ONE: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.It is interesting to observe how, here also, the positive science of the age had a large share in determining its philosophic character. Founded on the discovery of the earths true shape, Aristotles metaphysics had been overthrown by the discovery of the earths motion. And now the claims of Cartesianism to have furnished an exact knowledge of matter and a definition of it whence all the facts of observation could be deduced priori, were summarily refuted by the discovery421 of universal gravitation. The Cartesians complained that Newton was bringing back the occult qualities of the Schoolmen; but the tendency of bodies to move towards one another proved as certain as it was inexplicably mysterious. For a time, the study of causes was superseded by the study of laws; and the new method of physical science moved in perfect harmony with the phenomenism of Locke. One most important consequence of this revolution was to place the new Critical philosophy on a footing quite different from that occupied by the ancient sceptics. Both restricted certain knowledge to our own states of consciousness; but it now appeared that this might be done without impeaching the value of accepted scientific conclusions, which was more than the Academic philosophy would have admitted. In other words, granting that we were limited to phenomena, it was shown that science consisted in ascertaining the relations of these phenomena to one another, instead of to a problematic reality lying behind them; while, that such relations existed and were, in fact, part of the phenomena themselves, was what no sceptic could easily deny.
THREE:Mrs. Campbell asked where she proposed running to.
THREE:"And so," said Kirby, as he drew a sack of short cut from his pocket and filled his brier, "and so you have chucked up the army? What are you going to do next? Going in for art?"The man, before he sank again into silence, uttered one wordor half a word:
