CHARTERS GRANTED TO THE ROYAL AND LONDON ASSURANCE OFFICES.
The heads of the Royal-Assurance and London-Assurance companies, understanding that the civil-list was considerably in arrears, offered to the ministry six hundred thousand pounds towards the discharge of that debt, on condition of their obtaining the king’s charter, with a parliamentary sanction, for the establishment of their respective companies. The proposal was embraced; and the king communicated it in a message to the house of commons, desiring their concurrence. A bill was immediately passed, enabling his majesty to grant letters of incorporation to the two companies. It soon obtained the royal assent; and, on the eleventh day of June, an end was put to the session. This was the age of interested projects, inspired by a venal spirit of adventure, the natural consequence of that warice, fraud, and profligacy, which the monied corporations had introduced. This of all others is the most unfavourable era for an historian. A reader of sentiment and imagination cannot be entertained or interested by a dry detail of such transactions as admit of no warmth, no colouring, no embellishment, a detail which serves only to exhibit an inanimate picture of tasteless vice and mean degeneracy.
TREATY OF ALLIANCE WITH SWEDEN.
By this time an alliance offensive and defensive was concluded at Stockholm between king George and the queen of Sweden, by which his majesty engaged to send a fleet into the Baltic to act against the czar of Muscovy, in case that monarch should reject reasonable proposals of peace. Peter loudly complained of the insolent interposition of king George, alleging that he had failed in his engagements, both as elector of Hanover and king of Great Britain. His resident at London presented a long memorial on this subject, which was answered by the British and Hanoverian ministry. These recriminations served only to inflame the difference. The czar continued to prosecute the war, and at length concluded a peace without a mediator. At the instances, however of king George and the regent of France, a treaty of peace was signed between the queen of Sweden and the king of Prussia, to whom that princess ceded the city of Stetin, the district between the rivers Oder and Pehnne, with the isles of Wollin and Usedom. On the other hand, he engaged to join the king of Great Britain in his endeavours to effect a peace between Sweden and Denmark, on condition that the Danish king should restore to queen Ulrica that part of Pomerania which he had seized; he likewise promised to pay to that queen two millions of rix-dollars in consideration of the cessions she had made. The treaty between Sweden and Denmark was signed at Frederickstadt in the month of June, through the mediation of the king of Great Britain, who became guarantee for the Dane’s keeping possession of Sleswick. He consented, however, to restore the Upper Pomerania, the isle of Rugen, the city of Wismar, and whatever he had taken from Sweden during the war, in consideration of Sweden’s renouncing the exemption from toll in the Sound and the two Belts, and paying to Denmark six hundred thousand rix-dollars.
THE PRINCE OF HESSE ELECTED KING OF SWEDEN.
Sir John Norris had again sailed to the Baltic with a strong squadron to give weight to the king’s mediation. When he arrived at Copenhagen he wrote a letter to prince Dolgorouki, the czar’s ambassador at the court of Denmark, signifying that he and the king’s envoy at Stockholm were vested with full powers to act jointly or separately in quality of plenipotentiaries, in order to effect a peace between Sweden and Muscovy, in the way of mediation. The prince answered that the czar had nothing more at heart than peace and tranquillity; and in case his Britannic majesty had any proposals to make to that prince, he hoped the admiral would excuse him from receiving them, as they might be delivered in a much more compendious way. The English fleet immediately joined that of Sweden as auxiliaries; but they had no opportunity of acting against the Russian squadron, which secured itself in Revel. Ulrica, queen of Sweden, and sister to Charles XII., had married the prince of Hesse, and was extremely desirous that he should be joined with her in the administration of the regal power. She wrote a separate letter to each of the four States, desiring they would confer on him the sovereignty; and after some opposition from the nobles, he was actually elected king of Sweden. He sent one of his general officers to notify his elevation to the czar, who congratulated him upon his accession to the throne: this was the beginning of a negotiation which ended in peace, and established the tranquillity of the North. In the midst of these transactions, king George set out from England for his Hanoverian dominions; but before he departed from Great Britain, he was reconciled to the prince of Wales, through the endeavours of the duke of Devonshire and Mr. Walpole, who, with earl Cowper, lord Townshend, Mr. Methuen, and Mr. Pulteney, were received into favour, and re-united with the ministry. The earls of Dorset and Bridgewater were promoted to the title of dukes; lord viscount Castleton was made an earl; Hugh Boscawen was created a baron, and viscount Falmouth; and John Wallop baron, and viscount Lymington.
