[Footnote 13:  See also Swift’s “Enquiry” (vol. v., pp. 425-476). [W.S.J.]]

In that perplexed condition of the public debts, which I have already described, this minister was brought into the treasury and exchequer, and had the chief direction of affairs.  His first regulation was that of exchequer bills, which, to the great discouragement of public credit, and scandal to the crown, were three per cent. less in value than the sums specified in them.  The present treasurer, being then chancellor of the exchequer, procured an Act of Parliament, by which the Bank of England should be obliged, in consideration of forty-five thousand pounds, to accept and circulate those bills without any discount.  He then proceeded to stop the depredations of those who dealt in remittances of money to the army, who, by unheard of exactions in that kind of traffic, had amassed prodigious wealth at the public cost, to which the Earl of Godolphin had given too much way,[14] possibly by neglect; for I think he cannot be accused of corruption.

[Footnote 14:  Added in the author’s own handwriting. [ORIGINAL NOTE.] P. Fitzgerald gives the addition as “either through ignorance, connivance, or neglect.” [W.S.J.]]

But the new treasurer’s chief concern was to restore the credit of the nation, by finding some settlement for unprovided debts, amounting in the whole to ten millions, which hung on the public as a load equally heavy and disgraceful, without any prospect of being removed, and which former ministers never had the care or courage to inspect.  He resolved to go at once to the bottom of this evil; and having computed and summed up the debt of the navy, and victualling, ordnance, and transport of the army, and transport debentures made out for the service of the last war, of the general mortgage tallies for the year one thousand seven hundred and ten, and some other deficiencies, he then found out a fund of interest sufficient to answer all this, which, being applied to other uses, could not raise present money for the war, but in a very few years would clear the debt it was engaged for.  The intermediate accruing interest was to be paid by the treasurer of the navy; and, as a farther advantage to the creditors, they should be erected into a company for trading to the South Seas, and for encouragement of fishery.  When all this was fully prepared and digested, he made a motion in the House of Commons (who deferred extremely to his judgment and abilities) for paying the debts of the navy, and other unprovided deficiencies, without entering into particulars, which was immediately voted.  But a sudden stop was put to this affair by an unforeseen accident.  The chancellor of the exchequer (which was then his title) being stabbed with a penknife, the following day, at the Cockpit, in the midst of a dozen lords of the council, by the Sieur de Guiscard, a French papist; the circumstances of which fact being not within the compass of this History, I shall only observe, that after two months’ confinement, and frequent danger of his life, he returned to his seat in Parliament.[15]