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.

TWO:She drew herself up and grasped her loaded quirt more firmly. There are some natures to which flight from a thing feared is physically impossible. They must not only face danger, they must go up to it. It is a trait, like any other. Felipa took two steps toward him.

TWO:

TWO:Clinton, having now united his forces at New York, directed his attention to the approach of the fleet of D'Estaing. This had sailed for the Delaware, expecting to find Lord Howe there; but, finding that he had sailed for New York, it followed him, and arrived there six days after him. The fleet of D'Estaing consisted of twelve sail-of-the-line and six frigates. Howe had only ten sail-of-the-line, and some of them of only forty or fifty guns, and a few frigates. Besides, D'Estaing had heavier metal, and ships in much better condition, for those of Howe were old and out of repair, and their crews were considerably deficient. Altogether, D'Estaing had eight hundred and fifty-four guns; Howe, only six hundred and fourteen. From D'Estaing's superiority of force it was quite expected that he would attack Howe; but he was dissuaded by the pilots from entering the harbour, and lay outside eleven days, during which time he landed the Ambassador. Lord Howe showed much spirit in preparing for an encounter, though he was daily in expectation of Admiral Byron with some additional ships, the Admiral coming to supersede him. He put his ships in the best order he could, and the English seamen hurried in from all quarters to man his vessels. A thousand volunteers came from the transports, and masters and mates of merchantmen offered their services. Just, however, when it was expected that D'Estaing would avail himself of the tide, on the 22nd of July, to enter the harbour, he sailed away for Rhode Island, and up the Newport river. In a few days Howe sailed in quest of D'Estaing. They found D'Estaing joined by Lafayette with two thousand American troops, and by General Sullivan with ten thousand more, and D'Estaing proposed to land four thousand from his fleet. The English garrison in Newport amounted to only five thousand men. But here a contest arose between D'Estaing and Sullivan for the supreme command, and this was not abated till Howe with his fleet hove in sight. Then D'Estaing stood out to sea, in spite of the remonstrances of Sullivan, Greene, and the other American officers. Lord Howe endeavoured to bring him to action, at the same time man?uvring to obtain the weather-gauge of him. In these mutual endeavours to obtain the advantage of the wind, the two fleets stood away quite out of sight of Rhode Island, and Sullivan commenced in their absence the siege of Newport. Howe, at length, seeing that he could not obtain the weather-gauge, determined to attack the French to leeward, but at this moment a terrible storm arose, and completely parted the hostile fleets, doing both of them great damage. D'Estaing returned into the harbour of Newport, but only to inform the Americans that he was too much damaged to remain, but must make for Boston to refit. Sullivan and the other officers remonstrated vehemently against his departure; but in vain. Scarcely had D'Estaing disappeared, when Sir Henry Clinton himself, leading four thousand men, arrived in Rhode Island, and Sullivan crossed to the mainland in haste. He blamed the French for the failure of the enterprise.