I Have read something, and heard a great deal, concerning Common-wealths, but remain still of Opinion, that there never was any Constitution better contriv'd than our own, for the Conser­vation of Publick or Common Good. Nothing can pass into a Law in England, 'till it has undergone the different and distinct Examinations of the King, the House of Lords, and the Representatives of the Commons of England. And, my Lord, I am so far from agreeing with the extravagancy of the late Times, in thinking your Lordships useless, that I am very confident you are, in many respects, a ve­ry happy as well as an essential checque in our Con­stitution. Your Lordships have no Professions to biass your Debates. Lawyers have been observed to make our Statutes intricate, and for their own purpose. A very sensible People would never suf­fer Merchants or trading Men (how honest soever) to have any thing to do with the Legislature, 'till they had for many Years laid aside all Trade, lest their Interests or Affections should be too hard for their Inclinations to do good.

But it is not only your Lordships being exempt from Callings, but your being exempt from the ne­cessity of courting Factions for your share in making Laws, that adds Impartiality and weight to whate­ver passes your House. Perhaps there is too often Occasions for your Lordships to exercise your Aristo­cratical Power. I could wish you exerted it as of­ten as there was occasion. I am not sure whether a Bill now before you does not justly and loudly call for the Power to which you were born. It is your Station. You are brought up to consider Pub­lick Treaties with Foreign Princes. You know the Decency that is due to the chief Administrators of Affairs. You know how much the Honour of Kings, and the Welfare of Nations are concerned in keep­ing punctually to every thing that is stipulated by those who negotiate for the respective States. All this is little more than Preface, and from a design not to fall too abruptly upon a matter that is now laid before your Lordships.

You are now possessed of a Bill to incorporate the Old East India Company. I will not insist upon the several Addresses of the House of Commons to dis­solve that Company. And less will I repeat the Reasons that occasioned those Addresses. I will be­gin no higher than 19 Jan. 1693. at which time the House of Commons of England declared it the Right of every English Subject to trade to the East-Indies, unless prohibited by Act of Parliament; and withal I beg leave to remind your Lordship, that it was upon the Encouragement of this Vote that the Free-Traders began to launch boldly into the Traffick of those Parts, but were far from invidiously endea­vouring to shut out others from that Trade. But the old East-India Company behaved themselves quite otherwise; and soon perceiving that others, as well as themselves could, without having either Forts or Garrisons, trade profitably to those Places, they were presently, as they had been constantly, bent to make that Trade a Monopoly, and so offered, 4 May, 1698. to lend the Goverment 700000 Pounds, provided they might have the sole Trade thither settled upon them for 31 Years by Act of Parlia­ment.

I will not trouble your Lordship, with recount­ing how delatory and trifling nevertheless they were, nor upon what fallacious Proviso's and Con­ditions they would, after all, have lent their Mo­ney.

It is sufficient to my present Purpose, to set down, that it was by reason of this Offer from the Old East-India Company, that the House of Com­mons first empower'd the Committee of Ways and Means to receive Proposals to settle the Trade to the East-Indies; and that the Gentlemen, who are now the New Company, if I may so say, out-bid them, and proposed to lend two Millions, upon Condition that the said Trade should be secured solely to those that furnished that Sum.

To this Proposal the Parliament agreed, and this was the plain Bargain made between the Subscri­bers and the Legislature. This is what the New Company expected, what they lent their Money upon. They did not doubt but that their Security would be well drawn. They did not apprehend that any want of Grammar, or the mistake of a Clerk, if any such should be, would raise any Constructions to their disadvantage. And the Old Company had, when the Act was made, the very same thoughts, believed theirs would be dissolved, that there could be but one Company trading with a Joint-Stock to the East Indies.

Their own Applications by themselves and Coun­cil to your Lordships, were (as I know your Lord­ship, who observes every thing, can very easily recollect) I say, all the Applications of the Old Company were upon this Foundation.

His Majesty's Dissolution of them was but ac­cording to the Power he had reserved in their Charter; was reserved, and, as I may say, direct­ed by the Act of Parliament; was according to what the Old, the New Company, and all Men took for the Sense of the Act.

And the Subscribers to the New Company were as careful to secure their Bargain. They exacted the performance of all the necessary Forms for the Determination of the Old, and would not subscribe 'till the Old Company's Dissolution was actually signed. And it was not 'till after that the Old Com­pany had actually received notice of their Dissolu­tion, that Mr. John Dubois subscribed, and so, as all Men thought, came in under the Terms of that Act, which, by the way, the Old Company, when it was first offered to them, refused.

Your Lordship will hear from another Hand how destructive to the Trade two Companies will be, and how groundless are their Suggestions for their being continued a Corporation, how unnecessary it is to continue them so, for the very Ends that they pretend. I know your Lordship will steal time even from your Meals and Sleep, rather than not be throughly informed in a matter of this Moment. I know you will read all that is written upon the Subject, and therefore I will not repeat what I know will be purposely handled in another Paper.

But I can't help saying, that it seems strange, since all that I have said is Fact, that the Old Company should nevertheless last Year Petition the House of Commons, not only to be continued a Corporation, but to have the Five per Cent. taken off. Indeed that Petition was then rejected. But [Page] is it not yet stranger, that they should this Sessions be able to get a Bill pass through that House to continue them a Corporation, and have so powerful an Interest, as that all Clauses to explain and confirm the Five per Cent. and to determine their being subject to the Rules and Restrictions of the general Society should be rejected?

