ONE:[See larger version]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.
THREE:But, on the 6th of May, a blow fell on Nuncomar from an unexpected quarter. He was arrested and thrown into prison at the suit of a merchant named Mohun Persaud. The charge was, that he had forged a bond five years before. He had been brought to trial for this before the Mayor's Court at Calcuttathe Supreme Court not then being in existence. On this occasion, being in favour with Hastings, he had procured his release; but now, the merchant seeing that Hastings' favour was withdrawn, and that, therefore, he might have a better chance against him, the charge was renewed. Hastings, on the trial, declared before the Supreme Court that neither directly nor indirectly had he promoted the prosecution. The opposition members were highly incensed at this proceeding. Three days after Nuncomar's committal they realised their threat of dismissing the Munny Begum, and appointed Goordas, the son of Nuncomar, to her office. They sent encouraging messages to Nuncomar in his prison, and made violent protests to the judges against the prosecution. Their efforts were useless. The trial came on in due course. One of the judges, Sir Robert Chambers, had endeavoured to have Nuncomar tried on an earlier statute, which included no capital punishment, for forgery was no capital crime by the native laws. But Sir Elijah Impey and the other judges replied that the new Act compelled them to try him on the capital plea, and he had been, on this ground, refused bail. Nuncomar knew nothing of our estimate of forgery, and he could not comprehend how a man of his rank, and a Brahmin of high dignity, should be tried for his life on such a charge. But he was found guilty, and condemned to be hanged. Strong efforts were then made to have him respited till the judgment of the Court of Directors could be taken on the question, but Impey and the other judges declared that it could not be done unless they could assign some sufficient reasons, and they contended that there were no such reasons. Yet the new Acts expressly gave them this power, and, what made it more desirable, was that no native of any rank had been tried by the Supreme Court and the British law, and only one native had ever been capitally convicted for forgery in any of our Indian courts. Moreover, the indignity of hanging a high-caste Brahmin was so outraging to the native feeling that it was deemed most impolitic to perpetrate such an act. All was pleaded in vain; on the 5th of August, 1775, Nuncomar was brought out and publicly hanged, amid the terrified shrieks and yells of the native population, who fled at the sight, and many of them rushed into the sacred Ganges to purify them from the pollution of ever witnessing such a scene. The death of Nuncomar put an end to all hope of procuring any further native evidence against Hastings. The natives were so terrified at this new kind of execution, that nothing could convince them but that, in spite of the opposition of his colleagues, Hastings was all powerful.Of all the expectants of office in the Wellington Administration, the most bitterly disappointed was the ex-Chancellor, Lord Eldon, to whom official life had from long habit become almost a necessity. He had enjoyed power long enough in reason to admit of his retirement with a contented mind; but the passion for it was never stronger than at the present moment. He hastened to London a few days after Christmas on account of rumours of a dissolution of the Cabinet. Having so often done this when there was a talk of a Ministerial crisis, he was called the "stormy petrel." Believing that he had mainly contributed to bring about the Ministerial catastrophe, he was dreadfully mortified when he saw in the newspapers the list of the new Ministers beginning thus: "Chancellor, Lord Lyndhurst." He had not set his heart this time on the office of Lord Chancellor, he would have been content with the Presidentship of the Council or Privy Seal; but his name was not found in the list at all, nor had he been consulted in any way, or informed about what was going forward during the fortnight that passed before the Ministerial arrangements were completed. This utter neglect of his claims excited his anger and indignation to the utmost, and caused him to indulge in bitter revilings and threats against the new Cabinet. The great Tory lords shared in his resentment, and felt that they were all insulted in his person. Referring to the Ministerial arrangements, he wrote:"You will observe, Dudley, Huskisson, Grant, Palmerston, and Lyndhurst (five) were all Canningites, with whom the rest were three weeks ago in most violent contest and opposition; these things are to me quite marvellous. How they are all to deal with each other's conduct, as to the late treaty with Turkey and the Navarino battle, is impossible to conjecture. As the first-fruits of this arrangement, the Corporation of London have agreed to petition Parliament to repeal the laws which affect Dissenters."
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THREE:
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THREE:The Duke withdrew much dissatisfied with the turn affairs had taken, and distrustful of the issue. In a parting interview with the Emperor of Russia, the latter spoke at length in strong disapprobation of the refusal of England to co-operate in putting down revolution, and said, in conclusion, that Russia was prepared for every eventuality. "She was able, with the support of Austria and Prussia, to crush revolution both in France and Spain; and, if the necessity should arise, she was determined to do so." The Duke heard his Imperial Majesty to an end, and then ventured to assure him that the only thing for which Great Britain pleaded was the right of nations to set up whatever form of government they thought best, and to manage their own affairs, so long as they allowed other nations to manage theirs. Neither he nor the Government which he represented was blind to the many defects which disfigured the Spanish Constitution; but they were satisfied that they would be remedied in time. The Emperor could not gainsay the justice of these remarks, but neither was he willing to be persuaded by them; so, after expressing himself well pleased with the settlement of the Turkish question which had been effected, he embraced the Duke, and they parted.
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