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TWO:In January of 1745 died Charles VII., King of Bavaria and Emperor of Germany. His life had been rendered miserable, and his kingdom made the prey of war, by his unpatriotic mania of supporting the French in their attacks on Germany. His son and successor showed himself a wiser and a better man. He at once renounced all claims to the Austrian succession, and to the Imperial crown. He agreed to vote for the Prince of Tuscany, Maria Theresa's husband, at the next Diet, and never to support the French or the Prussian arms. On these terms a treaty was concluded between Austria and Bavaria at Füssen, and Austria therefore restored to him his rightful inheritance of Bavaria.But this prosperity lay only on the surface, and scarcely even there or anywhere but in the pride and lying assertions of Buonaparte. If we contemplate merely the map of Europe, the mighty expanse of the French empire seemed to occupy nearly the whole of it, and to offer an awful spectacle of one man's power. This empire, so rapidly erected, had absorbed Holland, Belgium, part of Switzerland��for the Valais was united to France,��a considerable part of Germany, with Austria and Prussia diminished and trembling at the haughty usurper. Italy was also made part of the great French realm, and a fierce struggle was going on for the incorporation of Spain and Portugal. From Travemünde on the Baltic to the foot of the Pyrenees, from the port of Brest to Terracina on the confines of Neapolitan territory, north and south, east and west, extended this gigantic empire. Eight hundred thousand square miles, containing eighty-five millions of people, were either the direct subjects or the vassals of France. The survey was enough to inflate the pride of the conqueror, who had begun his wonderful career as a lieutenant of artillery. But this vast dominion had been compacted by too much violence, and in outrage to too many human interests, to remain united, or to possess real strength, even for the present. The elements of dissolution were already actively at work in it. The enormous drafts of men to supply the wars by which the empire had been created had terribly exhausted France. This drain, still kept up by the obstinate resistance of Spain and Portugal, necessitated conscription on conscription, and this on the most enormous scale. The young men were annually dragged from the towns, villages, and fields, from amid their weeping and despairing relatives, to recruit the profuse destruction in the armies, and there scarcely remained, all over France, any but mere boys to continue the trade and agriculture of the country, assisted by old men, and women. Beyond the boundaries of France, the populations of subdued and insulted nations were watching for the opportunity to rise and resume their rights. In Germany they were encouraging each other to prepare for the day of retribution; and in numerous places along the coasts bands of smugglers kept up a continual warfare with the French officers of the customs, to introduce British manufactures. The contributions which had been levied in Holland and the Hanse Towns before they were incorporated in the Gallic empire were now not readily collected in the shape of taxes. Beyond the Continent ceased the power of Napoleon; over all seas and colonies reigned his invincible enemy, Great Britain. There was scarcely a spot the wide world over where the French flag, or those of the nations whom he had crushed into an odious alliance, waved on which Great Britain had not now planted her colours. She cut off all colonial supplies, except what she secretly sold to his subjects in defiance of his system. She was now victoriously bearing up his enemies in Spain,[21] Portugal, and Sicily against him, and encouraging Russia, Sweden, Prussia, and Austria to expect the day of his final overthrow. There was scarcely a man of any penetration who expected that this vast and unwieldy government could continue to exist a single day after him who had compelled it into union, rather than life; but, perhaps, none suspected how suddenly it would collapse. Yet the very birth of a son was rather calculated to undermine than to perpetuate it. His great generals, who had risen as he had risen, were suspected of looking forward, like those of Alexander of Macedon, to each seizing a kingdom for himself when the chief marauder should fall. It was certain that they had long been at enmity amongst themselves��a cause of weakness to his military operations, which was especially marked in Spain.

TWO: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.