THREE:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.In electricity great strides were made. Between the years 1705 and 1711 Francis Hawksbee published in the Transactions of the Royal Society several experiments, in which he had, for the first time, discovered the production of the electric spark by friction, and electrical attraction and repulsion. In 1720 Stephen Gray, a pensioner of the Charterhouse, published the result of his experiments on this subject, with a list of the substances which showed electricity under friction; and in 1732 he discovered the conducting property of non-electrical bodies. Before 1739, Dufray, keeper of the King's Garden at Paris, discovered the repellent power of two similarly-electrified bodies, and the attraction of these positively and negatively electrifiedor, as he termed it, possessing the vitreous and the resinous electricity. Cuneus and Lallemand discovered the mode of accumulating the electric fluid in what was called the Leyden jar in 1745. This discovery gave a new impetus to inquiry, and Nollet, in France, and Watson, in England, conceived the hypothesis of the jar being overcharged on one side and undercharged on the other. This growing perception of the positive and negative conditions of the electric fluid received confirmation from the experiments of Benjamin Franklin, in America. Franklin soon improved the Leyden jar into an electrical battery; and, in 1752, he proved the identity of electricity and lightning by his grand experiment of the kite. On this he recommended lightning conductors, which, however, were not used in England till ten years afterwards.
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