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FORE:Meanwhile difficulties thickened daily about the king. His Cabinets resigned in rapid succession; there were no less than five of them between March and October; till at last he got a man of nerve for Prime Minister, in the person of Count von Brandenburg. The Ministry addressed a document to the king for the purpose of disclaiming on his behalf the desire to become German Emperor, stating that his assuming the German colours, and putting himself at the head of the movement for German unity, and proposing to summon a meeting of the Sovereigns and States did not justify the interpretation it had received; that it was not his intention to anticipate the unbiassed decision of the sovereign princes and the people of Germany by offering to undertake the temporary direction of German affairs. Thus the king was obliged to back quietly out of a position which he had rashly assumed. The United Diet acted as being itself only a temporary institution, having established the electoral law on the basis of universal suffrage in order to prepare the way for a constituent Assembly, by which means the revolutionary spirit penetrated to the very extremities of Prussian society.Walpole, however, continued to oppose the South Sea Bill in the Commons, declaring that the terms were too extravagant ever to be fulfilled; that the experiment could result in nothing but a fearful increase of the costs of stockjobbing, and final confusion and ruin. He insisted that, before the proposals of the Company were accepted,[47] the rise of their stock should be limited, and every means taken to prevent the fever of infatuation that would ensue from the promise of dividends out of funds which could never be realised. He proposed for this purpose the introduction of a clause fixing the number of years' purchase to be granted to the annuitants of the South Sea Company; but to this it was objected that it was the interest of the Company to take up the annuities; and, as the annuitants had the power of coming in or not, as they pleased, the Company would, of course, offer advantageous terms, and, therefore, the whole affair might be safely left to private adjustment. Aislabie added that the South Sea Company would not submit to be controlled in an undertaking they were to pay so dear for. The Bill passed both Houses.
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