THREE:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.
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THREE:Sandy, half frightened, half triumphant, spoke four words:CHAPTER XVIII OUTWITTED!
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THREE:The Whigs were as active to bring over the Electoral Prince of Hanover as they were to drive the Pretender farther off. With the Prince in England, a great party would be gathered about him; and all those who did not pay court to him and promote the interests of his House would be marked men in the next reign. Nothing could be more hateful than such a movement to both the queen and her ministers. Anne had a perfect horror of the House of Hanover; and of the Ministers, Bolingbroke, at least, was staking his whole future on paving the way of the Pretender to the throne. When the Whigs, therefore, instigated Baron Schutz, the Hanoverian envoy, to apply to the Lord Chancellor Harcourt for a writ of summons for the Electoral Prince, who had been created a British peer by the title of the Duke of Cambridge, Harcourt was thrown into the utmost embarrassment. He pleaded that he must first consult the queen, who, on her part, was seized with similar consternation. The Court was equally afraid of granting the writ and of refusing it. If it granted it, the prince would soon be in England, and the queen would see her courtiers running to salute the rising sun; the Jacobites, with Bolingbroke at their head, would commit suicide on their own plans now in active agitation for bringing in the Pretender. If they refused it, it would rouse the whole Whig party, and the cry that the Protestant succession was betrayed would spread like lightning through the nation. Schutz was counselled by the leading WhigsDevonshire, Somerset, Nottingham, Somers, Argyll, Cowper, Halifax, Wharton, and Townshendto press the Lord Chancellor for the writ. He did so, and was answered that the writ was ready sealed, and was lying for him whenever he chose to call for it; but at the same time he was informed that her Majesty was greatly incensed at the manner in which the writ had been asked for; that she conceived that it should have first been mentioned to her, and that she would have given the necessary orders. But every one knew that it was not the manner, but the fact of desiring the delivery of the writ which was the offence.
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THREE:Landor paid very little attention just then, but that same night he had occasion to think of it again.
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