A. D. 1706 granted by the Parliament of England, as in this article is particularly and at large explained. The destination of which equivalent being in the fame article applied, Firft, For indemnifying private perfons for any loffes they may sustain by reducing the coin of Scotland to the ftandard and value of the coin of England. Secondly, For indemnifying the fufferers in the late African and Indian Company of Scotland. Thirdly, For difcharging the public debts of Scotland.-To say the truth, the Scots in general were fo inflamed by England's deftruction of their Darien or African Company, that nothing but the abfolute affurance of an equivalent for re-imburfing their whole capital, with intereft, being two hundred and thirty-two thousand one hundred and fixty-two pounds fixteen fhillings and eleven pence five-fixths, could have prepared their minds for this union. Fourthly, For improving the manufacture of the coarse wool of Scotland. And, Fifthly, For encouraging and promoting the fisheries, and fuch other manufactures and improvements in Scotland as may moft conduce to the general good of the united kingdom. For which ends commiffioners were to be appointed, &c.-For which end alfo, the laws of England, relating to coin, and weights and measures, as well as concerning the regulation of trade, customs, and excifes, were by the three fucceeding articles to take place in Scotland.This is the fubftance of all the articles that immeditely relate to our subject. But before we treat of the actual commencement of this union, which was not till the fucceeding year, we muft, in order of time, remark, that, by an act of the English Parliament in the faid fifth year of Queen Anne, cap. xiii. For continuing the Duties upon Houses, to fecure a yearly fund for circulating Exchequer bills, whereby a fum not exceeding one million five hundred thousand pounds, is intended to be raifed, &c. the Bank of England's fund and privileges, which had been limited to one year's notice after the first of August 1705, were further prolonged, upon their now undertaking to circulate the faid one million five hundred thousand pounds in Exchequer bills, at four pounds ten fhillings per cent. per annum. By this act, therefore, the bank was impowered to call in money from their members, for ena- bling them to circulate the faid Exchequer bills, in proportion to their respective stocks in that company. By which power there arofe another temporary addition to their old capital, which had before been reduced to its original fum of one million two hundred thousand pounds, by the government's having gradually paid off the principal and intereft of five million one hundred and fixty thousand four hundred and fifty-nine pounds fourteen fhillings and nine pence farthing, which had been subscribed into the bank in taliies, orders, &c. as has been fully related under the year 1697. This temporary addition to bank stock was one million one thoufand one hundred and feventy-one pounds ten fhillings; which, with the faid one million two hundred thousand pounds original capital, made the whole now amount to two million two hundred and one thousand one hundred and feventy-one pounds ten fhillings. And by this act the bank was to remain a corporation, until the redemption of all the faid one million five hundred thousand pounds in Exchequer bills. This was the first time that the Bank of England undertook the circulation of Exchequer bills, by which measure they rendered themselves the favourites of the government; and they have ever fince remained fo, having from time to time bargained with the public for that purpose annually, on eafy or moderate terms. In this fame year, the bank again iffued fealed bills, for the better enabling them to perform their faid contracts, at an intereft of two pence per cent. per diem, or three per cent. per annum. VOL. III. A. D. 1707 The most important, wife, and happy incorporating Union of the Kingdoms of England and Scotland took place on the first day of May 1707. And although the two rebellions fince that period were both originally propagated from Scotland, through the violence of party zeal, and of clanships and fuperiorities, fince wifely abolished; yet a peaceable, loyal, and induftrious fpirit having fince univerfally prevailed, the great benefits accruing to both nations by this union appear more and more confpicuous. From Scotland, not only the navy-royal but our land armies have been fupplied with many thousands of ftout and well-affected men; as has been very effectually experienced.