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THREE:On the death of Stanhope, Sir Robert Walpole was left without a rival, and he received his commission of First Lord of the Treasury on the 2nd of April, and from this period down to 1742 he continued to direct the government of Great Britain. His chief anxiety now was to restore the public credit. He drew up, as Chairman of the Committee of the Commons, a report of all that had been lost in the late excitements, and of the measures that had been adopted to remedy the costs incurred. Amongst these were the resolutions of the House respecting the seven and a half millions the directors of the South Sea Company had agreed to pay to Government; more than five had been remitted, and we may add that on the clamorous complaints of the Company the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of encumbrance, the credit of the Company's bonds had been maintained, and thirty-three per cent. of the capital paid to the proprietors. Such were the[49] measures adopted by the Commons, and these being stated in the report to the king, a Bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the Government. On the second reading of Walpole's Bill they thronged the lobby of the House of Commons. The next day the Bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the Bank, and with a clear eye to his own interest; but he had been strenuously vindicated from the charge, and on the whole the vigour and boldness with which he encountered the storm and quelled it deserve the highest praise, and may well cover a certain amount of self-interest, from which few Ministers are free.

THREE:Sandy, who had spoken, felt his suspicions returning at the reply. Could there be any reason why they must not identify the other man? Might he be the ringleader, or have some outstanding mark that they had seen before and might recognize?Alberoni now found himself in turn attacked by France. Whilst busying himself to repair a few of the shattered ships which had escaped from the tempest, in order to harass the coast of Brittany in conjunction with the malcontents there, he beheld an army of thirty thousand French menacing the Pyrenean frontier. War having begun, the Spaniards were utterly defeated by the French in Spain and by the Austrians in Sicily, thanks to the zealous co-operation of the British fleet under Admiral Byng. At length Philip was compelled to dismiss Alberoni.