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Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.

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His terms were rejected with disdain. Yet he had a last interview with Metternich, in which he hoped to terrify him by a dread of the future preponderance of Russia; but, seeing that it made no impression, he became incensed, and adopted a very insolent tone towards the Austrian Minister. "Well, Metternich," he demanded, "how much has England given you to induce you to play this part towards me?" Metternich received the insult in haughty silence. Buonaparte, to try how far the diplomatist still would preserve his deference towards him, let his hat fall: Metternich let it lie. This was a sign that the Austrian had taken his part; it was, in fact, the signal of war. Yet, at the last moment, Napoleon suddenly assumed a tone of conciliation, and offered very large concessions. He had heard the news of the defeat of Vittoria. But it was too late. The Congress terminated on the 10th of August, and the Allies refused to re-open it. On the 12th of August, two days after the termination of the armistice, Austria declared herself on the side of the Allies, and brought two hundred thousand men to swell their ranks. This redoubtable force was commanded by her general, Prince von Schwarzenberg.
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THREE:Various causes, in fact, were operating to produce a great schism in the Ministry of George I. Townshend, as we have seen, had very unguardedly expressed his disgust with the measures of the king at and concerning Hanover. George's dislike was, of course, fomented by his courtiers and mistresses, and they found a powerful ally in Sunderland, who, tired of his subordinate position in the Ministry, had joined the king in Hanover. A letter from Townshend, in which, in order to allow the longer absence of the king, he recommended that additional powers should be conferred on the Prince of Wales, brought George's indignation to a head. This letter, which arrived about the middle of December, seemed to cause his anger to burst all bounds, and he vowed that he would dismiss Townshend at once from his service.
FORE:When these letters were published in America, their real character was concealed, and every means taken to represent them as official despatches to the officers of Government in England. The public rage was uncontrollable. A committee was formed to wait on Governor Hutchinson, and demand whether he owned the handwriting. Hutchinson freely owned to that, but contended very justly that the letters were of a thoroughly private character, and to an unofficial person. Notwithstanding, the House of Assembly drew up a strong remonstrance to the British Government, charging the Governor and Lieutenant-Governor with giving false and malicious information respecting the colony, and demanding their dismissal. This remonstrance, accompanied by copies of the letters themselves, was immediately dispatched over the colonies, and everywhere produced, as was intended, the most violent inflammation of the public mind against us. The Bostonians had for some time established what was called a Corresponding Committee, whose business it was to prepare and circulate through the whole of the colonies papers calculated to keep alive the indignation against the British Government. This Committee quickly was responded to by other committees in different places, and soon this plan became an organisation extending to every part of the colonies, even the most remote, by which intelligence and arguments were circulated through all America with wonderful celerity. FORE:Buonaparte's army now occupied the city and the right bank of the Danube. The archduke arrived, and posted himself on the left bank. The river was swollen with the spring rains and the melting of the snow in the mountains. All the bridges had been broken down by which Buonaparte might cross to attack the Austrians before they were joined by their other armies. Buonaparte endeavoured to throw one over at Nussdorf, about a league above Vienna, but the Austrians drove away his men. He therefore made a fresh attempt at Ebersdorf, opposite to which the Danube was divided into five channels, flowing amongst islands, the largest of which was one called Lobau. Here he succeeded, the Archduke Charles seeming unaware of what he was doing, or taking no care to prevent it. On the 20th of May the French began to cross, and deployed on a plain between the villages of Aspern and Esslingen. Thirty thousand infantry had crossed before the next morning, and six thousand horse, and they were attacked by the Austrians, near the village of Aspern, about four in the afternoon. The battle was desperately contested on both sides. The villages of Aspern and Esslingen were taken and retaken several times. The struggle went on with great fury, amid farm-yards, gardens, and enclosures, and waggons, carts, harrows, and ploughs were collected and used as barricades. Night closed upon the scene, leaving the combatants on both sides in possession of some part or other of these villages. On the following morning, the 22nd, the fight was renewed, and, after a terrible carnage, the French were driven back on the river. At this moment news came that the bridge connecting the right bank with the islands was broken down, and the communication of the French army was in danger of being altogether cut off. Buonaparte, to prevent this, retreated into the island of Lobau with the whole of the combating force, and broke down the bridge which connected the islands with the left bank behind them. The Austrians followed keenly upon them in their retreat, and inflicted a dreadful slaughter upon them. Marshal Lannes had both his legs shattered by a cannon-ball, and was carried into the island in the midst of the mle; General St. Hilaire also was killed. The loss in killed and wounded on both sides amounted to upwards of forty thousand. For two days Napoleon remained on the island, with his defeated troops, without provisions, and expecting hourly to be cut to pieces. General Hiller earnestly pressed the Archduke Charles to allow him to pass the Danube, by open force, opposite to the isle of Enzersdorf, where it might be done under cover of cannon, pledging himself to compel the surrender of Buonaparte and his army. But the archduke appeared under a spell from the moment that the fighting was over. Having his enemy thus cooped up, it was in his power to cut off all his supplies. By crossing the river higher or lower, he could have kept possession of both banks, and at once have cut off Buonaparte's magazines at Ebersdorf, under Davoust, from which he was separated by the inundation. By any other general, the other armies under his brother would have been ordered up by express; every soldier and every cannon that Austria could muster within any tolerable distance would have been summoned to surround and secure the enemy, taken at such disadvantage. In no other country but Austria could Napoleon have ever left that island but as a prisoner with a surrendered army."To call Parliament together on the 27th instant, to ask for indemnity and a sanction of the order by law.
