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Oh! the man groaned, and dropping his weapon, he began to nurse his shoulder.Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.She gave a dry little sob of unutterable glad relief and tried to raise her voice and call to him, the call they used for one another when they rode about the ranch. But the sound was only a weak, low wail.
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THREE:In the interval, the character and conduct of the Prince of Wales came prominently before the public. The two great friends of the prince were Fox and Sheridan. If the intellectual qualities of these two remarkable men had been equalled by their moral ones, no fitter companions for a young prince could have been found. But, unfortunately, they were as distinguished for their drinking and dissipation, and Fox for his reckless gambling, as for their talents. Pitt and they were in violent opposition, and as Pitt, with his cold, unimpulsive nature, stood firmly by the king, Fox and Sheridan were, as matters of party, warmly the advocates of the prince. Hence the king and his son, sufficiently at strife on the ground of the prince's extravagance and debauchery, were rendered doubly so by the faction fire of their respective adherents. Pitt, who might have softened greatly the hostile feeling between the royal father and son, by recommending less parsimony on the part of the king, and kindly endeavouring to induce the prince to exhibit more respect for his father, never displayed the slightest disposition to act so generous and truly politic a part. Sheridan and some others of the Whig party mentioned the prince's debts, and urged the propriety of something being done to save the honour of the Heir Apparent; but Pitt turned a deaf ear, and the king informed the prince that he could not sanction the payment of his debts by Parliament, nor was he disposed to[337] increase his allowance from the Civil List. On this the prince determined to break up his household, which had been appointed by the king, and cost the prince twenty thousand pounds, to sell his horses and carriages, and to live in a few rooms like a private gentleman. This he did; his fine horses were paraded through the streets on their way to Tattersall's to be sold, and he stopped the building of Carlton House. All this would have been admirable had it proceeded from a real desire to economise on the part of the prince, in order to satisfy his clamorous creditors, and to commence a real reform of his habits; but the whole was only a mode of mortifying the king and Court party by thus exhibiting the Heir Apparent as compelled, by the refusal of a proper allowance, to abandon the style befitting his rank, and sink himself into that of a mere lodger of scanty means. If this grand man?uvre did not accomplish its object at Court, it, however, told on his own party, who resolved in the next Session to make a grand effort for the liquidation of his debts.
THREE:211Meanwhile, Washington and Rochambeau were mustering for the march to the Chesapeake. On the 14th of September Washington reached the headquarters of Lafayette, and took the supreme command, Rochambeau being second, and the especial head of the French. The next day Washington and Rochambeau held a conference with the Comte de Grasse. De Grasse told them that what they did they must do quickly, for that he could not remain on that station longer than the 1st of November; and it was resolved to act accordingly.
FORE: FORE:The growth of our commerce during these seventy-two years is shown by the amount of our exports. In 1697that is, nine years after the Revolutionthe amount of exports was only 3,525,907; but in the three next years of peace they rose to 6,709,881. War reduced these again to little more than 5,000,000, and at the end of the reign of Anne, during peace, they rose to 8,000,000. At the end of the reign of George I. the war had so much checked our commerce, that the exports scarcely amounted to that sum, the average of the three years1726, 1727, and 1728being only 7,891,739. By the end of the reign of George II., however (1760), they had risen to 14,693,270. Having by this period driven the fleets of France and Spain from the ocean, we rather extended our commerce than injured it. Thus, during these seventy-two years, our exports had increased from about three millions and a half annually to more than fourteen millions and a half annually, or a yearly difference of upwards of eleven millionsa most substantial growth.
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Chapter 18Breaking into a hearty laugh, Jeff slapped Sandy on the shoulder.Felipa rose from the table, and going over to her husband laid her hand on his shoulder. She asked when he must go. "To-night, my dear lady, I am afraid," soothed the commandant. But she appeared to be in no need of humoring, as she turned to Landor and offered to do what she might to help him.The retreat of George to Hanover was not merely to enjoy his native scenes and old associations; he felt himself insecure even on the throne of England, and the rebellion for the present quelled; he was anxious to form or renew alliances on the Continent to give strength to his position. The part which England had taken at the end of the war seemed to have alienated all her confederates of the Grand Alliance, and transferred their resentment to himself with his accession to the British Crown. Holland was, perhaps, the least sensible of the past discords; she had kept the treaty, and lent her aid on the landing of the Pretender; but she was at daggers drawn with Austria, who was much irritated by the Barrier Treaty, by which the Dutch secured a line of fortresses on the Austrian Netherlands. As for the Emperor, he was more feeble and sluggish than he had shown himself as the aspirant to the throne of Spain. He was a bigoted Catholic, little disposed to trouble himself for securing a Protestant succession, although it had expended much money and blood in defence of his own. On the contrary, he felt a strong jealousy of George, the Elector of Hanover, as King of England, and therefore capable of introducing, through his augmented resources, aggressive disturbances in Germany. The King of Prussia, his son-in-law, was rather a troublesome and wrangling ally than one to be depended upon.
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