FORE:Answering Dick, Mr. Whiteside explained.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.
FORE:"Let us suppose," said Wyndham, "a man abandoned to all notions of virtue and honour; of no great family, and but of a mean fortune, raised to be chief Minister of State by the concurrence of many whimsical events; afraid or unwilling to trust any but creatures of his own making, lost to all sense of shame and reputation, ignorant of his country's true interest, pursuing no aim but that of aggrandising himself and his favourites; in foreign affairs trusting none but those who, from the nature of their education, cannot possibly be qualified for the service of their country, or give weight and credit to their negotiations; let us suppose the true interest of the nation by such means neglected, or misunderstood, her honour tarnished, her importance lost, her trade insulted, her merchants plundered, and her sailors murdered; and all these circumstances overlooked, lest his administration should be endangered. Suppose him next possessed of immense wealth, the plunder of the nation, with a Parliament chiefly composed of members whose seats are purchased, and whose votes are bought at the expense of public treasure. In such a Parliament suppose attempts made to inquire into his conduct, or to relieve the nation from the distress which has been entailed upon it by his administration. Suppose him screened by a corrupt majority of his creatures, whom he retains in daily pay, or engages in his particular interest by distributing among them those posts and places which ought never to be bestowed upon any but for the good of the public. Let him plume himself upon his scandalous victory because he has obtained a Parliament like a packed jury, ready to acquit him at all adventures. Let us suppose him domineering with insolence over all the men of ancient families, over all the men of sense, figure, or fortune in the nation; as he has no virtue of his own, ridiculing it in others, and endeavouring to destroy or corrupt it in all. With such a Minister and such a Parliament, let us suppose a case which I hope will never happena prince upon the throne, uninformed, ignorant, and unacquainted with the inclinations and true interests of his people; weak, capricious, transported with unbounded ambition, and possessed with insatiable avarice. I hope such a case will never occur; but, as it possibly may, could any greater curse happen to a nation than such a prince on the throne, advised, and solely advised, by such a Minister, and that Minister supported by such a Parliament?" By those who have considered the extent to which Walpole carried the system of corrupting the representatives of the people, and thus ruling at his own will, and not by the sanction of the public opinion and feeling, this severe portrait of him can scarcely be considered as exaggerated. Walpole, no doubt, felt it deeply, but feeling, too, whence the attack really camenamely, from the armoury of Bolingbrokehe passed Wyndham lightly over, and emptied the burning vial of his indignation on the concealed foe, in a not less vigorous and graphic strain.