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NELSON'S CHASE AFTER THE FRENCH FLEET, 1805.The confederacy of Spain, Austria, and Sweden against England greatly encouraged the Pretender and his party. His agents were active on almost every coast in Europe, under the able direction of Atterbury. But there were two new allies whom James acquired at this time who did him little service; these were Lord North and the Duke of Wharton. They went over to the Continent, and not only openly avowed themselves as friends of the Pretender, but renounced Protestantism and embraced Popery. Lord North, however, found himself so little trusted at the Pretender's Court, notwithstanding his apostasy, that he went to Spain, entered its service, and there continued till his death, in 1734. Wharton also arrived at Madrid, where he fell in with a congenial spirit. This was Ripperda, the renegade Dutchman, now created a Duke and made Prime Minister of Spain. He had lately returned from a mission to Vienna, and was as full of foolish boastings as Wharton himself. He told the officers of the garrison at Barcelona on landing, that the Emperor would bring one hundred and fifty thousand men into the field; that Prince Eugene had engaged for as many more within six months of the commencement of a war; that in that case France would be pillaged on all sides, the King of Prussia, whom he was pleased to call the Grand Grenadier, would be chased from his country in a single campaign, and King George out of both Hanover by the Emperor, and Great Britain by the Pretender; that so long as he was in authority there should never be peace between France and Spain. Yet to Mr. Stanhope he declared that though he had talked both in Vienna and Spain in favour of the Pretender, he was, nevertheless, as sincerely attached to the interests of his Britannic Majesty as one of his own subjects; that he would prove this on the first opportunity, and that he only talked as he did to please their Catholic majesties,[55] and to avoid being suspected as a traitor, and falling into the hands of the Inquisition, which he knew kept a sharp eye on him as a recent convert.It was now expected by the Whigs, and by a[10] great part of the public, that they should come into office. At first the conduct of the Prince Regent favoured this supposition. He applied to Grey and Grenville to draw up the answer that he should return to the two Houses on their addresses on his appointment. But he did not quite like this answer, and got Sheridan to make some alterations in it. He then returned the paper to Grey and Grenville, as in the form that he approved. But these noblemen declared that they would have nothing more to do with the paper so altered; and Sheridan, on his part, suggested to the prince that he would find such men as Ministers very domineering and impracticable. Nor was this allLord Grenville and his family held enormous patronage. Like all the Whigs, the Grenvilles, however they might study the interests of the country, studied emphatically their own. Grenville had long held, by a patent for life, the office of Auditor to the Exchequer; and in accepting office in "All the Talents" Ministry, he managed to obtain also the office of First Lord of the Treasury. The Auditorship of the Exchequer was instituted as a check on the Treasury, but neither Lord Grenville nor his friends saw any impropriety in destroying this check by putting both offices into the same hands. They declared this union was very safe and compatible, and a Bill was brought in for the purpose. But when the King had become both blind and insane, and no Regent was yet appointed, Lord Grenville, being no longer First Lord of the Treasury, but Perceval, he suddenly discovered that he could not obey the order of the Treasury for the issues of money to the different services. It was strictly necessary that the Great Seal, or the Privy Seal, or the Sign Manual, should be attached to the Treasury orders, or, failing these, that they should be sanctioned by an express Act of Parliament. As neither Great nor Privy Seal, nor Sign Manual was possible until a regent was appointed, Lord Grenville's conscience would not let him pass the orders of the Treasury, and all payments of army, navy, and civil service were brought to a stand. Perceval, after in vain striving hard to overcome the scruples, or rather the party obstinacy of Grenville, was compelled to go to the House of Parliament, and get the obstacle removed by a resolution of both Houses. The notice of the public being thus turned by Grenville to his holding of this office, and his readiness to unite the two offices in his own person, which his pretended