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In the department of novel writing, no age had yet produced such a constellation as Fielding, Richardson, Sterne, and Smollett. Their works[147] are still read with admiration by all who have a relish for vivid and masterly delineations of life; their only drawback being, that they are all more or less stained with the grossness and licentiousness of the age. From these faults Samuel Richardson (b. 1689; d. 1761) is most free, and in his "Sir Charles Grandison" he hasshown himself ahead of his age in the wisdom and liberality of his ideas. He discountenanced duelling, and taught the soundest principles of honour and morality. The photographic minuteness of his style prevents the general reading of his works in the present day of abundant new literature. The principal novels of Henry Fielding (b. 1707; d. 1754), "Joseph Andrews," "Tom Jones," and "Amelia," abound in wit, vigour, and knowledge of human nature. He wrote also some plays, and edited several periodicals. His sister, Sarah, also wrote "David Simple," a novel, and translated Xenophon's "Memoirs of Socrates." Tobias Smollett (b. 1721; d. 1771) paints life in strong, bold, but somewhat coarse lines, full of vigour, but with even more grossness than Fielding uses. "Peregrine Pickle," "Count Fathom," "Roderick Random," "Humphrey Clinker," and "Sir Launcelot Greaves," if not now generally read, have been carefully studied and made use of by some of our modern novelists. Smollett, besides, wrote plays, satires, poems, and edited "The Briton," a weekly newspaper. Laurence Sterne (b. 1713; d. 1768) struck out a style of writing peculiar to himself, and which still defies all successful imitation. Notwithstanding attempts to represent his pathos as grimace, and his humour as tinsel, the felicity of touch in "Tristram Shandy," and the flashes of wit and feeling in his "Sentimental Journey," will, in spite of detractors, and of the occasional indecency of the author, always send readers to Sterne.At this very moment Necker was receiving his dismissal. His situation at Court had been most painful. The people surrounded the palace, crying, "Vive Necker!" "Vive le Ministre du Peuple!" He was more popular than ever, because he had had no part in the insult to the Tiers tat on the 23rd of June. At the same time, when the queen appeared on the balcony with a child in her arms, the fiercest execrations were uttered amid curses on the aristocrats. This made Necker all the more unpopular within the palace. He was accused of having produced all the mischiefs by advising the king to summon the States General. He retorted that the nobles and bishops were the cause, by preventing the king from following the plans he had laid down. Necker, therefore, begged to resign; but he had been always desired to remain, for the Court apprehended an outbreak if he were dismissed. But now, matters being deemed sufficiently safethe army being in grand forcethe king, on the 11th of July, took him at his word. Necker was just sitting down to dinner when he received the king's note, which begged him to keep his retirement secret, and to get across the frontier as expeditiously as possible.
Slider 1 ONE:In the course of this commercial madness the imports greatly exceeded the exports, and there was consequently a rapid drain of specie from the country. The drain of bullion from the Bank of England was immense. In August, 1823, it had 12,658,240, which in August, 1825, was reduced to 3,634,320, and before the end of the year it ran as low as 1,027,000. Between July, 1824, and August, 1825, twelve millions of cash were exported from Great Britain, chiefly to South America. During the Revolutionary war, which had lasted for fourteen years, the capital of the country had been completely exhausted, while all productive labour had been abandoned. The unworked mines were filled with water. They were accessible, it is true, to English speculators, but they were worked exclusively with English capital. The South American mining companies were so many conduits through which a rapid stream of gold flowed from Great Britain. The catastrophe that followed took the commercial world by surprise; even the Chancellor of the Exchequer failed to anticipate the disaster. On the contrary, his Budget of 1825 was based upon the most sanguine expectations for the future, and on the assurance that the public prosperity was the very reverse of what was ephemeral and peculiar, and that it arose from something inherent in the nation. Even at the prorogation of Parliament in July, the Royal Speech referred to the "great and growing" prosperity on which his Majesty had the happiness of congratulating the country at the beginning of the Session. The commercial crisis, however, with widespread ruin in its train, was fast coming upon Britain. Vast importations, intended to meet an undiminished demand at high prices, glutted all the markets, and caused prices to fall rapidly. Merchants sought accommodation from their bankers to meet pressing liabilities, that they might be enabled to hold over their goods till prices rallied. This accommodation the bankers were unable to afford, and sales were therefore effected at a ruinous loss. The South American mines, it was found, could not be worked at a profit, and they made no return for the twenty million pounds of British money which they had swallowed up. The effect was a sudden contraction of the