So passed from a long possession of power a Minister who inaugurated a system of corruption, which was not so much abused by himself, as made a ready instrument of immeasurable mischief in the hands of his successors. Had Walpole used the power which he purchased with the country's money more arbitrarily and perniciously, the system must have come much sooner to an end. As it was, the evils which he introduced fell rather on posterity than on his own time.
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.
[See larger version]Drag the slow barge, or drive the rapid car.THE BAYONET CHARGE AT TALAVERA. (See p. 577.)In the East Indies we this year sent over from Madras an army and reduced Batavia, the capital of the Dutch East India settlements, and the island of Java, as well as the small island of Madura, so that the last trace of the Dutch power was extinguished in the East, as it was at home by the domination of Buonaparte. In the West Indies we had already made ourselves masters of all the islands of France, Denmark, and Holland; and our troops there had nothing to do but to watch and keep down the attempts at insurrection which French emissaries continued to stir up in the black populations. We had some trouble of this kind in St. Domingo and in Martinique, where the negroes, both free and slaves, united to massacre the whites, and set up a black republic like that of Hayti. But the French settlers united with the English troops in putting them down, and a body of five hundred blacks, in an attempt to burn down the town of St. Pierre, were dispersed with great loss, and many were taken prisoners, and fifteen of them hanged.Warren Hastings had saved Madras and the Carnatic, but only at the cost of extortion. To obtain the necessary money, he began a system of robbery and coercion on the different princes of Bengal and Oude. The first experiment was made on Cheyte Sing, the Rajah of Benares, who had been allowed to remain as a tributary prince when that province was made over to the British by the Nabob of Oude. The tribute had been paid with a regularity unexampled in the history of India; but when the war broke out with France, Hastings suddenly demanded an extraordinary addition of fifty thousand pounds a year, and as it was not immediately paid, the Rajah was heavily fined into the bargain. This was rendered still more stringent in 1780, when the difficulties in Madras began. Cheyte Sing sent a confidential agent to Calcutta, to assure Hastings that it was not in his power to pay so heavy a sum, and he sent him two lacs of rupees (twenty thousand pounds), as a private present to conciliate him. Hastings accepted the money, but no doubt feeling the absolute need of large sums for the public purse, he, after awhile, paid this into the treasury, and then said to Cheyte Sing that he must pay the contribution all the same. He compelled the Rajah to pay the annual sum of fifty thousand pounds, and ten thousand pounds more as a fine, and then demanded two thousand cavalry. After some bargaining and protesting, Cheyte Sing sent five hundred horsemen and five hundred foot. Hastings made no acknowledgment of these, but began to muster troops, threatening to take vengeance on the Rajah. In terror, Cheyte Sing then sent, in one round sum, twenty lacs of rupees (two hundred thousand pounds) for the service of the State; but the only answer he obtained for the munificent offering was, that he must send thirty lacs more, that is, altogether, half a million.
