THREE:The South Sea Company had immediately on the passing of the Bill proposed a subscription of one million, and this was so eagerly seized on that, instead of one, two millions were subscribed. To stimulate this already too feverish spirit in the public, the Company adopted the most false and unjustifiable means. They had eight millions and a half to pay over to Government as a douceur for granting them the management of the Funds; and, therefore, to bring this in rapidly, they propagated the most lying rumours. It was industriously circulated that Lord Stanhope had received overtures at Paris to exchange Gibraltar and Port Mahon for invaluable gold lands in Peru! The South Sea trade was vaunted as a source of boundless wealth in itself. In August the stock had risen from the one hundred and thirty of the last winter to one thousand! Men sold houses and land to become shareholders; merchants of eminence neglected their affairs and crippled their resources to reap imaginary profits. The Company flattered the delusion to the utmost. They opened a third, and even a fourth subscription, larger than the former, and passed a resolution that from next Christmas their yearly dividend should not be less than fifty per cent.! In labouring to increase the public delusion they seem to have caught the contagion themselves, for they began to act, not like men who were blowing a bubble which they knew must speedily burst, but like persons who had mounted permanently into the very highest seat of prosperous power. They assumed the most arrogant and overbearing manner, even towards men of the highest station and influence. "We have made them kings," said a member of Parliament, "and they deal with everybody as such."
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THREE:In the meanwhile her Majesty was pleased to communicate to the members of the Privy Council assembled at Buckingham Palace on the 23rd of[467] November, her intention of contracting an alliance with a Prince of the family of Saxe-Coburg and Gotha. The story of her affection for her cousin is well known through Sir Theodore Martin's admirable "Life of the Prince Consort." The declaration was made by her Majesty in the following terms:"I have caused you to be summoned at the present time in order that I may acquaint you with my resolution in a matter which deeply concerns the welfare of my people and the happiness of my future life. It is my intention to ally myself in marriage with the Prince Albert of Saxe-Coburg and Gotha. Deeply impressed with the solemnity of the engagement which I am about to contract, I have not come to this decision without mature consideration, nor without feeling a strong assurance that, with the blessing of Almighty God, it will at once secure my domestic felicity, and serve the interests of my country. I have thought fit to make this resolution known to you at the earliest period, in order that you may be fully apprised of a matter so highly important to me and to my kingdom, and which, I persuade myself, will be most acceptable to all my loving subjects." Upon this announcement the Council humbly requested that her Majesty's most gracious declaration might be made public, which her Majesty was pleased to order accordingly.The brilliant successes of this campaign had clearly been the result of Pitt's plans before quitting office. Bute and his colleagues had no capacity for such masterly policy, and as little perception of the immense advantages which these conquests gave them in making peace. Peace they were impatient forless on the great grounds that peace was the noblest of national blessings, than because the people grumbled at the amount of taxationand because, by peace, they diminished, or hoped to diminish, the prestige of the great Minister, who had won such vast accessions to the national territory. Bute was eager to come to terms with France and Spain, regardless of the advantages he gave to prostrate enemies by showing that impatience. Had he made a peace as honourable as the war had been, he would have deserved well of the country; but to accomplish such a peace required another stamp of mind.
THREE:
THREE:Spain and Portugal are so bound together by natural sympathy that they generally share the same vicissitudes. Bad feeling had arisen between the national party and the Government in consequence of the appointment of Prince Ferdinand, the husband of the queen, to be commander-in-chief of the army. Other causes increased the popular discontent, which was at its height when the public was electrified by the news of the Spanish Revolution. The Ministers were obliged to make concessions; but, besides being inadequate, they were too late. The steamboat from Oporto was loaded with opposition members, who were received with the most enthusiastic demonstrations of welcome. On the 9th of September the clubs had everything arranged for a revolution, and a mixed array of troops of the line, ca?adors, and National Guards, proclaimed the Constitution adopted by John VI.; and, having sung a constitutional hymn, they appointed a deputation, headed by Viscount Sa Bandiera, to wait upon Queen Donna Maria. She had first contemplated resistance, but the army would not act against the people. The National Guards were in possession of the city, having occupied the Rocio Square in Lisbon all night, and in the morning they were informed that the queen had yielded to their wishes, appointing a new Ministry, with Bandiera at its head. Some of the most obnoxious of the ex-Ministers took refuge from popular vengeance on board the ships of the British squadron lying in the Tagus. Most of the peers protested against the Revolution; but it was an accomplished fact, and they were obliged to acquiesce.