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THREE:All virtue, with Plotinus, rests on the superiority of the soul to the body. So far, he follows the common doctrine of Plato and Aristotle. But in working out the distinction, he is influenced by the individualising and theoretic philosophy of the latter rather than by the social and practical philosophy of the former. Or, again, we may say that with him the intellectualism of Aristotle is heightened and warmed by the religious aspirations of Plato, strengthened and purified by the Stoic passionlessness, the Stoic independence of external goods. In his ethical system, the virtues are arranged in an ascending scale. Each grade reproduces the old quadripartite division into Wisdom, Courage, Temperance and Justice, but in each their respective significance receives a new interpretation. As civic virtues, they continue to bear the meaning assigned to them in Plato��s Republic. Wisdom belongs to reason, Courage to passionate spirit, Temperance to desire, while Justice implies the fulfilment of its appropriate function by each.493 But all this only amounts to the restriction of what would otherwise be unregulated impulse, the imposition of Form on Matter, the supremacy of the soul over the body; whereas what we want is to get rid of matter altogether. Here also, Plato sets us on the right track when he calls the virtues purifications. From this point of view, for the soul to energise alone without any interference, is Wisdom; not to be moved by the passions of the body is Temperance; not to dread separation from the body is Courage; and to obey the guidance of reason is Justice.494 Such a disposition of the soul is what Plato means by flying from the world and becoming like God. Is this enough? No, it is not. We have, so far, been dealing only with the negative conditions of good, not with good itself. The essential thing is not purification, but what remains behind when the work of purification is332 accomplished. So we come to the third and highest grade of virtue, the truly divine life, which is a complete conversion to reason. Our philosopher endeavours to fit this also into the framework of the cardinal virtues, but not without imposing a serious strain on the ordinary meaning of words. Of Wisdom nothing need be said, for it is the same as rationality. Justice is the self-possession of mind, Temperance the inward direction towards reason, Courage the impassivity arising from resemblance to that which is by nature impassive.495

THREE: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.