King of Pruffia's LETTER to his Brother.

TRANSLATION of the King of PRUSSIA'S Epifle to his Brother the Prince Royal, prefixed to the new Edition of bis Memoirs of the House of Brandenburg. (See p. 219.)

Dear Brother,

Nov.

moderation forbad you to fet yourself off with the glory, which vulgar princes are greedy of ufurping over the experience of veteran captains. Solicitous only for the good of the ftate, you filenced all paffions and every private concern, when called upon to ferve it. It was on the A fame principle that Boufflers offered himfelf to the king of France, in the campaign of 1709, and ferved under Villars, who, when he faw him arrive, and knew that he was to act under his command, faid to him, Such companions are always as good as mafters.

It is not only upon that unalterable coolness in great dangers, nor on that refolution ever full of prudence in decifive moments, which have marked you out to the troops for one of the principal inftruments of their victories, that I build my hopes and the expectations of the publick: The moft valiant kings have often brought misfortunes on states, witnefs the martial ardour of Francis I. and Charles XII. and of many other princes, who had like to have loft themselves, or

HAVE, for fome time past, employed my leifure hours in making an abridgment of the Hiftory of the House of Brandenburg. To whom can I more 'properly addrefs this work, than to him who will one day be the ornament of this history; to him whofe birth calls him to the throne, and to whom I have dedicated all the labours of my life? You B were acquainted with the actions of your ancestors, before I took up the pen to write them. The pains I have taken in making this abridgment, can only serve to refresh your memory. I have difguifed nothing, I have concealed nothing: I have reprefented the princes of your house fuch as they were. The fame pencil that C drew the civil and military virtues of the great Elector, likewife touched the fail-uined their affairs, by their unbounded ings of the first king of Prussia, and thofe paffions which, by the direction of Providence, ferved in procefs of time to raise this houfe to the pitch of glory in which we now behold it.

ambition. Permit me to tell it you, it is the gentleness, the humanity of your character; it is the fincere and unfeigned tears, which you fhed when a fudden accident had like to have laid me in the

Dgrave, that I look upon as fure pledges of your virtues, and of the happiness of the people whom heaven shall appoint you to reign over. A heart open to friendfhip is above low ambition: You know no other rules of conduct than justice, and have no other will than that of preferving the cfteem of wife men. Such was the way of thinking of the Antonines, the Titus's, the Trajans, and of the beft princes, who have juftly been called the delight of mankind.

I have furmounted all prejudices: I have looked upon princes and relations as mere men. Far from being feduced by domination, far from idolizing my ancestors, I have boldly blamed vice in them, beeaufe it ought never to find an asylum on the throne. I have praised virtue whereever I found it, guarding at the fame time against the enthusiasm it inspires, to the end, that pure and fimple truth might E reign throughout this history. If it be lawful for men to penetrate into futurity; if one may, by intense attention to the principles, guefs at their confequences, I prefage, from the knowledge I have of your character, the lafting profperity of this empire. I am not prepoffeffed in your favour thro' the effect of blind friendship; nor is this the language of bafe flattery, which we both equally, deteft: It is truth that obliges me to tell you, with cordial fatisfaction, that you have already rendered yourfelf worthy of the rank to which your birth calls you.. You have deferved the title of defender of the country, in generously expofing, your Jife for its fafety. If you did not difdain to go thro' the fubordinate military gradations, it was because you thought, that in order to command well, one must learn first to obey; it was because your

G

How happy am 1, dear brother, to find fo many virtues in the nearest and dearest of my relations! Heaven has given me a foul fenfible to merit, and a heart capable of gratitude. These bands joined to the ties of nature, link me to you for ever. Thefe are fentimeats which you have long been acquainted with, but which

am very glad to repeat to you at the head of this work, and, as it were, in the face of the whole world. I am, with equal friendship and esteem,

DEAR BROTHER,

Your faithful brother and fervant,

FREDERICK.

Having

1752.

HISTORY of the SOUTH-SE A Company.

Maving in our two laft Magazines given the
Hiftory of the East-India Company and the
Bank, que fall now give that of the
South-Sea Company; being the three great
Companies, who fome Way or other bave a
Concern in almost all our publick Funds.

