ONE: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.
TWO:In September, 1791, the Assembly, having completed the Constitution, which was accepted by the king, dissolved. Its place was taken by the National Legislative Assembly, which met on the 1st of October. As the Jacobins had expected, the elections of the Departments had occupied but little attention. The public gaze had been fixed on the acts of the Assembly about to retire, so that a race of new men appeared, which seemed at first to divide itself into two partiesthe Cot Droit, or Constitutional party, and the Cot Gauche, or Democratic party; but the latter party soon divided itself into two, the Mountain and the Gironde. It is difficult to discern the distinguishing traits of these two Revolutionary parties. At first they all worked together, clearly for the downfall of the monarchy. Robespierre, Petion, Marat, Danton, were associated with those who afterwards divided themselves into the Gironde, with Condorcet, Brissot, the Rolands, and Vergniaud. Though Robespierre, Petion, and Danton were no longer in the Assembly, they ruled the Jacobin party there from the clubs. It was not till the question of war arose that the split took place. The Jacobins and Girondists were for war, Robespierre was obstinately against it. At first he stood nearly alone, but by degrees, though he did not draw the Jacobins very soon to his views, he drew them speedily away from the Girondists. This party of the Girondists had been growing and forming for some time. It took its rise originally at Bordeaux, the great commercial city of the department of the Gironde. Bordeaux was of Roman origin. It had always displayed a warm love of independence, which its Parliaments had continually kept alive. It had of late years become the chief commercial link between France and the revolutionised United States. It had early, too, become leavened with the new philosophy; it was the birthplace of Montaigne and Montesquieu. The Gironde sent up to the new Assembly twelve deputies, all as yet unknown, but all deeply imbued with the new principles. These, on arriving in Paris, soon found themselves mixed up, at the house of Condorcet and the Rolands, with Robespierre, Danton, Petion, Buzot, Brissot, Carra-Louvet, Thomas Paine, and, in fact, nearly all the thorough Revolutionists. The active centre of the whole party, up to the period of the question of the war against the Emigrants, was Madame Roland, and such she continued to be of the Girondists after their separation into a distinct party, and after that they had become the antagonists of the Mountain or Jacobin party.Marshal Villars, like the French plenipotentiaries, had made a great display of forces, pretty certain, from private information, that there was little fear of being attacked. The Allies had a fine army of one hundred and twenty thousand men opposed to him; but so far as the English were concerned, their commander had his hands tied. The Duke of Ormonde was sent to take the place of the Duke of Marlborougha certain indication that he was meant only for a mere show general. He was a staunch Jacobite, but no general of talents or experience fit to succeed a man like Marlborough. On arriving at the Hague he assured the States General that his instructions were to act zealously with the Allies, and especially the Dutch, and from his letters it would appear that such were his orders. But before his arrival, Mr. Thomas Harley, a relative of Oxford's, and the Abb Gualtier, had reached the Hague, and had assured the plenipotentiaries that the Government had determined on peace, and would not allow the army to fight. They also brought over with them the scheme of the Treaty, which was not yet to be made known to the Dutch. But the States General were too well aware of the hollow proceedings of the English Court, and, disgusted at the withdrawal of Marlborough and the substitution of Ormonde, they would not entrust their troops to him, but appointed Eugene as their own general. Thus, instead of one generalissimo of consummate genius, the army was divided under two chiefs, the abler chief, the Prince Eugene, having the utmost contempt for the martial talents of his colleague. All on the part of England, both in the conference and in the army, was hollow, treacherous, and disgraceful. Yet, though there was to be no fighting, the pretence of it was kept up. The Earl of Albemarle marched with a detachment of the army to Arras, where he burnt and destroyed some magazines of the French. Ormonde, too, joined Prince Eugene on the 26th of May, and the united army passed the Scheldt, and encamped between Haspres and Solennes. Eugene proposed to attack Villars in his lines, and Ormonde consented to it, but he immediately received a peremptory order from Mr. Secretary St. John against engaging in any siege or battle, and he was directed to keep this order profoundly secret from the Allies. Ormonde was also instructed that if Villars should intimate that he was aware of these secret proceedings, he was to take no notice of them; nor was Villars long in letting him know that they might now consider each other as friends. The situation of Ormonde thus became one of extreme embarrassment. On the one hand, Eugene urged him to prepare for an engagement; on the other, the Dutch were impatient to see some stroke which should humble the French and make negotiation more easy; but Ormonde was as unable to move, notwithstanding previous assurances, as if he had been a mere image of wood. He wrote to St. John, expressing in strong terms the embarrassing nature of his situation, assuring him that the Dutch were exclaiming that they were betrayed; but St. John encouraged him to hold out as well as he could, and Ormonde condescended to play this false and degrading part, equally disgraceful to him as a general and a man of any pretences to honour. The prince urged forward the necessity of laying siege to Quesnoy, and Ormonde was allowed, for the sake of keeping up appearances, to furnish a considerable detachment for the purpose. But there was so evident a backwardness in the duke's movements, that the Dutch deputies complained vehemently to the English plenipotentiaries at Utrecht of his refusal to act in earnest against the enemy. Thereupon Robinson, the bishop, took high ground, and retorted that the States General had met the queen's proposals for peace so strangely, that her Majesty now felt herself released from any further obligation to maintain the treaties and engagements between herself and them. This roused the States to great and indignant activity. They entered into communication with the Electors of Hanover, of Hesse-Cassel, and other princes of the Empire, regarding the effective service of their troops in the pay of Great Britain. They sent off warm remonstrances to the Queen of England, and Anne was obliged to summon a council, in which it was agreed that Ormonde should appear as much as possible to concur with Eugene in the siege.
