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.It was the always expected, the never ceasing. Landor looked at his wife and stroked his mustache with[Pg 75] a shaking hand. His face was yellow, and his hair had grown noticeably grayer.
FORE:
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TWO:THE LANDING OF PRINCE CHARLIE. (See p. 92.)
TWO:They had lived an idyl for two years apast, and he begrudged nothing; yet now that the splendor was fading, as he knew that it was, the future was a little dreary before them both, before him the more, for he meant that, cost him what it might, Felipa should never know that the glamour was going for himself. It would be the easier that she was not subtle of perception, not quick to grasp the unexpressed. As for him, he had wondered from the first what price the gods would put upon the unflawed jewel of their happiness, and had said in himself that none could be too high.
