ONE: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.Such was the battle of Dettingen, equally remarkable for the blunders of the generals and the valour of the men; still more so, as the last battle in which a King of England has commanded in[85] person. At Hanau, the army not only refreshed itself, but was joined by reinforcements, which rendered the Allies nearly equal in numbers to the French. Lord Stair, therefore, proposed to pass the Main, and make a second attack on the enemy. The king, however, would not consent. Stair, with all his bravery, had shown that he was very incautious. He was, moreover, of a most haughty temper, and had quarrelled violently with the Hanoverian officers, and displayed much contempt for the petty German princes. They were, therefore, by no means inclined to second his counsels, though they had fought gallantly at Dettingen. Stair complained loudly of the neglect to follow up the French, and resigned.
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ONE:But the matters most important, and in which the Rockingham Ministry succeeded the best, were those of attempting to accomplish the peace with America, and with the Continental nations, on which they had so long and so loudly insisted. Fox first tried his diplomatic genius with the Dutch, whom he could, as he boasted, soon conciliate; but, to his infinite chagrin, that calculating people were so elated by the recent ill success of the English, and relied so completely on the powerful fleets of France and Spain to protect their trade and islands, that they returned a contemptuous answer, declaring that they could not treat without their allies. Still more mortifying was his repulse by the Americans. His offers of negotiations for peace were received with a haughty indifference by Congress, and he was[292] again referred to France. Fox now had recourse to the mediations of Russia and Prussia. But Frederick the Great declined to intervene, and the Czarina Catherine coupled her offers of alliance with conditions which the king and the majority of the Cabinet refused to accept, though Fox thought they were reasonable.
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