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ONE:

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ONE: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.

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ONE:The Peace of Amiens, instead of turning the attention of Buonaparte to internal improvements, seemed to give it opportunity to range, in imagination, over the whole world with schemes of conquest and of the suppression of British dominion. There was no spot, however remote, that he did not examine on the map with reference to plans of conquest. Louisiana and Guiana, obtained from Spain and Portugal, were viewed as ports whence conquest should advance to Nova Scotia, Canada, the Brazils, Mexico, and Peru. Every station in the West India Isles was calculated as a point for this purpose, and for seizing some day all the British islands there. The Cape of Good Hope, Madagascar, the isles of France and Bourbon, the Dutch spice isles, and their settlements in Java, Sumatra, etc., were regarded as a chain of ports which would enable Buonaparte to become master of India. He sent out expeditions, under different officers, to examine every island and region where the British had a settlement, or where he might plant one, to oppose them. One of these expeditions sailed in a couple of corvettes, commanded by Captain Baudin, who was accompanied by a staff of thirty-three naturalists, geologists, savants, etc., the ostensible object being science and discovery��the real one the ascertaining of the exact possessions of Britain, and of the best means of becoming master of them. The head of the scientific staff was M. P��ron. On their return their report was published, and it is singular that in this report St. Helena, destined to be the prison of Napoleon, is described in rapturous terms as an earthly paradise.The campaign against the French was opened in February by Prince Ferdinand of Brunswick attacking the Duke de Broglie, and driving him out of Cassel. Prince Ferdinand followed up this advantage by attacking them in Marburg and G?ttingen, and applied himself particularly to the siege of Cassel. But Broglie, now recovered from his surprise, first defeated the hereditary Prince of Brunswick, Ferdinand's nephew, at Stangerode, and then repulsed Ferdinand himself from Cassel.

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ONE:One of the first acts of the Parliament, which met on November 12th, was to punish the peculations and abuses of the Lord Chancellor, Parker, Earl of Macclesfield. The Court of Chancery, in former ages a sink of corruption, was at this time in its worst condition. The offices of Masters were regularly sold, and the Masters as regularly took care to recoup themselves by all manner of peculation. The estates of widows and orphans and the money of suitors were unscrupulously plundered. There was a loud outcry against these robberies, and especially against the Lord Chancellor, for his not only tolerating but partaking in them. He endeavoured to escape the storm of public indignation by resigning in January, but this did not avail him. He was impeached by Sir George Oxenden in the Commons, and tried in the Lords, and fined thirty thousand pounds. A motion for disabling him from ever again sitting in Parliament or holding any office was lost only by a very few votes. The king struck his name out of the list of Privy Councillors, and in 1725 Sir Peter King was made Chancellor in his stead, with the title of baron.Notwithstanding the real outbreak of the war, Congress yet professed to entertain hopes of ultimate reconciliation. When the reinforcements had arrived from England, and it was supposed that part of them were destined for New York, it issued orders that, so long as the forces remained quiet in their barracks, they should not be molested; but if they attempted to raise fortifications, or to cut off the town from the country, they should be stoutly opposed. When the news of the surprise of the forts on the Lake Champlain arrived, Congress endeavoured to excuse so direct a breach of the peace by feigning a belief in a design of an invasion of the colonies from Canada, of which there was notoriously no intention, and they gave orders that an exact inventory of the cannon and military stores there captured should be made, in order to their restoration, "when the former harmony between Great Britain and her colonies, so ardently wished for by the latter, should render it consistent with the overruling law of self-preservation." After the battle of Bunker's Hill, Congress still maintained this tone. On the 8th of July they signed a petition to the king, drawn up by John Dickinson, in the mildest terms, who, when to his own surprise the petition was adopted by the Congress, rose, and said that there was not a word in the whole petition that he did not approve of, except the word "Congress." This, however, was far from the feeling of many members; and Benjamin Harrison immediately rose and declared that there was but one word in the whole petition that he did approve of, and that was the word "Congress." The petition to the king expressed an earnest desire for a speedy and permanent reconciliation, declaring that, notwithstanding their sufferings, they retained in their hearts "too tender a regard for the kingdom from which they derived their origin to request such a reconciliation as might be inconsistent with her dignity or welfare." At the[220] same time, they resolved that this appeal, which they called "The Olive Branch," should, if unsuccessful, be their last. They could hardly have expected it to be successful.

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