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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.On the 19th Collingwood signalled Nelson that the French fleet was coming out of Cadiz. On the morning of the 21st, when the British fleet lay about seven leagues north-west of Cape Trafalgar, the hostile fleet was discovered about seven miles to the eastward. Nelson ordered the fleet to bear down on the enemy. As Villeneuve approached, he veered so as to bring Cadiz under his lee, and thus secure a retreat into it. This compelled Nelson to shift his course a little more northward. Villeneuve had preconcerted a plan of action which he boasted would prevent Nelson from cutting his line, as was his custom. He determined to advance in two lines, with each alternate ship about a cable's length to the windward of her second ahead and astern, so that his fleet would represent the chequers of a draft-board. This plan, however, did not succeed. Nelson found now the shoals of San Pedro and Trafalgar under the lee of both fleets, and, dreading that he might be carried upon them at the end of the battle, he signalled, from the Victory, for the fleet to anchor at the close of the day. He then told Blackwood that he should not be satisfied unless he took twenty of the enemy's ships, and asked him whether he thought a general signal of action were not wanting. Blackwood replied that he thought the fleet all understood what they were about. But Nelson hoisted on his mizen top-mast his last signal"England expects every Man to do his Duty." It was seen, and responded to with loud hurrahs.
THREE:Before the proclamation of the new king the Council had met, and, according to the Regency Act, and an instrument signed by the king and produced by Herr Kreyenberg, the Hanoverian resident, nominated the persons who were to act till the king's arrival. They consisted of the seven great officers of State and a number of the peers. The whole was found to include eighteen of the principal noblemen, nearly all of the Whig party, as the Dukes of Shrewsbury, Somerset, and Argyll; the Lords Cowper, Halifax,[25] and Townshend. It was noticed, however, that neither Marlborough, Sunderland, nor Somers was of the number; nor ought this to have excited any surprise, when it was recollected that the list was drawn out in 1705, though only signed just before the queen's death. These noblemen belonged to that junto under whose thraldom Anne had so long groaned. The omission, however, greatly incensed Marlborough and Sunderland.[533]
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TWO:[See larger version]The Irish delegates described the condition of Ireland as most deplorable. They said that the Government interest, through the landed aristocracy, was omnipotent; that the manufacturers were unemployed; that an infamous coalition had taken place between the Irish Opposition and Ministry; that the Catholics had been bought up so that all parties might combine to crush Reform; that the United Irishmen were everywhere persecuted, and that one of them had only just escaped from a six months' imprisonment.
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ONE:Much inconvenience and misery were caused during the year by the trades unions and their strikes. In several places the workmen combined in order to enforce a rise of wages, and a more equitable distribution of the profits derived from their labour. The striking commenced on the 8th of March, when the men employed by the London gas companies demanded that their wages should be increased from twenty-eight shillings to thirty-five shillings a week, with two pots of porter daily for each man. On the refusal of this demand they all stopped working; but before much inconvenience could be experienced their places were supplied by workmen from the country. On the 17th of March an event occurred which caused general and violent excitement among the working classes. At the Dorchester Assizes six agricultural labourers were tried and convicted for being members of an illegal society, and administering illegal oaths, the persons initiated being admitted blindfold into a room where there was the picture of a skeleton and a skull. They were sentenced to transportation for seven years. Their case excited the greatest sympathy among the working population throughout the kingdom. In London, Birmingham, and several other large manufacturing towns immense meetings were held to petition the king in favour of the convicts. In the midst of this excitement the manufacturers of Leeds declared their determination not to employ any persons in their factories who were members of trades unions. The consequence was that in that town three thousand workmen struck in one day. On the 15th of April there was a riot at Oldham, where, in consequence of the[369] arrest of two members of a trade union, a factory was nearly destroyed, and one person killed, the mob having been dispersed by a troop of lancers. Several of the rioters were arrested and sentenced to terms of imprisonment varying from six to eighteen months. On the 21st of April a meeting of the trades unions took place at Copenhagen Fields, to adopt a petition to the Home Secretary praying for a remission of the sentence on the Dorchester convicts. They marched to the Home Office through the leading thoroughfares, numbering about 25,000, in order to back up their deputation, which, however, Lord Melbourne refused to receive, though he intimated to them that their petition should be laid before the king if presented in a proper manner. The multitude then went in procession to Kennington Common. On the 28th 13,000 London journeymen tailors struck for higher wages. The masters, instead of yielding, resolved not to employ any persons connected with trades unions, and after a few weeks the men submitted and returned to their work.