currency, and a general stoppage of banking accommodation. The country banks, whose issues had risen to 14,000,000, were run upon till their specie was exhausted, and many of them were obliged to stop payment. The Plymouth Bank was the first to fail, and in the next three weeks seventy banks followed in rapid succession. The London houses were besieged from morning to night by clamorous crowds, all demanding gold for their notes. Consternation spread through all classes. There was a universal pressure of creditors upon debtors, the banks that survived being themselves upon the edge of the precipice; and the Bank of England itself, pushed to the last extremity, peremptorily refused accommodation even to their best customers. Persons worth one hundred thousand pounds could not command one hundred pounds; money seemed to have taken to itself wings and fled away, reducing a state of society in the highest degree artificial almost to the condition of primitive barbarism, which led Mr. Huskisson to exclaim, "We were within twenty-four hours of barter."

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ONE:On the evening of the 11th he had the satisfaction to find himself close to the enemy, and at daybreak of the 12th the battle began. At first there was so little wind that Rodney was unable to put into execution his long-cherished scheme of breaking right through the centre of the enemy's line, and beating one half before the other could come to the rescue. About noon a breeze sprang up, and afforded the long-desired opportunity. Rodney was now in the van, and after Captain Gardiner, in the Duke, had made the first attempt and fallen back disabled, Rodney's own ship, the Formidable, broke through, followed by the Namur and the Canada. The great end of Rodney was gained. He had cut in two the vast fleet, and his ships doubling on one half threw the whole into confusion. The half to the windward were terribly raked, whilst the half to the leeward were unable to come up to their aid. The battle, however, continued without respite from noon till evening, the leeward half endeavouring to join and return to the charge, but without being able. The most striking part of the action was the attack on the great ship of De Grasse, the Ville de Paris. That huge vessel, the pride of the French navy, towering over all far and near, attracted the ambition of Captain Cornwallis, of the Canada, the brother of Lord Cornwallis, to whose surrender De Grasse had so largely contributed. Captain Cornwallis, as if determined on a noble revenge, attacked the Ville de Paris with fury, hugely as it towered above him, and so well did he ply his guns that he soon reduced the monster almost to a wreck. De Grasse fought desperately, but Hood coming up in the Barfleur, about sunset, to the assistance of Cornwallis, De Grasse was compelled to strike his flag. On board the Ville de Paris were found thirty-six chests of money, intended to pay the conquerors of Jamaica, and on the other ships nearly all the battering trains for that purpose. The remainder of the fleet made all sail, and Rodney pursued, but was stopped by a calm of three days under Guadeloupe, and they escaped. Rodney sailed to Jamaica, which he had thus saved, and was received with acclamations of honour and gratitude. There, however, he received the order for his recall, and returned home. To the eternal dishonour of the Rockingham Administration, on receiving the news of this superb and most important victorya victory which at once restored the drooping glories of Great Britainthey had not the pluck to cancel his recall, though the feeling of the country compelled the Crown to grant him a pension, and to raise him to the peerage by the title of Baron Rodney.The best excuse for George II.'s apparent sluggishness was, that the French were now so closely pressed by concentrating armies. Prince Charles of Lorraine and the Austrians were pressing De Broglie so hotly that he was glad to escape over the Rhine near Mannheim; and Noailles, thus finding himself between two hostile armies, followed his example, crossed over the Rhine to Worms, where, uniting with Broglie, they retreated to their own frontier at Lauter, and thus the Empire was cleared of them. The Emperor Charles now suffered the fate which he may be said to have richly deserved. He was immediately compelled to solicit for peace from Austria through the mediation of George of England and Prince William of Hesse. But Maria Theresa, now helped out of all her difficulties by English money and English soldiers, was not inclined to listen to any moderate terms, even when proposed by her benefactor, the King[86] of England. The Emperor was down, and she proposed nothing less than that he should permanently cede Bavaria to her, or give up the Imperial crown to her husband. Such terms were not to be listened to; but the fallen Emperor finally did conclude a treaty of neutrality with the Queen of Hungary, by which he consented that Bavaria should remain in her hands till the conclusion of a peace. This peace the King of England and William of Hesse did their best to accomplish; and Carteret, who was agent for King George, had consented that on this peace England should grant a subsidy of three hundred thousand crowns to the Emperor. No sooner, however, did the English Ministers receive the preliminaries of this contract, than they very properly struck out this subsidy, and the whole treaty fell to the ground.

