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THREE: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.

THREE:Parliament, which had been prorogued for a few days on account of the demise of the king, assembled on the 18th of November. The king delivered a speech, composed by Lord Hardwicke, and revised by Pitt, and containing a passage, said to be inserted by himself, as follows:��"Born and educated in this country, I glory in the name of Briton!" In the addresses these words produced the most enthusiastic responses. "What a lustre," exclaimed the Lords, "doth it cast upon the name of Briton, when you, sir, are pleased to esteem it amongst your glories!" For the rest, the speech expressed the royal determination to prosecute the war with all vigour; praised the magnanimity and perseverance of his good brother, the King of Prussia; and recommended unanimity of action and opinion in Parliament. Nothing could appear more unanimous or more liberal than Parliament.An effort was made to decide the long-agitated question of the emancipation of the Jews in the Session of 1849. On the 19th of February Lord John Russell moved that the House of Commons should go into committee for the purpose of considering the oaths taken by members of Parliament, excepting the Roman Catholic oath, settled in 1829. The oath of allegiance, he said, became a mockery when Cardinal York died, there being no descendants of James II. in existence; he therefore proposed to abolish it. The oath of abjuration, which was aimed against Papal aggression, had now no practical effect but to exclude the Jews from Parliament, which it did by the words "on the true faith of a Christian," which were never meant to exclude Jews, but only to give greater solemnity to the oath. He proposed, therefore, to omit these words when the oath was tendered to a Jew, and this he thought would complete the measure of religious liberty. The House resolved by a large majority��214 to 111��to go into committee on the subject. He then moved a resolution that it was expedient to alter the Parliamentary oaths so as "to make provision in respect of the said oaths for the relief of her Majesty's subjects professing the Jewish religion." A Bill founded on this resolution was brought in by Lord John Russell. The second reading was carried by a majority of 278 to 185. The third reading, after an important debate, was carried by a majority of 66. In the House of Lords the second reading was moved on the 26th of July, by the Earl of Carlisle, in an able speech, in which he observed that the Jews, though admitted to municipal privileges, were the only religious community debarred from political rights; but there was not, as far as he could see, a single valid objection upon which they could be refused. The Earl of Eglinton objected to their admission on religious grounds; so also did the Archbishop of Canterbury and the Bishop of Exeter. The former argued that our national Christianity, to which we owed our greatness, would be grievously disparaged by the measure. The latter condemned it as a violation of the distinct contract between the Sovereign and the nation��that the Crown should maintain "to the utmost the laws of God and the true profession of the Gospel." The Archbishop of Dublin (Whately), always the powerful champion of religious freedom,[603] contended on the other hand that it was inconsistent with the principles and repugnant to the genius of Christianity that civil disqualifications and penalties should be imposed on those who did not conform to it. Their lordships must either retrace their steps, and exclude from office all who did not belong to the Established Church, or they must, in consistency, consent to the abrogation of this last restriction. The Bill was rejected by a majority of 25��the numbers being, for the second reading, 70; against it, 95.

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