The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.
TWO:Dick saw the doughnut swing toward him, threw his head back to avoid the blow, but it struck his chest. With a grunt, his arms closed and he clung. Sandy, feeling the tug of the rope, let go.
TWO:We return now to the American campaign. Sir Henry Clinton, at the close of the year 1779, proceeded to carry into effect his plan of removing the war to the Southern States. The climate there favoured the project of a winter campaign, and, on the day after Christmas Day, Sir Henry embarked five thousand men on board the fleet of Admiral Arbuthnot. But the weather at sea at this season proved very tempestuous, and his ships were driven about for seven weeks. Many of his transports were lost, some of them were taken by the enemy; he lost nearly all the horses of the cavalry and artillery, and one vessel carrying the heavy ordnance foundered at sea. It was the 11th of February, 1780, when he landed on St. John's Island, about thirty miles from Charleston. He then planned the investment of Charleston with Admiral Arbuthnot; but he was not on good terms with that officer, and this threw great impediments in the way of prompt action. It was the 1st of April before they could break ground before the city. Once begun, however, the siege was prosecuted with vigour. Lord Cornwallis was sent to scour the country, and so completely did he effect this, that Lincoln was compelled to offer terms of surrender. These were considered too favourable to the Americans, and the siege continued till the 11th of May, when the English were doing such damage to the town, and the inhabitants suffering so much, that they threatened to throw open the gates if Lincoln did not surrender. In this dilemma, Lincoln offered to accept the terms proposed by Clinton before, and the British general assented to his proposal. On the 12th of May the Americans grounded their arms. The news of this blow, which laid the whole south open to the English, carried consternation throughout the States; and, arriving in England at the close of the Gordon riots, seemed to restore the spirits of the British.
THREE:In the light of a flare, Mr. Everdail perused the pages.We willbut come onJeffs making for the amphibianlets