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THREE:When the House met again, Pitt moved for leave to bring in his Bill for the better government and management of the affairs of the East India Company. He was aware, he said, how certain men would triumph when he informed them that he had based his intended measures on the resolutions of the proprietors of India stock. He was so miserably irresolute, he said, as not to venture on a Bill founded on violence and disfranchisement. He was so weak as to pay respect to chartered rights; and he had not disdained, in proposing a new system of government, to consult those who had the greatest interest in the matter, as well as the most experience in it. These were all hard hits at Fox and his party. In his Bill he went on the principle of placing the commerce of India chiefly under the control of the Company itself; but the civil and military government, he admitted, required some other control than that of the Company, yet even this, in his opinion, ought to be established in accordance with the convictions of the Company. In truth, it was a Bill rather calculated to win the good will of the East India Company than to reform the abuses of that body and to protect the interests of the natives. Fox, with as much truth as personal feeling, designated the Bill as the wisdom of an individual opposed to the collective wisdom of the Commons of England.

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THREE:O'Connell was promptly challenged by Alvanley, and declined the combat. But his second son, Morgan, was resolved not to let the matter rest. As soon as he heard of the proceedings, he wrote to Lord Alvanley a very spirited letter, in which he designated the challenge as a party man?uvre, with no other object than to cast a stigma upon his fatherupon the party to which he belonged, as well as upon the Government and its supporters. He denounced the proceeding as a wretched man?uvreas an utterly ungentlemanly and braggadocio mode of carrying on party warfare. He adopted his father's insulting language, not, he said, in the vain hope of inducing him to give satisfaction; but, lest he should be wrong in that surmise, he intimated that he was at his lordship's service. This letter was conveyed through Colonel Hodges. The result was that the parties met at Arlington Street, when they arranged to have a meeting at a short distance beyond the turnpike next the Regent's Park, on the Barnet[387] Road. The ground was measured at twelve paces; the parties took their positions; the word was given, "Readyfire." O'Connell fired, but Lord Alvanley did not, owing to a mistake, and claimed the right to fire, which was refused. Both parties fired two rounds more without effect, each satisfied that the other had acted with perfect fairness. There was no apology made on either side.

