
FORE: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.At this news the Highlanders were filled with exuberant joy. They demanded permission to pursue and attack Cope's soldiers; but the chiefs saw too clearly the grand advantage offered them of descending suddenly into the Lowlands by the road thus left open. Whilst Sir John was making a forced march to Inverness, which he reached on the 29th of August, the Highlanders were descending like one of their own torrents southwards. In two days they traversed the mountains of Badenoch; on the third they reached the Vale of Athol.

FORE:Some remarkable commercial reforms were introduced by Robinson and Huskisson in 1824. In the previous year the Chancellor of the Exchequer was able to boast of a very large surplus, and this year he had a surplus of 1,050,000. Part of it was devoted to the repair and embellishment of Windsor Castle; 40,000 were devoted towards the erection of rooms for the reception of the library of George III., which was presented to the British Museum by his successor, whose gift, however, was somewhat discounted by the fact that he was with difficulty dissuaded from selling the collection. With 57,000 Government purchased Angerstein's collection of pictures, which became the nucleus of the National Gallery. But the main object of the Budget was not expenditure but economy. The Four per Cents. were redeemed or exchanged for Three-and-a-Half per Cent. Stock, and a death-blow was given to the old system of bounties by a reduction of that on the herring fishery and the immediate cessation of that on inferior kinds of linen, while that on the higher class of linen was annually decreased ten per cent. There was further a reduction of the duties on rum and coals, with the result, as Robinson prophesied, that lower prices considerably increased the consumption. His greatest innovations, however, concerned the wool and silk trades. In the former there prevailed a great conflict of interests. The agriculturists[241] wished for the prohibition of foreign wool; the manufacturers desired the retention of an export duty, together with free importation. The judicious Chancellor effected a compromise by which the duty on foreign wool was reduced from 6d. to 1d. per pound, while the exportation of English wool was sanctioned on a similar duty. The fear of a large exportation of English wool proved so groundless that by 1826 only 100,000 pounds in weight had been exported, while 40,000,000 pounds of foreign wool had been introduced.

FORE:[See larger version]When Buonaparte heard that Ferdinand had arrived, he is said to have exclaimed"What! is the fool really come?" He received him, however, with courtesy, invited him to dinner, and treated him with all the deference of a crowned head; but the same evening he sent Savary to inform him that he had determined that the Bourbons should cease to reign, and the crown should be transferred to his own family. Possessed of the Prince of Asturias, Buonaparte proceeded to complete his kidnapping, and make himself master of the king and queen. He was sure that if he brought Godoy to Bayonne he should draw the infatuated queen after him, and that she would[553] bring the king with her. He therefore ordered Murat to send on Godoy under a strong guard. This was executed with such rapidity that he was conveyed from Aranjuez to the banks of the Bidassoa in a couple of days. Buonaparte received Godoy in the most flattering manner, told him that he regarded the abdication of Charles as most unjustifiable, and that he would be glad to see the king and queen at Bayonne, to arrange the best mode of securing them on the throne. Godoy communicated this intelligence with alacrity, and Napoleon very soon had the two remaining royal fools in his safe keeping. On the 30th of April a train of old, lumbering carriages, the first drawn by eight Biscayan mules, was seen crossing the drawbridge at Bayonne. The arrival consisted of the King and Queen of Spain, with three or four unimportant grandees. Godoy welcomed Charles and his queen, and assured them of the friendly disposition and intentions of Buonaparte. Having the family in his clutches, Napoleon had little difficulty in compelling Ferdinand to restore the crown to his father, who abdicated a second time, and placed his crown in the hands of the Emperor.

FORE:Cornwallis now announced to the Royalists of[275] North Carolina that he would soon send a force for their defence, and advanced to Charlotte. He next took measures for punishing those who had pretended to re-accept the allegiance of England only to relapse into a double treachery. He declared that all such being captured should be treated as traitors, and hanged. These severe measures were carried into execution on some of the prisoners taken at Camden and Augusta, and others were shipped off to St. Augustine. This system was as impolitic as it was cruel, for the Americans were certain to adopt it in retaliation, as they did, with a frightful ferocity, when the Royalists were overthrown in South Carolina, and avowedly on this ground. Lord Rawdon, adopting the example, wrote to his officers that he would give ten guineas for the head of any deserter from the volunteers of Ireland, and five only if brought in alive.Bolingbroke promptly fled and took service with the Pretender; Ormonde, after putting himself ostentatiously forward as leader of the Jacobite Opposition, followed his example. Both were proceeded against by Act of Attainder.

FORE:The first steamboat that was worked for hire in Britain was the Comet, a small vessel with an engine of three horse-power. Two years later the Elizabeth, of eight horse-power, and the Clyde, of fourteen horse-power, were placed upon the river Clyde. Thus Scotland has had the honour of leading the way in this great line of improvement. In 1820 there were but three steam-vessels built and registered in England, four in Scotland, and one in Ireland. In 1826 there were fifty in England, and twenty-two in Scotland, with 9,000 tons burden. The building of steamers proceeded regularly, with an increasing amount of tonnage, till the number rose in 1849 to 1,296 steam-vessels, the aggregate burden of which was 177,310 tons. They were distributed as follows:In the ports of England, 865 vessels, 103,154 tons; Scotland, 166 vessels, 29,206 tons; Ireland, 111 vessels, 26,369 tons; the Channel Islands, 7 vessels, 955 tons; the colonies, 147 vessels, 17,626 tons. A Committee of the House of Commons was appointed in June, 1837, to inquire into the best means of establishing communication by steam with India by way of the Red Sea. During the year arrangements were made for the establishment of a regular monthly steam communication between Great Britain and India by way of the Red Sea upon the following basis:"The Government undertakes the transmission of the monthly mails between Great Britain and Alexandria at the sole charge of the public; and the East India Company undertakes the transmission of these[422] mails between Alexandria and Bombay, upon condition that one-half of the expense incurred in the purchase and navigation of steam-vessels, and of any other expense incurred in the service, is defrayed by the Government, which is to receive the whole money connected with postage of letters between London and Bombay." This arrangement was carried out, and a further economy of time was obtained by the overland route to Marseilles, instead of transmitting the mails by steam-packets from Falmouth through the Strait of Gibraltar. In this way the journey was shortened to the extent of more than 1,000 miles, the direct distance by Marseilles and Malta being 5,238 miles, and by way of Falmouth, 6,310 miles. This system of conveyance was maintained till 1841, when the Government entered into a contract with the Peninsular and Oriental Steam Navigation Company, which undertook to employ powerful steam-vessels for the carrying of letters and passengers between England and Egypt, and between Suez, Ceylon, Madras, and Calcutta, towards the expenses of which the East India Company undertook to contribute 20,000 per annum for five years. After some time there was a further extension of the plan, by which the Government engaged to contribute 50,000 per annum towards the expense of the line of steam-packets between Bombay and Suez, 115,000 per annum for the service between Calcutta and Suez, and 45,000 for the service between Ceylon and Hong Kong, making a total of 210,000 per annum, of which one-third was to be repaid by the East India Company. By these arrangements was obtained a regular and safe steam communication twice a month to India, and once a month to China. We may judge of the extent of the intercourse thus carried on by the fact that in 1836 Great Britain received from Calcutta, Madras, Bombay, and Ceylon about 180,000 letters, and sent to those places in the same year nearly 112,000 letters. { 15 single parishes 15
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