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TWO:The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.The Liberals seem to have been strongly inclined to the opinion that the Duke of Wellington, having won the great victory of Emancipation, should retire from the fieldthat he was not fit to lead the van of progress in Parliament. "The Prime Minister of England," exclaimed Sir Francis Burdett, "is shamefully insensible to the suffering and distress which are painfully apparent throughout the land. When, instead of meeting such an overwhelming pressure of necessity with some measure of relief, or some attempt at relief, he seeks to stifle every important inquirywhen he calls that a partial and temporary evil which is both long-lived and universal,I cannot look on such a mournful crisis, in which the public misfortune is insulted by Ministerial apathy, without hailing any prospect of change in the system which has produced it. What shall we say to the ignorance which can attribute our distress to the introduction of machinery and the application of steam, that noble improvement in the inventions of man to which men of science and intelligence mainly ascribe our prosperity? I feel a high and unfeigned respect for that illustrious person's abilities in the field, but I cannot help thinking that he did himself no less than justice when he said, a few months before he accepted office, that he should be a fit inmate for an asylum of a peculiar nature if he ever were induced to take such a burden upon his shoulders." On the other hand the Opposition was nearly as disorganised as the Government, until Lord Althorp was selected to lead it in the Commons.

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THREE:
FORE:Exasperated at the failure of this measure, a furious mob broke into the Irish House of Commons on the 15th of April, but they were soon quelled, and two of the ringleaders seized. The magistrates of Dublin were censured for observing the gathering of the mob and taking no measures to prevent its outbreak. The printer and supposed publisher of the Volunteers' Journal were called before the House and reprimanded, and a Bill was brought in and passed, to render publishers more amenable to the law. The spirit of violence still raged through the country. Tumultuous associations were formed under the name of Aggregate Bodies.

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FORE:CHAPTER X. REIGN OF GEORGE III. (continued).

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FORE:Sir Walter Scott was the master of the ceremonies on this memorable occasion. He was now in the height of his popularity as the "Great Unknown." His romances had revived or created the spirit of chivalry, and ministered to the intense nationality of the Scottish people in general, and the Highland clans in particular. In arranging the programme Sir Walter had as many parts to play as ever tasked the Protean genius of his friend Mathews. The bewildered local magistrates threw themselves on him for advice and direction. He had to arrange everything, from the ordering of a procession to the cut of a button and the embroidering of a cross. Provosts, bailies, and deacon-conveners of trades were followed, in hurried succession, by swelling chieftains wrangling about the relative positions their clans had occupied on the field of Bannockburn, which they considered as constituting the authentic precedent for determining their respective places in the procession from the pier of Leith to the Canongate.

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