The New Company know very well what they reckoned their Bargain, and they are glad the Jud­ges sit in your Lordships House to give their Opini­ons, if asked, upon the Law. If the Law is not so strictly penned as it should be, since all England knows what it was intended to be, it should, with submission, be construed as it was designed. Your Lordships (who are the last resort of Equity as well as Law) will doubtless in this matter, of so great Importance, bestir your selves to do the utmost Justice.

Publick Credit (without which Communities can scarce subsist) is concerned to have this Bargain made good entirely.

If Men cannot lend Money upon Acts of Parlia­ment, the Government must deal hereafter with none but Pawn-brokers, and take it up upon Plate and Jewels, as the King of Poland was forced lately to do in the business of Elbing.

I have said enough to your Lordship about Pub­lick Credit, when you have allowed me the Ho­nour to be admitted into your most retired Conver­sations, and I have found your Lordship so satisfied, that it is to be maintained with utmost nicety, that I need say no more to you upon that Head, but for the sake of others I must be a little more express.

Unless a Nation is sure it shall never more make War, the Publick Faith ought to be kept free from all Suspicion. Machiavei observed so long ago as his Time, that Money was the Sinews of War. It is evidently more and more so since; because the World is better acquainted with Encamping, and a Battel or two does not now decide the Contro­versies between Princes. A wise and a cautious Ge­neral in our Days can preserve a Country from those rough Decisions, and we seldom now hear of Armies so routed that they can never rally again. Taking good Ground, and furnishing Provisions for an Army, are become a great part of the present Art of War. The last Article of Military skill depends not on good Troops but lasting Purses. When Publick credit is preserved chast and unspotted, Men think, in a Publick Calamity, that the Exchequer of the Common-wealth is the safest Repository of their Treasure; nay, if your own Country cannot fur­nish you with Coin enough, Forreigners will with their Wealth as well as Men enable you to maintain the War. So that you do not only depend upon your self, but have all the Neutral World ready to supply you with Men or Money. This Act supposed we might be assisted with Foreign Mo­ney, and the Danes (who were not concern'd ei­ther on the Confederates or French side) lent us Troops. It was the opinion that men had of our Publick Credit, that enabled us more than any thing else to humble France. But had it been plain, that an Act of Parliament was not a Security to be depended upon, whatever difficulties and dangers had beset the Government, all men would have endeavoured to hide their Plate and Money, and made their particular Property the last stake to be play'd off.

But, my Lord, I must not be too tedious on this, or any other Head. I will only tell your Lordship that I suspect, that this Bill is not the only attack that the Old East-India Company design to make upon our Publick Credit. Methinks there are two plain Reasons for this surmise. One Reason is what I have already mentioned, viz. That as they last Year Petitioned against the Five per Cent. they now, whilst this Bill was passing, opposed that, and all o­ther Explanations of the late Act. My other Rea­son is; because meer Incorporation will little re­dound to their Benefit, unless vying with the New Company, and so making Goods dearer in the In­dies, and, by that means, confounding the Trade, till our Neighbours swallow it up, are reckoned by them Advantages.

My Lord,
I know not what they mean; for they must have some strange and very hidden designs; be­cause they are men that are very well acquainted with the World, and the business of it; and I think I may Challenge the Old East-India Company to shew so much as one Precedent in any Country what­soever, of two Companies trading with two distinct Joynt-stocks to the same place.

My Lord,
Your Lordships are the standing and dernier Ar­bitrators of this Realm, and, with submission, I humbly conceive, that it will be a nobler employ­ment of your Lordships time, to take the quarrel that is between the two Companies into your own hands, than to pass an Act in favour of one. They on both sides pretend they have been fair and treata­ble, but I see nothing that comes of their treating with one another. There may be avaritious and art­ful men in both Companies, who may find their ac­compt in keeping up the difference, but such de­signing men will find it a hard task to impose upon your Lordships. There are in your House Noble Minds, who have not thought it below their Dig­nity, in an Island supported by Traffick and Navi­gation, to understand Accompts and Trade, and sure it will be as well for the Nation to have their respective Claims at first determined by your Lord­ships, as when they have walked through the Courts of Westminster-Hall into your House.

My Lord,
If your Lordships take up the matter. If you now resolve what both sides shall be contented with, then there will be an end of those convulsive strug­gles between both these great Factions, which may possibly otherwise, one time or other, under such circumstances as may happen, endanger the whole State.

My Lord,
I will conclude, but must first say, that I hum­bly conceive it necessary for the Honour of England it self, that you should enter upon this matter; for it is impossible for us to know what Treaties his Ma­jesty's Embassador may have begun with the Great Mogul; and should we send thither Instructions, Acts of Parliament, and Reports that contradict one ano­ther, we should at least be infallibly reckoned an in­constant and faithless People.

I will make no Apology to your Lordship, for speaking my thoughts thus boldly; for you ever give me that Liberty: But if any thing I have said offend others, let them believe candidly of my Intention, and correct my Errors by an Answer. I am, as becomes my obligations,