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Answer by the Earl of Egremont.
15 ning these appearances with the step inseparable from a rupture, could dewhich the court of Spain had a little termine him to make a last trial ; by time before taken towards his majeity, giving orders to his ambassador to adin avowing its consent, (though that dress himself to the minister of Spain avowal had been followed by apolo:
to desire him to inform him of the ingies) to the memorial presented the tentions of the court of Madrid to23d of July, by the Sieur de Bussy, mi- wards that of Great Britain in this nifter plenipotentiary to the Most A conjuncture, if they had taken enChristian King, to the king's secreta- gagements, or formed the design to ry of ftate; and his majesty having, join the king's enemies in the present afterwards, received intelligence, war, or to depart, in any manner, scarce admitting a doubt, of troops from the neutrality they had hitherto marching, and of military preparati- observed ; and to make that minister ons making in all the ports of Spain, sensible, that, if they perfifted in rejudged that his dignity, as well as his B fusing all satisfaction on demands so prudence, required him to order his juft, lo necessary, and to interesting, ambassador at the court of Madrid, by the king could not but consider such a a dispatch dated the 28th of October, to refusal as the most authentic avowal, demand, in terms, the most measured tliat Spain had taken her part, and that however, and the most amicable, a there only remained for his majesty to communication of the treaty recently take the measures which his royal concluded between the courts of Ma- prudence should dictate for the ho
C drid and Versailles, or at least of the ar- nour and dignity of his crown, and ticles which might relate to the inter- for the prosperity and protection of efts of Great Britain; and, in order to his people : and to re-call his ambasavoid every thing which could be tho't sador. to imply the least flight of the dignity Unhappily for the public tranquillior even the delicacy of his Catholick ty, for the interest of the two nations, Majefty, the Earl of Bristol was autho- and for the good of mankind, this last rised to content himself with assuran. D step was as fruitless as the preceding ces, in case the Catholick King offered ones; the Spanish minister keeping no to give any, that the said engage- further measures, answered dryly, ments did not contain any thing that “ That it was in that very moment was contrary to the friendship which " that the war was declared, and the subfifted between the two crowns, or “ king's dignity attacked, and that that was prejudicial to the interests of “ the E. of Bristol might retire how, Great Britain, supposing that any dif
« and when he should think proper."
E ficulty was made of sewing the treaty. And in order to set in its true light The king could not give a less equi- the declaration, “That, if the respect vocal proof of his dedendance on the “ due to his Catholick Majesty had good faith of the Catholick King, “ been regarded, explanations might than in Thewing him an unbounded “ have been had without any
difficul. confidence, in so important an affair, 'ty, and that the ministers of. Spain and which so essentially interested his “ might have said frankly, as Mons. own dignity, the good of his king. F" de Fuentes, by the king's express or doms, and the happiness of his people. “ der, declares publickly, that the
How great, then, was the king's “ said treaty is only a convention besurprize, when, instead of receiving “tween the family of Bourbon ; wherethe just satisfaction which he had å “ in there is nothing which has the right to expect, he learnt from his am
« least relation to the present war; ballador that, having addressed himself G" and that the guaranty which is thereto the minister of Spain for that pur. “ in specified, is not to be understood pose, he could only draw from him a “ but of the dominious, which shall refusal to give a satisfactory answer to “ remain to France after the war," It his majesty's just requisitions, which is declared, thit, very far from thinkhe had accompanied with terms that ing of being wanting to the respect, breathed nothing but naughtiness, a- acknowledged to be due to crowned nimotity, and menace ; and which heads, the instructions given to the feemed lo ftrongly to verify the suspi. H Earl of Bristol, have always been to cions of the unicable disposition of make the requisitions, on the subject the court of Spain, that nothing less of the engagements between the courts than his majefty's moderation, and his of Madrict and I'ersailles, with all the resolution taken to make all the ef- decency, and all the aitention poflible : forti poslible to avoid the misfortunes And the demand of a categorical an16
Declaration of War against Spain. swer was not made till after repeated, shewn by the Spaniards to our enemies and most stinging refusals to give the the French, during the course of the least satisfaction, and'at the last extre- present war, inconsistent with their mity: Therefore, if the court of Spain neutrality : And most essential proofs ever had the design to give this so 'ne- have been given of the friendship and cessary satisfaction, they had not the regard of the court of Great Britain least reason that ought to have engaged for the king of Spain and his family. them to defer it to the moment, when A After a conduct fo friendly, and so it could no longer be of use. But, for- full of good faith on our part, it' tunately, the terms, in which the de- was matter of great surprize to us, claration is conceived, spare us the re- to find a memorial delivered on the gret of not having received it sooner; 23d day of July last, by M. Bully, mifor it appears at the first sight, that nifter plenipotentiary of France, to the answer is not at all conformable to one of our principal secretaries of the demand: We wanted to be inform- state, exprelly relating to the disputes
B ed, If the court of Spain intended to join between us and the crown of Spain, the French, our enemies, to make war on and declaring, that, if those objects Great Britain, or to depart from their fhould bring on
a war, the French neutrality : Whereas the answer con- king would be obliged to take part cerns one treaty only, which is said to therein. Our surprise was encreased, be of the 15th of August, carefully a. when, afterwards, this unprecedented voiding to say the least word thatcould and offensive step, made by a power in explain, in any manner, the intentions C
open war with us, was avowed by the of Spain towards Great Britain, or the Spanish minister to our ambassador at further engagements they may have Madrid, to have been taken with the contracted in the present crisis.
