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.They had been doing that for three days. They came down the chimney, made across the floor in a line that never changed direction, nor straggled, nor lessened, up the wall and out a crack in the window. They did no harm, but followed blindly on in the path the first one had taken. And the minister had said they should not be smoked back or thwarted.
TWO:I didnt mean to scare you. But Ive been awfully busy.The next morning, the 6th of December, the retreat commenced; but the soldiers and the inferior officers little dreamed that it was a retreat. They imagined that they were going to fight the Duke of Cumberland, and marched out in high spirits. The morning was foggy, and for some time the delusion was kept up; but when the fog cleared away, and they perceived that they were retracing their former route, their disappointment and rage became excessive. The retreat was rapidly continued through Preston, and on to Lancaster, which they reached on the 13th. On the 18th Oglethorpe and Cumberland, accompanied by a mob of country squires and mounted farmers, attacked Lord George Murray's rear near Penrith; but the countrymen were speedily put to flight by a charge of the Glengarry clan, and Oglethorpe fell back to the main body. They came up again, however, in the evening near the village of Clifton, and Lord George perceived, by the fitful light of the moon, the enemy forming behind the stone walls, and lining every hedge, orchard, and outhouse. Just as the royal troops commenced their charge they were stopped by a cross-fire of the concealed Highlanders, and, whilst affected by this surprise, Lord George cried, "Claymore! claymore!" and rushing down upon them with the Macphersons of Cluny, attacked them sword in hand. Being supported by the Stuarts of Appin, they compelled the English to retreat.
