THREE:At four o'clock in the morning (the 11th of May) the cannonade began. Prince Waldeck undertook to carry Fontenoy and Antoine with the Dutch, and the Duke of Cumberland, at the head of the English and Hanoverians, to bear down on the enemy's left. At the same time, the Duke sent General Ingoldsby with a division to clear the wood of Barr, and storm the redoubt beyond. When Ingoldsby reached the wood, he found it occupied by a body of sharpshooters, and instead of attacking them vigorously he paused and returned to the duke for fresh ordersa great neglect of duty by which much time was lost, and the enemy enabled to direct their undivided attention on that side to the main body of English and Hanoverians advancing under the duke. On the other hand, the Dutch, finding Fontenoy surrounded by a fosse, and the French mounted with their batteries on the rubbish of houses, which they had demolished for the purpose, were panic-struck, and instead of making a resolute rush to storm the place, having suffered considerably from the French batteries, fell back, and stood aloof, thus leaving the English and Hanoverians exposed to the whole fire of the hostile army.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.