-By an union with Scotland fhe has the more abfolute ufe of many good ports,―of a more extenfive fishery,—of a supply of very good though small cattle, and of various other benefits. Scotland, on the other hand, receives inestimable advantages by her incorporating union with England. First, By gradually and very vifibly enriching herfelf from a participation of commerce with England's foreign plantations, factories, &c. Secondly, By her union with England, the gradually learns the melioration of her foil, which in many parts is now known to be much more capable of improvement than was formerly imagined. Thirdly, By this union, Scotland's coarfe woollen ftuffs and ftockings, and her more va luable linen manufactures, now of many various, beautiful, and ingenious kinds, have a prodigious vent, not only in England but for the American plantations; as well as the confumption of fo many of her black cattle in England, and of her peltry, &c. And great pity, it truly may be faid to be, that two nations, fprung from the fame original ftock, fpeaking the fame language, effentially profefling the fame religion, and whom nature feems to have defigned for one, by being separated by the great ocean from the reft of mankind, fhould not have fooner pursued their true and evident mutual interefts, and thereby have much fooner increaf ed in wealth, fecurity, and power. If, upon the death of King Alexander the Third, and of his grand child ftiled, The Maid of Norway, Scotland had voluntarily united itfelf to England, near five hundred years ago, how much more populous, powerful, and rich, would both parts of the island have probably been at this time, as they would have naturally avoided much of the cruel bloodshed and devaftations, occafioned by their many inteftine wars fince that period. Confidering the inferior number of people, and the greater poverty of Scotland, compared with England, it may not in this place be improper to remark the quantity of gold and filver coin of all forts, which, in confequence of this union, was brought into the mint at Edinburgh, to be recoined into the pieces and denomination of fterling money, and of coin not then brought in; we have it from the late accurate Mr. Thomas Ruddiman, in p 84, of his mcft curious and learned Preface to Anderfon's Thefaurus Diplomatum et Numifmatum Scotia; being no lefs thar. four hundred and eleven thoufand one hundred and feventeen pounds ten fhillings and nine pence, actually then brought to that mint: befides, perhaps, as much more hoarded up by the whimsical, difaffected, and timorous, who were ftrongly prepoffeffed against the union, and were far from believing it could laft any length of time: befide, alfo, what was then exported, and what was retained by filverfmiths for plate, &c. So that our faid author, upon the whole, is, for various reafons, of opinion, (p. 85) that there was, in this year 1707, in gold and filver coin, about nine hundred thousand pounds fterling in Scotland. Dr. A. D. 1707 Dr. Fleetwood, afterwards Bishop of Ely, now publifhed his Chronicon Preciofum, to which we have before acknowledged ourselves indebted for the rates or prices of provifions in many different periods of time for fome centuries paft. Towards the latter part of that work, he gives us the true market price of wheat and malt for fixty years, i. e. from 1646 to 1705, both inclufive. The highest price of wheat was four pounds five fhillings per quarter, in the year 1648; and of malt, in tlre year 1659, two pounds eight fhillings and eight pence: and the lowest price of wheat in all that period was, one pound five fhillings and two pence, in the year 1687; and of malt, in 1681, feventeen fhillings and four pence. Thofe of the year 1705, were one pound ten fhillings for wheat, and one pound fix fhillings for malt.-Medium for wheat between thofe two prices, is two pounds fifteen fhillings and one penny. Medium for malt between thofe two prices, is one pound thirteen fhillings. The good Bifhop obferves, First, That in every year there are two prices of corn, viz. that at Lady-day, and that at Christmas; both which he put together, and took half of the fum, for the common price of that whole year. Secondly, Of the first twenty years of the faid fixty years, the price of wheat was two pounds feventeen fhillings and five pence halfpenny; and of malt one pound twelve fhillings and three farthings per quarter. Thirdly, For the fecond twenty years, from 1666 to 1685, wheat two pounds fix fhillings and three pence three farthings; and malt one pound five fhillings and three pence three farthings. Fourthly, In the last twenty years, viz. from 1686 to 1705, wheat two pounds five fhillings and nine pence three farthings; and malt one pound