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.
19 August 2015, John Doe
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THREE:The English army was now in full march against them. About eight o'clock in the morning of April 16 a man who had been left asleep in the wood of Kilravock hastened to Culloden House, where Charles and his chief officers were resting, to announce that Cumberland's troops were coming. There was then a hurried running and riding to get the army drawn up to receive them. Cumberland came on with his army, divided into three columns of five battalions each. The artillery and baggage followed the second column along the sea-coast on the right; the cavalry covered the left wing, which stretched towards the hills. The men were all in the highest spirits, and even the regiments of horse, which had hitherto behaved so ill, seemed as though they meant to retrieve their characters to-day. The Highlanders were drawn up about half a mile from the part of the moor where they stood the day before, forming a sad contrast to Cumberland's troops, looking thin, and dreadfully fatigued. In placing them, also, a fatal mistake was made. They were drawn up in two lines, with a body of reserve; but the Clan Macdonald, which had always been accustomed to take their stand on the right since Robert Bruce placed them there in the battle of Bannockburn, were disgusted to find themselves now occupying the left. Instead of the Macdonalds now stood the Athol Brigade. As the battle began, a snow-storm began to blow in the faces of the Highlanders, which greatly confounded them.
THREE: