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FORE:In the trying circumstances in which they were placed, Lord Grey and his colleagues displayed a firmness and courage which entitled them to the everlasting gratitude of the country. The pluck of Lord John Russell in particular had quite an inspiriting effect on the nation. Replying to a vote of thanks to him and Lord Althorp, which had been passed by the Birmingham Political union, the noble Paymaster of the Forces used an antithetical expression, which has become historical, and which, considering that the faction to which he alluded was the majority of the order to which he himself belonged, must be admitted to be one of extraordinary boldness. He said: "I beg to acknowledge with heartfelt gratitude the undeserved honour done me by 150,000 of my countrymen. Our prospects are now obscured for a moment, and I trust only for a moment. It is impossible that the whisper of faction should prevail against the voice of the nation."
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FORE:The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.
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FORE:On the arrival of this news the French Court complained bitterly of the violation of the peace, to which the Court of St. James's replied that the French had too prominently set the example, and the ambassadors on both sides were recalledan equivalent to a declaration of war, though none on either side yet followed. We had soon a severe reverse instead of a victory to record. General Braddock had been despatched against Fort Duquesne, and had reached Great Meadows, the scene of Washington's defeat in the preceding summer. Braddock was a general of the Hawley schoolbrave enough, but, like him, brutal and careless. His soldiers hated him for his severity. The Indians resented so much the haughtiness with which he treated them, that they had most of them deserted him; and, as was the fatal habit of English commanders then and long afterwards, he had the utmost contempt for what were called "Provincials" (that is, Colonists), supposing that all sense and knowledge existed in England, and that the English, just arrived, knew more about America than natives who had spent their lives in it. He therefore marched on into the woods, utterly despising all warnings against the Indians in alliance with the French. At Great Meadows he found it necessary, from the nature of the woods and the want of roads, to leave behind him all his heavy baggage, and part of his troops to guard it, and he proceeded with only one thousand two hundred men and ten pieces of artillery. On the 9th of July, 1755, having arrived within ten miles of Fort Duqnesne, he still neglected to send out scouts, and thus rashly entering the mouth of a deep woody defile, he found himself assaulted by a murderous fire in front and on both flanks. His enemies were Indians assisted by a few French, who, accustomed to that mode of fighting, aimed from the thickets and behind trees, and picked off his officers, whom they recognised by their dress, without themselves being visible. Without attempting to draw out of the ambush, and advance with proper precautions, Braddock rushed deeper into it, and displayed a desperate but useless courage. Now was the time for his Indians to have encountered his enemies in their own mode of battle, had his pride not driven them away. After having three horses killed under him, in the vain endeavour to come at his foes, he was shot, and his troops retreated in all haste, leaving behind them their artillery and seven hundred of their comrades on the ground. Their retreat was protected by the "provincial" George Washingtonwhose advice had been unheededor the slaughter would have been greater.
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FORE:On this basis Mr. Vansittart, the Chancellor of the Exchequer, on the 9th of June, produced his Budget. Including the interest on the Debt, the whole annual expenditure amounted to seventy-six million, seventy-four thousand poundsan ominous peace expenditure. Instead, therefore, of the supplies, aided by the draft from the Sinking Fund, leaving a surplus of two million pounds, a fresh loan of twelve million poundsbesides the three million pounds of new taxes on malt, tobacco, coffee, cocoa, tea, British spirits, pepper, and foreign wool was needed. By the hocus-pocus of Exchequer accounts this was made to look like a reduction of the Debt instead of an increase of it; but the country saw with dismay that three years after the peace the incubus of past war was still[145] adding to its burden. Mr. Tierney, on the 18th, moved for a committee to inquire into the state of the nation, but this was negatived by three hundred and fifty-seven votes against one hundred and seventy-eight; and a motion of Sir Henry Parnell on the 1st of July for extensive retrenchments was got rid of in the same manner.Still, during all this time, though the Tory Ministers in the Council appeared paralysed, the Jacobite lords assembled in secret junto in the very palace where the Council was sitting and the queen dying. Lady Masham's apartments were the scene of the last convulsive agitation of Jacobitism. From her the distracted leaders of that faction received the accounts of the progress of the queen's illness. Amongst these were Buckingham, Ormonde, Atterbury, and, when he was not at Anne's bedside, Robinson, Bishop of London. This prelate, when he attended to administer the Sacrament to the dying woman, received a message from her, which he was bound by the Duchess of Ormonde to promise to deliver, though it cost him his head. Probably it was some last remembrance to her brother, the Pretender; though it was supposed by some to be an order to the Duke of Ormonde, the Commander-in-Chief, to hold the army for the Stuart. Nothing, however, of the nature of this message ever transpired; but the Duke of Buckingham, on the separation of the Council, which had just obtained the affixing of the Great Seal to a patent providing for the government of the country by four-and-twenty regents till the arrival of the successor, clapped his hand on Ormonde's shoulder, saying, "My lord, you have four-and-twenty hours to do our business in, and make yourself master of the country." It was a forlorn hope. That evening Lady Masham entered her apartments in great agitation, saying, "Oh, my lords, we are all undoneentirely ruined! The queen is a dead woman; all the world cannot save her!" Upon which one of the lords asked if the queen had her senses, and if Lady Masham thought she could speak to them. She replied, "Impossible; her pain deprives her of all sense, and in the interval she dozes and speaks to nobody." "That is hard indeed," said one of the lords. "If she could but speak to us, and give us orders, and sign them, we might do the business for all that." "Alas!" replied another lord, "who would act on such orders? We are all undone!" "Then we cannot be worse," said a third. "I assure you," remarked another of these conspirators, probably Ormonde, "that if her Majesty would give orders to proclaim her successor in her lifetime, I would do it at the head of the army. I'll answer for the soldiers." "Do it, then!" swore the Bishop Atterbury, for he did not stick at an oath. "Let us go out and proclaim the Chevalier at Charing Cross. Do you not see that we have no time to lose?" Lady Masham told them they might waive debate; there was nothing to be done; her Majesty was no longer capable of directing anything. On which the Duke of Ormonde exclaimed, "Lord, what an unhappy thing this is! What a cause is here lost at one blow!"
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