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FORE: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. FORE: FORE:The British Parliament met on the 21st of January, 1794. The Opposition, on the question of the Address, made a strong remonstrance against the prosecution of the war. They urged the miserable conduct of it, and the failures of the Allies, as arguments for peace. They did not discourage the maintenance of a proper system of self-defence, and therefore acceded to the demands of Ministers for raising the navy to eighty-five thousand men. The production of the Budget by Pitt, on the 2nd of February, gave additional force to their appeals for peace. He stated that the military force of England, including fencibles and volunteers, amounted to a hundred and forty thousand men, and he called for nineteen million nine hundred and thirty-nine thousand pounds for the maintenance of this force, and for the payment of sixty thousand German troops. Besides this, he asked for a loan of eleven million pounds, as well as for the imposition of new taxes. This was an advance in annual expenditure of fifteen million pounds more than only two years ago; and when the manner in which the money was spent was inquired into, the objections became far more serious. It thus appeared that we were not only fighting for Holland and Belgium, but that we were subsidising German princes to fight their own battles. There had been a large subsidy to the King of Prussia, to assist him, in reality, to destroy Poland. We were, in fact, on the threshold of that system of Pitt's, by which Britain engaged to do battle all over Europe with money as well as with men. But remonstrance was in vain. Fox, Grey, and Sheridan, and their party in the Commons, the Marquis of Lansdowne, the Duke of Bedford, and the Whigs in the Peers, made amendment after amendment on these points, but were overwhelmed by Pitt's majorities. Burke, in the Commons, was frantic in advocacy of war, because France was revolutionary and impious.