GEORGE I, 1714—1727
EFFECTS OF THE SOUTH-SEA SCHEME.
While the king was involved at Hanover in a labyrinth of negotiations, the South-Sea scheme produced a kind of national delirium in his English dominions. Blunt, the projector, had taken the hint of his plan from the famous Mississippi scheme formed by Law, which in the preceding year had raised such a ferment in France, and entailed rain upon many thousand families of that kingdom. In the scheme of Law there was something substantial. An exclusive trade to Louisiana promised some advantage; though the design was defeated by the frantic eagerness of the people. Law himself became the dupe of the regent, who transferred the burden of fifteen hundred millions of the king’s debts to the shoulders of the subjects, while the projector was sacrificed as the scape-goat of the political iniquity. The South-Sea scheme promised no commercial advantage of any consequence. It was buoyed up by nothing but the folly and rapaciousness of individuals, which became so blind and extravagant, that Blunt, with moderate talents, was able to impose upon the whole nation, and make tools of the other directors, to serve his own purposes and those of a few associates. When this projector found that the South-Sea stock did not rise according to his expectation upon the bill’s being passed, he circulated a report that Gibraltar and Port-Mahon would be exchanged for some places in Teru; by which means the English trade to the South-Sea would be protected and enlarged. This rumour, diffused by his emissaries, acted like a contagion. In five days the directors opened their books for a subscription of one million, at the rate of three hundred pounds for every hundred pounds capital. Persons of all ranks crowded to the house in such a manner that the first subscription exceeded two millions of original stock. In a few days this stock advanced to three hundred and forty pounds; and the subscriptions were sold for double the price of the first payment. Without entering into a detail of the proceedings, or explaining the scandalous arts that were practised to enhance the value of the stock, and decoy the unwary, we shall only observe, that by the promise of prodigious dividends and other infamous arts, the stock was raised to one thousand; and the whole nation infected with the spirit of stock-jobbing to an astonishing degree. All distinction of party, religion, sex, character, and circumstances, were swallowed up in this universal concern, or in some such pecuniary project. Exchange-Alley was filled with a strange concourse of statesmen and clergymen, churchmen and dissenters, whigs and tories, physicians, lawyers, tradesmen, and even with multitudes of females. All other professions and employments were utterly neglected; and the people’s attention wholly engrossed by this and other chimerical schemes, which were known by the denomination of bubbles. New companies started up every day under the countenance of the prime nobility. The prince of Wales was constituted governor of the Welsh copper company; the duke of Chandos appeared at the head of the York-buildings company; the duke of Bridgewater formed a third, for building houses in London and Westminster. About an hundred such schemes were projected and put in execution, to the ruin of many thousands. The sums proposed to be raised by these expedients amounted to three hundred millions sterling, which exceeded the value of all the lands in England. The nation was so intoxicated with the spirit of adventure, that people became a prey to the grossest delusion. An obscure projector, pretending to have formed a very advantageous scheme, which, however, he did not explain, published proposals for a subscription, in which he promised that in one month the particulars of his project should be disclosed. In the meantime he declared that every person paying two guineas should be entitled to a subscription for one hundred pounds, which would produce that sum yearly. In one forenoon this adventurer received a thousand of these subscriptions; and in the evening set out for another kingdom. The king, before his departure, had issued a proclamation against these unlawful projects; the lords-justices afterwards dismissed all the petitions that had been presented for charters and patents; and the prince of Wales renounced the company of which he had been elected governor. The South-Sea scheme raised such a flood of eager avidity and extravagant hope, that the majority of the directors were swept along with it, even contrary to their own sense and inclination; but Blunt and his accomplices still directed the stream.
