Now whats to do? he wondered.In England there had been a coalition of what was called the Portland section of the Whigs, with Pitt's Ministry. These Whigs had not only separated from Fox and his friends, but they had, from the first outbreak of the French Revolution, followed the lead of Burke and supported all Pitt's measures. The Duke of Portland, therefore, was, in July, made Third Secretary of State; Lord Fitzwilliam, President of the Council, and, in December, Lord-Lieutenant of Ireland; Earl Spencer was made, at the same time, Lord Privy Seal, and, in December, First Lord of the Admiralty; Pitt's elder brother, Lord Chatham, being removed for him, and made Privy Seal; and Windham became Secretary of War in place of Sir George Yonge.
Peaceful Accession of George I.His ArrivalTriumph of the WhigsDissolution and General ElectionThe AddressDetermination to Impeach the late MinistersFlight of Bolingbroke and OrmondeImpeachment of OxfordThe Riot ActThe Rebellion of 1715Policy of the Regent OrleansSurrender of the Pretender's ShipsThe Adventures of Ormonde and MarThe Highlands declare for the PretenderMar and ArgyllAdvance of Mackintosh's DetachmentIts Surrender at PrestonBattle of SheriffmuirArrival of the PretenderMutual DisappointmentAdvance of ArgyllFlight of the Pretender to FrancePunishment of the RebelsImpeachment of the Rebel LordsThe Septennial ActThe King goes to HanoverImpossibility of Reconstructing the Grand AllianceNegotiations with FranceDanger of Hanover from Charles XII.And from RussiaAlarm from TownshendTermination of the DisputeFresh Differences between Stanhope and TownshendDismissal of the LatterThe Triple AllianceProject for the Invasion of ScotlandDetection of the PlotDismissal of Townshend and WalpoleThey go into OppositionWalpole's Financial SchemeAttack on CadoganTrial of OxfordCardinal AlberoniOutbreak of Hostilities between Austria and SpainOccupation of SardiniaAlberoni's DiplomacyThe Quadruple AllianceByng in the MediterraneanAlberoni deserted by SavoyDeath of Charles XII.Declaration of War with SpainRepeal of the Schism ActRejection of the Peerage BillAttempted Invasion of BritainDismissal of AlberoniSpain makes PeacePacification of Northern EuropeFinal Rejection of the Peerage BillThe South Sea CompanyThe South Sea BillOpposition of WalpoleRise of South Sea StockRival CompaniesDeath of StanhopePunishment of Ministry and DirectorsSupremacy of WalpoleAtterbury's PlotHis Banishment and the Return of BolingbrokeRejection of Bolingbroke's ServicesA Palace IntrigueFall of CarteretWood's HalfpenceDisturbances in ScotlandPunishment of the Lord Chancellor MacclesfieldThe Patriot PartyComplications AbroadTreaty of ViennaTreaty of HanoverActivity of the JacobitesFalls of Ripperda and of BourbonEnglish PreparationsFolly of the EmperorAttack on GibraltarPreliminaries of PeaceIntrigues against WalpoleDeath of George I.Larry was operating the stick!Before the close of April a great commercial crisis had taken place in England, and Ministers were compelled to make a new issue, by consent of Parliament, of five millions of Exchequer Bills, to assist merchants and manufacturers, under proper security. The sudden expansion of industry which was met by an undue increase of the paper currency rather than bullion, combined[417] with reckless banking, produced the crisis. It was calculated that out of the 350 provincial banks 100 failed. In the circumstances the issue of Exchange Bills was a most successful makeshift.
