main argument. I am ferious, when I talk in the manner I am going to do. I am a friend of the Scotch manufacturer. I have in my eye again that deluded man, who would go to work to make damasks and diapers; he will find himself supplanted by the smugglers again. I fay every lady has as good a right to cover her table with smuggled damasks, as her hufband has to fet on his fmuggled wine. Will the opulent be restrained in their luxury? I have drank smuggled wine at the table of a Firft Commiffioner of the Treafury: I have told him fo; had not his wife a right to cover it with fmuggled damask? Why, Sir, if every mafter of a family were as rigid as Cato the Cenfor, he could only anfwer for himself; he could not restrain the female part of his family in their dear delight of purchafing pennyworths from fmugglers. Sir, the last remains of our broken crucible is the difallowance of the drawbacks upon foreign linen printed here. I believe the evidence of Mr. Walker cannot be well forgot. The export is very confiderable; his alone 50,000l. a year: the value of the labour, industry, and fkill, exceeds the value of the material. We gave no offence to Germany by this; fhe will thank us for it, being an encouragement from her numerous manufactures in printed linen, to expel you from every market in Europe and its Colonies. I fhall close this head with a reference once more to Mr. Payne's state of exports for the two periods, and fhall add a diffection and corollary of my own, which fills me with alarming ideas. Sir, of the 5,000,000l. (Gentlemen, I believe, remember, the first period produced four millions a year, and the last three) of the 5,000,000l. loft in the laft period, 4,000,000l. fall on your manufactures. Firft I muft premife; in the Custom Houfe accounts you fee two heads of exports; one under foreign goods and merchandife, the other under British manufactures and produce. The decreafe on the foreign part is but 850,000/ the remaining 4,160,000l. consist of Britifh manufactures and produce*. Sir, the produce cannot amount to more than the odd money; the produce being lead, falt, coal, tin, and other trifling articles; therefore the remaining decrease of 4,000,000/. falls upon your manufacture at the rate of 800,000l. a year. Now, Sir, I have got to compare with this decrease a state to fhew, whether in the fame

*To fatisfy the curious, the annual mediums of British manufacture and proauce, exported to Holland and Germany, are here fubjoined, for four periods of five years each, instead of the two above:

1752 to 1756 inclufive, about 1,622,000.

period the linen manufacture has decreased in proportion. Sir, upon their own paper, and upon their own value I find, while your exports decreased in that proportion which fell upon your manufactures, principally the woollen, that the linen manufacture has increafed above 300,000l. a year; what are we to understand by all these complaints? I defire to know, what check have they met with? Sir, it appears by thofe papers, that they have increased above 300,000l. a year, while your manfactures decreafed 800,000l. a year. Here, Sir, I defire to hear no more of the vague accounts of the Custom House, but instead of 4,000,000l. call the first four parts; inftead of 3,000,000l. call the laft three parts: then I tell thofe who did not, upon one occafion, know that five was lefs than nine, and on another, that twenty-five was lefs than thirty, I do infift upon it, that three is lefs than four; in that proportion have your exports decreased. No doubt, there are errors in the Custom Houfe accounts; but as thofe errors are common to all periods, the proportion of increase and decrease is true. If four be more than three, which is my way of calculating, there is a decrease of one fourth part; of that, four fifths fall upon your manufactures. I will tell another most extraordinary thing: of that decreafe in your manufactures near three-fourths is in the export to Germany, and but little more than one-fourth to Holland, though Holland, for twenty years together, had taken confiderably more of your exports than Germany; but the exports direct to Germany chiefly go to that part where the linen fabricks are carried on. I must mention an æra that appears very fingular to me; others may call it ominous. The year I look back to is 1767, when I had the honor of a feat among you, I did with others oppose a new duty upon German linen, upon the fame principles and arguments I used this day; a predominant intereft over-powered us: but it is ftrange, that the decline in your woollen manufacture juft coincided with that year in which you laid the new duties, particularly upon Silefia lawns. This being the case, your linens increased as your woollens decreafed; and this all proved from their own papers. I have, in the beginning of my difcourfe, Sir, admitted a decline; fo I did. What is the nature of that decline, and extent of it, I will explain to you, There was no other check, but what came from paper circulation; I know of no other. Your exports plainly have been checked. What is the nature of that check upon the linens ? They made the full quantity in 1772; in 1773, Ireland made a tenth part less than they did the year before; which, Sir, is a fluctuation that may be the effect of any common cafualty in any great manufacture; and to fay, because in 1773 they made Cc 2

two

1

two millions two hundred thousand yards lefs than in 1772, that that has occafioned an emigration of thirty thousand people.-Sir, it is an affront to your understanding, to come and allege fuch an argument as this. Such an accident might have happened without any man's being able to affign any cause at all. Whim, fancy, mode, will make an alteration of a tenth part one year with another. Add the Scotch and Irish together, it is but a seventh or eighth part diminution in both, between 1772 and 1773; it is all the check they have met with from that paper circulation, which fhook the credit of England to its bafis. Why, now, Sir, let us add, that in 1773 foreign linen was reduced a third; in 1774, I pledge myfelf, it will be reduced lower. As these people have the markets here before them, and their ancient competitor in this crippled ftate, with what propriety, with what decorum is any favour of any fort due to them, who have been proved to be increafing when your great ftaple was decreafing, and is ftill, from no other caufe but from the dreadful northern projects, while the linens are now in a fituation to be envied by every other manufacture, even by that great staple itfelf? Sir, afking a favour under thefe circumftances for a manufacture, is overlooking your own great ftaple. Sir, fuch a preference would be an infult upon the first interest of this country, the landed intereft; it would be an infult upon the fecond, the commercial and manufacturing intereft; it would be an infult upon the common sense of every rank and order in this country. And why? Sir, is it because your own manufacturers have not vexed Parliament with applications; have not applied to you, Sir, as the grand phyfician of the State, and treated you as an empirick to undertake diftempers incurable, but by time and neceffity? Is it because their complaints have been only whispered and murmured within their own neighbourhood? Have you not feen the ftreets of the capital filled with mendicant cries of miferable fwarms from the filk manufactory? Were not these people content to render themselves the objects of private charity? Did they come to your door? Who is it that has molested Parliament, and exhaufted your time? Did other manufacturers, particularly the poor weavers, under all the horrors of northern paper circulation, which even diminished the traffic and confumption among yourselves? Did they not fubmit in quiet, did they afk your aid? No, Sir, they never wearied and troubled Parliament. Is Parliament, are Committees to fit, is the whole House to be taken up under all these circumftances, which I do fay, I have proved? Is it for one manufacture in a state to be envied at this time by your woollen manufactures? As if the first in that envied ftate are

the

the only objects of Parliamentary attention; and muft you overlook all others, because they have been filent, because they have been patient, while thofe others, Sir, the authors of all the evils (I fay again) desperate in undertakings, even of credulity and hope, defperate alike under difappointments, whether imaginary or real, are now come, not intentionally but eventually, to widen the wound already given to your own great ftaple, to empty your populous towns by unravelling, with obtufe and impolitic violence, a texture woven with fo much attention by the wisdom of your fathers, and maintained by your own; that texture, which the guardian power of your island extends over the whole empire, to diftribute thofe copious faculties which conftitute your national fecurity and greatness, I mean your system of foreign trade? And upon what allegations, upon what calculations, what arguments and deductions I need not repeat. And what time has this unfortunate people chofen to raise a flame among all the great interests of this country? At a time, I tell them, when the falvation of their country depends upon the faculties of England, and her liberal and immediate application of them to preserve a restless, ambitious, and improvident fifter. Sir, this leads me now to the last head of my fubject. I have fhewn you not only the cause of the diftemper, but where it lies. Sir, it lies there ftill; that fifter is as much distempered as ever, and she must be faved; for it is impoffible that Scotland can fall but London must totter; and yet, Sir, her diftemper is of fo peculiar a fort, that it is not curable by time and neceffity; but it may by Parliament. Now, Sir, I will fhew to you what the diforder is. In confequence of fo many unfuccefsful projects (I fhall not be contradicted, Sir), fhe has contracted a capital of debt to England, a recent debt, all within four years, which fhe can't pay; it would be injurious and indecent for me to hint at any thing more than one fociety, about which I professed never to keep a secret; it now owes 600,000l. Pay-day must come; I hint at nothing elfe. Payments in the fhape of intereft and annuities have created an annual drain upon that country it cannot bear. There is another new annual drain created by their own credulity, which taking their increased paper currency for an addition of folid wealth, increased their expence of living in proportion. The imaginary wealth is vanished, and the habit of expence remains. I do take upon me to fay, I defy all Scotland to fay, they understand their affairs as well as I do; no, Sir, not all Scotland together. I don't fpeak with vanity, I pay myself no compliment when I fay fo. Then, Sir, what muft be done? Nothing but an immediate influx of money. Eng

