But the late lord treasurer struck tallies for the full sum directed by the act to be borrowed, great part of which have been delivered in payment to the navy and victualling offices, and some are still in the hands of the government.
"In one thousand seven hundred and nine, part of the same fund was continued from August the first, one thousand seven hundred and fourteen, to August the first, one thousand seven hundred and sixteen, to raise six hundred and forty-five thousand pounds; and no provision for interest till August the first, one thousand seven hundred and fourteen (which was about five years), but by borrowing money on the same fund, payable after the sums before lent; so that little of that money was lent But the tallies were struck for what was unlent, some of which were given out for the payment of the navy and victualling, and some still remain in the hands of the government.
"In one thousand seven hundred and ten, the sums which were before given from one thousand seven hundred and fourteen, to one thousand seven hundred and sixteen, were continued from thence to one thousand seven hundred and twenty, to raise one million two hundred and ninety-six thousand five hundred and fifty-two pounds nine shillings and elevenpence three farthings; and no immediate provision for interest till August the first, one thousand seven hundred and sixteen; only, after the duty of one shilling _per_ bushel on salt should be cleared from the money it was then charged with, and which was not so cleared till Midsummer one thousand seven hundred and twelve last, then that fund was to be applied to pay the interest till August the first, one thousand seven hundred and sixteen, which interest amounted to about seventy-seven thousand seven hundred and ninety-three pounds _per annum_: and the said salt fund produceth but about fifty-five thousand pounds _per annum_; so that no money was borrowed upon the general mortgage in one thousand seven hundred and ten, except one hundred and fifty thousand pounds lent by the Swiss cantons; but tallies were struck for the whole sum.

These all remained in the late treasurer's hands at the time of his removal, yet the money was expended, which occasioned those great demands upon the commissioners of the treasury who succeeded him, and were forced to pawn those tallies to the bank, or to remitters, rather than sell them at twenty or twenty-five _per cent_.

discount, as the price then was.

About two hundred thousand pounds of them they paid to clothiers of the army, and others; and all the rest, being above ninety thousand pounds, have been subscribed into the South Sea Company for the use of the public." When the Earl of Godolphin was removed from his employment, he left a debt upon the navy of -- -- millions,[9] all contracted under his administration,[10] which had no Parliament-security, and was daily increased.

Neither could I ever learn, whether that lord had the smallest prospect of clearing this incumbrance, or whether there were policy, negligence, or despair at the bottom of this unaccountable management.