full approbation and consent of the K. After a deduction, as exact as faith- of Spain. But, as this avowal was acful, of what has passed between the companied with the most becoming atwo courts, it is left to the impartial,pologies on the part of the king of publick to decide, which of the two D Spain, and with assurances that luch has always been inclined to peace, and inemorial never would have been dewhich was determined on war.
livered, if it had been foreseen that As to the rest, the Earl of Egremont we should have looked upon it in an has the honour to acquaint his Excel- offensive light, and that the king of Jency the Count de Fuentes, by the Spain was at liberty, and ready, to adking's order, that the neceffary paff- just all his differences with Great Briports for him shall be expedited, and tain, without the intervention, or that they will not fail to procure him e knowledge of France; and soon after all possible facilities for his passage to we had the satisfaction to be informed the port which he thall think molt con. by our ambassador at Madrid, that the venient.
Spanish minister, taking notice of the
reports industriously spread of an apHis Majesty's DecLARATION OF WAR proaching rupture, had acquainted
against the King of SPAIN. him, that the king of Spain had, at no GEORGE, R.
F time, been more intent on cultivating
a good correspondence with us; and THE constant object of our atten- as the Spanish ambassador at our court
tion since our accession to the made repeated declarations to the same throne, has been, if possible, to put an effect; we thought ourselves bound, end to the calamities of war, and to in justice and in prudence, to forbear settle the publick tranquillity upon a coming to extremities. But the fame folid and lasting foundation. To pre- G tender concern for the welfare of our vent those calamities from being ex- subjects, which prevented our accele. tended ftill farther, and becaule the rating precipitately a war with Spain, most perfect harmony between Great if it could posibly be avoided, made Britain and Spain is, at all times, the it necessary for us to endeavour to mutual interest of both nations ; it know with certainty what were the enhas been our earnest desire to main- gagements, and real intentions of the tain the stri&teft amity with the king of Spain, and to accommodate the litt contort of Spain. Therefore, as we had
information that engagements had putes between us and that crown, in been lately contracted between the the most amicable manner. This ob- courts of Madrid and Versailles; and it ject we have steadily pursued, not- was soon after industriously spread with Itanding the many partialitics throughout all Europe by the minis
Declaration of War againf Spain.
17 ters of France, that the purport of upion between the two branches of the those engagements was hoftile to Great house of Bourbon ; have now begun a Britain, and that Spain was on the new war ; and portend the most danpoint of entering into the war ; we di- gerous consequences to all Europe. rected our ambassador to delire, in the Therefore, we have thought fit to demost friendly terms, a communication clare, and do hereby declare war 1
А of the treaties lately concluded be. gainit the said King of Spain, and we tween France and - Spain į or of such will, in pursuance of such declaration, articles thereof as immediately related vigorously prosecute the said war, to the interest of Great Britain, if any wherein the honour of our crown, the such there were; or, at least, an assu- welfare of our subjects, and the prof. rance that there were none incompati. perity of this nation, which we are deble with the friendship subfifting be- termined at all times, with our utmoft tween us and the crown of Spain. Our B power to preserve and support, are lo astonishment and concern was great, greatly concerned. when we learnt, that, so far from giving satisfaction upon so reasonable an
Some Account of a Book, entitled, Every application, the Spanish minister had
Man his own Broker ; of, a Guide declined answering; with reasonings
to Exchange Alley : By T. Morti· and insinuations of a very hottile ten.
mer. dency : And as, at the same time, we HE author of this most useful and
с THE had intelligence, that great armaments not unentertaining work, is a perwere making in Spain, by sea & land, We fect matter of his subject, having lost thought it absolutely neceffary to try, a genteel fortune by, being the dupe of once
more, if a rupture could be avoid stock jobbers, against whose arts he ed: We therefore directed our ambar- has endeavoured to secure others ; a sador to ask, in a firm, but friendly man. concern of a publick nature first drew ner, whether the court of Madrid intend. him into the Alley, and he entered 70ed to join the French,our enemies, to act D natban's coffee-house in the year 1756 hoftilely against Great Britain, or to de. merely to save the expence of frequent part from its neutrality ; and, if he commissions, which he found, in a short found the Spanish minister avoided to time, had risen to a considerable a: give a clear answer, to insinuate in the mount. Some of the children of him, molt decent manner, that the refusing, who goes about seeking whom he may or avoiding to answer a queftion so rea- devour, soon marked him for their Sonable, could only arise from the prey: They insinuated, how easy it
E King of Spain's having already enga- was to grow suddenly rich, and menged, or resolved to take part against tioned as examples, many who had been us, and must be looked upon as an a.
