FORE:The conduct of Vernon, though he had been the Idol of the Opposition, and not of the Ministry, as it became known, increased enormously the unpopularity of Walpole. Though he had literally been forced into the war by the Opposition, the whole of its disasters were charged, not on them, but on him; and they did not hesitate to throw from themselves upon him the odium of all its failures. The general election which now came on was seized upon to load Walpole with all the weight of the unsuccessful war. The Duchess of Marlborough, Pulteney, and the Prince of Wales raised funds to outbribe the master of corruption himself. They incurred heavy debts to complete his ruin, and as the news of the miserable issue of the expedition to the Spanish settlements came in, numbers of those who had been returned to Parliament as friends of the Ministry turned round and joined the Opposition in violent denunciations of the mismanagement of the war. Lord Chesterfield, whilst these transactions had been progressing, had hastened on to Avignon, and, taking up his quarters with the Duke of Ormonde, obtained from the Pretender letters to nearly a hundred Jacobites in England and Scotland, engaging them to put out all their power and influence against Walpole.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.
Donec sit amet ligula enim. Duis vel condimentum massa.
Maecenas eget congue dui.
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