THREE:Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Aliquam aut tenetur, amet earum quia eligendi obcaecati. Repudiandae id illum, vero iste enim reprehenderit quaerat, harum pariatur ipsa nulla tempora ex ratione illo assumenda libero ea, delectus vitae, expedita optio porro.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Aliquam aut tenetur, amet earum quia eligendi obcaecati. Repudiandae id illum, vero iste enim reprehenderit quaerat, harum pariatur ipsa nulla tempora ex ratione illo assumenda libero ea, delectus vitae, expedita optio porro.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Aliquam aut tenetur, amet earum quia eligendi obcaecati. Repudiandae id illum, vero iste enim reprehenderit quaerat, harum pariatur ipsa nulla tempora ex ratione illo assumenda libero ea, delectus vitae, expedita optio porro.
ONE:[277]
ONE:The Swedes cursed the less than half assistance of their British allies, and Gustavus endeavoured to fight his way without them. He continued to win victory after victory on land; but Catherine soon brought down on his squadron of galleys, which attended his march along the coast to keep up his supplies, an overwhelming fleet of galleys[354] of her own. A desperate battle ensued, but the Swedish galley-fleet was at length overcome. Gustavus was thus greatly embarrassed, and compelled to stand merely on the defensive, till it was time to go into winter quarters. He continued for twelve months to do battle with Russia, and, though with insufficient forces, threatened the very capital of that country. A little support from Britain, Prussia, and Holland, would have enabled Sweden to regain its territories on the eastern shores of the Baltic, to curb the power of Russia, and to assume that station in the North which is essential to the peace of Europe. These countries, however, had not the statesmanship to appreciate this point, or the friendly feeling to effect it, and Gustavus was left to struggle on alone.
ONE:This fleet had enough to do to cope with Rodney in the West Indian waters. Rodney, as we have hinted, with twenty sail of the line, came up with De Guichen's fleet of twenty-three sail of the line, besides smaller vessels, on the evening of the 16th of April, off St. Lucia. He came into action with it on the 17th, and succeeded in breaking its line, and might have obtained a most complete victory, but that several of his captains behaved very badly, paying no attention to his signals. The Sandwich, the Admiral's ship, was much damaged in the action, and the French sailed away. Rodney wrote most indignantly home[276] concerning the conduct of the captains, and one of them was tried and broken, and some of the others were censured; but they were protected by the spirit of faction, and escaped their due punishment. Rodney, finding he could not bring the French again to engage, put into St. Lucia to refit, and land his wounded men, of whom he had three hundred and fifty; besides one hundred and twenty killed. De Guichen had suffered far more severely. Rodney again got sight of the French fleet on the 10th of May, between St. Lucia and Martinique; but they avoided him, and made their escape into the harbour of Fort Royal. Hearing of the approach of a Spanish fleet of twelve sail of the line, and a great number of lesser vessels and transports, bringing from ten thousand to twelve thousand men, Rodney went in quest of it, to prevent its junction with the French; but Solano, the Spanish admiral, took care not to go near Rodney, but, reaching Guadeloupe, sent word of his arrival there to De Guichen, who managed to sail thither and join him. This now most overwhelming united fleet of France and Spain left Rodney no alternative but to avoid an engagement on his part. He felt that not only our West India Islands, but the coasts of North America, were at its mercy; but it turned out otherwise.It seems queer to me, Dick spoke. Ive thought a lot about it. The fellow who played ghost must be searching for something. What can it be?
