Financiers had therefore two objects in view,--to lessen the whole amount of debt, and to lower the interest payable on what remained. The establishment of the Bank of England had shown the value, in a mercantile point of view, of the Government credit. It became an understood principle that money lent to Government, and thus secured upon the credit of Government, was an excellent form of capital; and when advances were required, or when it became convenient to substitute a single great creditor for a number of little ones, this principle had been brought into use. Two such attempts had been made, the one by Harley in 1711, the other by Walpole in 1717. Harley, when Lord Treasurer, had found a floating debt (a debt, that is, payable on demand of the creditor) of ten millions, and had got rid of the danger of immediate demand by forming a company of the creditors of this floating debt. The ten millions were funded, that is, the interest and not the capital was paid; the interest was secured upon the customs, and the fund of ten millions became the capital of the company of creditors, who were induced to allow their claims to be thus funded by the promise of the monopoly in the mercantile advantage which Spain had granted England at Utrecht. This came to but little,--the Assiento, or supply of slaves, and the admission of a yearly ship of 500 tons burden to the American colonies. Even this advantage was lost in the difficulties which arose with Alberoni. The first ship did not sail till 1717, and as far as the South Sea trade went Harley's plan was a failure. But the credit gained by the Company in the transaction was good, other lines of trade were opened up, and the Company became great, flourishing and powerful. [Sidenote: The South Sea Scheme. 1720.]