On the 1st of March Sir Francis Burdett presented a Catholic petition, and in a speech of great eloquence and force moved for the appointment of a committee to inquire into the grievances of which it complained. The question thus brought before the House of Commons was one on which the Cabinet was divided. Canning had come down to the House from a sick bed, and on a crutch, to give his support to the motion. Plunket delivered one of his most powerful speeches on the same side. Peel took upon himself the heavy task of replying to both. He was supported by Mr. Leslie Foster. Brougham closed the debate; and the motion was carried by a majority of thirteen, amid loud cheers. Resolutions were adopted, and a Bill founded upon them passed the Commons, but it was lost in the Upper House, where it was thrown out, on the 19th of May, by a majority of sixty-five. It was on that occasion that the Duke of York, then heir presumptive to the Throne, made the celebrated declaration against all concession to the Catholics, which excited against him intense animosity in Ireland. At the conclusion of a vehement speech he said:"If I have expressed myself warmly, especially in the latter part of what I have said, I must appeal to your lordships' generosity. I feel the subject most forcibly; but it affects me the more deeply when I recollect that to its agitation must be ascribed that severe illness and[252] ten years of misery which had clouded the existence of my beloved father. I shall therefore conclude with assuring your lordships that I have uttered my honest and conscientious sentiments, founded upon principles I have imbibed from my earliest youth, to the justice of which I have subscribed after careful consideration in maturer years; and these are the principles to which I will adhere, and which I will maintain, and that up to the latest moment of my existence, whatever may be my situation of life, so help me God!"
The death of no English statesman had ever produced a deeper feeling of grief throughout the nation, or more general expressions of lamentation at the irreparable loss which the country had sustained. Mr. Hume had a motion on the paper for the day following his death; but instead of proceeding with it, he moved the adjournment of the House, which was agreed to unanimously. Mr. Gladstone paid an eloquent and touching tribute to his memory, concluding with the linesIt 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.