five thillings and five thing. pence far Fifthly, One year with another for the faid fixty years, wheat was two pounds nine fhillings and ten pence halfpenny; and malt one pound feven fhillings and feven pence farthing. A fimilar fluctuation in the rates of corn is ever to be expected, and has accordingly happened, down to our own times. The English act of Parliament of the thirteenth and fourteenth of King Charles the Second, prohibiting the importation of foreign bone-lace, cut-work, embroidery-fringes, band-strings, buttons, and needle-work, being found to obftruct the vent of English woollen manufactures in the Spanish Netherlands, that act was now repealed, as far as relates to the faid Netherlands, by an act of the fifth of Queen Anne, cap. xvii. By an act of the faid fifth of Queen Anne, cap. xxii. To explain and amend an act of the laft Seffion of Parliament, cap. xvi. for preventing Frauds frequently committed by Bankrupts, it was enacted, "That bankrupts who fhall, after the twenty-fifth of April 1707, remove, carry away, or "embezzle any part of their effects, fhall fuffer as felons. A bankrupt shall not be discharged "unlefs his certificate be firft figned by four-fifths in number and value of his creditors. "Commiffioners of bankrupts may appoint affignees; who may, by a majority of the creditors, "be afterward removed.-No commiffion of bankruptcy fhall be iffued by the application of "any creditor, unless his fingle debt fhall amount to one hundred pounds,-or of two credi"tors, fo petitioning, one hundred and fifty pounds,-or of three or more creditors, to two hundred pounds. This act to continue for two years, and from thence to the end of next "feffion of Parliament, and no longer.". A. D. 1707 3708 By an act of Parliament toward the clofe of this year, being the fourth of this Queeя, cap. ii. For better fccuring the Duty on East India Goods, "The fecurity thereafter "to be given, purfuant to the act of the ninth of King William, cap. xliv. was, that the "Eaft India Company fhould caufe all the merchandize laden in any fhip bound from Eaft "India to be brought to fome port of England," (now to Great Britain) "without previouf "ly breaking bulk, there to be unladen; and that it shall be after the rate of two thoufand "five hundred pounds, for every hundred ton of each ship sent to the Indies, neceffary pro"vifions, ftores, and merchandizes for the people and garrifon of St. Helena, for their own proper confumption only, excepted; and except alfo, where the breaking of bulk, or land"ing of goods, fhall happen by the danger of the feas, enemies, reftraints of princes, &c."under penalty of forfeiting fuch goods or their value," &c. 66 A prudent law was at this time made for the advancement of our woollen manufacture, by a ftatute of the fixth of Queen Anne, cap. viii. For encouraging the Dreffing and Dying of Woollen Cloths within the Kingdom of Great Britain, before Exportation, a duty of five fhillings was laid on every white woollen cloth exported.-And it was alfo thereby enacted, that fuch white cloths, commonly called broad cloth, fhipped before the faid duty be paid, fhall be forfeited. The old law of the first year of King James the First, For the well-garbling of spices and. drugs in London, which we did not judge worth while then to recite, being in length of time found to be not only ufelefs, for the most part, but often prejudicial, was now repealed: and an equivalent given to the city of London for the profits formerly made by the garbler's office, by laying a tax of forty fhillings yearly, to be paid to the Chamberlain of London, by all brokers; who, acting as fuch, without regular admittance, were now to forfeit twenty-five. pounds. Nevertheless, the Lord Mayor, Aldermen, and Common Council, may, if they fo judge fit, appoint a perfon to be a garbler; who, at the request of the owner of any fpices,. drugs, &c. garbleable, and not otherwife, fhall garble the fame, for fuch fee as the Lord Mayor, &c. fhall appoint. In this fame year, the British revenue being under the management of fo able and upright a Lord Treasurer as the Earl of Godolphin, the credit of the public was on fo good a footing, that it was judged advifeable to avail the nation thereof, by reducing the rate of intereft on the debt of two millions due to the East India Company. This was done in the faid fixth year of Queen Anne, by a statute, cap. xvii. For affuring to the English Company trading to the East Indies, on Account of the United Stock, a longer time in the Fund and Trade.And for raifing thereby one million two hundred thousand pounds, for her Majefty's occafions. Hereby the