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TWO:The growth of our commerce during these seventy-two years is shown by the amount of our exports. In 1697that is, nine years after the Revolutionthe amount of exports was only 3,525,907; but in the three next years of peace they rose to 6,709,881. War reduced these again to little more than 5,000,000, and at the end of the reign of Anne, during peace, they rose to 8,000,000. At the end of the reign of George I. the war had so much checked our commerce, that the exports scarcely amounted to that sum, the average of the three years1726, 1727, and 1728being only 7,891,739. By the end of the reign of George II., however (1760), they had risen to 14,693,270. Having by this period driven the fleets of France and Spain from the ocean, we rather extended our commerce than injured it. Thus, during these seventy-two years, our exports had increased from about three millions and a half annually to more than fourteen millions and a half annually, or a yearly difference of upwards of eleven millionsa most substantial growth.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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