III. _That a Proper Place in =London= be appointed to keep a =Book=, wherein each Person may be made =Debtor= and =Creditor=; and a Duplicate of such =Book= to remain in the =Exchequer=. And that there may be a =Book=, wherein every Person may =transfer= their Property._ IV. _The Debt of =Seven Millions, Five Hundred Thousand Pounds=, being forgiven the =South-Sea= Company, and they put in =Statu quo= by the =Government=; the =Nation= will stand =Debtor= and =Creditor= as followeth:_ Viz. NATION Debtor. _To =South-Sea= Company_, 11,746,384 _To Money-Subscribers_, 20,004,000 _To Redeemable Debts_, 13,886,486 _To Unredeemable Debts_, 12,070,343 _To Interest_, __________ NATION Creditor. _By a Moiety of the Money-Subscribers_, 10,002,000 _By =Ditto= Redeemable Debts_, 6,993,247 _By =Ditto= Unredeemable Debts_, 6,035,178 ---------- 23,030,425 The _Government_ is only to pay Ten _per Cent._ for the Sum of _Twenty Three Millions, Thirty Thousand, Four Hundred Twenty Five Pounds_. The _South-Sea_ Company being in _Statu quo_, are to receive an Interest as the _Act_ directed before the last _Settlement_. The other Moiety will enable the _Government_ to make good the _Deficiency_ (if any) to the _South-Sea_ Company, to forgive them the _Seven Millions, Five Hundred Thousand Pounds_, pay the _Interest_ due from the _Government_ and clear a great Part of the _Principal Debt_. The _Scheme_, as before-mention'd, will restore our _Credit_, and pay Part of our _Debt_; but if we intend to pay the Remainder, we must endeavour to be at a _Par_ with our Neighbours in Trade: And if they outdo us in Policy therein, and we do not strive to follow their _Methods_, we must expect in the End to be the Losers, and never to have a Balance. We ought to consult those Methods that will increase our _Exports_, and lessen the _Importation_ of such Goods as takes away our _Bullion_, and prevent our _Coin_ from being exported, in the best Manner we can. * * * * * Now, Sir, you having consider'd the _Proposal_, and what has been previously maintain'd give me Leave to ask you a few Questions: _Viz._ 1. Whether the Corporation of the _South-Sea_ Company, if they could be sure that the _Government_ would forgive them the Debt of _Seven Millions, Five Hundred Thousand Pounds_, and put them in _Statu quo_, (that is, in the Condition they were in when Stock was at _One Hundred Twenty Five_) would not they readily embrace the _Offer_? 2. Whether either the _South-Sea_ Company, the Bank of _England_, or the _East-India_ Company, desire the _Ingraftment_ propos'd by Parliament?