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FORE:In Europe war was about to break forth, in consequence of war in America. Yet the Court of France did not lack solemn warnings of the fatal path on which they were entering. The honest and far-sighted financier, Turgot, who had been employed by Louis XVI., as Comptroller-General, to endeavour to bring the terribly disordered revenue of France into order, said, "I must remind you, sire, of these three words'No bankruptcy, no augmentation of imposts, no loans.' To fulfil these three conditions there is but one meansto reduce the expenditure below the receipt, and sufficiently below it to be able to economise, every year, twenty millions, in order to clear off the old debts. Without that, the first cannon fired will force the State to bankruptcy." He assured the king that all colonies, on arriving at a condition of maturity, would as naturally abandon the control of the mother country as children, arriving at majority, do the control of their parents; that the independence of America would, therefore, come of itself, without France ruining herself to accelerate the event; that, as to France wishing Spain to join in this attempt, Spain must remember her own colonies, for, by assisting to free the British colonies, she would assuredly assist to liberate her own.He waited on Sir Spencer Compton with the royal command. This gentleman was confounded at the proposal to draw up the declaration to the Privy Council, and begged Walpole to do it for him. Walpole instantly recovered his spirits. He saw that such a man could never be his rival, and he advised his colleagues, if they went out of office, not to engage in any violent opposition, as they would soon be wanted again. He knew, too, that he had the queen in his favour, who was too clear-headed not to see that Walpole was alone the man for the time. To complete his favour with her he offered to procure her a jointure from Parliament of one hundred thousand pounds a year, whilst the impolitic Compton had proposed only sixty thousand pounds. The queen did not oppose the king's attempt to change the Ministry, but she impressed him with the danger of disturbing an already powerful and prosperous Cabinet, and she made him aware of the fact that Compton had been compelled to get Walpole to draw up the Declaration. Besides the liberal jointure which he promised she added that he intended to add one hundred thousand pounds to the Civil List. Horace Walpole, arriving from Paris, threw his whole weight into the scale, representing difficulties which must beset foreign negotiations in new hands. These combined circumstances told strongly on George; but the finish was put to Compton's government by his feeling overwhelmed by his own incompetence, and resigning the charge. The king had, therefore, nothing for it but to reappoint the old Ministry again. Some slight modifications took place. Lord Berkeley, who had joined the opposition of Carteret and Roxburgh, was replaced by Lord Torrington, and Compton received the title of Lord Wilmington, the Order of the Garter, and the Presidency of the Council. The coronation took place on the 11th of October, 1727.
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