199
ONE:The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.Parliament met on the 10th of January, 1765. The resentment of the Americans had reached the ears of the Ministry and the king, yet both continued determined to proceed. In the interviews which Franklin and the other agents had with the Ministers, Grenville begged them to point to any other tax that would be more agreeable to the colonists than the stamp-duty; but they without any real legal grounds drew the line between levying custom and imposing an inland tax. Grenville paid no attention to these representations. Fifty-five resolutions, prepared by a committee of ways and means, were laid by him on the table of the House of Commons at an early day of the Session, imposing on America nearly the same stamp-duties as were already in practical operation in England. These resolutions being adopted, were embodied in a bill; and when it was introduced to the House, it was received with an apathy which betrayed on all hands the profoundest ignorance of its importance. Burke, who was a spectator of the debates in both Houses, in a speech some years afterwards, stated that he never heard a more languid debate than that in the Commons. Only two or three persons spoke against the measure and that with great composure. There was but one division in the whole progress of the Bill, and the minority did not reach to more than thirty-nine or forty. In the Lords, he said, there was, to the best of his recollection, neither division nor debate!
890
ONE:On the 24th of June Parliament was prorogued by commission. The Royal Speech expressed thanks for the attention that had been given to the affairs of Ireland, and the settlement of the Catholic question, which the king hoped would tend to the permanent tranquillity of that country, and to draw closer the bonds of union between it and the rest of the empire. It was announced that diplomatic relations had been renewed with the Porte, for which ambassadors from England and France had taken their departure. But it was with increased regret that his Majesty again adverted to the condition of the Portuguese monarchy. He repeated his determination to use every effort to reconcile conflicting interests, and to remove the evils which pressed so heavily on a country the prosperity of which must ever be an object of his solicitude. The condition of that country was, indeed, most deplorable under the lawless despotism of Dom Miguel, who, on the abdication of his brother Dom Pedro in favour of Do?a Maria da Gloria, had been appointed regent, but had subsequently assumed the royal title, and driven his niece from the country. He overruled the decisions of the courts of justice regarding political prisoners, and inflicted the punishment of death by his own mere arbitrary order, when only transportation had been decreed by the judges. He crowded the prisons with the most distinguished supporters of constitutional government, confiscated their property, and appropriated it to his own use. Yet this monster would have been acknowledged by the Duke of Wellington. Had the Duke been free to follow the dictates of his own judgment, he would have at once resumed the diplomatic relations which had been broken off between the two states. But Britain was committed to the young queen by the policy of the preceding Administration; and the Duke, though he believed that policy to be unwise, could not break through it in a moment. It was not without difficulty, however, that Britain maintained her neutrality between the contending parties. The Portuguese refugees endeavoured, under various false pretences, to avail themselves of British hospitality, for the purpose of conveying arms and ammunition, and bodies of troops into Portugal, to restore the queen. They asserted that they were sending them to Brazil, but really conveyed them to Terceira, one of the Azores, where Do?a Maria had been proclaimed. The consequence was that 4,000 Portuguese troops, which were lying at Plymouth, were ordered to disband, and Captain Walpole, with a squadron, was sent to watch the Portuguese ships in the Atlantic, in order to avoid the imputation of violating the neutrality. His orders were to proceed to the Azores, to intercept any vessels arriving at those islands, and "should they persist, notwithstanding, in hovering about or making any attempt to effect a landing, you are then to use force to drive them away from the neighbourhood." Walpole intercepted four vessels, containing a force of 650 men under the command of the Duke of Saldanha. They declined to bring-to, whereupon he fired a shot which killed one man and wounded another. Saldanha thereupon declared that he considered himself Walpole's prisoner, and turned his vessels towards Europe. Walpole, in great perplexity, followed him, until he was within 500 miles of Scilly, when they parted company and Saldanha went to Havre. These proceedings were regarded with indignation in Great Britain, the enemies of the Government asserting that, in spite of their declarations of neutrality, they had proved themselves partisans of Dom Miguel. Debates were raised in both Houses, Lord Palmerston in the Commons making his first great speech in condemnation of the Duke's foreign policy. It is significant that Wellington should have written to Lord Aberdeen in a private letter: "In respect to Portugal you may tell Prince Polignac that