ONE:The problem was not answered, either by the continued gain in elevation or by the later change of plan.In these circumstances opened the year 1742. Fearing the consequences of the debate on the state of the nation that was to take place on the 21st of January, Walpole made a last grand effort to divide the party in array against him: this was, to buy off the Prince of Wales and his adherents. For this purpose he prevailed on the king to grant an additional fifty thousand pounds a year and the payment of all his debts, on condition that he should abandon the Opposition. Secker, Bishop of Oxford, was selected as the bearer of this offer; but the prince declined the proposal, declaring that he would listen to no overtures so long as Walpole continued in office. This was a stunning blow, but the tenacious Minister did not yet give in. He continued to avail himself of the interval before the 21st to bribe and bring over less distinguished men. The Opposition, however, were now every hour receiving fresh accessions of strength, and men who had stood the brunt of many years now went over to them. Lord Hervey joined Pulteney and Chesterfield; and Bubb Doddington, now perceiving that one side really preponderated, stepped out of his equivocal demeanour, and openly wrote to Lord Wilmington to entreat him to persuade the king to dismiss the obnoxious Minister.
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.After these transactions there could no longer remain even the name of peace between France and England. Mr. Thompson, the British Resident at Paris, made the most indignant complaints of the hostile proceedings of the French fleets and of the encouragement of the Young Pretender. The reply to this was a formal declaration of war, couched in the most offensive terms, in the month of March, to which George replied in a counter-declaration equally strong.
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