D

1

A URING the long and expensive war against France, in the reignt of Q. Anne, due care was not taken for the regular payment of feamen employed in the royal navy; for, instead of money, thofe very ufeful men had tickets granted them in lieu of pay; which, by their great neceffities, they were frequently obliged to part with at a discount of 40, and fometimes 50, in the hun- B dred, to avaricious men; whereby the debt due from the government upon this, and other accounts, not provided for by parliament, together with 500,cool. then to be raised for the current fervice, amounted to 9,471,3211. To fatisfy these publick and national debts and deficienies, Mr. Harley, at that time chancellor of the Exchequer, and afterwards earl of Oxford, proposed to the house of commons, a fcheme, which he had projected for this purpose, by allowing the propriesors of thofe debts and deficiencies an intereft of 6 per cent. per ann. redeemable by parliament, and incorporating them to carry on the trade to the South Seas :

503

purchase and retain to them, and their
fucceffors, lands and tenements, not ex-
ceeding the yearly value of 1000l. That
over and above the faid annual fum, there
fhould be paid to the company the fur-
ther annual fum of 8oool. for charge of
management, out of the fame funds :
That her majefty might, by letters pa-
tent, direct a Rock to confift of 20s. upon
every hundred pounds of the capital stock
of the intended company, to be raised by
the members thereof, in proportion to
their ftock; the faid ftock to be kept
apart and employed in improving and
carrying on the fishery, for the benefit
of the company; provided, that no mo-
ney thould be called in from the members
of the corporation for carrying on the
fishery, or other trade thereby granted,
but by order of a general court of the
company called for that purpose, and
whercof there fhould be 14 days notice
in the London Gazette.

And that the company, and their fucceffors, thould, after Aug. 1, 1711, for ever be vested in the fole and exclufive trade, unto and from all the lands on the eaft fide of America, from the river Oronoco, to the fouthermoft part of Terra del Fuego; and on the west side thereof, from the faid fouthermoft part of Terra del Fuego, thro' the South-Sea, to the northermoft part of America, within 300 Dieagues of the faid western thore; and fhould be fole owners of all islands, forts, &c. which they should discover within the faid limits.

Which project being received with general
approbation, a bill was brought in, and
an at paffed in the year 1710, to that
effect. By this act, it was enacted, That
the duties upon wines, &c. fhould be
appropriated for paying an intereft, or
annuity, after the rate of 6 per cent. for
the 9,471,3211. until the principal should
be paid; which intereft amounted to the
annual fum of 568,2791. 10s. That the
queen might, by letters patent, incorpo-
rate the company, and alfo by letters pa-
tent, or by commiflion direct, how and
in what manner the tallies and orders,
provided by the act, and the capital stock,
fhould be fubfcribed; and how the tallies,
orders, &c. taken into the joint stock,
fhould be difpofed; and how the property
of all perfons, interested in the faid tal-
lies, &c. fhould be fettled; and how and
in what manner the proper officers of the
Exchequer might be informed, how much
the company's capital ftock did confist of,
that they might know whether they were
to pay to the cashier of the company, the
whole annual fum of 568,279l. 10s. or G
only a proportionable part thereof. The
act farther directed, that the perfons fo
incorporated should have power to chufe
their governor, directors, and other off-
cers; and should be capable in law to

F

The company was accordingly incorporated, by the name of The governor and company of merchants of GreatBritain, trading to the South-Seas and other parts of America, and for encouraging the fishery :" And as all the publick creditors intended to be provided for by the act, and particularly defcribed therein, were, if they pleafed, to fubfcribe their debts into the ftock of the faid company, and to have a share in their capital, each perfon in proportion to the principal and intereft due to him by the publick, the expectation that this company would make great advantages by trade, and by the difcoveries they might make, induced almost all those publick creditors to fubfcribe their respective debts; fo that at the acceffion of his late majefty, the capital ftock of this company amounted to 9,177,9671. 158. 4d. and as the debt to grow due to them at Christmas, 1715, for their annuity and allowance for management, would amount to 583,3391. 8d. and they were willing to advance 238,6931. 45. for the current fervice, therefore by the ftatute of the

* See p. 414, 456.

HISTORY of the SOUTH-SEA Company.

ift of George I. it was enacted, That
the fum of 822,0321. 45. 8d. fhould be
added to the capital ftock of the com-
pany; which would then amount to
10,000,000l. the intereft whereof a-
mounted to 600,000l. annually, and was
charged upon the fame duties chargeable
for the payment of the original stock: A
That on one year's notice, on repayment
by parliament of the faid ten millions,
and of all arrears of the yearly fums of
600,000l. and Soool. all the duties ap-
propriated by the 9th of Q. Anne might
be difpofed of by parliament, and the
faid yearly fund of 600,000l. and 8000l.
fhould ceafe, but the corporation should
continue for ever.