land

land, I believe, is awakened from her ftupefaction, and will no longer be fascinated at the fight of Scotch acceptances and indorfements. Money they have not. Now I come with my remedy. You have already paffed one Bill to ratify the agree ments made with the annuitants of Douglas, Heron and Co.* Sir,

Mr. Glover's Speech introductory to the propofals laid before the Annuitants of Meff. Douglas, Heron, and Co. at the King's-Arms Tavern, Cornhill, on the 9th of February, 1774.

Ladies and Gentlemen,

YOU are called together by virtue of an advertisement, inviting the Annuitants of Mell. Douglas, Heron, and Co. to meet at this place and receive proposals for the redemption of their Annuities.

Ladies and Gentlemen,

You have conferred upon me the honor of prefiding among you in this chair, where I appear before you in a double capacity: firit, as an Annuitant myself; fecondly, as one defirous to contribute my part, however inconfiderable, to prevent any fresh wound to publick credit, fo cffentially hurt from June, 1772, and requir ing a whole twelvemonth after to revive.

Every one must remember that fatal month of June, when the firft link of that chain of unnatural and forced circulation gave way, the number of bankruptcies which enfued, and the almoft total ftagnation of trade and manufacture in every branch. In the midst of this calamity the unadvifed and rafh conduct of the Air bank had out in London bills, to be provided for, amounting to fix hundred thou fand pounds.

Had their managers known the extent of their own circulation, and the specific periods of its coming due, common forecast would have made the necessary provifion in time, and enabled them to have fold their annuities with more facility at ten and cleven years purchase, than at feven and eight, and confequently have produced a faving of more than 180,000l. to that unfortunate company. But the want of all forecast brought upon them immediate pressures, infurmountable by common means, and compelled them to the recourse of tendering uncommon advantages to fenders, that thofe who had money might be tempted to part with it at a notice fometimes not exceeding eight-and-forty hours.

By this defperate measure they raifed at different periods, in about three months, 460,occl. burdened with an annual charge of 60,voc/.; an increase of drain beyond the faculties of Scotland to bear. To this 460,occl. they added, from their own cash, about 60,000l. more, all they could poffibly multer; and accordingly dif charged 520,000l. value of their bills in London, but leaving ftill a circulation of 80,00cl. to be struggled with. Their daily declining credit could endure this last conflict no longer than April 1773, when they were faved from bankruptcy, and publick credit from another fatal blow, by the interpolition of Mr. Banks of Lincoln's-Inn, and of myfelf under him, who fupplied that 8,000/. upon the fecurity of landed eftates in Scotland aligned to Sir William Henry Afhurft, the Lord Advocate of Scotland, the Solicitor-General of England, the Solicitor-General of Scotland, Mr. Banks, Mr. M'Konochie and myfelf, as trustees in behalf of the lenders, but with this exprefs condition previoully agreed, that Meff. Douglas, Heron, and partners, fhould be diffolved as a banking company. By this laft ftipulation the publick indeed was ferved, being no longer expofed to a paper circulation of fo pernicious a nature. However, the book and bond creditors, the annuitants, and every partner of this unhappy company, were left in a precarious fituation from a weight of annual payment, to which their monied faculties were unequal.

Many of the annuitants have been alarmed at a fuggeftion that their annuities would be made void in law, as ufurious bargains. True it is, that infinuations of that fort have been thrown out; but it is as true that they were heard with the highest indignation by all the worthy members of this fociety, and by thofe noble perfonages in particular, who have now ftept forth and taken upon themselves the

manly