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TWO: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.Yet if teleology was, in some respects, a falling-off from the rigid mechanicism first taught by the pre-Socratic schools and then again by the Cartesian school, in at least one respect it marked a comparative progress. For the first attempts made both by ancient and modern philosophy to explain vital phenomena on purely mechanical principles were altogether premature; and the immense extension of biological knowledge which took place subsequently to both, could not but bring about an irresistible movement in the opposite direction. The first to revive teleology was Leibniz, who furnished a transition from the seventeenth to the eighteenth century by his monadology. In this, Atomism is combined with Aristotelian ideas, just as it had previously been combined with Platonic ideas by Descartes. The movement of the atoms is explained by their aspiration after a more perfect state instead of by mechanical pressure. But while Leibniz still relies on423 the ontological argument of Descartes to prove the existence of God, this was soon abandoned, along with the cosmological argument, for the argument from design, which was also that used by the Stoics; while in ethics the fitness of things was substituted for the more mechanical law of self-preservation, as the rule of conduct; and the subjection of all impulse to reason was replaced by the milder principle of a control exercised by the benevolent over the malevolent instincts. This was a very distinct departure from the Stoic method, yet those who made it were more faithful to teleology than Stoicism had been; for to condemn human feeling altogether was implicitly to condemn the work of Nature or of God.