saw what necessarily it must produce, perhaps sooner than other men; having the advantage of being more versed in the king's secret affairs: but I hope it could not be expected by any who do in the least know me, that I should have discovered the king's secrets, or betrayed his business, whatever my thoughts were of it. "The worthy scribbler, if his law be true, or his quotations to the purpose, should have taken notice of the combination of the bankers, who take the protection of the court, and do not take the remedy of the law against those from whom they had the assignments; by which they might have been enabled to recover their money and pay their creditors: for it is not to be thought that the king will put a stop to their legal proceedings in a court of justice. Besides, if the writer had been really concerned for the bankers, he would have been freer in his discourse against the continuing the stop in the time of peace, as well as against the first stopping of those payments in a time of war; for, as I remember, there were some reasons offered for the first stop, which have a little colour of weight in them, viz. that the bankers were grown destructive to the nation, especially to the country gentlemen and farmers, A. D. 1671-2. 1671-2. A. D. and their interest; that, under the pretence and by the advantage of lending the king money upon very great profit, they got all the ready money of the kingdom into their hands; that no gentlemen, farmers, or merchants could, without great difficulty, compass any for their occasions, unless almost at double the rates the law allowed to be taken; that, as to the king's affairs, they were grown to that pass, that twelve per cent. did not satisfy the bankers, but they bought up all the king's assignments at twenty or thirty per cent. profit; that the king was at a fifth part loss in all the issues of his whole revenue. Besides, in support of this counsel, I remember it was alleged by those that favoured it without doors, (for I speak only of them,) that the king might, without any damage to the subject, or unreasonable oppression upon the bankers, pay them six per cent. interest during the war, and three hundred thousand pounds a-year of their principal as soon as there was peace; which, why it is not done, the learned writer, I believe, hath friends that can best tell him. 88 "I am, &c." 88 The remainder of this letter, after the plea of haste which I have before quoted, consists of expressions of friendship, and a warm invitation to St. Giles. There is, also, mention made The last paragraph in this letter makes it evident that Lord Ashley thought the pamphlet was written by a friend of the court, and, perhaps, by one of the ministry; which shows that he was not admitted into their most secret designs, that there was no harmony between them, and that they thus early endeavoured to fix upon him the odium of their unpopular schemes. A. D. 1671-2. What Lord Ashley writes here with regard to the conduct of the bankers, he might probably say to several of his friends. The extortion of the bankers must have been notorious. However, it is plain, from the tenor of this letter, that he did not look upon it as a justification of the stop, and that he had condemned and opposed the proceeding. It is possible he might speak of the great extortion of the bankers in the same manner as in his letter; and this might occasion Remarks on Bishop Bishop Burnet's writing the following account of Burnet. it, which is very remarkable. of the annuity which has been already noticed. It seems that A. D. 1671-2. Duke of Ormond's "Lord Shaftesbury was the chief man in this advice. He excused it to me, telling me what advantage the bankers had made, and how just it was for the king to bring them to an account for their usury and extortions; and added, that he never meant the stop should run beyond the year. He certainly knew of it beforehand, and took all his own money out of the bankers' hands, and warned some of his friends to do the like." After a positive assertion that Lord Shaftesbury was the chief man in the advice, the bishop, in the same sentence, says that he certainly knew of it beforehand. This is, to say the least of it, a very incorrect way of writing, and a proof that the bishop had not the greatest certainty for his first assertion. The Duke of Ormond, some time after, being in declaration company where the stop of the exchequer was Lord Ash- the subject of conversation, declared "that he in favour of ley. Lord Ash ley's reply wondered why people accused Lord Ashley of giving that advice; for he himself was present when it was first moved by Lord Clifford in council, and he heard Lord Ashley passionately oppose it." Some years after, when Lord Ashley (then Chancellor Earl of Shaftesbury) was entirely out of favour, to Lord Finch. He Lord Chancellor Finch, being attacked by him for some of his proceedings, instead of vindicating himself, only answered, by way of recrimination, that he did not advise the breaking of the triple alliance; he did not advise the stop of the exchequer; nor did he advise the making of the Dutch war.* Lord Shaftesbury immediately replied with great coolness, appealing to the lords of the council, who were in the house, whether these transactions were owing to his advice. accused nobody, but spoke in such a manner that the whole house seemed convinced of his innocence. Upon this, Lord Arlington, who had no good understanding with the chancellor, asked the king, who was then present, which of the two had acted most respectfully towards him; since he knew how open Lord Shaftesbury could have laid those affairs, and yet, under such provocations, he only cleared himself, and still kept the secret. Upon this, the king rebuked the chancellor for meddling with the secrets of the council in so public a place; and told him, he knew nothing of those matters. The reader, if he recollects Lord Ashley's con * Lord Mohun told this to Mr. Stringer the day when it happened in the house of A. D. 1671-2. |