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TWO:It was now expected by the Whigs, and by a[10] great part of the public, that they should come into office. At first the conduct of the Prince Regent favoured this supposition. He applied to Grey and Grenville to draw up the answer that he should return to the two Houses on their addresses on his appointment. But he did not quite like this answer, and got Sheridan to make some alterations in it. He then returned the paper to Grey and Grenville, as in the form that he approved. But these noblemen declared that they would have nothing more to do with the paper so altered; and Sheridan, on his part, suggested to the prince that he would find such men as Ministers very domineering and impracticable. Nor was this allLord Grenville and his family held enormous patronage. Like all the Whigs, the Grenvilles, however they might study the interests of the country, studied emphatically their own. Grenville had long held, by a patent for life, the office of Auditor to the Exchequer; and in accepting office in "All the Talents" Ministry, he managed to obtain also the office of First Lord of the Treasury. The Auditorship of the Exchequer was instituted as a check on the Treasury, but neither Lord Grenville nor his friends saw any impropriety in destroying this check by putting both offices into the same hands. They declared this union was very safe and compatible, and a Bill was brought in for the purpose. But when the King had become both blind and insane, and no Regent was yet appointed, Lord Grenville, being no longer First Lord of the Treasury, but Perceval, he suddenly discovered that he could not obey the order of the Treasury for the issues of money to the different services. It was strictly necessary that the Great Seal, or the Privy Seal, or the Sign Manual, should be attached to the Treasury orders, or, failing these, that they should be sanctioned by an express Act of Parliament. As neither Great nor Privy Seal, nor Sign Manual was possible until a regent was appointed, Lord Grenville's conscience would not let him pass the orders of the Treasury, and all payments of army, navy, and civil service were brought to a stand. Perceval, after in vain striving hard to overcome the scruples, or rather the party obstinacy of Grenville, was compelled to go to the House of Parliament, and get the obstacle removed by a resolution of both Houses. The notice of the public being thus turned by Grenville to his holding of this office, and his readiness to unite the two offices in his own person, which his pretended scruples of conscience now invested with so much danger, produced a prejudice against him and his party, which was hostile to their coming into power. Besides this, the Opposition were greatly divided in their notions of foreign policy. Grey and his immediate section of the party felt bound, by their advocacy of Fox's principles, to oppose the war; Grenville and his friends were for a merely defensive war, and for leaving Portugal and Spain, and the other Continental nations, to fight their own battles; whilst Lord Holland, who had travelled in Spain, and was deeply interested in its language and literature, was enthusiastic for the cause of the Peninsula, and the progress which Wellington was making there. It was utterly impossible that, with such divided views, they could make an energetic Ministry at this moment, and it was equally certain that they could not again form an "All the Talents" by coalition with the Conservatives. And, beyond all this, it does not appear that the Regent was anxious to try them. Like all heirs-apparent of the house of Hanover, he had united with the Opposition during his youth, but his friendship appeared now anything but ardent. Sheridan still possessed something of his favour, and the Earl of Moira was high in it; but for the rest, the prince seemed quite as much disposed to take the Tories into his favour; and he, as well as the royal dukes, his brothers, was as much bent on the vigorous prosecution of the war as the Tories themselves. No Ministry which would have carried that on languidly, still less which would have opposed it, would have suited him any more than it would have done his father. The King, too, was not so deeply sunk in his unhappy condition but that he had intervals lucid enough to leave him alive to these questions, and he showed so much anxiety respecting the possible change of the Ministry, and fresh measures regarding the war, that his physicians declared that such a change would plunge him into hopeless madness and probably end his life. The Queen wrote to the prince, saying how much satisfaction his conduct in regard to these matters had given to his father, and he wrote to Mr. Perceval, declaring that this consideration determined him not to change the Ministry at all. At the same time he expressed to the Minister his dissatisfaction with the restrictions which had been imposed upon him. Perceval, even at the risk of offending the prince, justified the conduct of Ministers and Parliament. In this he might be the more bold, as it was clear that there was no longer any danger of a Whig Government.



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< RICHARD COBDEN. (From a Photograph by Messrs. W. and D. Downey.)The most distinguished dramatic writers of the time were Sheridan Knowles, Sir Edward Bulwer Lytton, Mr. Justice Talfourd, and Miss Mitford. Mr. Knowles's first drama, Caius Gracchus, appeared in 1815, and was followed by more successful efforts, namely, The Wife, a Tale of Mantua, The Hunchback, Virginius, The Blind Beggar of Bethnal Green, William Tell, The Love Chase, Old Maids, and The Daughter. Ultimately, however, he became disgusted with the stage from religious scruples, and taking a fancy to polemics, he published two attacks upon Romanism, entitled, "The Rock of Rome" and "The Idol demolished by its own Priest." He ended his career as a preacher in connection with the Baptist denomination, and died in 1862, having enjoyed a literary pension of 200 a year since 1849.[69]
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