THREE: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.
FORE:George Grenville succeeded to both Bute and Dashwood, becoming first Lord of the Treasury and Chancellor of the Exchequer, and the king announced that he had intrusted the direction of affairs to him, and the Lords Egremont and Halifax, the Secretaries of State, whence they soon acquired the name of "The Triumvirate." The Duke of Bedford quitted his post as ambassador at Paris, and was succeeded by the Earl of Hertford. The Earl of Sandwich became head of the Admiralty, and the Earl of Shelburne head of the Board of Trade. Old Marshal Ligonier was removed from the post of Master of the Ordnance to make way for the Marquis of Granby, but received a peerage. These changes being completed, the king closed the Session of Parliament on the 19th of April, with a speech, in which he declared the peace honourable to his Crown, and beneficial to his people.During the recess of Parliament there was an active contest between the new French opinions and the old constitutional ones. One called forth and provoked the other. Clubs and societies for Reform were more after the model of the wholesale proceedings of France than the old and sober ones of England. The Society of the Friends of the People was compelled to disclaim all connection with the Society for Constitutional Information in London, which was in open correspondence with[394] the Jacobins of Paris. It was forced to disown societies in the country of the same stamp, and especially to check a branch of the Society for Constitutional Information in Sheffield, which, in May of the present year, called on the Society of the Friends of the People to establish a Convention in London. To allow of no mistake as to their principles, the Society of the Friends of the People held a great meeting on the 5th of May, in which they announced that they had no other object but to obtain Parliamentary Reform by strictly legal and constitutional means, and that after this end had been secured they should dissolve themselves. Yet, notwithstanding this, there were those in the Society who deemed that they were in connection with persons and associations whose views went farther than their own, and, on this ground, on the 9th of June, Mr. Baker, who had been the chairman at the late meeting at the Freemasons' Tavern, Lord John Russell, who had been deputy-chairman, Dudley North, Mr. Curwen, and Mr. Courtney, withdrew from it.
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FORE:In the Commons, Mr. Spencer Compton, the Ministerial nominee, was elected Speaker. The king opened his first Parliament in person, but, being unable to speak English, he handed his speech to Lord Chancellor Cowper to read. In the Commons the Address condemned in strong language the shameful peace which had been made after a war carried on at such vast expense, and attended with such unparalleled successes; but expressed a hope that, as this dishonour could not with justice be imputed to the nation, through his Majesty's wisdom and the faithful endeavours of the Commons the reputation of the kingdom might in due time be vindicated and restored. This was the first announcement of the Ministers' intention to call their predecessors to account, and Secretary Stanhope, in the course of the debate, confirmed it, observing that it had been industriously circulated that the present Ministers never designed to bring the late Ministers to trial, but only to pass a general censure on them; but he assured the House that, though active efforts had been used to prevent[27] a discovery of the late treasonable proceedings, by conveying away papers from the Secretaries' offices, yet Government had sufficient evidence to enable them to bring to justice the most corrupt Ministry that ever sat at the helm. Before three weeks were over a secret committee was appointed to consider the Treaty of Utrecht.
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FORE:It was a halcyon time for the press. It approved and it disapproved, while the troops went serenely on their way. It gave the government two courses,removal of the Apaches, one and all, to the Indian territory (as feasible as driving the oxen of Geryon), or exterminationthe catchword of the non-combatant.
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FORE:He laughed, a little falsely, and turned back into the room.
In sit amet sapien eros. Integer in tincidunt velit. Ut sapien est, molestie sit amet metussit amet, malesuada gravida ex. In hac habita sse platea dictumst. Aliquam iaculis feugiat
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