TWO:The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.In concluding the remarkable events of this year, we must turn to India, and witness the termination of the career of Tippoo Sahib. This prince, for ever restless under the losses which he had suffered from the British, though nominally at peace with them, was seeking alliances to help him once more to contend with them. He sought to engage the Afghans in his favour, and to bring over the British ally, the Nizam of the Deccan. Failing in this, he made overtures to the French Republic through the Governor of the Isle of France. Buonaparte, as we have said, had Tippoo in his mind when he proposed to march to India and conquer it, but only a few hundreds of French of the lowest caste reached Seringapatam from the Isle of France. Lord Mornington, afterwards the Marquis of Wellesley, determined to anticipate the plans of Tippoo, and dispatched General Harris with twenty-four thousand men into Mysore, at the same time ordering another force of seven thousand, under General Stuart, from Bombay, to co-operate with him. To these also was added a strong reinforcement of British troops in the pay of the Nizam, and some regiments of sepoys, commanded by English officers. The united forces of Harris and the Nizam came into conflict with Tippoo's army on the 22nd of March, 1799, when within two days' march of Seringapatam. In this action, Colonel Wellesley, afterwards the Duke of Wellington, greatly distinguished himself, and the success of the action was ascribed to his regiment, the 34th. On the 5th of April General Harris invested Seringapatam, and on the 14th General Stuart arrived with the Bombay army. Tippoo soon made very humble overtures for peace, but the British, having no faith in him, continued the siege, and the city was carried by storm on the 4th of May, and Tippoo himself was found amongst the slain. Two of his sons fell into the hands of the victors; his territories were divided between the British and the Nizam. The former retained Seringapatam and the island on which it is situated, and the whole of his territory on the Malabar coast, with Coimbra, and all the rest of his possessions stretching to the Company's territories west and east, thus completing their dominion from sea to sea. The Nizam received equally valuable regions in the interior, and a province was bestowed on the descendant of the Hindoo rajah who had been dispossessed of it by Hyder Ali, Tippoo's father. Thus was the British empire of India freed from its most formidable enemy, and thus was it enabled, soon afterwards, to send an armament up the Red Sea to assist in driving the French from Egypt.
TWO: T. Lingray, 1,500, and a commissionership of stamps.
