THREE:The turn of affairs on the Continent justified Walpole's gravest apprehensions. France was discovered to have made a compact with Spain, and once having taken this step, she displayed her usual activity in every Court of Europe, to induce the allies to break with England and prevent her from making new leagues. Walpole did his best to counteract these French influences. He managed to secure the Russian Court, before in connection with France, and subsidised Sweden, Denmark, Hesse-Cassel, and some other of the German States. But at this crisis (1740) died the savage old Frederick William of Prussia, and his son Frederick now commenced that extraordinary military career which obtained him the name of the Great. Temptingly adjoining his own territory, the young king beheld that of an equally young female sovereign, Maria Theresa of Austria, and he determined to extend his kingdom at her expense. The mystery of Frederick's movements was dissipated by his crossing, on the 23rd of December, the Austrian frontiers into Silesia. It was seen that it was the favourable opportunity of overpowering a weak neighbour which had tempted the Prussian to break his engagement, and to endeavour to make himself master of the domains of a defenceless young princess. But Frederick brought out some antiquated claims on the province Of Silesia, and on these he justified his breach of treaties. Maria Theresa applied, in her alarm, to the Powers who had concurred in the Pragmatic Sanction, but all except George II. fell away instantly from her. They believed her incapable of defending her territories, and hoped to come in for a share of the spoil. The Elector of Bavaria joined Prussia; Saxony did the same; France was eager for the promised half of the winnings; and Spain and Sardinia assured Frederick of their secret support. George II., confounded by this universal defection, advised Maria Theresa to compromise the affair with Prussia by giving up half Silesia, or the whole, if necessary; but the high-spirited queen rejected the proposal with scorn, and called on George to furnish the troops guaranteed by England under the Pragmatic Sanction. George could, however, only assemble some few soldiers on the Hanoverian frontier, but this obliged Frederick to appropriate a considerable section of his army to guard against any attack from Hanover.
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THREE: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.
THREE:While this was going on, the town of San Sebastian was stormed by the British. Sir Thomas Graham conducted the assault, which was led on by the brigade of General Robinson, bravely supported by a detachment of Portuguese under Major Snodgrass. The place was captured; the French were driven through it to the castle standing on a height, in which they found refuge. Seven hundred prisoners were taken. The British lost two thousand men in the assaulta loss which would have been far greater had a mine, containing one thousand two hundred pounds of gunpowder, exploded, but which was fortunately prevented by the falling in of a saucisson. Many less would have fallen, however, had General Graham allowed shells to be thrown into the town, which he would not, on account of the inhabitants. But the French had not only prepared this great mine, but exploded various other appliances for setting the town on fire. In fact they showed no care for the people or the town. When driven to the castle, after a murderous street fightin which they picked off our men from behind walls and windows, killing Sir Richard Fletcher, the commanding engineer, and wounding Generals Robinson, Leith, and Oswald, besides slaughtering heaps of our menthey continued to fire down the streets, killing great numbers of the inhabitants besides our soldiers. Yet, after all, they charged Lord Wellington with not only throwing shells into the town, but with[61] setting it on fire, and plundering it. His lordship indignantly repelled these accusations in his letter to his brother, Sir Henry Wellesley. He declares that he himself had been obliged to hasten to his headquarters at Lezaco, on the morning of the 31st of August, but that he saw the town on fire in various places before our soldiers entered it; in fact, the French had set it on fire in six different places, and had their mine exploded scarcely a fragment of the town would have been left, or a single inhabitant alive. The lenity shown to the town by Wellington and Graham, who acted for him, was not used towards their calumniators in the castle. It was stoutly bombarded, and being soon almost battered to pieces about the ears of the defenders, the French surrendered on the 8th of September, two thousand five hundred in number; but the siege of both town and fort had cost the allies four thousand men in killed and wounded. Had the town been, as the French represented, bombarded like the castle, some thousands of English and Portuguese lives would have been spared, but at the expense of the inhabitants.
THREE: