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FORE:On the death of Stanhope, Sir Robert Walpole was left without a rival, and he received his commission of First Lord of the Treasury on the 2nd of April, and from this period down to 1742 he continued to direct the government of Great Britain. His chief anxiety now was to restore the public credit. He drew up, as Chairman of the Committee of the Commons, a report of all that had been lost in the late excitements, and of the measures that had been adopted to remedy the costs incurred. Amongst these were the resolutions of the House respecting the seven and a half millions the directors of the South Sea Company had agreed to pay to Government; more than five had been remitted, and we may add that on the clamorous complaints of the Company the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of encumbrance, the credit of the Company's bonds had been maintained, and thirty-three per cent. of the capital paid to the proprietors. Such were the[49] measures adopted by the Commons, and these being stated in the report to the king, a Bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the Government. On the second reading of Walpole's Bill they thronged the lobby of the House of Commons. The next day the Bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the Bank, and with a clear eye to his own interest; but he had been strenuously vindicated from the charge, and on the whole the vigour and boldness with which he encountered the storm and quelled it deserve the highest praise, and may well cover a certain amount of self-interest, from which few Ministers are free.But though the abandonment, for the present, of this enterprise, so fondly cherished by France, was calculated to cast a damp on the country, Buonaparte had another project ready which flattered the French pride of conquest. This was to seize on Egypt, as the preliminary to the fall of Britain. He had for some time entertained this idea, and had written from Italy to the Directory on the subject in the previous September. To insure the real destruction of England, he said, they must make themselves masters of Egypt. Malta and Corfu must be seized first, and for this purpose he conceived eight or ten sail of the line and twenty-five thousand men would suffice. The possession of Egypt, he contended, would draw all the commerce of the East thither, instead of taking the circuitous route by the Cape of Good Hope. He had thoroughly inspired Talleyrand with his scheme. Egypt was imagined to be much more wealthy than it was, and there were monuments of ancient art for Buonaparte and his right-hand bandit, Monge, to lay hands on. The Directory, which was extremely unpopular, uneasy at the presence of so popular and daring a person, were glad to be rid of him anywhere, the farther off the better. There were not wanting counsellors who already advised him to perpetrate a coup d'��tat, and place himself at the head of affairs; but Buonaparte, not at all averse from the prospect, replied, "The pear is not ripe." He knew that, however popular with his own army, he was looked on with jealousy by the army of the Rhine, which served under, and prided themselves in, Moreau. He knew that the middle classes hated him for sweeping them away with grape-shot in the affair of the Sections. He hoped to make[465] himself yet more popular and more necessary, and that in the meantime the Directory would have completed their full measure of odium. He now therefore plunged into arrangements for this grand conquest of the East.

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