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TWO:By these endeavours Walpole managed to array a considerable body of the Commons against it. It was introduced on the 8th of December, and Sir John Pakington, Sir Richard Steele, Smith, Methuen, and others joined him in attacking it. Steele made a very powerful speech against it, but the grand assault was that of Walpole. He put out all his strength, and delivered a harangue such as he had never achieved till that day. He did not spare the motives of the king, though handling them with much tact, and was unsparingly severe on the Scottish clauses, and on the notorious subserviency of the Scottish representative peers. He declared that the sixteen elective Scottish peers were already a dead weight on the country; and he asked what they would be when made twenty-five, and hereditary? He declared that such a Bill would make the lords masters of the king, and shut up the door of honour to the rest of the nation. Amongst the Romans, he said, the way to the Temple of Fame was through the Temple of Virtue; but if this Bill passed, such would never be the case in this country. There would be no arriving at honours but through the winding-sheet of an old, decrepit lord, or the tomb of an extinct noble family. Craggs, Lechmere, Aislabie, Hampton, and other Ministerial Whigs supported the Bill; but, in the words of Speaker Onslow, the declamation of Walpole had borne down everything before it, and the measure was defeated by a majority of two hundred and sixty-nine to one hundred and seventy-seven. TWO:��Next you��ll be saying the letter was in a registered envelope from California and was written in Cairo!�� laughed Dick.The life preserver was gone! TWO: TWO:They all located the drone of the other engine.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.