john aislabie (3 Ergebnisse)

Soft cover. Zustand: Very Good. 1st Edition. The Speech of the Right Honourable John Aislabie, Esq; upon his defence made in the House of Lords, against the Bill for raising money upon the estates of the South-Sea Directors, on Wednesday the 19th of July 1721. Mr. Aislabie's Second Speech On his Defence in the House of Lords, On Thursday, July 20, 1721. Printed for J. Roberts, in Warwick Lane, 1721. Price Six Pence. Paper pamphlets with stitched binding; each 22pp. In very good condition with light browning and wear to edges. In 1719, the South Sea Company proposed a deal whereby it would take over the national debt in exchange for government bonds. Aislabie, Chancellor of the Exchequer, was a very strong supporter of the scheme; he negotiated the contract and piloted the Bill through the House of Commons. The South Sea Company had been built on high expectations which it could never fulfill, and it collapsed in August 1720. An investigation by Parliament found that Aislabie had been given £20,000 of company stock in exchange for his promotion of the scheme. He resigned the Exchequer in January 1721, and in March was found guilty by the Commons of the "most notorious, dangerous and infamous corruption". He was expelled from the House, removed from the Privy Council, and imprisoned in the Tower of London although he was released nearly five months later.

The document must date from the time that Aislabie was Chancellor of the Exchequer and the other two were Lords of the Treasury.

Re 1: ?At the close of the year 1719, the South Sea Company?first formed by Harley, earl of Oxford, in 1711, with the object of improving the public credit?proposed a scheme for paying off the national debt. The scheme was strenuously supported by Aislabie, and, notwithstanding the opposition of the Bank of England, was ultimately accepted in an amended form by the House of Commons. Every stratagem was employed to raise the price of the stock while the bill was in progress through parliament. It received the royal assent in April 1720. The subscription lists were thereupon opened, and the shares were immediately taken up by people of all classes. In August the price of the stock rose to 1000, but soon afterwards it began to decline. Public confidence was lost as quickly as it had been won, and not long afterwards the crash came. Thousands of families were ruined, and the resentment against the directors and other promoters of the South Sea scheme became universal. Parliament met 8 Dec. The directors were then ordered to lay before the House of Commons an account of their proceedings. After the Christmas recess a secret committee of inquiry was appointed by the commons, and on 23 Jan. 1720?21 Aislabie resigned the seals of his office. On 8 March the report of the secret committee with reference to the late chancellor of the exchequer was taken into consideration. Though Aislabie made 'a long submissive and pathetick speech in his own defence,' the house unanimously agreed to twelve resolutions, declaring him guilty of 'most notorious, dangerous, and infamous corruption,' that he 'had encouraged and promoted the Dangerous and Destructive execution of the South Sea scheme with a view to his own Exhorbitant Profit,' and that he 'be for his said offences expelled the house.' The next day he was committed to the Tower on the authority of the speaker's writ. During the discussion in the House of Lords on the bill for confiscating the estates of the directors and others for the benefit of the sufferers (in which bill Aislabie's name had been inserted in the other house) he was summoned from the Tower by order of the lords, and twice addressed the committee in his own defence. After some debate it was carried that his name should be retained in the bill, and he was thereupon remanded to the Tower. He was, however, allowed to retain his country estate and all the property of which he was possessed on or before 20 Oct. 1718, so that he did not fare so badly as some of his colleagues.? Wikisource Re 2: This act is ?for making good deficiencies,and satisfying Public Debts; and for Erecting a Corporation to Carry on a Trade to the South-Sea??Re 3: This act is ?for continuing the Trade to the South ? Sea Granted by an Act of the last Session of Parliament, although the Capital Stock of the said Corporation should be Redeemed? Re 4: This is ?an Act for charging and continuing the duties upon malt, mum, cyder and perry, for the service of the year one thousand seven hundred and fourteen. ? And to enable the Governor and Company of the Bank of England and others, to Lend Money upon South Sea Stock?, Size : quarto, Volume : 4, References : Related to Ref: Alden European Americana 720/114; Cole, The Great Mirror of Folly, pages 23-35; Sabin Bibliotheca Americana 28932; Goldsmith 5879; Howes G 442; Muller, America 1503.