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Updated: May 15, 2025
Walpole laid before a committee of the whole House his scheme for the restoration of public credit, which was, in substance, to ingraft nine millions of South Sea stock into the Bank of England, and the same sum into the East India Company, upon certain conditions. The plan was favourably received by the House.
As this work is intended almost exclusively for beginners, much detail has been admitted, and many of the specific measures here proposed may perhaps be safely adopted where no others are established. There may also, perhaps, be cases where teachers, whose schools are already in successful operation, may ingraft upon their own plans some things which are here proposed.
They left the suppression of slavery to the States where it existed, but there was no intention to ingraft the idea of property in man in the Constitution, or to favor its extension beyond the original slave States in any way. John Jay, the first Chief-Justice, was preëminently qualified to judge respecting this.
It would, then, have been wholly unnecessary to ingraft on the fifth article of the Constitution, prescribing the mode of its own future amendment, the proviso "that no amendment which may be made prior to the year 1808 shall in any manner affect" the provision in the Constitution securing to the States the right to admit the importation of African slaves previous to that period.
A practice has, however, grown up of late years to ingraft on such bills at the last hours of the session large appropriations for new and important objects not provided for by preexisting laws and when no time is left to the Executive for their examination and investigation.
Whatever little advantages the old system might have, they wished to retain and ingraft upon their new life. To be compensated for labor was a condition of freedom which they joyfully accepted. To receive "presents" was an apparent advantage of slavery which they did not wish to set aside. The matter was fully explained, and I am confident all our auditors understood it.
There were others of note seated on the platform, who would gladly ingraft upon English institutions all that is purely republican in the institutions of America.
The reader will see, as he goes on, how much of warmth, of interest, and of that happy mutual dependence which is the very gist of friendship, he contrived to ingraft upon this somewhat dry relationship of penitent and confessor.
Britain was possessed by the Saxons, Spain by the Vandals, Suevi, and Visigoths, and Africa by the Vandals, while the whole eastern empire fell into the hands of the Saracens, except Constantinople, which preserved the treasures of Greek and Roman civilization, until the barbarians, elevated by the Christian religion, were prepared to ingraft it upon their own rude laws and customs.
Next day Walpole produced his scheme, to ingraft nine millions of South-Sea stock into the bank of England, and the like sum into the East India company, on certain conditions. The house voted, that proposals should be received from the bank, and those two companies on this subject.
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