John Trenchard

“ Suppose the States of any country should make a foolish law, or engage it in a foolish war, by which a third part of the people are undone, must the rest make them amends, who perhaps are half undone themselves? The Pensioner Parliament, in King Charles II’s time, were chosen by the people to act for the common benefit of the kingdom, and they betrayed their principals, and took money from the court to act against it; and was that a good reason for the next Parliament to give a sanction to all the mischief that their predecessors did, or to pray for it? ”

“ But because I would avoid giving offence to tender ears, by seeming to take too much part with the inconsiderable interests of men who are vulgarly called the mob, I shall represent the case of persons who much better deserve some people’s consideration; I mean brokers, stock-jobbers, dealers in funds, and such who, for many years together, have supported the government, by making twice or thrice the advantage of their money that they could do any where else. ”

“ They tell us, that the publick is better able to bear the loss than private men; which certainly is not true at present; for the publick is much poorer than most private men in England, if regard be had to their occasions and their debts: But if it were so, are they therefore to take the ill bargains of all private men to themselves, and protect them in their good ones? Must every man who has suffered by playing the fool, or playing the knave, call upon the nation for reprisals? ”

“ All wise and honest governments ought to protect their innocent, industrious, and unguarded, subjects, against the snares of cheats and frauds of pickpockets; and not combine with such wretches, and be perpetually forming schemes to ruin multitudes for the enriching a few, and to prostitute their power, and their publick honour, to patronize and establish combinations of oppression ”

“ It is a very singular sort of generosity, to punish the innocent, in order to reward the guilty; to fine or tax those who did their utmost to oppose the progress of publick mischiefs, to repair the losses of those who, through guilt, covetousness, or folly, contributed to it. In great publick calamities there must be many sufferers, and some who do not deserve to be so ”

“ But we have heard of those times when moonshine and shadows have sold for silver and gold, for lands and tenements; and the wisdom of states has been employed to keep up the imaginary, fraudulent value of this sort of airy merchandise; when thousands and thousands of unwary people have been undone by such purchases, new projects have been formed and countenanced by authority to do as many more: I mean, this has been lately done in France, whose example should not be followed by any who design not to introduce the government of France. ”

“ Now, with all due submission to the gentlemen of the Alley, it seems to me to be a very odd way of supporting credit, to render the publick incapable of paying its debts: But it is no new thing amongst some sort of people, to endeavour to support credit by the means which destroy all credit. My head has been ever so ill turned, as to think that nations must preserve the opinion of their integrity by the same rules and maxims that private men find necessary ”

“ Those who remain of the original company have no pretence to it; and at present their capital, with the addition which they have received by the division of the fictitious stock, is more valuable than at first; I believe much more so: Those who have bought in since the fall, have as little pretence to be considered, because they knew the terms upon which they bought: Such as have raised fortunes by dabbling in the publick, ought not to complain if they have lost by one project what they got by another ”

“ As I remember, the price of their stock rather decreased than increased upon the remitting the five millions; and it is fallen now upon the expectation of having the rest remitted: and the reason is obvious; for nothing can keep up the credit of publick or private men, but an opinion that they are able to pay their debts, and are willing to do so; and no man in his wits will believe either, if he do not see them endeavour to pay off their old debts, and avoid all occasions of contracting new ones. ”

“ SIR, It has been justly observed of corporations, or political combinations of men, that they have bodies, but no souls, nor consequently consciences. What calls this observation to my mind, is an Address to his Majesty from the South-Sea Company, which I have lately seen in print, most modestly requesting, that in this great profusion of money, general affluence, and overflowing of trade, the nation will give them two millions: and the reasons which they give for it are, 1st, that they want the money ”

“ In pestilential distempers, families are shut up in their houses, and whole cities within their walls, where thousands die for want of food or proper necessaries, and those who are left alive are mostly undone; and yet no nations think themselves obliged to make good their losses: In such cases every one must bear his own misfortunes, even when they come from the hand of God, and he himself does not contribute to them; and all that wise states can do, is to take care of the whole, relieve particulars as far as is consistent with the publick safety, and leave the rest to providence. ”

“ I say, I cannot think that, under such circumstances of publick affairs, any minister can countenance so wild a proposition, as wantonly to desire us to give away two millions of the nation’s money, only to bind a bargain between two stock-jobbing societies ”

“ When a man owes more than he can pay, he must compound with his creditors, lie in gaol, or run away, unless he has privilege; and then they have nothing left to do, for the most part, but to shake their ears, rail, and run away too. ”

“ On the contrary, I persuade myself that the gentlemen, whose deserts have now set them at the helm, have, during their retirement from business, observed the miscarriages of their predecessors, design to avoid the rocks upon which the others have split, and consequently have put on steady resolutions to extricate the kingdom out of its present calamities ”

“ People must be very weak not to know, if ever a question should arise, whether a nation will be undone, or undo a small part of it? which it will choose; and therefore every wise man, whose fortune lies in publick securities, will think himself concerned to make the payment of them practicable, and therefore will consider whether it is not his interest to lose a small part of his income, to secure the whole ”

“ And how well all hitherto have succeeded in this honest intention, we have had as many instances as we have had publick calamities, and lately a very pregnant one, when every man designed to sell, and no one could do so but managers and brokers. ”