gious wealth at the publick cost; to which the earl of Godolphin had given too much way, possibly by neglect, for I think he cannot be accused of corruption.
But the new treasurer's chief concern was, to restore the credit of the nation, by finding some settlement for unprovided debts, amounting in the whole to ten millions, which hung on the publick as a load equally heavy and disgraceful, without any prospect of being removed, and which former ministers never had the care, or courage to inspect. 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 1710, 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
