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for on the ift of March, the fouth fea company CHAP. came to a refolution, to pay no part of the I. 68,000l. to the king of Spain, without his coming to a juft account with them for all feizures, captures, and detentions of their fhips, effects and merchandize, on the rupture in 1718, which amounted to 225,000 /. fterling, and the confiscation in 1725, to the value of 112,000l. which, by the treaty of 1727, his Catholic ma jefty agreed to reftore, though the company afterwards received but a very trivial compenfation.

MR Keen, the British envoy at Madrid, having ftrongly folicited the payment of the 95,000 7. ftipulated by the late convention for an indempnification to the British merchants, received fuch an equivocating and evafive answer, as obviously demonftrated, that the Spanish miniftry paid but a very flender regard to the convention, intending only to linger out a fruitless negociation, and still continue to retard thofe compulfory measures, which they had fo long expected the crown of Great Britain would have exerted, to vindicate its naval reputation, and procure by the force of arms, that fatisfaction which was now found impoffible to be obtained by the ef fect of treaty.

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PART

I.

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From the proclamation of hoftilities by the court of GREAT BRITAIN against the SPANIARDS, to the expedition against PORTO BELLO.

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OTWITHSTANDING war was the general cry throughout the British nation, Sir Robert Walpole, who prefided at the head of the miniftry, ftill perfifted in those pacific measures, he had been always for maintaining. The national debt had received but an inconfiderable reduction fince the treaty of Utrecht, and at this time, amounted to above forty-five millions; a prodigious fum! after fo long a peace: and by carrying on a war with Spain, the nation must neceffarily be loaded with additional taxes, as alfo by stopping a trade with that kingdom, it would be deprived of the most beneficial branch of its commerce, and be thereby the more impoverifhed. This was the tenacious argument of the miniftry to prevent a rupture with the crown of Spain, which was highly commendatory so far as it tended to their own fecurity, as the pacific system, however detrimental to trade, and injurious to the national honour, would afford the ministry leisure, and opportunity for a diminu

II.

tion of this forty-five millions, fuch a furprizing CHAP. incumbrance on a nation, so long lulled in the bofom of tranquility. The miniftry were very fenfible, it was too cumberfome a load to fit eafy on the neck of the people; especially as it might be well apprehended, that the free revenue, had, for near twenty years, been a great deal more than fufficient for anfwering the annual expence, if the miniftry had kept up no greater armies that were neceffary, paid no unneceffary penfions, nor fitted out any ufelefs fquadrons; and that upon this calculation, for admitting, what was afferted in the clofe of the reign of queen Ann, that 350,000l. a year was fufficient for the fupport of all the guards and garrifons requifite at home, 120,000l. fufficient for the ordinary of the navy, 500,000l. a year for the civil lift, which was affirmed by a nobleman of great diftinction to be fufficient for that purpose, if exempted from the deductions of ufelefs or dangerous penfions; and if to these three fums, were added 520,000l. a year, for maintaining 10,000 feamen; and 300,000l. a year, for defraying the expence of the office of ordnance, and for fupporting the garrifons at Gibraltar, Port-Mahon, and in the plantations, the whole neceffary annual expence of the nation would amount to no more than 1,790,000l. to which might be added 210,000l. yearly for other contingent expences, to make up an even fum of two millions, which would have been the annual expence of the nation if difingaged from any foreign difputes. Towards discharging of this, there would have been more that a fufficiency. from the free revenue, that is, the revenue unmortgaged for the payment of any old debt; for the land tax, at two fhillings in the pound, is gene

rally

PART rally computed at a million a year, and the I. malt tax, at 700,000l. a year, but as there

might be a difficiency in each of these annual grants, fuppofe they are both estimated but at 1,600,000l. a year; and though the civil lift revenue is generally computed at a million a year, if we reckon it but at 900,000l. they will make in the whole, 2,500,000l. free revenue yearly; fo that upon this calculation for many years paft, inftead of encroaching upon the finking fund, 500,000/. might have been added to it yearly; and inftead of encreafing the national debt, great part of it might have been paid off, without laying any new and heavier taxes upon the people. And against this the miniftry could be no otherwife defended, than by alledging, that if armies had not been kept up, and augmented, or if fquadrons had not been fitted out as often as occafion required, the nation would have been invaded, or fome of its allies fwallowed up, and the ballance of power quite overturned; but that all fuch attempts, had been prevented by fuch measures, towards the fupporting of which, as the free revenue was deficient, it had been neceffary, almost every year, to apply fome part, or the whole of the finking fund, for the cur rent services.

A STAGNATION of the Spanifh trade, is one of the most infuperable difadvantages can be thrown upon the British nation, and above all things ought to be the most carefully avoided; for in this trade centers the most confiderable part of the British commerce, by a valuable exportation of the woollen manufactures, in which the real wealth of the kingdom confifts. But at the fame time, by a fufpenfion of this trade, the Spaniards could be equally afflicted,

which is

verified

verified by their national proverb, "Peace with CHAP. England and war with the whole world:" II. For it is generally fuppofed, that the British nation confumes near two thirds of the exported. produce of Spain; therefore the Spaniards are dependant for the greatest part of their trade, upon a friendly intercourfe with England, which, for its woollen manufacture, tin, lead, corn and coals, receives in exchange from Spain, wine, wool, oil, foap, fruit, iron, indigo, cochineal and drugs. Though the profits of trade were fo great in favour of the English, that on the ballance, their gains were fo extraordinary, it has been imagined the English and Dutch shared half the treasure of the plate fleet, annually imported from America; yet the confumption of Spanish commodities in Great Britain, though inequivalent, was very profitable, 10,000 ton of Spanish wines, befides brandies being annually imported in the British dominions, which amount to the confumers to near 1,000,000l. fterling. Besides, England is the only market for the commodities of Spain, the French are too fruitful, the northern nations too poor, and the Dutch too frugal, to riot in fuch a luxurious produce. Thus a war between Great Britain and Spain would be equally detrimental to the commerce of both nations, and fuch a conjuncture must and always will contribute to the enriching of France at the expence of the powers at variance; for during the laft war, in four years time, there was landed at Breft, fix millions fterling of Spanish bullion, which France drew from its trade with Spain in the Weft Indies; and the great end Lewis XIV. aimed at, in fetting a prince of the house of Bourbon on the Spanish throne, was to draw the riches of VOL. I.

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