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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.

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Landor humored her, but did not quite approve. "If you begin that, every papoose at the Agency will be brought down to us," he suggested; and once when he had grown a little tired of having the noiseless, naked little savage forever round, he offered him a piece of canned lobster. Whereupon the boy fled wildly, and would not be coaxed back for many days. Felipa seemed really to miss him, so Landor never teased him after that, making only the reasonable request that the youngster be not allowed to scratch his head near him. このページの先頭です
ONE:Later, when he came in from dress parade, he found her reading in the sitting room. She looked up and smiled, but his face was very angry, and the chin strap of his helmet below his mouth and the barbaric yellow plume added to the effect of awful and outraged majesty. He stopped in front of her. "I have been thinking things over," he said. She waited. "Three years ago I offered you your liberty to marry that man. I repeat the offer now."
ONE:He rose to his feet, shaking off an impatience with her and with himself. "Come," he said peremptorily; and they went out and mounted and rode away in the face of a whipping wind up the gradual slope to the mountains, black and weird beneath the heavy, low-hanging rain clouds.But how did it get there? Sandy reiterated. I thought
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THREE:180Stop that! Tell us where youve been and what you did? Weve worried ourselves sick, nearly.
It was not to be wondered at that when, on the 24th of January, the preliminaries of peace were laid on the tables of the two Houses, there should be a violent denunciation of the large concessions made by Ministers. Spain had been granted better terms than in any treaty since that of St. Quentin. She had obtained the most desirable island of Minorca, with the finest port on the Mediterranean. She had got the Floridas, and had given up scarcely anything, whilst, had the British, now freed from the dead weight of America, pursued the war against her, she must soon have lost most of her valuable insular colonies. France had given up more, but she recovered very important territories which she had lost, and especially her settlements of Pondicherry and Chandernagore, in the East Indies; but America had conceded nothing, and yet had been allowed to determine her own frontier, and to share the benefits of the fishing all round our own Transatlantic coasts.This proposal, which, at an earlier stage of the dispute, might have been listened to, was one at this stage which was sure to be rejected, and was only one of those miserable half measures which commonplace minds so frequently put forth only to demonstrate their inability to grasp the amplitude of the occasion. It was supposed that the measure had been intended to be larger, but that the Bedford party had fallen on it in Council, and reduced it to these pitiable dimensions. Yet when it was introduced into the Commons by Lord North, the Bedford party looked at each other in consternation, and soon the tempest broke loose on the Treasury benches.
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