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The house having resolved itself into a committee to consider of the national debt, sir John Barnard made a motion, for enabling his majesty to raise money either by the sale of annuities, or by borrowing at an interest not exceeding three per cent., to be applied towards redeeming the South-Sea annuities; and that such of the said annuitants as should be inclined to subscribe their respective annuities, should be preferred to all others.
It will be sufficient to state that it finally rose to one thousand per cent. It was quoted at this price in the commencement of August. The bubble was then full-blown, and began to quiver and shake, preparatory to its bursting. Many of the government annuitants expressed dissatisfaction against the directors. They accused them of partiality in making out the lists for shares in each subscription.
It turned out to be Captain Bildad who along with Captain Peleg was one of the largest owners of the vessel; the other shares, as is sometimes the case in these ports, being held by a crowd of old annuitants; widows, fatherless children, and chancery wards; each owning about the value of a timber head, or a foot of plank, or a nail or two in the ship.
There were also four against abolition. The first of these was from certain persons at Derby, in opposition to the other from that town. The second was from Stephen Fuller, Esq., as agent for Jamaica. The third from J. Dawson, Esq., a slave-merchant at Liverpool. And the fourth from the merchants, planters, mortgagees, annuitants, and others concerned in the West Indian colonies.
Annuitants, possessors of moderate landed property, &c., finding it impossible to subsist on their incomes, are forced to have recourse to the little specie they have reserved, and exchange it for paper.
Most of the joint annuitants agreed to a proposal made to them by Richard and Charles, viz., to receive 6,000 immediately, and the remainder by instalments in three years.
He got up, therefore, as if he were in a passion, and spoke very artfully to this purpose: "These witnesses, monsieur, are not to accuse you, as you are pleased to say, but only to discover what passed in the meeting of the annuitants at the Hotel de Ville.
We did not know whether to smile or to drop a tear, as we contemplated these baits hung out to tempt the coins from the exiguous purses of ancient maidens, forlorn widows, withered annuitants, stranded humanity in every stage of shipwrecked penury. I am reminded of Thackeray's "Jack Spiggot." "And what are your pursuits, Jack? says I. 'Sold out when the governor died. Mother lives at Bath.
It will be sufficient to state that it finally rose to 1000 per cent. It was quoted at this price in the commencement of August. The bubble was then full-blown and began to quiver and shake preparatory to its bursting. Many of the government annuitants expressed dissatisfaction against the directors. They accused them of partiality in making out the lists for shares in each subscription.
It turned out to be Captain Bildad, who along with Captain Peleg was one of the largest owners of the vessel; the other shares, as is sometimes the case in these ports, being held by a crowd of old annuitants; widows, fatherless children, and chancery wards; each owning about the value of a timber head, or a foot of plank, or a nail or two in the ship.
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