TWO: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.The young Queen enjoyed, in the new King of Hanover, the advantage of a foil which, with all the force of contrast, placed her character as a constitutional Sovereign in the best possible light. At her accession, the Crown of Hanover, which could not be inherited by a female, was separated from the Crown of England, with which it had been united since the accession of George I. in 1714, and had descended to the Duke of Cumberland, the next surviving male heir of George III. This severance, instead of being regarded as a loss, was really felt as a great relief by the British nation, not only as terminating its connection with German politics, from which nothing but annoyance and expense could result, but, what was regarded as much more important, freeing the country from the presence of the Duke of Cumberland, who was detested for his arbitrary temper. On the 24th of June, Ernest Augustus, King of Hanover, left London, apparently in a very churlish spirit, and breathing hostility to constitutional freedom in the country which was to be cursed by his rule. So strong were his feelings against constitutional government that he had not the grace to receive a deputation of the Chambers, who came to offer him their homage and their congratulations; and on the 5th of July[444] he hastened to issue a proclamation, announcing his intention to abolish the Constitution. He not only did this, but he ejected from their offices, and banished from their country, some of the most eminent professors in the University of G?ttingen. It was thus he inaugurated a rule of iron despotism worse than that of the native princes, who had not the advantage of being brought up in a free country.
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