An Answer to a Question that Nobody thinks of, viz., But what if the Queen should Die?Defoe, Daniel
History
An Answer to a Question that Nobody thinks of, viz., But what if the Queen should Die?
Defoe, Daniel
Great Britain -- Politics and government -- 1702-1714
From religious matters, come we next to consider civil interest,
liberties, privileges, properties; the great article that in the late
revolution went always coupled in the nation's negative with that of
religion, as if they were woven together, and was always cried upon by
the mob in one breath, viz., No popery, no slavery. The first of these
concerns our civil interest; such as the public credit, by the
occasions of a long and expensive war, and to prevent levying severe
taxes for the carrying on the war, such as would be grievous to trade,
oppressive to the poor, and difficult to be paid. The parliament, for
the ease of the subjects, thought fit, rather to lay funds of interest
to raise money upon, by way of loan, establishing those interests,
payable as annuities and annual payments, for the benefit of those who
advanced their money for the public service. And to make these things
current, that the public credit might be sacred, and the people be
made free to advance their money, all possible assurances of
parliament have been given, that the payments of interests and
annuities shall be kept punctually, and exactly according to the acts
of parliament, that no misapplications of the money shall be made, or
converting the money received upon one to make good the deficiency of
the other; and hitherto the injunctions of that kind have been exactly
observed, and the payments punctually made, which we call the credit
of the nation. At the first of the late change, when the new ministry
began to act, the fright the people were put in upon the suggestion of
some, that all the parliamentary funds should be wiped off with a
sponge, was very considerable; and the credit of those funds sunk
exceedingly with but the bare apprehension of such a blow, the sums
being infinitely great, and the number of indigent families being
incredibly many, whose whole substance lay in those securities, and
whose bread depended upon those interests being punctually paid; but
wiser men saw quickly there was no ground for those fears; that the
new ministry stood upon a foot that could no more be supported without
the public credit than those that went before them; that especially
while they were under a necessity of borrowing farther sums, they
behoved to secure the punctual paying of the old; and by making the
people entirely easy, not only take from them the apprehensions they
were under of losing what they lent already, but make them forward and
willing to advance more to this purpose, they not only endeavoured to
give the people all satisfaction that their money was safe, and that
the funds laid by the parliament in the former ministry should be kept
sacred, and the payments punctually made, but took care to obtain
parliamentary securities, by real funds to be settled for the payment
of those debts contracted by the former ministry, and for which no
provision was made before. This was the establishment of a fund for
Public-domain text, read in full here on John Shaqi.
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