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ONE:It was now proposed that as the Orange leaders had violated the law as much as the Dorsetshire labourers, they should be dealt with in the same manner, and that if evidence could be obtained, the Duke of Cumberland, Lord Kenyon, the Bishop of Salisbury, Colonel Fairman, and the rest should be prosecuted in the Central Criminal Court. There was an Orangeman, named Heywood, who had betrayed his confederates, and was about to be prosecuted by them for libel. The opponents of the Orangemen, believing his allegations to be borne out by the evidence given before the committee, resolved to have him defended by able counsel, retaining for the purpose Serjeant Wilde, Mr. Charles Austen, and Mr. Charles Buller. All the necessary preparations were made for the trial, when Heywood suddenly died, having broken a blood-vessel through agitation of mind, and alarm lest he should somehow become the victim of an association so powerful, whose vengeance he had excited by what they denounced as treachery and calumny. The criminal proceedings, therefore, were abandoned. Almost immediately after the opening of Parliament in February, 1836, Mr. Finn and Mr. Hume again made a statement in the House of Commons of the whole case against the Duke of Cumberland and the Orange Society, and proposed a resolution which seemed but a just consequence of their terrible indictment. The resolution declared the abhorrence of Parliament of all such secret political associations, and proposed an Address to the king requesting him to cause the dismissal of all Orangemen and members of any other secret political association from all offices civil and military, unless they ceased to be members of such societies within one month after the issuing of a proclamation to that effect. Lord John Russell proposed a middle course, and moved, as an amendment, an Address to the king praying that his Majesty would take such measures as should be effectual for the suppression of the societies in question. Mr. Hume having withdrawn his resolution, the amendment was adopted unanimously. The king expressed concurrence with the Commons; a copy of his reply was sent to the Duke of Cumberland, as Grand Master, by the Home Secretary. The duke immediately sent an intimation that before the last debate in the Commons he had recommended the dissolution of the Orange societies in Ireland, and that he would immediately proceed to dissolve all such societies elsewhere. "In a few days," Harriet Martineau remarked, "the thing was done, and Orangeism became a matter of history."

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THREE:The days of Chatham were far nearer their close than was suspected. One more sudden blaze of his high intellect, and he was gone. Whilst the subject of America continued to be discussed in both Houses with much acrimony and little result, the Duke of Richmond, seeing that Chatham did not come forward, took a decided step. He gave notice, on the 7th of April, of an address to the king, entreating him to withdraw both his fleets and armies from the United States, and make peace with them on such terms as should secure their goodwill. Chatham was roused effectually by this notice. Wrapped in flannel, pale and emaciated, he was supported into the House by his son William, and his son-in-law, Lord Mahon. His large wig seemed to bury his worn, shrunken face, except the still piercing eye and the aquiline nose. When the Duke of Richmond had made his motion, and Lord Weymouth, one of the Secretaries of State, had replied to it, Chatham arose. Lord Camden says that in speaking "he was not like himself: his speech faltered, his sentences were broken, and his mind not master of itself. His words were shreds of unconnected eloquence; and flashes of the same fire, which he, Prometheus-like, had stolen from heaven, were then returning to the place whence they were taken." All was deep attention, and even in bosoms antagonistic in principle were profound interest and respect. His words, weak and halting at first, grew, as he warmed with his subject, into much of the power and harmony of former days, and battling with his feebleness of frame he put forth, in one last great effort, the power of his spirit.But the fleet at Sheerness, which sympathised with that at Portsmouth, did not think fit to accept the terms which had satisfied the seamen of Portsmouth. They were incited by a sailor, named Richard Parker, to stand for fresh demands, which were not likely to meet with the sympathy of either sailors or landsmen, being of a political character and including a revision of the Articles of War. On the 20th of May, the ships at the Nore, and others belonging to the North Sea fleet, appointed delegates, and sent in their demands, in imitation of the Portsmouth men. The Admiralty flatly rejected their petition. On the 23rd of May the mutineers hoisted the red flag; and all the ships of war lying near Sheerness dropped down to the Nore. On the 29th, a committee from the Board of Admiralty went down to Sheerness, to try to bring them to reason, but failed. The mutineers then drew their ships in a line across the Thames, cutting off all traffic between the sea and London. On this, the Government proceeded to pull up the buoys at the mouth of the river, to erect batteries along the shores for firing red-hot balls; and a proclamation was issued declaring the fleet in a state of rebellion, and prohibiting all intercourse with it. This soon brought some of the mutineers to their senses. They knew that every class of people was against them. On the 4th of June, the king's birthday, a royal salute was fired from the whole fleet, as a token of loyalty; the red flag was pulled down on every ship but the Sandwich, on board of which was Parker, and all the gay flags usual on such occasions were displayed. Several of the ships now began to drop away from the rest, and put themselves under protection of the guns of Sheerness. On the 13th of June the crew of the Sandwich followed this example, and delivered up the great agitator, Richard Parker, who was tried, and hanged at the yard-arm of that ship on the 30th. Some others of the delegates were executed, and others imprisoned in the hulks; and thus terminated this mutiny, as disgraceful to the sailors as that at Portsmouth was reasonable and honourable.

