He resolved to go at once to the bottom of this evil; and having computed and summed up the debt of the navy, and victualling, ordnance, and transport of the army, and transport debentures made out for the service of the last war, of the general mortgage tallies for the year one thousand seven hundred and ten, and some other deficiencies, he then found out a fund of interest sufficient to answer all this, which, being applied to other uses, could not raise present money for the war, but in a very few years would clear the debt it was engaged for.

The intermediate accruing interest was to be paid by the treasurer of the navy; and, as a farther advantage to the creditors, they should be erected into a company for trading to the South Seas, and for encouragement of fishery.

When all this was fully prepared and digested, he made a motion in the House of Commons (who deferred extremely to his judgment and abilities) for paying the debts of the navy, and other unprovided deficiencies, without entering into particulars, which was immediately voted.

But a sudden stop was put to this affair by an unforeseen accident.

The chancellor of the exchequer (which was then his title) being stabbed with a penknife, the following day, at the Cockpit, in the midst of a dozen lords of the council, by the Sieur de Guiscard, a French papist; the circumstances of which fact being not within the compass of this History, I shall only observe, that after two months' confinement, and frequent danger of his life, he returned to his seat in Parliament.[15] [Footnote 15: See the particular account in "The Examiner." [ORIGINAL NOTE.] The reference is to Nos.