The infatuation prevailed till the eighth day of September, when the stock began to fall. Then did some of the adventurers awake from their delirium. The number of the sellers daily increased. On the twenty-ninth day of the month the stock had sunk to one hundred and fifty; several eminent goldsmiths and bankers, who had lent great sums upon it, were obliged to stop payment and abscond. The ebb of this portentous tide was so violent, that it bore down everything in its way; and an infinite number of families were overwhelmed with ruin. Public credit sustained a terrible shock; the nation was thrown into a dangerous ferment; and nothing was heard but the ravings of grief, disappointment, and despair. Some principal members of the ministry were deeply concerned in these fradulent transactions; when they saw the price of stock sinking daily, they employed all their influence with the bank to support the credit of the South-Sea company. That corporation agreed, though with reluctance, to subscribe into the stock of the South-Sea company, valued at four hundred per cent., three millions five hundred thousand pounds, which the company was to repay to the bank on Lady-day and Michaelmas of the ensuing year. This transaction was managed by Mr. Robert Walpole, who, with his own hand, wrote the minute of agreement, afterwards known by the name of the bank contract. Books were opened at the bank to take in a subscription for the support of public credit; and considerable sums of money were brought in. By this expedient the stock was raised at first, and those who contrived it seized the opportunity to realize. But the bankruptcy of goldsmiths and the sword-blade company, from the fall of South-Sea stock, occasioned such a run upon the bank, that the money was paid away faster than it could be received from the subscription. Then the South-Sea stock sunk again; and the directors of the bank, finding themselves in danger of being involved in that company’s ruin, renounced the agreement; which indeed they were under no obligation to perform, for it was drawn up in such a manner as to be no more than the rough draft of a subsequent agreement, without due form, penalty, or clause of obligation. All expedients having failed, and the clamours of the people daily increasing, expresses were despatched to Hanover, representing the state of the nation, and pressing the king to return. He accordingly shortened his intended stay in Germany, and arrived in England on the eleventh day of November.
A SECRET COMMITTEE APPOINTED BY THE HOUSE OF COMMONS.
The parliament being assembled on the eighth day of December, his majesty expressed his concern for the unhappy turn of affairs, which had so deeply affected the public credit at home: he earnestly desired the commons to consider of the most effectual and speedy methods to restore the national credit, and fix it upon a lasting establishment. The lower house was too much interested in the calamity to postpone the consideration of that subject. The members seemed to lay aside all party distinctions, and vie with each other in promoting an inquiry, by which justice might be done to the injured nation. They ordered the directors to produce an account of all their proceedings. Sir Joseph Jekyll moved that a select committee might be appointed to examine the particulars of this transaction. Mr. Walpole, now paymaster of the forces, observed, that such a method would protract the inquiry, while the public credit lay in a bleeding condition. He told the house he had formed a scheme for restoring public credit; but, before he would communicate this plan, desired to know whether the subscriptions of public debts and incumbrances, money-subscriptions and other contracts made with the South-Sea company, should remain in the present state. After a warm debate, the question was carried in the affirmative, with this addition, “Unless altered for the ease and relief of the proprietors, by a general court of the South-Sea company, or set aside in due course of law.” Next day Walpole produced his scheme,—to ingraft nine millions of South-Sea stock into the bank of England, and the like sum into the East India company, on certain conditions. The house voted, that proposals should be received from the bank, and those two companies on this subject. These being delivered the commons resolved, that an engrossment of nine millions of the capital stock of the South-Sea company into the capital stock of the bank and East-India company, as proposed by these companies, would contribute very much to the restoring public credit. A bill upon this resolution was brought in, passed through both houses, and received the royal assent. Another bill was enacted into a law, for restraining the sub-governor, deputy-governor, directors, treasurer, under-treasurer, cashier, secretary, and accountants, of the South-Sea company, from quitting the kingdom till the end of the next session of parliament; and for discovering their estates and effects, so as to prevent them from being transported or alienated. A committee of secrecy was chosen by ballot, to examine all the books, papers, and proceedings relating to the execution of the South-Sea act.