turned adrift in the Alley as soon as vowal of such hostile intention, and of age, with small sums from 5 guineas equivalent to a declaration of war; & to so l. and, who soon acquired, not that he had orders immediately to leave the conveniences only, but the eleganthe court of Madrid. The peremptory
cies of life : he suspected no traud, refusal by the
court of Spain to give F and therefore took the advice that was the least satisfaction, with regard to
given him; he was frequently frightany of those reasonable demands on ed out of his property by men, who our part, and the solemn declaration seemed to give him the most difinat the same time made by the Spanish
terested advice ; but who, under preminiker, that they considered the war
tence of instructing unexperienced as then actually declared, proved to a youth, designed only to bring his litdemonstration, that their resolution to tle stock to market, to contribute toact offenfively, was so absolute and ir. Gwards the fall
in the price, which it revocably taken, that it could not be was their interest to bring about. A any longer disembled, or denied. The succession of anuual losses at length o. K. of Spain therefore, having been in- pened his eyes, he discovered the reduced, without any provocation on our crets of Change Alley, but, at the same part, to consider the war as already time, saw that he was undone. .commenced against us, which has in In this little treatise, he has exeffect been declared at Madrid; we h plained the nature of the public funds, truft, that by the blessing of Almightyexposed the iniquity of stock jobbing, God on the justice of our cause, and directed every man to transact his bu. by the assistance of our loving subjects,
ness relating to the funds himself, exwe shall be able to defeat the ambiti- hibited a short method of finding the ous designs, which have forined this value of any odd quantity of Hock, the (Geni. Mag. Jan, 1762.)
Every Man his own Broker. price per cent. being known ; given a hundred pounds in any of these advice concerning drafts on hankers; stocks or funds, only becomes a crediexplained the method of raising sup- tor to the government, for that proplies, of subscribing, and of buying portion of a lum which was long lince subscription receipts; mewn the dif- borrowed and spent, and is intitled to ference between subscription paid in receive interest for it at a certain rate
A upon, in full, and paid in upon only to till he is paid off. the time of sale; given a clear account A fraudulent and illicit trade called of the nature of India bonds, navy Rock jobbing, is continually carrying on bills, and life annuities, and the man- in these Itocks, the brief history of ner of selling them, with directions which, is this : how to avoid the losses that frequently
Free liberty having been always gihappen, by the destruction of bank ven to all foreigners to buy and Sell notes and public securities; he has al-B stock,many foreigners, particularly the so added, some account of banking, Dutch, have a very large interest in it; and of the linking fund, with a table, but if it were always necessary to make fhewing the intrinsic value of the le- the transfer at the public office, at the veral public funds, and the proportion time of making the contract, it would they hear to each other.
be impossible for persons abroad to imThe word Stock, properly signifies a prove advantageous opportunities of certain quantity of merchandize, or buying and selling, because the remitmoney, which is made the foundation C tance could not always be made in time, of trade or commerce. Joint stock is nor could proper letters of attorney the aggregate of money, or merchan- be executed ; it was, therefore, readize, contributed by different persons fonable to permit stock to be bought to be employed in trade or commerce and sold for time, that is, to permit a for their joint benefit, in proportion to
contract to be made for any quantity their respective contributions.
of stock, to be transferred at a certain When a small number of persons in D
future time, and, at a certain price, a private capacity, form such a joint whether the price of stock at that fufock, they are called a co-partnership;
ture time should be inore or less than when a large number obtain a charter the price ftipulated. to carry on any trade exclusively, and This practice of buying and selling jointly contribute to that trade, they fock for time, is the foundation of are called a company.
stock jobbing, and all its evils. Thus we have the South Sea and East As brokers were generally employed India companies ; and, any proprie:or & to buy and fell for these foreigners, it of a certain fum in the common stock became a custom for them, to contract of these companies, may transfer it to with each other for certain sums of another person for a valuable conside- stock,without naming their principals; tation, which is either more or less and, at length, under pretence of buy. than the sum originally contributed, ing and selling for foreigners, they according to the profit produced by the bought and sold for themselves; or, ratrade.
