THREE:On the death of Stanhope, Sir Robert Walpole was left without a rival, and he received his commission of First Lord of the Treasury on the 2nd of April, and from this period down to 1742 he continued to direct the government of Great Britain. His chief anxiety now was to restore the public credit. He drew up, as Chairman of the Committee of the Commons, a report of all that had been lost in the late excitements, and of the measures that had been adopted to remedy the costs incurred. Amongst these were the resolutions of the House respecting the seven and a half millions the directors of the South Sea Company had agreed to pay to Government; more than five had been remitted, and we may add that on the clamorous complaints of the Company the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of encumbrance, the credit of the Company's bonds had been maintained, and thirty-three per cent. of the capital paid to the proprietors. Such were the[49] measures adopted by the Commons, and these being stated in the report to the king, a Bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the Government. On the second reading of Walpole's Bill they thronged the lobby of the House of Commons. The next day the Bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the Bank, and with a clear eye to his own interest; but he had been strenuously vindicated from the charge, and on the whole the vigour and boldness with which he encountered the storm and quelled it deserve the highest praise, and may well cover a certain amount of self-interest, from which few Ministers are free.Whilst Louis lay ill at Metz, France received an unexpected relief. Prince Charles was hastily recalled to cope with Frederick of Prussia, who had now joined France in the counter-league of Frankfort, and burst into the territories of Maria Theresa. He found in Prague a garrison of fifteen thousand men, yet by the 15th of September he had reduced the place, after a ten days' siege. At the same time Marshal Seckendorf, the Imperial general, entered Bavaria, which was defended only by a small force, and quickly reinstated[88] Charles on the throne of Munich. Vienna itself was in the greatest alarm, lest the enemies uniting should pay it a visit. But this danger was averted by the rapid return of Prince Charles of Lorraine from before Strasburg. He had to pass the very front of the French army; nevertheless, he conducted his forces safely and expeditiously to the frontiers of Bohemia, himself hastening to Vienna to consult on the best plan of operations. Maria Theresa again betook herself to her heroic Hungarians, who, at her appeal, once more rushed to her standard; and Frederick, in his turn alarmed, called loudly on the French for their promises of assistance, but called in vain. The French had no desire for another campaign in the heart of Austria. The Prussian invader, therefore, soon found himself menaced on all sides by Austrians, Croatians, and Hungarian troops, who harassed him day and night, cut off his supplies and his forages, and made him glad to retrace his steps in haste.
