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FORE: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.It was the 10th of November when Mar, aware that Argyll was advancing against him, at length marched out of Perth with all his baggage and provisions for twelve days. On the 12th, when they arrived at Ardoch, Argyll was posted at Dunblane, and he advanced to give them battle. The wild, uneven ground of Sheriffmuir lay between them, and it was on this spot that Argyll on quitting Stirling had hoped to meet them. He therefore drew up his men on this moorland in battle array, and did not wait long for the coming of the Highland army. It was on a Sunday morning, the 13th of November, that the battle of Sheriffmuir was fought. Argyll commanded the right wing of his army, General Whitham the left, and General Wightman the centre. He[31] calculated much on this open ground for the operations of his cavalry. On the other hand, Mar took the right wing of his army, and was thus opposed, not to Argyll, but to Whitham. The Highlanders, though called on to form in a moment, as it were, did so with a rapidity which astonished the enemy. They opened fire on Argyll so instantly and well, that it took the duke's forces by surprise. The left army retired on Stirling pursued by Mar. Argyll was compelled to be on the alert. He observed that Mar had drawn out his forces so as to outflank him; but, casting his eye on a morass on his right, he discovered that the frost had made it passable, and he ordered Major Cathcart to lead a squadron of horse across it, while with the rest of his cavalry he galloped round, and thus attacked the left wing of Mar both in front and flank. The Highlanders, thus taken by surprise, were thrown into confusion, but still fought with their wonted bravery. They were driven, however, by the momentum of the English horse, backwards; and between the spot whence the attack commenced and the river Allan, three miles distant, they rallied ten times, and fairly contested the field. Argyll, however, bore down upon them with all the force of his right wing, offering quarter to all who would surrender, and even parrying blows from his own dragoons which went to exterminate those already wounded. After an obstinate fight of three hours, he drove the Highlanders over the Allan, a great number of them being drowned in it. Mar at this crisis returned to learn the fate of the rest of his army. He found that he had been taking the office of a General of Division instead of that of the Commander-in-Chief, whose duty is to watch the movements of the whole field, and send aid to quarters which are giving way. Like Prince Rupert, in his ardour for victory over his enemies in front of him, he had totally forgotten the centre and left wing, and discovered now that the left wing was totally defeated. He was contented to draw off, and yet boast of victory.

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