ther made contracts between themThe government of England, instead F selves, for buying and selling stock, of laying a tax which would raise, in without having any stock to sell on one the current year, the sum wanted for side, or åny money to buy it on the that year, has for a long time borrowed other ; and, indeed, without the least the lum that was wanted, and laid a design, either to transfer or accept atax only to pay interest for it, till the ny part of the stock which was inade debt should be discharged. The per
the foundation of their contract. In fons, of whom this sum is originally G contracts for time, he who contracts borrowed, have a right of transferring to sell is called the bear, and he who their proportion of the debt to others, contracts to buy the bull. The first, was and the value of every hundred pound probably called a bear, from the proof this debt, will be worth either lefs verb applied to those who sell continor more than an hundred pounds as gencies, 'that they sell the bear's skin, the interest of money is more or less while the bear runs in the wood." Van that at which it was contracted. The other was called a bull, probably, Thus, shares in the public debt, are
Honly by way of distinction from the perpetually bought and sold at diffe- bear. reui prices, and the publick debt is by When contracts for time are made a strange perversion of language,called between persons who have neither stock tweaks and funds ; thougb he.that buy
nor money, they settle the account be. Every Man bis own Broker: tween them when the time comes for, large fum, which, when the intelli. making the transfer, by paying the gence is known to be groundless, will difference between the price of stock be considerably increaled in its value. then, and this price stipulated in their Or, suppose a general of an army, or contract: Thus, if Bear John, contracts a commander in chief of a fleet, are with Bull Thomas, to transfer to him jobbers, and should have a great acSool. 3 per cent, annuities, at the end of A count in the Alley depending, which 3 months, at 75l. for each hundred, requires a fall; their interest becomes The price of that stock, when the con- imcompatible with their duty, and they tract is made; and, if when the three are under the strongest temptation to months are expired, the price should do only as much as will prevent their be 280 l. the bear pays to the bull 251. being brought to account, instead but if the price should then be but zol. of gaining or improving a victory, the bull pays ask to the bear.
B which would cause the stocks to rile, This traffic manifestly depends alto- when their interest requires it to fall. gether upon the fluctuation of the price For the directions which will enable of stock, and thus it becomes the in- every man to act as his own broker, we terest of those who carry it on to pro- must refer to the book itself; and, if duce this fluctuation ; it is the interest the reader, after having read it, would of the Bear, that stock should fall, and have any doubts, the author has pro, of the Bull that it should rise; the Bear, mised to obviate them, in an answer to
с therefore, cannot possibly thrive, but any letter poft paid, in which they as his country suffers, or is supposed Ihall be stated. He proposes, also, to to suffer; and it is to the Bear, that we read a course of lectures, in which the are obliged for the bad news that is several branches of business in the frequently inserted in our news-pa- funds will be explained, by way of expers, under the titles af private letters periment; for which purpose, books, from the Hague, concerning, bloody receipts, and all necessaries as used at battles, flat bottomed boats, the junc- D the offices, will be prepared ; and, as tion of hostile powers, and an infinite soon as a sufficient number of gentlevariety of other articles of the same men are thoroughly acquainted with the kind.
manner of doing their business, he will There are, however, stock jobhers of attend them to the Bank, South Sea and 2 higher rank than brokers, who India house, with the several acts of spread the evils of jobbing yet wider, parliament, proper to enforce a ready and render them more important. compliance in the clerks to do their
It is common for persons of great property in the stocks, to make con- Proposals for these lectures will be tracts for time when an actual trans- delivered in a short time,and subscripfer is intended, and this produces ma- tions taken in at the publishers, S. ny frauds, not easily detected. Suppose Hooper, at Cafar's head in the Strand, it a burgomaster of Amserdam, has con
the author finds sufficient encouragetracted to deliver stock at a future ment, time to a considerable amount, at a F We shall conclude this article with low price, upon speculation of some- some general and important cautions. thing that has not happened; he writes Never remove your money at a loss over to his correspondent, intimating but in cases of absolute necessity, but, fome event,which he knows will, if be- instead of believing idle reports of bad lieved, produce a fall, and, at the same news, wait patiently till the situation time, directs him to sell out immediately of public affairs has brought your stock one or two thousand pounds of his to the value at which you bought it, or property in the stocks; this is com- G
a higher. municated at Change, and the stock is Never follow the advice of a man, sold out as a testimony of the truth of who would persuade you to be contithe information, and the fincerity of nually changing the situation of your the informant : But the burgomaster, money, for he is certainly infuenced at the same time, fends private orders by some private motive. to his broker to buy for him 50,000 l. When you receive bank notes for when his lie has produced its effect, n stock, cxamine if they are above which will enable him to make good year old ; if they are, have them his contract without loss, or, perhaps, amined and marked in the prop of with gain; or, by this artifice, if he fice before you take them; and is you has made no contract for time, he may" take the purchasers draugh produce a sudden fall and then buy a banker for the stock you fel, let the