ONE:Before the Irish affairs were done with, Pitt moved for leave to bring in his promised Reform Bill. If Pitt were still desirous of reforming Parliament, it was the last occasion on which he showed it, and it may reasonably be believed that he introduced this measure more for the sake of consistency than for any other purpose. He had taken no steps to prepare a majority for the occasion; every one was left to do as he thought best, and his opening observations proved that he was by no means sanguine as to the measure passing the House. "The number of gentlemen," he said, "who are hostile to reform are a phalanx which ought to give alarm to any individual upon rising to suggest such a motion." His plan was to transfer the franchise from thirty-six rotten boroughs to the counties, giving the copyholders the right to vote. This plan would confer seventy-two additional members on the counties, and thus, in fact, strengthen the representation of the landed interest at the expense of the towns; and he proposed to compensate the boroughs so disfranchised by money, amounting to ��1,000,000. Wilberforce, Dundas, and Fox spoke in favour of the Bill; Burke spoke against it. Many voted against it, on account of the compensation offered, Mr. Bankes remarking that Pitt was paying for what he declared was, in any circumstances, unsaleable. The motion was lost by two hundred and forty-eight against one hundred and seventy-four.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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