtanding and Opportunity ſufficient (had our Malice been equal to theirs who ſuggeſt ſo ill things of us) to have gone off in the height of our Caſh and Reputation? Did We uſe any indirect means to ſollicite Mens Money into our management? If they were unadviſed in offering, or we in receiving it, Yet did not our Miſcarrying eminently proceed from their greater Raſhneſs in calling it out again in ſo violent a manner? Have we not nevertheleſs in this loweſt Ebb of Humane Condition propoſed to them Six ſhillings and eight-pence per pound, which We are ſtill ready to perform if it may be accepted, viz. One Moyety immediately after Subſcription, and Security for the Remainder at the times aforeſaid?
And there is yet one more pregnant Inducement to perſwade them both of our Integrity, and to entertain
this Motion, which is, That comparing the Sum of the Eſtate when the Books were firſt viſited by the Creditors, being about 175000 l. and the account of our Payments ſince being about 50000 l. with the Catalogue of our Loſſes, being about 90000 l. it appears plainly that this Third Part humbly offered by Us, is the Total of what doth or can remain for Satisfaction.
And therefore howſoever it ſhall pleaſe God to diſpoſe and encline the Minds of our worthy Creditors, yet we ſhall have this Comfort within our own Conſciences, that we have for their ſake been willing to have ſacrificed Our ſelves up to an honeſt Poverty.
Yet neither do we deſpair but that thoſe honourable and worthy Perſons will take the whole matter into their ſerious Conſideration, and that they will firſt in their great Prudence reflect upon the devouring nature of ſuch Statutes, whereof, beſides many other Inſtances, Sir Anthony Bateman and his Brothers Caſe is a pregnant evidence, Who having at firſt offered Eight ſhillings per pound Compoſition for his own Debt, and Seven and ſix-pence per pound for thoſe Debts which He together with his Brothers were involved in; Yet the Statute hath been carried on about theſe Ten Years at the expence
and loſs of about 10000 l. out of the Eſtate, and yet but one Twelve-pence per pound divided amongſt the Creditors, the Contribution money deducted.
That next of all, our Creditors will alſo exerciſe their Chriſtian Pitty, if not to Us and four numerous Families, yet to ſo many Poor Perſons, whoſe Bread we are enforced to feed on; and the moſt, if not the whole of whoſe Livelihood, depends upon the Acceptance of this Propoſal.
And therefore in Concluſion we beſeech them, that in right to themſelves, they will make Us ſo far Honeſt Men as to receive all that we can give, before any further unavoidable Expences and unforeſeen Accidents (common to Humane Affairs) may concur to deprive Them and Us of the fruits of our Juſt Intentions. And by this Paper We deſire to ſtand or fall, but not to be judged by any looſe words, or caſual diſcourſes.
FINIS.