The lords were not less eager than the commons to prosecute this inquiry, though divers members in both houses were deeply involved in the guilt and infamy of the transaction. Earl Stanhope said the estates of the criminals, whether directors or not directors, ought to be confiscated, to repair the public losses. He was seconded by lord Carteret, and even by the earl of Sunderland. The duke of Wharton declared he would give up the best friend he had should he be found guilty. He observed, that the nation had been plundered in a most flagrant and notorious manner; therefore, they ought to find out and punish the offenders severely, without respect to persons. The sub and deputy-governors, the directors and officers of the South-Sea company, were examined at the bar of the house. Then a bill was brought in, disabling them to enjoy any office in that company, or in the East-India company, or in the bank of England. Three brokers were likewise examined, and made great discoveries. Knight, the treasurer of the South-Sea company, who had been entrusted with the secrets of the whole affair, thought proper to withdraw himself from the kingdom. A proclamation was issued to apprehend him; and another for preventing any of the directors from escaping out of the kingdom. At this period, the secret committee informed the house of commons that they had already discovered a train of the deepest villany and fraud that hell ever contrived to ruin a nation, which in due time they would lay before the house; in the meanwhile, they thought it highly necessary to secure the persons of some of the directors and principal officers of the South-Sea company, as well as to seize their papers. An order was made to secure the books and papers of Knight, Surman, and Turner. The persons of sir George Caswell, sir John Blunt, sir John Lambert, sir John Fellows, and Mr. Grigsby, were taken into custody; sir Theodore Janssen, Mr. Sawbridge, sir Robert Chaplain, and Mr. Eyles, were expelled the house and apprehended. Mr. Aislaby resigned his employments of chancellor of the exchequer and lord of the treasury; and orders were given to remove all directors of the South-Sea company from the places they possessed under the government.
The lords, in the course of their examination, discovered that large portions of South-Sea stock had been given to several persons in the administration and house of commons, for promoting the passing of the South-Sea act. The house immediately resolved, that this practice was a notorious and most dangerous species of corruption: that the directors of the South-Sea company having ordered great quantities of their stock to be bought for the service of the company, when it was at a very high price, and on pretence of keeping up the price of stock; and at the same time several of the directors, and other officers belonging to the company, having, in a clandestine manner, sold their own stock to the company, such directors and officers were guilty of a notorious fraud and breach of trust, and their so doing was one great cause of the unhappy turn of affairs that had so much affected public credit. Many other resolutions were taken against that infamous confederacy, in which, however, the innocent were confounded with the guilty. Sir John Blunt refusing to answer certain interrogations, a violent debate arose about the manner in which he should be treated. The duke of Wharton observed, that the government of the best princes was sometimes rendered intolerable to their subjects by bad ministers: he mentioned the example of Sejanus, who had made a division in the imperial family, and rendered the reign of Cladius hateful to the Romans. Earl Stanhope conceiving this reflection was aimed at him, was seized with a transport of anger. He undertook to vindicate the ministry; and spoke with such vehemence as produced a violent headache, which obliged him to retire. He underwent proper evacuations, and seemed to recover; but next day, in the evening, became lethargic, and being seized with a suffocation, instantly expired. The king deeply regretted the death of this favourite minister, which was the more unfortunate as it happened at such a critical conjuncture; and he appointed lord Town-shend to fill his place of secretary. Earl Stanhope was survived but a few days by the other secretary Mr. Craggs, who died of the small-pox on the sixteenth day of February. Knight, the cashier of the South-Sea company, being seized at Tirlemont by the vigilance of Mr. Gandot, secretary to Mr. Loathes the British resident at Brussels, was confined in the citadel of Antwerp. Application was made to the court of Vienna, that he should be delivered to such persons as might be appointed to receive him; but he had found means to interest the states of Brabant in his behalf. They insisted upon their privilege granted by charter, that no person apprehended for any crime in Brabant should be tried in any other country. The house of commons expressed their indignation at this frivolous pretence; instances were renewed to the emperor; and in the meantime Knight escaped from the citadel of Antwerp.