we are determined that there shall be no revolutionary movement from England or any part of the world."Sir Robert Peel then rose. He said that the immediate cause which had led to the dissolution of the Government was "that great and mysterious calamity which caused a lamentable failure in an article of food on which great numbers of the people in this part of the United Kingdom and still larger numbers in the sister kingdom depended mainly for their subsistence." But he added, "I will not assign to that cause too much weight. I will not withhold the homage which is due to the progress of reason, and to truth, by denying that my opinions on the subject of Protection have undergone a change." This announcement was received in profound silence from the Ministerial benches, but with triumphant cheering from the Opposition. Protection, he said, was not a labourer's question. High prices did not produce high wages, nor vice versa. In the last three years, with low prices and abundance of food, wages were comparatively high, and labour was in demand. In the three years preceding, with high[522] prices and scarcity, wages were low and employment was scarce. Experience thus proved that wages were ruled by abundance of capital and demand for labour, and did not vary with the price of provisions. Again, increased freedom of trade was favourable to the prosperity of our commerce. In three scarce and dear years, namely, from 1839 to 1841, our foreign exports fell off from 53,000,000 in value to 47,000,000. But in three years of reduction of duties and low prices, namely, from 1842 to 1844, the value of our exports rose from 47,000,000 to 58,000,000. Even deducting the amount of the China trade, a similar result was shown. Nor was the reduction in the customs duties unfavourable to the revenue. In 1842 there was an estimated loss of 1,500,000; in 1843 a smaller one of 273,000; but in 1845 there was a reduction at an estimated loss to the revenue of no less than 2,500,000. The total amount of the various reductions effected in three years exceeded 4,000,000; and many of the duties were totally abolished; the loss, therefore, not being compensated by any increased consumption. Had 4,000,000 been lost to the revenue? He believed that on the 5th of April next the revenue would be found to be more buoyant than ever. Sir Robert Peel referred to other proofs of prosperity resulting from reduced import duties, and then adverted to his own position, and declared that "he would not hold office on a servile tenure."
FORE:
Lead Designer
FORE:It might have been supposed that Europe, or at least the southern portion of it, was likely to enjoy a considerable term of peace. France, under a minor and a Regent, appeared to require rest to recruit its population and finances more than any part of the Continent. The King of Spain was too imbecile to have any martial ambition; and though his wife was anxious to secure the succession to the French throne in case of the death of the infant Louis XV., yet Alberoni, the Prime Minister, was desirous to remain at peace. This able Churchman, who had risen from the lowest position, being the son of a working gardener, and had made his way to his present eminence partly by his abilities and partly by his readiness to forget the gravity of the clerical character for the pleasure of his patrons, was now zealously exerting himself to restore the condition of Spain. He was thus brought into collision with Austria and France, and eventually with this country to which at first he was well disposed. England was under engagement both to France and the Empire, which must, on the first rupture with either of those Powers and Spain, precipitate her into war. The treaty with the Emperoras it guaranteed the retention of the Italian provinces, which Spain beheld with unappeasable jealousy, in Austrian handswas the first thing to change the policy of Alberoni towards Britain. This change was still further accelerated by the news of the Triple Alliance, which equally guaranteed the status quo of France. The Spanish Minister displayed his anger by suspending the Treaty of Commerce, and by conniving at the petty vexations practised by the Spaniards on the English merchants in Spain, and by decidedly rejecting a proposal of the King of England to bring about an accommodation between the Emperor and the Court of Spain.
Serior Analyst
FORE:[533]Walpole did not wait for a like humiliation.[38] The next morning he waited on the king, and tendered his resignation of his places as First Lord of the Treasury and Chancellor of the Exchequer. The king, if he could be judged by his conduct, had formed no resolution of parting with Walpole. He handed again to him the seals, cordially entreating him to take them back, speaking to him in the kindest manner, and appearing as though he would take no refusal. But Walpole remained steady to his purpose, and, accordingly, his friends Methuen, Pulteney, Lord Orford, and the Duke of Devonshire, resigned a few days afterwards. Stanhope was then appointed First Lord of the Treasury and Chancellor of the Exchequer; Sunderland and Joseph Addison were made Secretaries of State; Craggs, Secretary at War; Lord Berkeley, First Lord of the Admiralty; the Duke of Newcastle, Lord Chamberlain; the Duke of Bolton, Lord-Lieutenant of Ireland; Lord Cowper and the Duke of Kingston retaining their old places.
Lead Developer