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FORE:"I can throw up the detail," he said indifferently, "I dare say I might as well. There is only half a year more of it. Some one will be glad enough to take that."Argyll, who received the news of the retreat about four in the afternoon of that day, occupied Perth with Dutch and English troops by ten o'clock the next morning. They had quitted Stirling on the 29th, and that night they encamped on the snow amid the burnt remains of the village of Auchterarder. Argyll and Cadogan followed the advanced guard and entered Perth on[32] the evening of the 1st of February; but the remainder of the troops did not arrive till late at night, owing to the state of the roads and the weather. Some few of the rebels, who had got drunk and were left behind, were secured. The next day Argyll and Cadogan, with eight hundred light foot and six squadrons of dragoons, followed along the Carse of Gowrie to Dundee. Cadogan, in a letter to Marlborough, complained of the evident reluctance of Argyll to press on the rebels. When he arrived at Dundee on the 3rd, the rebel army was already gone. He and Cadogan then separated, taking different routes towards Montrose. Cadogan, whose heart was in the business, pushed on ahead, and on the 5th, at noon, reached Arbroath, where he received the news that the Pretender had embarked at Montrose and gone to France. In this manner did the descendant of a race of kings and the claimant of the Crown of Great Britain steal away and leave his unhappy followers to a sense of his perfidious and cruel desertion. His flight, no doubt, was necessary, but the manner of it was at once most humiliating and unfeeling. The consternation and wrath of the army on the discovery were indescribable. They were wholly broken up when Argyll reached Aberdeen on the 8th of February.

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FORE:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.

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