TWO:��Smoke was trailing over the yacht��s stern,�� Sandy murmured. ��Now it��s blowing off to the starboard side. She��s swinging toward us.��

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TWO:Before Walpole thus threw off the mask of moderation��indeed, on the very day of his resignation��he introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.

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ONE:[See larger version]

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ONE:"Barnwell tells me," he began, "that you have picked up a good deal of Apache."The expedition against England was at this moment actually in motion. The squadrons of Brest and Rochefort were already united under the command of Admiral Roquefeuille, and sailing up the Channel to clear the way for the transports containing the soldiers. Sir John Norris had been appointed Admiral of our Channel fleet, consisting of twenty-one ships of the line. He had lain at Spithead, but had quitted that station and sailed into the Downs, where he was joined by other ships from Chatham; and thus was not only superior in number to the French, but had the advantage of being well acquainted with the coasts, he having long been Captain of Deal Castle. Roquefeuille sailed right up to the Isle of Wight, and, observing no vessels off Spithead, he, in his French egotism, concluded that the fleet had sought shelter in Portsmouth harbour. He therefore lost no time in despatching a small vessel to Dunkirk to hasten on his armament. Seven thousand men were instantly sent on board transports, and the prince and Marshal Saxe, who was to take command of the land force, accompanied them. Roquefeuille, meanwhile, proceeding on his voyage, came to anchor off Dungeness, which he had no sooner done than he beheld the British fleet bearing down upon him in much greater force than his own, for he had only fifteen ships of the line and five frigates. The destruction of the French fleet appeared inevitable, but Sir John Norris this time justly incurred the censure of lingering. He thought, from the state of the tide and the approach of night, it was better to defer the attack till morning; and, when morning came, no Frenchmen were to be seen. The French admiral, much more active than poor old Sir John, had slipped his cables and made the best of his way homewards.

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"Where is the use of the lip's red charm,On passing from Seneca to Epict��tus, we find that the religious element has received a considerable accession of strength, so considerable, indeed, that the simple progress of time will not altogether account for it. Something is due to the superior devoutness of the Eastern mind��Epict��tus was a Phrygian,��and still more to the difference in station between the two philosophers. As a noble, Seneca belonged to the class which was naturally most inclined to adopt an independent attitude towards the popular beliefs; as a slave, Epict��tus belonged to the class which was naturally most amenable to their authority. It was, however, no accident that philosophy should, at a distance of only a generation, be represented by two such widely contrasted individuals; for the whole tendency of Roman civilisation was, as we have seen, to bring the Oriental element and the servile element of society into ever-increasing prominence. Nothing proves the ascendency of religious considerations in the mind of Epict��tus more strongly than his aversion from the physical enquiries which were eagerly prosecuted by Seneca. Nature interests him solely as a manifestation of divine wisdom and goodness. As a consequence of this intensified religious feeling, the Stoic theory of natural law is transformed, with Epict��tus, into an expression of filial submission to the divine will, while the Stoic teleology becomes an enumeration of the blessings showered by providence on man. In the latter respect, his standpoint approaches very near to that of Socrates, who, although a free-born Athenian citizen, belonged, like him, to the poorer classes, and sympathised deeply with their feeling of dependence on supernatural protection,��a remark which also applies to the humble day-labourer244 Cleanthes. Epict��tus also shares the idea, characteristic of the Platonic rather than of the Xenophontic Socrates, that the philosopher is entrusted with a mission from God, without which it would be perilous for him to undertake the office of a teacher, and which, in the discharge of that office, he should keep constantly before his eyes. But the dialectical element which with Socrates had furnished so strong a counterpoise to the authoritative and traditional side of his philosophy, is almost entirely wanting in the discourses of his imitator, and the little of it which he admits is valued only as a means of silencing the Sceptics. On the other hand, the weakness and insignificance of human nature, considered on the individual side, are abundantly illustrated, and contemptuous diminutives are habitually used in speaking of its component parts.378 It would seem that the attitude of prostration before an overwhelming external authority prevented Epict��tus from looking very favourably on the doctrine of individual immortality; and even if he accepted that doctrine, which seems in the highest degree improbable, it held a much less important place in his thoughts than in those of Cicero and Seneca. It would seem, also, that the Stoic materialism was betraying its fundamental incompatibility with a hope originally borrowed from the idealism of Plato. Nor was this renunciation inconsistent with the ethical dualism which drew a sharp line of distinction between flesh and spirit in the constitution of man, for the superiority of the spirit arose from its identity with the divine substance into which it was destined to be reabsorbed after death.379Flying close to three thousand feet above Oyster Bay, level and stable, the airplane seemed to be in perfect condition.

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