value of the faid annuities and arrears amounting, by computation, to 1,721,2501. and moreover to advance 778,750l. or a proportional part thereof, according to the value of fuch of the faid annuities and arrears as fhould be fubscribed into their stock, to be applied towards payment of the national debts incurred before Christmas, 1716; therefore by the faid ftatute they were to add to their then capital fuch a fum as fhould bear a proportion to the annuities and arrears fo fubfcribed into their ftock, and to the fum of money fo to be advanced by them," upon which additional stock they were to have 51. per cent. till redeemed, toge Bther with 2000l. per ann. additional allowance for expence of management, the whole to be paid out of the duties on coals, &c. continued, and the new duties on houses granted by the said act of Q. Anne, and both now continued for ever; fo that if the whole had been fubfcribed, the faid company's capital stock C would then have amounted to 12,500,000l. but as 46,260l. 6s. id. per ann. of the faid annuities remained unfubfcribed, their ftock was proportionably under that fum, being only 11,746,8441. 8s. 4d. and their annuity was 587,3421. 45. 5d. with 93971. 9s. 6d. for charges of management.

D

$752.

HISTORY of the SOUTH-SEA Company.

granting annuities, or any other method
as they should think proper, raise any
fums of money, as in a general court of
the company thould be judged neceffary,
and ordered to be called in. The com-
pany were alfo empowered to borrow
money on contracts, bills, bonds, or ob-
ligations, under their common feal, or A
on the credit of the capital ftock. But
if the fub-governor, deputy-governor, di-
rectors, managers, affiftants, or other
members of the company, should pur-
chafe any lands or revenues belonging to
the crown, upon account of the corpora-
tion, or lend money by way of loan, or
anticipation, on any branch of the re-
venue, other than fuch parts only on
which a credit of loan was granted by
parliament, fuch fub-governor, or other
member of the company, fhould forfeit
treble the value of the money fo lent.

507

before one of the barons of the Exchequer, inventories of their real and perfonal eftates, which fhould be paid into the Exchequer, and applied for the benefit of the South-Sea company.

By another statute of the 7th of Geo. I." wherein several provifions were made for the restoration of publick credit, it was declared, That the fum of 4,156, 306!. and the other fums, which, in pursuance of the 6th of George I. the South Sea company was to pay into the Exchequer,' fhould be remitted and released; and the fum of two millions, part of the capital ftock belonging to the company, fhould be reduced, funk, and annihilated; and B a proportionable part of their annuities, payable on account of the faid two millions, fhould be no longer paid, but fhould, from thenceforth, ceafe and determine: This part, however, was repealed the fecond year after, and the two millions revived.

It was moreover declared, That their capital stock should be increased in proportion to the redeemable and irredeemable annuities which they should pay off C or purchase, that is to fay, that they fhould have added to their capital rool. for every 100l. of the redeemables which they should pay off, and 2000l. for every 100l. per ann. of the irredeemable long annuities, and 1400l. for every 100l. per ann. of the irredeemable fhort annuities, which they should purchase; upon the greatest part of which increafed capital D they were to have 51. per cent. and upon the reft 41. per cent. added to their former annuity, until Midfummer, 1727, after which the whole of their old as well as new capital, was to be reduced to an annuity at the rate of 41. per cent. And finally, they were to have, on account of their increafed capital, a proportionable addition made to their allowance for expences of management.

By the statute of the 8th of George I. the company were empowered to fell 4,000,00cl. of the ftock in their hands, by lottery, or otherwife, which they accordingly fold to the Bank.

By the ftatute of the gth of George I. it was enacted, That the whole capital ftock of the South Sea company, computed to amount to 33,802,4831. 145. {. fhould be divided into two equal parts; one moiety whereof being 16,901,24 1l. 175. . fhould be converted into a joint flock, attended with annuities payable out of the funds of the company, in lieu of all dividends; which annuities were to be 51. per cent. till the 24th of June, 1727, and from thence at 41. per cent. till redemption by parliament, to be called E" the joint Rock of the South Sea annuities" That the other moiety of the capital stock should remain in the company as a joint flock," attended with the refidue of the yearly funds till redemption; and alfo attended with the feveral fums, for charges of management, and with all benefits of trade.

F

The fatal South-Sea fcheme, tranfacted in the year 1720, was executed upon the laft mentioned ftatute; and the impo. fitions were fo enormous, as to occafion the ftatute of the 7th of George I. which recites, That the them fub-governor, deputy-governor, and directors of the SouthSea company, under colour of the laft act, had contrived, and carried on, many notorious, fraudulent, and indire& practices, contrary to the intention of the faid aft, to the great detriment of the publick, in breach of their truft, and in' manifeft wrong of great numbers of his majefty's fubjects; therefore, that their G perfons and eftates might be fecured, fo as to be liable to justice in parliament, it was enacted, That the faid fub-governor, directors, and other members, and every of them, fhould deliver in, upon oath, 5

In 1727, the company was, by an act then paffed, empowered for fix years to fend four hips yearly to Madagascar, to receive Negroes on board fuch ships, to be delivered at Buenos-Ayres; but they were for this purpose to have a special licence from the Eaft-India company, and were befides laid under fuch restraints, that, I believe, they never made use of this pri vilege.

In 1928, the government issued to the company 500,000l. part out of the finking fund, towards an equal reduction of their capital stock, and joint stock of annuities, › In 1730, a_million was iffured

out

508

Of TURQUOISES and other GEMS.

out of the finking fund towards redeem-
ing part of their capital ftock. And in
731, 1732, and 1733, a million was
inued yearly out of the finking fund to-
wards redeeming part of their capital
ftock, or joint stock of annuities.

B

By the ftatute of the 6th of George II.. it was enacted, That after the 24th of A June, 1733, the capital ftock of the South-Sea company, which amounted to 14,651,103). 8s. id. and the shares of the refpective proprietors fhould be divided into four equal parts; three fourth parts whereof amounting to 10,988,3271. 11s. 4. thould be converted into a joint ftock, attended with annuities payable out of the funds of the South-Sea company, after the rate of 4 per cent. until redemption by parliament, and should be called "The new joint ftock of SouthSea annuities." And the other fourth part amounting to 3,662,7751. 178. . hould remain in the South-Sea company as a trading or capital stock, attended with the refidue of the annuities or funds C payable at the Exchequer to the company for their whole capital, until redemption, and attended with the fame fums allowed for charges of management, and with all effects, profits of trade, debts, privileges, and advantages, belonging to the SouthSea company, but charged with all the debts of the company. And that the

fund of the trading stock should not, D without the confent of the company, be liable to be redeemed by parliament, until the new South Sea annuities thould be reduced by redemption by parliament to 3,500,000l.

In 1736, the government iffued one million out of the finking fund for redeeming part of the new South Sea an- E muities; and in 1737, another million

was iffued out of the fupplies granted by the parliament, for redeeming part of the old South-Sea annuities. By which reduction there was left due to the company upon their trading stock and two joint flocks of annuities 27,302,2031. 55. 6d. . which remained due to them until laft year, when their unsubscribed old and new annuities amounting to 2,325,0231. 75. 11d. were to be paid off by a refolution of the committee of fupply *, and of this there was 2,276,8031. 118. 7d. paid off before Christmas laft, fo that the whole debt then due to that company amounted to 25,025,3091. 135. 11d. t. The difference between the refolution and G the fum actually paid off having by an act of laft feffion been allowed to be afterwards fubfcribed; and by another act of the fame feffion, their annuity upon their trading stock is to be reduced to 31. per

• See Lond. Mag. for last year, p. 367.

Nov..

cent. after Christmas, 1757, as the annuities upon all our other publick funds are likewife then to be.

direction of a governor, fub-governor, The South-Sea company is under the deputy governor, and twenty-four dibeing governor, his majesty excepted, unrectors: But no perfon is qualified for lefs fuch governor has, in his own name and right, 5oool. In the trading stock: The fub governor is to have 4000l. the deputy governor 3000l. and a director annually elected by the general court; 2000l. in the trading stock; who are wherein every member, having in his has one vote; if 2000l. two votes own name and right, 500l. trading stock, 3000l. three votes ; if any votes. votes; but annuitants are not entitled to and if 5000l. four

The stock and fhares in this corpora-. tion are, by the ftatute of the 8th of Q. Anne, declared a perfonal eftate, exdeclares, that it should not be lawful for empted from taxes: Which statute alío the corporation to borrow, owe, or take up any money on their bills or notes, payable at demand, or at any time leís than fix months: Nor fhould it be lawful for the corporation to difcount bills or notes, or to keep books or cash for any perfon, other than the books and cash of thould be elected governor, fub-governor, the corporation: And that no períon or director of this corporation, during the time that he fhould be governor, deputy governor, or director of the Bank, or of the Eaft-India company.

From the INSPECTOR. OBSERVATIONS on GEMS, and bow to make artificial TURQUOISES.

call it, the Turkey-Stone, differs HE Turquoife, or, as we commonly from all the other gems in its ftru&ture; it is not transparent like them, and therefore it is no wonder it could not be counterfeited by the glaffy matter, which the French and ourselves have of late brought fo nearly to answer to the luftre and the feveral colours of the others.

There are in reality two kinds of Turkey-Stones, different from one another in all their properties: The one of thefe is a natural mineral, a kind of ore of copper, but this is never of a good cowhich it has: It is therefore difregarded. lour, nor does it retain any time that

The Turquoife which we fee in rings, and which holds its place among the jew els of price, whofe gloffy furface, and whofe lively blue we admire, is not a natural mineral; nor indeed, tho' we give it

+ See ditto for April 4, p. 157.