THREE:
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THREE: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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THREE:Kutusoff had made a dexterous march and encamped at Taroutino, a strong position near Kaluga, between Moscow and Poland, so as to be able to cut off the retreat of the French into the fertile plains of Poland, and to cover Kaluga and Tula, the great Russian manufactory of arms and artillery. Buonaparte sent Murat with the cavalry to watch the camp of Kutusoff, and the King of Naples established himself in front of the Russian lines. Murat entered into a sort of armistice with Kutusoff whilst waiting for the reply from Alexander, in the hope that thus they should obtain supplies from the peasants; but neither food nor firing was obtainable except by fighting for it, nor was the armistice at all observed, except just in the centre, where Murat lay. From every quarter Cossacks continued to collect to the Russian armystrange, wild figures, on small, wild-looking horses with long manes and tails, evidently drawn from the very extremities of the empire. All Russia was assembling to the grand destruction of the invaders. Behind the camp the French could hear the continued platoon-firing, indicating the perpetual drilling of the peasantry that was going on. Other bodies of peasants formed themselves into troops of guerillas, under the chiefs of their neighbourhood. The whole of the Russian population since the burning of Moscow had become grimly embittered, and had taken arms to have a share in the mighty revenge that was coming. And now, as the sudden descent of winter was at hand, the same men who had pretended to admire the soldier-like figure and gallantry of Muratwho galloped about in all his military finery in front of the Russian campbegan to ask the officers if they had made a paction with winter. "Stay another fortnight," they said, "and your nails will drop off, and your fingers from your hands, like rotten boughs from a tree." Others asked if they had no food, nor water, nor wood, nor ground to bury them in France, that they had come so far?
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THREE:In the East Indies France agreed to keep no troops, and raise no fortifications in Bengal, and on these conditions their settlements were restored, but merely as places of trade. Goree, on the coast of Africa, was restored, but Senegal was surrendered.
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