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ONE:In England there had been a coalition of what was called the Portland section of the Whigs, with Pitt's Ministry. These Whigs had not only separated from Fox and his friends, but they had, from the first outbreak of the French Revolution, followed the lead of Burke and supported all Pitt's measures. The Duke of Portland, therefore, was, in July, made Third Secretary of State; Lord Fitzwilliam, President of the Council, and, in December, Lord-Lieutenant of Ireland; Earl Spencer was made, at the same time, Lord Privy Seal, and, in December, First Lord of the Admiralty; Pitt's elder brother, Lord Chatham, being removed for him, and made Privy Seal; and Windham became Secretary of War in place of Sir George Yonge.

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THREE:[See larger version]The fleet sailed from the Downs on the 28th of July, 1809, and on the 30th it touched at the islands of South Beveland and Walcheren. The orders of the Government were, "the capture or destruction of the enemy's ships, building or afloat at Antwerp and Flushing; the destruction of the arsenals at Antwerp, Terneuse, and Flushing; the reduction of the island of Walcheren, and, if possible, the rendering of the Scheldt no longer navigable for ships." Nelson, who had contemplated this enterprise, had calculated that it would require four or five thousand men, and could be accomplished in a week. But now Buonaparte had rendered the task more difficult, and there was no Nelson to do it. The most sagacious of the officers pointed out that the first rush should be for Antwerp, as the extreme point of the expedition, so as to destroy or capture the vessels there before the French could come to the rescue. The places nearer to the sea could be taken in returning. Had the troops landed at Blankenberg, they could have made a rapid march along a paved road through Bruges and Ghent, and captured Antwerp, only forty-five miles distant, whilst the fleet ascended the Scheldt to receive them on their return; but no such common-sense ideas found acceptance with the commanders. They determined to reduce Flushing first, and the other forts on the Scheldt, as Lillo and Liefkenshoek, in succession, by which time it was certain that the French would appear at Antwerp in numbers sufficient to protect it. Flushing was attacked on the 1st of August, and did not surrender till the 16th. Had this been the reduction of Antwerp, the rest of the objects of the expedition would have followed of course; but Lord Chatham and Rear-Admiral Strachan were in no hurry. They remained signing the capitulation, securing six thousand prisoners that they had taken, and reducing two small islands to the north of the eastern Scheldt, till the 21st (three whole weeks virtually wasted!), and on the 23rd they landed at Ter Goes, on the neighbouring island of South Beveland. Here, again, they delayed another precious fortnight, whilst the[582] French were planting batteries at every turn of the river between them and Antwerp; had drawn a boom-chain across the channel between Lillo and Liefkenshoek; and had sunk vessels to obstruct the narrowest part of the channel beyond. They still talked of forcing their way to Antwerp; but according to a satiric rhyme of the time

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ONE:Reproduced by Andr & Sleigh, Ltd., Bushey, Herts.