SEVERE RESOLUTIONS AGAINST THE SOUTH-SEA COMPANY.
The committee of secrecy found, that, before any subscription could be made, a fictitious stock of five hundred and seventy-four thousand pounds had been disposed of by the directors, to facilitate the passing the bill. Great part of this was distributed among the earl of Sunderland, Mr. Craggs, senior, the duchess of Kendal, the countess of Platen and her two nieces, Mr. Secretary Craggs, and Mr. Aislaby chancellor of the exchequer. In consequence of the committee’s report, the house came to several severe, though just, resolutions against the directors and officers of the South-Sea company; and a bill was prepared for the relief of the unhappy sufferers. Mr. Stanhope, one of the secretaries of the treasury, charged in the report with having large quantities of stock and subscriptions, desired that he might have an opportunity to clear himself. His request was granted; and the affair being discussed, he was cleared by a majority of three voices. Fifty thousand pounds in stock had been taken by Knight for the use of the earl of Sunderland. Great part of the house entered eagerly into this inquiry; and a violent dispute ensued. The whole strength of the ministry was mustered in his defence. The majority declared him innocent: the nation in general was of another opinion. He resigned his place of first commissioner in the treasury, which was bestowed upon Mr. Robert Walpole; but he still retained the confidence of his master. With respect to Mr. Aislaby, the evidence appeared so strong against him, that the commons resolved, he had promoted the distinctive execution of the South-Sea scheme, with a view to his own exorbitant profit, and combined with the directors in their pernicious practices to the ruin of public credit. He was expelled the house, and committed to the Tower. Mr. Craggs, senior, died of a lethargy, before he underwent the censure of the house. Nevertheless they resolved that he was a notorious accomplice with Robert Knight, and some of the directors, in carrying on their scandalous practices; and therefore, that all the estate of which he was possessed, from the first day of December in the preceding year, should be applied towards the relief of the unhappy sufferers in the South-Sea company. The directors, in obedience to the orders of the house, delivered in inventories of their estates, which were confiscated by act of parliament, towards making good the damages sustained by the company, after a certain allowance was deducted for each according to his conduct and circumstances.
1721
The delinquents being thus punished by the forfeiture of their fortunes, the house converted their attention to means for repairing the mischiefs which the scheme had produced. This was a very difficult task, on account of the contending interests of those engaged in the South-Sea company, which rendered it impossible to relieve some but at the expense of others. Several wholesome resolutions were taken, and presented with an address to the king, explaining the motives of their proceedings. On the twenty-ninth day of July, the parliament was prorogued for two days only. Then his majesty going to the house of peers, declared that he had called them together again so suddenly, that they might resume the consideration of the state of public credit. The commons immediately prepared a bill upon the resolutions they had taken. The whole capital stock, at the end of the year one thousand seven hundred and twenty, amounted to about thirty-seven millions eight hundred thousand pounds. The stock allotted to all the proprietors did not exceed twenty-four millions five hundred thousand pounds; the remaining capital stock belonged to the company in their corporate capacity. It was the profit arising from the execution of the South-Sea scheme; and out of this the bill enacted, that seven millions should be paid to the public. The present act likewise directed several additions to be made to the stock of the proprietors, out of that possessed by the company in their own right; it made a particular distribution of stock, amounting to two millions two hun dred thousand pounds; and upon remitting five millions of the seven to be paid to the public, annihilated two millions of their capital. It was enacted, that, after these distributions, the remaining capital stock should be divided among all the proprietors. This dividend amounted to thirty-three pounds six shillings and eight-pence per cent, and deprived the company of eight millions nine hundred thousand pounds. They had lent above eleven millions on stock unredeemed; of which the parliament discharged all the debtors, upon their paying ten per cent. Upon this article the company’s loss exceeded six millions nine hundred thousand pounds, for many debtors refused to make any payment. The proprietors of the stock loudly complained of their being deprived of two millions; and the parliament in the sequel revived that sum which had been annihilated. While this affair was in agitation, petitions from counties, cities, and boroughs, in all parts of the kingdom, were presented to the house, crying for justice against the villany of the directors. Pamphlets and papers were daily published on the same subject; so that the whole nation was exasperated to the highest pitch of resentment. Nevertheless, by the wise and vigorous resolutions of the parliament, the South-Sea company was soon in a condition to fulfil their engagements with the public; the ferment of the people subsided; and the credit of the nation was restored.
