TWO:The enemy's fleets being thus destroyed or shut up, Pitt determined on his great enterprise, the conquest of Canada. The idea was worthy of his genius. His feeble predecessors had suffered the French from this neighbouring colony to aspire to the conquest of our North American territory. They had built strong forts on the lakes and down the valley of the Ohio; they intended to connect them with the Mississippi, and then to drive us out of the country. Had not Pitt come into office they might probably have succeeded. But Pitt had already commenced the driving in of the French outposts, and he now planned the complete expulsion of that nation from their advanced posts and from Canada itself. His scheme had three parts, which were all to concentrate themselves into one grand effort��the taking of Quebec, the capital. It was a daring enterprise, for Canada was ably governed and defended by Marshal de Montcalm, a man of great military experience and talent, and highly esteemed for his noble character by the colonists and the Indians, vast tribes of whom he had won over to his interest by his courtesy and conciliatory manner, whilst the English had as much disgusted them by their haughty surliness. But Pitt had picked his men for the occasion, and especially for the grand coup-de-main, the taking of Quebec. He formed his whole plan himself, and though it was not perfect, and was greatly criticised by military men, it succeeded[133] though not in effecting the combination which he contemplated, in all its parts.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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