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TWO:To these, in 1785, the Rev. Dr. Edmund Cartwright introduced a loom for weaving by water or steam power, which soon superseded hand-loom weaving. In 1803 Mr. H. Horrocks greatly improved this, and from this germ has grown up the system of weaving cottons, silks, and woollens by machinery. Add to this the application of similar machinery to calico-printing, and the like to weaving of lace, invented by Robert Frost, of Nottingham, or by a working mechanic of that town named Holmes, which afterwards received many improvements, and we have the varied means by which the manufacturing power of England was raised far above that of all the world; and which, reaching other countries in spite of legislative impediments, soon established similar manufactures in France, Belgium, Germany, Switzerland, and America. In Great Britain alone the importation of raw cotton was increased from 4,764,589 lbs. in 1771 to 151,000,000 lbs. in 1818; and such was the spread of trade of all kinds from the use of machinery, that our exports of manufactured goods in 1800, when the European nations were incapacitated for manufacturing by Napoleon's general embargo, amounted to 116,000,000.

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ONE:The Duke of Cumberland, being called southward, had got General Hawley appointed to the command of the army sent after the Young Pretender. Wade was become too old and dilatory, but Hawley was much fitter for a hangman than a general. Horace Walpole says he was called "the Lord Chief Justice," because, like Jeffreys, he had a passion for executions; that when the surgeons solicited the body of a deserter, which was dangling before Hawley's windows, for dissection, he would only consent on condition that he had the skeleton to ornament the guard room. Hearing of his approach, Charles drew in his forces from Falkirk under Lord George, left a few hundred men to blockade Stirling, and concentrated his army on the renowned field of Bannockburn. On the 16th of January Charles, expecting Hawley, drew up his forces, but no enemy appeared. The next day, still perceiving no Hawley, he advanced to Pleanmuir, two miles east of Bannockburn, and on the way to Torwood. No enemy yet appearing, the prince determined to advance and find him out. Hawley was so confident of dispersing the Highland rabble at any moment that he chose, that he had neglected every military precaution, had fixed no outposts, and was away at Callander House, at some distance from the field, comfortably taking luncheon with Lady Kilmarnock, whose husband was in the rebel army, and who was exerting all her powers of pleasing to detain the foolish general as long as possible. At length, when the rebels had come up so near that there was only Falkirk Moor between the armies, Hawley, roused by fresh messengers, came galloping up without his hat, and in the utmost confusion. In the middle of this rugged and uneven moor, covered with heath, rose a considerable ridge, and it appeared to be a race between the two enemies which should gain the advantage of the summit. On the one side galloped the English cavalry, on the other sped the Highlanders, straining for this important height; but the fleet-footed Gael won the ground from the English horse, and Hawley's horse halted a little below them. Neither of the armies had any artillery, for the Highlanders had left theirs behind in their rapid advance, and Hawley's had stuck fast in the bog. So far they were equal; but the prince, by taking a side route, had thrown the wind in the teeth of the English, and a storm of rain began with confounding violence to beat in their faces. The English cavalry remained, as it had galloped up, in front, commanded, since the death of Gardiner, by Colonel Ligonier, and the infantry formed, like the Highlanders, in two lines, the right commanded by General Huske, and the left by Hawley. Behind, as a reserve, stood the Glasgow regiment and the Argyll militia. The order being given, the cavalry under Ligonier charged the Macdonalds, who coolly waited till the English horse was within ten yards of them, when they poured such a murderous volley into them as dropped a frightful number from their saddles, and threw the whole line into confusion. The Frasers immediately poured an equally galling cross-fire into the startled line, and the two dragoon regiments which had fled at Coltbridge and Prestonpans waited no longer, but wheeling round, galloped from the field at their best speed. The Macdonalds, seeing the effect of their fire, in spite of Lord George Murray's endeavours to keep them in order, rushed forward, loading their pieces as they ran, and fell upon Hawley's two columns of infantry. Having discharged their pieces, they ran in upon the English with their targets and broadswords. The left soon gave way, and Hawley, who had got involved in the crowd of flying horse, had been swept with them down the hill, and thus had no means of keeping them to their colours. On the right of the royal army, however, the infantry stood firm, and as the Highlanders could not cross the ravine to come to close quarters with sword and target, they inflicted severe slaughter upon them; and Cobham's cavalry rallying, soon came to their aid and protected their flank, and[104] increased the effect on the Highlanders, many of whom began to run, imagining that the day was lost. Charles, from his elevated position observing this extraordinary state of things, advanced at the head of his second line, and checked the advance of the English right, and, after some sharp fighting, compelled them to a retreat. But in this case it was only a retreat, not a flight. These regiments retired, with drums beating and colours flying, in perfect order. A pursuit of cavalry might still have been made, but the retreat of the English was so prompt, that the Highlanders suspected a stratagem; and it was only when their scouts brought them word that they had evacuated Falkirk that they understood their full success (January 18, 1746).

