On the 21st of March Parliament was dissolved by proclamation, and the same day the Gazette announced several of the changes determined on in the Ministry. The Duke of Bedford retired from the Lord-Lieutenancy of Ireland, and his place was taken by the Earl of Halifax. Legge, who was considered too much in the interest of Pitt, was dismissed, and Lord Barrington now took his place of Chancellor of the Exchequer. Charles Townshend took Barrington's former office, and Sir Francis Dashwood became Treasurer of the Chambers in room of Townshend. Both Townshend and Dashwood had gone over to the party of Bute. Lord Holderness was now made to do what Dodington had before suggested; he resigned his office of Secretary of State, and in due course Bute was gazetted as appointed to that post. No notice of this change had been communicated to Pitt, the other and Chief Secretary, till it took place.
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Whilst these transactions had been taking place on the Continent, our fleets, which should have kept the French and Spaniards in check, had done worse than nothing. France had subtly delayed to declare war against us, so that, although she joined her fleets and armies to the enemy, we could not attack her without being the first to declare war, or to commence it by direct breach of the peace. Admiral Haddock, who was on the watch in the Mediterranean to harass the Spaniards, was thus baffled. The Spanish fleet was joined by twelve French men-of-war from Toulon, the admiral of which declared that he had orders to defend the Spaniards if they were attacked. As the combined fleet, moreover, doubled his own, Haddock was compelled to fall off and leave them.The Duke of Wellington's declaration against Reform had all the effect of an arbitrary prohibition thrown in the way of a violent passion. The effect was tremendous; a revolutionary flame was kindled everywhere at the same instant, as if the whole atmospherenorth, south, east, and westwas wrapt in a sheet of electric fire. No words from any statesman in English history ever produced such an impression. The transports became universal; all ranks were involved; all heads, save the strongest and most far-seeing, were swept away by the torrent of excitement. John Bull's patience was gone. Parliamentary Reform was right; the time was come when it should be granted; and no man, not even the Duke of Wellington, should be allowed to withstand the nation's will. The unpopularity of the Duke with his own party swelled for the moment the current of the movement. High Churchmen declared that Reform would raise a barrier against Papal aggression, which they felt to be necessary, as experience had shown that the existing Constitution afforded no security. The old Tories, in their resentment on account of the concession to the Catholic claims, appeared to be ready to support the popular demands, if by so doing they could mortify or overthrow the Government. The inhabitants of the towns, intelligent, active, progressive, longed for Parliamentary Reform, because they believed it would remove the impediments which retarded the advancement of society. There were only two classes of the community who were believed at the time to be opposed to the Reform movement: first, the aristocratic Whigs, because Parliamentary Reform would destroy the influence by which they had for a century after the Revolution governed the country, but their accidental position as popular leaders obliged them for the time to go with the current; second, the class to whom Mr. Cobbett applied the term "borough-mongers," including all those who had property in Parliamentary seats, and could sell them, or bestow them, as they thought proper. The former, it was argued, were obliged to conceal their attachment to the old system, which had secured to a few great families a monopoly of government and its emoluments. The latter had become so odious to the nation that their opposition availed little against the rapid tide of public feeling and the tremendous breakers of popular indignation.
Director
The South Sea Company had immediately on the passing of the Bill proposed a subscription of one million, and this was so eagerly seized on that, instead of one, two millions were subscribed. To stimulate this already too feverish spirit in the public, the Company adopted the most false and unjustifiable means. They had eight millions and a half to pay over to Government as a douceur for granting them the management of the Funds; and, therefore, to bring this in rapidly, they propagated the most lying rumours. It was industriously circulated that Lord Stanhope had received overtures at Paris to exchange Gibraltar and Port Mahon for invaluable gold lands in Peru! The South Sea trade was vaunted as a source of boundless wealth in itself. In August the stock had risen from the one hundred and thirty of the last winter to one thousand! Men sold houses and land to become shareholders; merchants of eminence neglected their affairs and crippled their resources to reap imaginary profits. The Company flattered the delusion to the utmost. They opened a third, and even a fourth subscription, larger than the former, and passed a resolution that from next Christmas their yearly dividend should not be less than fifty per cent.! In labouring to increase the public delusion they seem to have caught the contagion themselves, for they began to act, not like men who were blowing a bubble which they knew must speedily burst, but like persons who had mounted permanently into the very highest seat of prosperous power. They assumed the most arrogant and overbearing manner, even towards men of the highest station and influence. "We have made them kings," said a member of Parliament, "and they deal with everybody as such."Accordingly, on the 5th of June, the queen proceeded to the House of Lords, and stated in a long speech the terms on which it was proposed to make the peace with Francenamely, that Louis XIV. should acknowledge the Protestant succession and remove the Pretender out of France; that Philip should renounce the Crown of Spain[5], should that of France devolve on him; and that the kings of both France and Spain should make solemn engagements for themselves and their heirs that the two kingdoms should never be united under one crown; that Newfoundland, with Placentia, Hudson's Bay, Nova Scotia, or Acadia, as it was then termed by the French, as well as Gibraltar, Port Mahon, and the whole island of Minorca, should be ceded to England; that the Spanish Netherlands, Naples, Sardinia, the Duchy of Milan, and the places on the Tuscan coast, formerly belonging to Spain, should be yielded to Austria, the appropriation of Sicily being not so far determined; that France would make the Rhine the barrier of the Empire, yielding up all places beyond it, and razing the fortresses on the German side as well as in the river; that the barriers of Savoy, the Netherlands, and Prussia, should be made satisfactory to the Allies. The Electoral dignity was to be acknowledged in the House of Hanover.