CHAPTER III.
Bill against Atheism and Immorality postponed..... Session closed..... Alliances between Great Britain, France, and Spain..... Plague at Marseilles..... Debates in the House of Lords about Mr. Law the Projector..... Sentiments of some Lords touching the War with Spain..... Petition of the Quakers..... The Parliament dissolved..... Rumours of a Conspiracy..... The Bishop of Rochester is committed to the Tower..... New Parliament..... Declaration of the Pretender..... Report of the Secret Committee..... Bill of Pains and Penalties against the Bishop of Rochester..... Who is deprived and driven into perpetual Exile..... Proceedings against those concerned in the Lottery at Hamburgh..... Affairs of the Continent..... Clamour in Ireland on account of Wood’s Coinage..... Death of the Duke of Orleans..... An Act for lessening the Public Debts..... Philip King of Spain abdicates the Throne..... Abuses in Chancery..... Trial of the Earl of Macclesfield..... Debates about the Debts of the Civil List..... A Bill in favour of the late Lord Bolingbroke..... Treaty of Alliance between the Courts of Vienna and Madrid..... Treaty of Hanover..... Approved in Parliament..... Riots in Scotland on account of the Malt- tax..... A small Squadron sent to the Baltic..... Admiral Hosier’s Expedition to the West Indies..... Disgrace of the Duke de Ripperda..... Substance of the King’s Speech to Parliament..... Debate in the House of Lords upon the approaching Rupture with the Emperor and Spain..... Memorial of Mr. Palms, the Imperial Resident at London..... Conventions with Sweden and Hesse-Cassel..... Vote of Credit..... Siege of Gibraltar by the Spaniards..... Preliminaries of Peace..... Death and Character of George I. King of Great Britain.
GEORGE I., 1714-1727
BILL AGAINST ATHEISM.
During the infatuation produced by this infamous scheme, luxury, vice, and profligacy, increased to a shocking degree of extravagance. The adventurers, intoxicated by their imaginary wealth, pampered themselves with the rarest dainties, and the most expensive wines that could be imported; they purchased the most sumptuous furniture, equipage, and apparel, though without taste or discernment; they indulged their criminal passions to the most scandalous excess; their discourse was the language of pride, insolence, and the most ridiculous ostentation; they affected to scoff at religion and morality, and even to set heaven at defiance. The earl of Nottingham complained in the house of lords of the growth of atheism, profaneness, and immorality; and a bill was brought in for suppressing blasphemy and profaneness. It contained several articles seemingly calculated to restrain the liberty granted to nonconformists by the laws of the last session: for that reason it met with violent opposition. It was supported by the archbishop of Canterbury, the earl of Nottingham, lords Bathurst and Trevor, the bishops of London, Winchester, and Litchfield and Coventry. One of these said, he verily believed the present calamity occasioned by the South-Sea project, was a judgment of God on the blasphemy and profaneness of the nation. Lord Onslow replied, “That noble peer must then be a great sinner, for he has lost considerably by the South-Sea scheme.” The duke of Wharton, who had rendered himself famous by his wit and profligacy, said he was not insensible of the common opinion of the town concerning himself, and gladly seized this opportunity of vindicating his character, by declaring he was far from being a patron of blasphemy, or an enemy to religion. On the other hand, he could not but oppose the bill, because he conceived it to be repugnant to the holy scripture. Then pulling an old family bible from his pocket, he quoted several passages from the epistles of St. Peter and St. Paul; concluding with a desire that the bill might be thrown out. The earl of Peterborough declared, that though he was for a parliamentary king, yet he did not desire to have a parliamentary God, or a parliamentary religion; and, should the house declare for one of this kind, he would go to Rome and endeavour to be chosen a cardinal; for he had rather sit in a conclave than with their lordships upon those terms. After a vehement debate, the bill was postponed to a long day, by a considerable majority. The season was far advanced before the supplies were granted; and at length they were not voted with that cheerfulness and good humour which the majority had hitherto manifested on such occasions. On