Front Page Titles (by Subject) NO. 2. SATURDAY, NOVEMBER 12, 1720. The fatal Effects of the South-Sea Scheme, and the Necessity of punishing the Directors. (Gordon) - Cato's Letters, vol. 1 November 5, 1720 to June 17, 1721 (LF ed.)
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NO. 2. SATURDAY, NOVEMBER 12, 1720. The fatal Effects of the South-Sea Scheme, and the Necessity of punishing the Directors. (Gordon) - John Trenchard, Cato’s Letters, vol. 1 November 5, 1720 to June 17, 1721 (LF ed.) 
Cato’s Letters, or Essays on Liberty, Civil and Religious, and Other Important Subjects. Four volumes in Two, edited and annotated by Ronald Hamowy (Indianapolis: Liberty Fund, 1995). Vol. 1.
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NO. 2. SATURDAY, NOVEMBER 12, 1720. The fatal Effects of the South-Sea Scheme, and the Necessity of punishing the Directors. (Gordon)
The terrible circumstances of our French neighbours, under the plague in some places, expecting it in others, and dreading it in all, is a loud warning to us, to take all expedients and possible precautions against such a formidable calamity.
We have already had, and still have, a contagion of another sort, more universal, and less merciful, than that at Marseilles: The latter has destroy’d, we are told, about sixty thousand lives; ours has done worse, it has render’d a much greater number of lives miserable, who want but the sickness to finish their calamity; either by rendering it complete, or by putting an end to them and that together.
Indeed, had the alternative been offered us half a year ago, I think it would have been a symptom of wisdom in us to have chosen rather to fall by the hand of God, than by the execrable arts of stock-jobbers: That we are fallen, is a sorrowful truth, not only visible in every face which you meet, but in the destruction of our trade, the glory and riches of our nation, and the livelihood of the poor.
But complaining does not mend the matter; yet what sensible heart can avoid complaining, when he hears his country, a whole country, a potent nation, a nation happy in its climate, in its prince, and in its laws, groaning under mighty evils brought upon it by mean and contemptible hands, and apprehending evils still more mighty? This gives bitterness to a humane spirit, though it suffer not otherwise than by sympathy. Is there no way left of doing ourselves justice, and has the death of our prosperity extinguished all sense of our injuries?
‘Tis true, it is both prudent and religious in private persons, to stifle the notions of revenge, and calmly to expect reparation from God and the law: But jealousy and revenge, in a whole people, when they are abused, are laudable and politick virtues; without which they will never thrive, never be esteemed. How far they are to carry their resentments, I do not pronounce: The measures of it must be determined by circumstances; but still keen resentment ought to be shewn, and some punishment, or punishments, inflicted. When the dignity or interest of a nation is at stake, mercy may be cruelty.
To this spirit of jealousy and revenge, was formerly the Roman commonwealth beholden for the long preservation of its liberty; the Venetian commonwealth owes its preservation to the same spirit; and liberty will never subsist long where this spirit is not: For if any crimes against the publick may be committed with impunity, men will be tempted to commit the greatest of all; I mean, that of making themselves masters of the state; and where liberty ends in servitude, it is owing to this neglect. Caesar thought that he might do what he had seen Marius and Sulla do before him, and so enslaved his country: Whereas, had they been hanged, he would, perhaps, never have attempted it.
I bring these examples to prove, that nations should be quick in their resentments, and severe in their judgments. As never nation was more abused than ours has been of late by the dirty race of money-changers; so never nation could with a better grace, with more justice, or greater security, take its full vengeance, than ours can, upon its detested foes. Sometimes the greatness and popularity of the offenders make strict justice unadvisable, because unsafe; but here it is not so, you may, at present, load every gallows in England with directors and stock-jobbers, without the assistance of a sheriff’s guard, or so much as a sigh from an old woman, though accustom’d perhaps to shed tears at the untimely demise of a common felon or murderer. A thousand stock-jobbers, well trussed up, besides the diverting sight, would be a cheap sacrifice to the Manes of trade; it would be one certain expedient to soften the rage of the people; and to convince them that the future direction of their wealth and estates shall be put into the hands of those, who will as effectually study to promote the general benefit and publick good, as others have, lately, most infamously sacrificed both to their own private advantage. Something is certainly due to both the former. The resurrection of honesty and industry can never be hoped for, while this sort of vermin is suffered to crawl about, tainting our air, and putting every thing out of course; subsisting by lies, and practising vile tricks, low in their nature, and mischievous in their consequences.
That a multitude of families are ruined, and suddenly sunk from plentiful circumstances to abject poverty, is affecting and lamentable; though perhaps all owing to their own rash confidence in the management of known knaves: That innocent children, born, as they imagin’d, to fair fortunes, and brought up accordingly, must now want bread, or beg it, is a catastrophe that must pierce every tender heart, and produce pity and tears: But to see one’s country labouring under all the sad symptoms of distress, without the violence of war, without the diabolical refinements of able politicians; but purely from the dull cunning of inferior rogues, void of bravery, void of abilities; wretches that would run away in the field, and be despised in assemblies; this is what should turn pity into rage, and grief into vengeance.
For a nation to suffer itself to be ill used, is of dangerous example; whether those that use it ill be its neighbours or its natives. Patience, in this case, invites fresh injuries; and that people, who would not bear many unjust burdens, must not bear one.
A country, as I said above, ought to do itself justice with speed, as well as with vigour: Delay has often rendered a cure impossible in the body politick, as well as in human bodies: By delays, the edge of resentment goes off, and the offender has leisure to fortify himself by new rogueries.
I would therefore have my countrymen take advantage of the humour that they are in, and make a virtue of their present anger. Let them rouse the bold spirit of a free nation; and shew by all lawful and loyal means, that they who always scorned to be the property of tyrants, will not be the prey of stock-jobbers.
G. I am, &c.