THREE:Whilst the nation was growing every day more Jacobinical, and the danger was becoming more imminent, the queen sent a secret agent to London to sound Pitt. She hoped to win him to an announcement of supporting the throne of France in conjunction with the Continental sovereigns; but Pitt showed his usual reserve. He declared that England would not allow the Revolutionary spirit to put down the monarchy, but he said nothing expressly of supporting the monarch himself; and the queen, who was always suspicious that the Duke of Orleans was aiming at the Crown, and that he had made himself a party in England, was filled with alarm, lest Pitt's words only concealed the idea of such a king. Still the attitude of the Continental Powers became more menacing. The troops of the Emperor, in Belgium and Luxembourg, pressed upon the very frontiers of France, and the numbers of the Emigrants were constantly increasing in the territories of the Electors of Treves, Mayence, and Spires. Two hundred thousand men, in fact, formed a line along the French frontiers from Basle to the Scheldt.

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.[See larger version]

THREE:RETREAT OF THE FRENCH FROM RUSSIA. (See p. 50.)"To issue forthwith an Order in Council remitting the duty on grain in bond to one shilling, and opening the ports for the admission of all species of grain at a smaller rate of duty until a day named in the order.

THREE:It was arranged that the coronation should take place early in the summer of 1821, and the queen, who in the interval had received an annuity of ￡50,000, was resolved to claim the right of being crowned with the king. She could hardly have hoped to succeed in this, but her claims were put forth in a memorial complaining that directions had not been given for the coronation of the queen, as had been accustomed on like occasions, and stating that she claimed, as of right, to celebrate the ceremony of her royal coronation, and to preserve as well her Majesty's said right as the lawful right and inheritance of others of his Majesty's subjects. Her memorial was laid before the Privy Council, and the greatest interest was excited by its discussion. The records were brought from the Tower: the "Liber Regalis" and other ancient volumes. The doors continued closed, and strangers were not allowed to remain in the adjoining rooms and passages. The following official decision of the Privy Council was given after some delay:—"The lords of the committee, in obedience to your Majesty's said order of reference, have heard her Majesty's Attorney- and Solicitor-General in support of her Majesty's said claim, and having also heard the observations of your Majesty's Attorney- and Solicitor-General thereupon, their lordships do agree humbly to report to your Majesty their opinions, that as it appears to them that the Queens Consort of this realm are not entitled of right to be crowned at any time, her Majesty the queen is not entitled as of right to be crowned at the time specified in her Majesty's memorials. His Majesty, having taken the said report into consideration, has been pleased, by and with the advice of the Privy Council, to approve thereof." The queen's subsequent applications, which included a letter to the king, were equally unsuccessful.SIR ROBERT WALPOLE.

THREE:On the 9th of June, when the House of Commons went into committee on the Bill, a large number of merchants desired to be heard against it. For several days their statements were heard, and the Portuguese Ambassador also presented a memorial declaring that should the duties on French wines be lowered to those of Portugal, his master would renew the woollen and other duties on the products of Great Britain. This seemed to enforce the mercantile opinions; the sense of the whole country was against the treaty, and the speech of Sir Thomas Hanmer, a Tory, made a deep impression. There was, however, a growing rumour, during the latter days of the debate, that Oxford had given the treaty up—a rumour probably not without foundation, for Oxford and Bolingbroke were no longer in unity. The latter, ambitious and unprincipled, was intriguing to oust his more slow and dilatory colleague; and, as the Bill was ostensibly the work of Bolingbroke, probably Oxford was by no means unwilling that it should be thrown out to damage him. When the question, therefore, was put on the 18th of June,[11] that the Bill be engrossed, it was negatived by a majority of one hundred and ninety-four to one hundred and eighty-five. Thus the commercial treaty was lost, much to the joy of the nation, and certainly to its immediate benefit.[138]