FORE: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.Meanwhile, the British and Prussian armies advanced, and on the 1st of July Wellington was within a few miles of Paris, with his right on the heights of Richebourg, and his left on the forest of Bondy; and Blucher, at the same time, crossing the Seine on the 2nd, posted his army, with its right at Plessis-Piquet, his left at St. Cloud, and his reserve at Versailles. In this position, Commissioners were sent by the Provisional Government to Wellington, desiring a suspension of hostilities, informing him that Buonaparte had abdicated and retired from Paris. The Duke replied, that so long as the army remained in Paris there could be no suspension of hostilities, and that he had no authority to treat on any question of government. The Commissioners demanded whether the Allies would stop if Napoleon II. was proclaimed? Wellington said "No." Whether they would stop provided they chose another prince of a royal house?��probably meaning the Duke of Orleans. As the Duke said he had no orders to accept any such proposals, they were useless, and he handed to them the proclamation of Louis XVIII., offering to grant constitutional liberties, and to pardon all offenders, excepting a few who had committed the most recent and aggravated treason. These were supposed to mean Ney, Lab��doy��re, and some others. Wellington offered, however, to remain where he was on condition that the regular troops should be sent beyond the Loire, and the town be held by the National Guard till the king's arrival. The Commissioners did not comply with this demand; and the necessity of such compliance was sufficiently shown by this army disputing the advance of the Prussians on the 2nd of July. They had resisted Blucher at St. Cloud, Meudon, and in the village of Issy. Blucher succeeded, but with considerable loss; and the next day the French made another attack to recover Issy, but without effect.

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