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On the other hand, the kings whom he had set up amongst his brothers and brothers-in-law added nothing to his power. Joseph proved a mere lay figure of a king in Spain; Louis had rejected his domination in Holland, and abdicated; Lucien had refused to be kinged at all; Murat managed to control Naples, but not to conciliate the brave mountaineers of the country to French rule. The many outrages that Buonaparte had committed on the brave defenders of their countries and their rights were still remembered to be avenged. Prussia brooded resentfully over the injuries of its queen; the Tyrol over the murder of Hofer and his compatriots. Contemptible as was the royal family of Spainthe head of which, the old King Charles, with his queen, made a long journey to offer his felicitations on the birth of the king of Rome,the Spaniards did not forget the kidnapping of their royal race, nor the monstrous treatment of the Queen of Etruria, the daughter of Charles IX. and the sister of Ferdinand. Buonaparte first conferred on her the kingdom of Etruria, and then took it away again, to settle Ferdinand in it instead of in Spain; but as he reduced Ferdinand to a prisoner, he reserved Etruria to himself, and kept the Queen of Etruria in durance at Nice. Indignant at her restraint, she endeavoured to fly to England, as her oppressor's brother, Lucien, had done. But her[22] two agents were betrayed, and one of them was shot on the plain of Grenelle, and the other only reprieved when the fear of death had done its work on him, and he only survived a few days. She herself was then shut up, with her daughter, in a convent.[See larger version]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.On the 26th of March the Marquis of Chandos made an attempt to obtain some relief for the agricultural interest, which was then in a very depressed state, and the measure he proposed was the abolition of the malt tax, which brought in the sum of 4,812,000. Sir Robert Peel prophesied that if this tax were abolished they would be in for a property tax. He said: "My prophecy is, that if you repeal this tax you will make an income tax necessary; to that, be assured, you must come at last, if you repeal the malt tax. You will lay your taxes on articles of general consumptionon tobacco, on spirits, on wineand you will meet with such a storm that will make you hastily recede from your first advances towards a substitute. To a property tax, then, you must come; and I congratulate you, gentlemen of the landed interest, on finding yourselves relieved from the pressure of the malt tax, and[382] falling on a good, comfortable property tax, with a proposal, probably, for a graduated scale. And you who represent the heavy land of this country, the clay soilsthe soils unfit for barleyI felicitate you on the prospect that lies before you. If you think that the substitute will be advantageous to your interests, be it so; but do notwhen hereafter you discover your mistakedo not lay the blame upon those who offered you a timely warning, and cautioned you against exchanging the light pressure of a malt duty for the scourge of a property tax." The motion was rejected by a majority of 350 to 192.The conduct of the young king, considering his shyness and the defects of his education, was, during the first days of his sudden elevation, calm, courteous, affable, and unembarrassed. "He behaved throughout," says Horace Walpole, "with the greatest propriety, dignity, and decency." He dismissed his Guards to attend on the body of his grandfather. But it was soon seen that there would be great changes in his Government. Pitt waited on him with the sketch of an address to his Council; but the king informed him that this had been thought of, and an address already prepared. This was sufficient for Pitt; he had long been satisfied that the favourite of mother and son, the Groom of the Stole, and the inseparable companion, Bute, would, on the accession of George, mount into the premiership.
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