THREE:As for the poems of Ossian, he made a violent attack upon them in his "Tour to the Western Isles."
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THREE:On the 21st of January, 1772, the king opened Parliament, and the two divisions of the Opposition under the leadership of Rockingham and Chatham were found to be divided and dispirited. The chief proceeding of this session was one of a very remarkable character. The boasted morals of George III. and of his queen had not defended his family from gross crimes and corruptions. Very notorious was the life of his brother, the Duke of Cumberland. Amongst his licentious intrigues was one with Henrietta Vernon, Lady Grosvenor, a young and beautiful woman, whom he seduced, following her into Cheshire, when her husband took her from town, and meeting her in various disguises. In 1770 Lord Grosvenor brought an action against him and obtained a verdict of ten thousand pounds. With a rapidity of fickleness almost unexampled, he was immediately afterwards paying suit to Mrs. Horton. Cumberland went over to Calais with Mrs. Horton, and there married her according to the[206] rites of the Church of England (October 2, 1771). The Duke of Gloucester also now confessed to a secret marriage (September 6, 1766) with the Countess Dowager Waldegrave. A Bill was brought into Parliament in 1772, since well known as the Royal Marriage Act, by which every prince or princess, descendant of George II., except only the issue of princes married abroad, was prohibited from marrying until the age of twenty-five without the king's consent. After that age they might apply to the Privy Council, and if within a year of such announcement both Houses of Parliament should not express disapprobation of the intended marriage, it might then be lawfully solemnised. The Bill did not pass without violent opposition.Whilst this glorious news came from the West, from the East arrived tidings equally stirring. In India Colonel Coote, afterwards famous as Sir Eyre Coote, defeated the French under Lally, and made himself master of all Arcot. General Ford defeated the Marquis de Conflans, and took Masulipatam, and afterwards defeated a detachment of Dutch, which had landed from Java to aid our enemies in Bengal. Ford completely routed them, and took the seven ships which had brought them over, and which lay in the Hooghly.
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THREE: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.The select committee of the Commons appointed at the instance of Lord Castlereagh, to inquire into the state of the national income and expenditure, now presented its report on the 3rd of June, and it was agreed to. The Chancellor of the Exchequer stated on its authority that, since 1815, taxation had been reduced eighteen million pounds per annum; that in 1816 the revenue of Great Britain and Ireland had been consolidated, and that, at that time, the interest of the Debt of Ireland, including the Sinking Fund provided for its reduction, exceeded the entire revenue of that part of the United Kingdom by one million nine hundred thousand pounds. He then announced that supplies for the present year would be required to the amount of twenty million five hundred thousand pounds; that the existing revenue would only furnish seven million pounds towards this; and that it would be necessary to have recourse to the Sinking Fund to make up the deficiency of thirteen million five hundred thousand pounds. This Sinking Fund was fifteen million five hundred thousand pounds, so that it would leave only two million pounds; but as it was necessary to have a tolerable surplus in hand to meet exigencies, it was proposed to raise this reserve fund to five million pounds by fresh taxes to the amount of three million pounds.
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