FORE: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.
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FORE:Had it been all arranged, planned, and rehearsed for months beforehand, the action could not have been more united. They crowded past him out of the door and ran for the corrals, and each dragged a horse or a mule from the stalls, flinging on a halter or rope or bridle, whatever came to hand, from the walls of the harness room.There was no man in the colonies, nevertheless, who contributed so much to bring the open Declaration of Independence to a crisis as Thomas Paine, the celebrated author of "The Rights of Man" and of "The Age of Reason." Paine was originally a Quaker and staymaker at Thetford, in Norfolk. He renounced his Quakerism and his staymaking, became an exciseman, and then an usher in a school, reverting again to the gauging of ale firkins. In 1772 he wrote a pamphlet on the mischiefs arising from the inadequate payment of the excise officers, laying them open to bribes, etc. This pamphlet having been sent to Franklin, induced him to recommend the poor author to emigrate to America. Paine adopted the advice, and settled at Philadelphia in 1774. He there devoted himself to political literature, wrote for the papers and journals, finally edited the Philadelphia Magazine, and, imbibing all the ardour of revolution, wrote, in January of the year 1776, a pamphlet called "Common Sense." This pamphlet was the spark that was needed to fire the train of independence. It at once seized on the imagination of the public, cast other writers into the shade, and flew, in thousands and tens of thousands of copies, throughout the colonies. It ridiculed the idea of a small island, three thousand miles off, ruling that immense continent, and threatening, by its insolent assumption, the expanding energies of three millions of men, more vigorous, virtuous, and free, than those who sought to enslave them.
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FORE:"It is bitterly cold."
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