scruples of conscience now invested with so much danger, produced a prejudice against him and his party, which was hostile to their coming into power. Besides this, the Opposition were greatly divided in their notions of foreign policy. Grey and his immediate section of the party felt bound, by their advocacy of Fox's principles, to oppose the war; Grenville and his friends were for a merely defensive war, and for leaving Portugal and Spain, and the other Continental nations, to fight their own battles; whilst Lord Holland, who had travelled in Spain, and was deeply interested in its language and literature, was enthusiastic for the cause of the Peninsula, and the progress which Wellington was making there. It was utterly impossible that, with such divided views, they could make an energetic Ministry at this moment, and it was equally certain that they could not again form an "All the Talents" by coalition with the Conservatives. And, beyond all this, it does not appear that the Regent was anxious to try them. Like all heirs-apparent of the house of Hanover, he had united with the Opposition during his youth, but his friendship appeared now anything but ardent. Sheridan still possessed something of his favour, and the Earl of Moira was high in it; but for the rest, the prince seemed quite as much disposed to take the Tories into his favour; and he, as well as the royal dukes, his brothers, was as much bent on the vigorous prosecution of the war as the Tories themselves. No Ministry which would have carried that on languidly, still less which would have opposed it, would have suited him any more than it would have done his father. The King, too, was not so deeply sunk in his unhappy condition but that he had intervals lucid enough to leave him alive to these questions, and he showed so much anxiety respecting the possible change of the Ministry, and fresh measures regarding the war, that his physicians declared that such a change would plunge him into hopeless madness and probably end his life. The Queen wrote to the prince, saying how much satisfaction his conduct in regard to these matters had given to his father, and he wrote to Mr. Perceval, declaring that this consideration determined him not to change the Ministry at all. At the same time he expressed to the Minister his dissatisfaction with the restrictions which had been imposed upon him. Perceval, even at the risk of offending the prince, justified the conduct of Ministers and Parliament. In this he might be the more bold, as it was clear that there was no longer any danger of a Whig Government.The magnitude of the interests at stake, the difficulty of estimating the real character and extent of the threatened evil, and the alarming consequences that must ensue if the worst fears should be realised, rendered immediate action necessary. A Cabinet Council was held on the 31st of October. From what passed on that occasion, says Sir Robert Peel, in the account which he has left of these events, "it was easy to foresee that there was little prospect of a common accord as to the measures to be adopted." On the 5th of November he apprised her Majesty of the probability of serious differences of opinion. At the adjourned meeting of the Cabinet, on the 6th of November, he submitted certain proposals for the consideration of his colleagues, which he has recorded in the following outline of these events:The French had always beheld with jealousy our possession of the island of Minorca, which had been won by General Stanhope in 1708, and secured to us by the Peace of Utrecht. That England should possess the finest port in the Mediterranean, and that so near their own shores, was a subject of unceasing chagrin. The miserable administration of British affairs, the constant attention to the interests of Hanover instead of our own, now inspired France with the resolve to snatch the prize from us. Great preparations were made for this object, and the report of these as duly conveyed to the English Ministers by the consuls in both Spain and Italy, but in vain. At length the certainty that the French were about to sail for Minorca burst on the miserable Ministers; but it was too latethey had nothing in readiness. The port of Mahon was almost destitute of a garrison; the governor, Lord Tyrawley, was in England; and the deputy-governor, General Blakeney, though brave, as he had shown himself at the siege of Stirling, was old, nearly disabled by his infirmities, and deficient in troops. What was still worse, all the colonels were absent from the regiments stationed there, and other officers alsoaltogether thirty-five!
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