Cato’s Letter Number 5

SIR, This great nation, undone by despicable stock-jobbers and their abettors, has hitherto quietly groaned under the merciless hands of its pillagers, and lived for some months upon the pure hopes of redress. We looked towards the Parliament: His Majesty and his ministry being absent, and busied with the affairs of this kingdom abroad, in the glorious aims of settling the peace of Europe, in strengthening the Protestant interest.

The first part of our hopes is now almost accomplished, the Parliament are just upon meeting; and never, sure, did ever session open with greater expectation, or with more to do: Every thing is turned topsy-turvy; and the nation, thrown into convulsions, is waiting for the healing hand of its representatives.

Many expedients will, no doubt, be offered without doors; calculated, in appearance, to improve the stock, but, in reality, designed to save the directors. This is to begin at the wrong end. To pretend to form schemes for the increasing of credit, before the destroyers, the cannibals of credit, are honestly and openly hung up to its manes, is, in some sort, to confess, that we had our instructions and politicks from the criminals themselves, and our best and only reasons out of their purses.

Or if we be not thus wicked, we should, at best, be miserably weak to fall into such a preposterous method; and whether great and general calamities have their root in roguery or folly, is all one to a nation.

In spite of all the remedies that can be applied, multitudes will still remain undone beyond all remedy: Nay, for aught I can see, there is no practical remedy at all for what is past; so effectual has been the roguery on one side, so rivetted is the ruin on the other.

All, therefore, that seems to me to be left, even to the united wisdom of Great Britain, is the cure of prevention, to stop the progress of the contagion, to take care that those who have already suffered, shall suffer no more, nor make new sufferers: It is certain, that all men have suffered in one sense or other, the criminals excepted. It is hoped that the miserable people will now be honoured with their good company; and that the box on the ear, which wantonly began from them, will in good earnest be returned to them, and end with them. It is some consolation to the inhabitants of a village, who have been bit all round by a mad dog, to see the instrument of the poison, and the author of their pain and danger, honestly hung up, or knocked on the head.

The prevailing woe which has long raged, and still sits hard and heavy upon us, has certainly some authors; the directors are generally taken to be these authors; and if they be duly and public’ly punished, they will continue to be taken for the only authors. But if there be nothing done to them, or nothing effectually done, we shall naturally look farther, and make bold to know, that though they have been rogues, yet that others had been greater than they; that others have directed the directors, and were partners in the spoil.

But if they stand single, and are found the only and original plunderers of their country, they will infallibly be given up to public’ and crying vengeance; not only by the rules of guilt, but of good policy. A more popular thing cannot be done, nor indeed so popular a thing. The blessings of the people, and the universal affections of Great Britain, will be some of the rewards attending upon those who will be the generous authors of public’ justice upon the detestable authors of public’ and intense misery.

I will never suppose that any men, or even one man in any public’ station, did by any means join with stock-jobbers to undo their country; much less enabled stock-jobbers, to undo their country, and supported them while they were about it. It would be melancholy and terrible, indeed, to imagine that any public’ men, at least, any man concerned in the finances, or set over any part of the public’ money, by which public’ credit is circulated and sustained, should, in defiance of his public’ trust, put himself at the head of a conspiracy of stock-jobbers, who were, with merciless and unclean hands, rifling the public’ itself, engrossing all its wealth, and destroying at once all public’ and private faith.

Such unprecedented treachery, such over-grown guilt, can never be supposed. Our corruptions cannot be yet become so bold and bare-faced, nor we so tame. The thing therefore being so very monstrous, must be impossible, whatsoever suggestions there may be to the contrary; which, were they true, could not fail of calling down double and conspicuous punishment upon such a Verres.

As to those who lately encouraged the scheme, out of an honest purpose to relieve the public’, and pay off its debts, they ought, and no doubt will be the first and the most active to revenge the public’ upon those, who, instead of relieving it, have brought the public’ into such doleful and dying distress.

By this, they will farther evince the honesty of that purpose, merit still more to conduct our affairs; and their services will undoubtedly be remembered by the honest freeholders of England, at a proper season, to their advantage: Our eyes are upon them, our confidence is in them, and we wish them good success in this great trial of integrity and public’ spirit.

I foresee that there will be many loud in their call for public’ justice, and yet be the first to prevent it. Their avarice will arm their tongues with zeal, and a proper present disarm it of its eloquence. However, the outside of public’ spirit will still be kept on; they will be sure to cry out to the last for punishment, for severe punishment; but they will be as sure to find fault with every expedient proposed for inflicting it. I could name some worthy patriots, of many words, and great weight, who will act this farce rarely. It will not be the first time. What is human life, but a masquerade: And what is civil society, but a mock-alliance between hypocrisy and credulity?

(Magna & misera civitas, eodem anno tantas injurias tantumque; pudorem passa, inter Vineos, Fabios, Icelos, Asiaticos, varia & pudenda sorte agebat; donec successere Mutianus, & Marcellus, & magis alii homines quam alii mores.)

These are the words of a great ancient, signal for his wisdom and strong observations. Had he lived now, and written in English, he would have written thus:

“Oh London! Oh England! Oh my country! How great! And yet how miserable! What reproach, what calamities, what ruin, hast thou sustained? Sustained in the space of one short year; and less than a year! Sustained from the dregs of human kind! From fellows, vile in their original; and as to their spirit, slaves! What opprobrious delusions, what deadly revolutions, hast thou suffered to be brought upon thee, by the ignoble names and servile hands of B – – – t, L – – – b – – – t, H – – – h, and the like scum of the vulgar! And after all this, art thou not weary, O my country! of thy own shame? Not yet satiated with devastation and havock? And wilt thou yet again try the old knavery, managed by new knaves?”

(G. I am, &c.)