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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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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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THREE: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.
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THREE:All this was little less than madness on the part of the royal family. They knew that the army at large was disaffected to royalty, and of what avail were two regiments? If they really sought to escape, it could only have been done by the utmost quiet and caution. The Flanders regiment could have guarded them. But now the certain consequence must be to rouse all the fury of Paris, and bring it down upon them. This was the instant result. Paris, in alarm, cried, "To Versailles!" On the night of the 4th of October the streets were thronged with excited people; the National Guard were under arms everywhere, and maintained some degree of order. On the morning of the 5th the women took up the matter. They found no bread at the bakers', and they collected in crowds, and determined to march to the H?tel de Ville, and demand it of the mayor. The women had refused to allow the men to join them, declaring that they were not fit for the work they were going to do; but numbers had followed them, better armed than themselves, and they now assisted them to break open doors, where they obtained seven or eight hundred muskets, three bags of money and two small cannon. As they were proceeding to make a bonfire of the papers, which would probably have burnt the whole place down, the commander of the National Guard gave up the matter in despair; but one Stanislas Maillard, a riding-messenger of the municipality, with more address, called out to them to desist; that there was a much better thing to doto march at once to Versailles, and compel the Court to furnish bread, and that he would be their leader. He seized a drum and beat it; the women cried lustily, "To Versailles!" Some ran to the tower of the H?tel and sounded the tocsin. The bells soon began to ring out from every steeple in Paris; the whole population was afloat; the men and women, armed with all sorts of weapons, followed their new leader, who had been one of the heroes of the[368] Bastille, and he marched them to the Champs Elyses. There he arranged his motley and ever-increasing army: the women in a compact body in the middle, the men in front and rear. Horses, waggons, carriages of all kinds, were seized on wherever they were seen; some of these were harnessed to the cannon, and then Maillard, drumming at their head, put his army in motion, and on they went towards Versailles, stopping every carriage that they met, and compelling even ladies to turn again and accompany them."Well?" she said peremptorily.
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THREE:He told her, directly, that he was passing through Arizona to hunt and to look to certain mining interests he held there. And he stayed, talking with her and her husband about the country and the towns and posts he had visited, until long after luncheon. Then Cairness, having to ride to the salt lick at the other end of the ranch, up in the Huachuca foot-hills, suggested that Forbes go with him."I heard you," said the little man; "what's the other?""Oh, I dare say I'll fail on that," he answered indifferently, and taking up his sombrero went out to saddle his horse.
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THREE:Well, Dick thought. I can only wait and see what happensand be ready to chase if I am discovered. Maybe I can catch and hold the ghost till the others get to us.Felipa felt something of this, and it lessened the vague burden of self-reproach she had been carrying. She was almost cheerful when she got back to the post. Through the last breakfast, which the Elltons took for granted must be a sad one, and conscientiously did their best to make so, she had some difficulty in keeping down to their depression.
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    TWO:The House of Commons received the speech with enthusiasm, and carried up an address of thanks in a body. Very different, however, was the reception of the speech in the House of Lords. Lord Wharton proposed that in the address they should declare themselves against a separate peace, and the Duke of Marlborough supported that view. He said that for a year past the measures pursued were directly opposed to her Majesty's engagement with the Allies, had sullied the glories of her reign, and would render our name odious to all nations. Lord Strafford, who had come over from the Hague purposely to defend the Government policy, and his own share in it at Utrecht, asserted that the opposition of the[6] Allies would not have been so obstinate had they not been encouraged by a certain member of that House who corresponded with them, and stimulated them by assurances that they would be supported by a large party in England. This blow aimed at Marlborough called up Lord Cowper, who directed his sarcasm against Strafford on the ground of his well-known illiterate character, observing that the noble lord had been so long abroad that he had forgotten not only the language but the constitution of his country; that according to our laws it could never be a crime in an individual to correspond with its allies, but that it was a crime to correspond, as certain persons did, with the common enemy, unknown to the allies, and to their manifest prejudice. The amendment of Lord Wharton, however, was rejected, and the protest, entered against its rejection by twenty peers and bishops, was voted violent and indecorous, and erased from the journal.It doesnt bother me, Jeff.
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He outlined the rest of his inference.Stanhope appears to have done his best to break Townshend's fall. He represented to the king the high character of that minister, his real services, and the injustice and impolicy of disgracing him; that he might remove him to another office, and thus answer every purpose. He could take the chief direction of affairs out of his hands, even while appearing to promote him. He therefore advised that Townshend should, without a word of dismissal or disapprobation, be offered the Lord-Lieutenancy of Ireland, instead of the Secretaryship of State, and to this the king consented. Accordingly Stanhope was directed to write to Townshend, and also to Secretary Methuen, and he did so on the 14th of December, conveying in most courteous terms the king's desire that he should accept the Lord-Lieutenancy, and this without a syllable of discontent on the part of his Majesty. Townshend at first refused, but on the arrival of George in London he received Townshend very cordially, and so softened him as to induce him to accept the Lord-Lieutenancy, and to do the very thing he had declared it was not[36] common honesty to doaccept the post and still remain in London, acting with the rest of the Cabinet. His political adherents, including Methuen, Pulteney, the Walpoles, Lord Orford, and the Duke of Devonshire, were contented to remain in office. The only change was that Methuen was made one of the two Secretaries along with Stanhope. It was thus imagined that the great schism in the Whig party was closed; but this was far from being the case: the healing was only on the surface. It was during this brief reconciliation that the great Triple Alliance between England, France, and Holland, was concluded.The King of Spain hoped, by the dismissal of Alberoni, to obtain more advantageous terms of peace from France and England; but they still stood firmly to the conditions of the Quadruple Alliance. On the 19th of January, 1720, the plenipotentiaries of England, France, and Holland signed an engagement at Paris not to admit of any conditions of peace from Spain contrary to those of the alliance. Stanhope despatched his secretary, Schaub, to Madrid, to endeavour to bring over the queen to this agreement, and Dubois sent instructions to the Marquis Scotti, Father d'Aubenton, and others in the French interest to press the same point. She stood out firmly for some time, but eventually gave way, and the mind of the king was soon influenced by her. Some difficulties which could not be overcome were referred to a congress to be held at Cambray. On the 26th of January Philip announced his accession to the Quadruple Alliance, declaring that he gave up his rights and possessions to secure the peace of Europe. He renewed his renunciation of the French Crown, and promised to evacuate Sicily and Sardinia within six months, which he faithfully performed.
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