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ONE:Lord Goderich acted with great humility. In a letter to the Duke of Buckingham, shortly after his resignation, he expressed his willingness to serve under the Duke of Wellington, though it might certainly be a matter of doubt with him how far, in existing circumstances, he could with credit accept office. But as the Government was to rest upon a broad basis, and was not to oppose the principles he had always advocated, he was ready to consider favourably any offer that might be made to him. The task which Wellington had undertaken was a most[262] difficult one, considering the nature of the questions that agitated the public mind, and the course which he had adopted in reference to them. The new Government was announced on the 25th of January. It retained several members of the Goderich Ministry��namely, Lord Dudley, Mr. Huskisson, and Mr. Herries. The Duke of Wellington was Premier, Mr. Goulburn Chancellor of the Exchequer, Lord Aberdeen Chancellor of the Duchy of Lancaster, and Lord Ellenborough Privy Seal. Mr. Canning's widow was created a viscountess, with a grant of ��6,000 a year, to be enjoyed after her death by her eldest son, and, in case of his death, by her second son. The former was in the navy, and perished accidentally soon after his father's death. The second son, to whom the family honours descended, was the Governor-General of India during the most memorable crisis in the history of that empire. The grant was opposed by Lord Althorp, Mr. Hume, and Mr. Banks, but was carried by a majority of 161 to 54.The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.

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