August the first, 1716; which interest amounted to about seventy-seven thousand seven hundred and ninety-three pounds per annum: and the said salt fund produced but about fifty-five thousand pounds per annum: so that no money was borrowed upon the general mortgage in 1710, 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 suspended, 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 Southsea Company, for the use of the publick.
When the earl of Godolphin was removed from his employment, he left a debt upon the navy of several millions, all contracted under his administration, 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. But the consequences were visible and ruinous; for by this means navy bills grew to be forty per cent discount, and upwards; and almost every kind of stores, bought by the navy and victualling offices, cost the government double rates,