English Company, (which, by uniting the whole trade in the year 1702,- as has been related, confifted of themselves and of the old company ftill fubfifting, and likewife of feven thousand two hundred pounds fubfcribed in the year 1698, by feparate traders, as part of the faid capital of two millions) now advanced one million two hundred thousand pounds. without any additional intereft. So as the whole capital now confifting of three millions two hundred thousand pounds fhould thenceforth receive of the public but five per cent. intereft, or one hundred and fixty thousand pounds per annum: "on condition, that the term of their "exclufive trade to India, fhould be prolonged for fourteen years and an half longer. That "is to fay, whereas, by the law of 1698, they were to be redeemable, upon three years. notice after 1711, and repayment of principal and intereft; their redemption was now pro longed: A. D. 1708longed to three years notice after Lady-day 1726. And for enabling the English Company "to make good this loan to the public, they were by this act impowered to borrow as far as 66 one million five hundred thousand pounds on bonds, over and above what they were legally impowered to do before, and alfo to make calls of money from their proprietors. The "proprietors of the feven thoufand two hundred pounds in feparate trade, may ftill continue "fo to trade till Michaelmas 1711, when the united company may, on three years notice "pay the fame off;-whereby their privileges of trading fhall be folely vefted in the company. By this act, that part of the act of the twelfth of King William, which laid a duty of five per cent. on exported goods to India, was to cafe from Michaelmas 1714. And, in order "for a fpeedy and complete union to be perfected between the old and new companies, in"purfuance of the indenture-tripartite, in the year 1702, the final determination of all matters in difference between the faid companies, and the compleating of their union was hereby referred to the Earl of Godolphin, Lord High Treasurer of Great Britain, as his lordship shall think fit, by an award, in writing, under his hand and feal: the whole to be com"pleated, and the old company's charter to be furrendered, by Michaelmas 1708. After "which, the united company's ftile and title to be," as it ftill is, "The united Company "of Merchants of England trading to the East Indies." It is almoft needlefs to remark, that much clamour was raised against this renewal of the exclufive privileges of trading to India, as it was naturally to be expected, and had always before happened on every fuch renewal. Many pamphlets were publifhed for inducing the legislature to lay that trade open; or, at leaft, to let Bristol, Liverpool, Hull, and other great trading towns into a proportionable fhare of the trade. It was plaufibly faid, that it was hard London alone fhould engrofs all this vaft commerce, whereas the Dutch Eaft India Company comprehended fix of their towns therein, in the year 1602, when that company was first settled on its prefent establishment. But the (at least equally plaufible) anfwer was, that, as it is a transferable flock, every perfon in the three kingdoms might freely purchafe fhares therein. It is alfo unneceffary further to remark, that a fimilar clamour was afterwards renewed, as often as the legislature was applied to for a further prolongation of their faid exclufive privileges; and this, probably, will continue to be the cafe in any future application for the fame purpose. To complete all that is needful to be known concerning this union of these two East India Companies, we fhall here further obferve, that the following regulations were in confequence therecf made, viz. First, For every hundred pound old stock there was given one hundred pounds eight fhillings and ten-pence stock in the united company. Secondly, Twenty-five one half per cent. was made a call on the proprietors of the old company, for enabling them to be joined to the united one. Thirdly, The remaining debts owing to, and effects of, the old company, were vested in trustees for the benefit of the proprietors of the cld company, who were fuch at the time of uniting with the new one. By a ftatute of this fixth year of Queen Anne, cap. xxii. for continuing feveral duties therein mentioned, upon coffee, &c.-And for fecuring the credit of the Bank of England, &c. It was, amongst many other points enacted, "that during the continuance of the Governor and Company of the Bank of England, it shall not be lawful for any body-politic, "erected or to be erected, other than the faid Governor and Company of the Bank of Eng ❝ land; |