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FORE:

FORE:The year 1732 was distinguished by little of importance. The Opposition, led on by Pulteney, attacked the Treaty of Vienna, concluded on March 16th, 1731, by which the Pragmatic Sanction had been approved of, and which, they contended, might lead us into a Continental war some day, or into a breach of the public faith, of which, they asserted, this Ministry had perpetrated too many already. They assailed the standing army, but were answered that there was yet a Pretender, and many men capable of plotting and caballing against the Crown. The King was so incensed at Pulteney for his strictures on the army, that he struck his name out of the list of Privy Councillors, and ordered that all commissions of the peace which he held in different counties should be revoked. Amongst the staunchest supporters of the Government was Lord Hervey, a young man of ability who is now best remembered because, having offended Pope, he was, according to custom, pilloried by the contentious poet, as Sporus in the Epistle to Dr. Arbuthnot. Pope nicknamed him Lord Fanny, in derision of his dainty and effeminate manners. Hervey contended that the writers who attacked Government ought to be put down by force, and in his own person he attempted to put this in practice; for Pulteney being suspected by him of having written a scarifying article on him in The Craftsman, he challenged him, and both combatants were wounded. Plumer very justly contended that scribblers ought to be left to other scribblers.

FORE:John Gay, a contemporary of Pope, Swift, and Arbuthnot, is now best known by his "Fables" and his "Beggar's Opera." His "Fables" have been extremely popular, and still make him a general name; but, in his own time, his "Beggar's Opera" was his great success. Its wit, its charming music, its popular characters, gave it a universal favour; and it is the only English opera that even to this time has become permanent. Gay's "Trivia; or, the Art of Walking the Streets of London," is still amusing, and some of his ballads have a lightness and buoyancy about them which justify the esteem in which he was held.Before Walpole thus threw off the mask of moderation��indeed, on the very day of his resignation��he introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.