the sixteenth day of June, the king sent a message to the house of commons, importing, that he had agreed to pay a subsidy to the crown of Sweden, and he hoped they would enable him to make good his engagements. The leaders of the opposition took fire at this intimation. They desired to know whether this subsidy, amounting to seventy-two thousand pounds, was to be paid to Sweden over and above the expense of maintaining a strong squadron in the Baltic? Lord Molesworth observed, that, by our late conduct, we were become the allies of the whole world, and the bubbles of all our allies: for we were obliged to pay them well for their assistance. He affirmed that the treaties which had been made with Sweden at different times, were inconsistent and contradictory; that our late engagements with that crown were contrary to the treaties subsisting with Denmark, and directly opposite to the measures formerly concerted with the czar of Muscovy. He said, that in order to engage the czar to yield what he had gained in the course of the war, the king of Prussia ought to give up Stetin, and the elector of Hanover restore Bremen and Verden; that, after all, England had no business to intermeddle with the affairs of the empire; that we reaped little or no advantage by our trade to the Baltic, but that of procuring naval stores; he owned that hemp was a very necessary commodity, particularly at this juncture; but he insisted that if due encouragement were given to some of our plantations in America, we might be supplied from thence at a much cheaper rate than from Sweden and Norway. Notwithstanding these arguments, the Swedish supply was granted; and, in about three weeks, their complaisance was put to another proof. They were given to understand, by a second message, that the debts of the civil list amounted to five hundred and fifty thousand pounds; and his majesty hoped they would empower him to raise that sum upon the revenue, as he proposed it should be replaced in the civil list, and reimbursed by a deduction from the salaries and wages of all officers, as well as from the pensions and other payments from the crown. A bill was prepared for this purpose, though not without warm opposition; and, at the same time, an act passed for a general pardon. On the tenth day of August, the king closed the session with a speech, in which he expressed his concern for the sufferings of the innocent, and a just indignation against the guilty, with respect to the South-Sea scheme. These professions were judged necessary to clear his own character, which had incurred the suspicion of some people, who whispered that he was not altogether free from connexions with the projectors of that design; that the emperor had, at his desire, refused to deliver up Knight; and that he favoured the directors and their accomplices.
ALLIANCE BETWEEN GREAT BRITAIN, FRANCE, AND SPAIN.
Lords Townshend and Carteret were now appointed Secretaries of state; and the earl of Hay was vested with the office of lord privy-seal of Scotland. In June the treaty of peace between Great Britain and Spain was signed at Madrid. The contracting parties engaged to restore mutually all the effects seized and confiscated on both sides. In particular, the king of England promised to restore all the ships of the Spanish fleet which had been taken in the Mediterranean, or the value of them, if they were sold. He likewise promised, in a secret article, that he would no longer interfere in the affairs of Italy: and the king of Spain made an absolute cession of Gibraltar and Port Mahon. At the same time a defensive alliance was concluded between Great Britain, France, and Spain. All remaining difficulties were referred to a congress at Cambray, where they hoped to consolidate a general peace, by determining all differences between the emperor and his catholic majesty. In the meantime the powers of Great Britain, France, and Spain, engaged, by virtue of the present treaty, to grant to the duke of Parma a particular protection for the preservation of his territories and rights, and for the support of his dignity. It was also stipulated that the states-general should be invited to accede to this alliance. The congress at Cambray was opened; but the demands on both sides were so high, that it proved ineffectual. In the meantime, the peace between Russia and Sweden was concluded, on condition that the czar should retain Livonia, Ingria, Estonia, part of Carelia, and of the territory of Wyburg, Riga, Revel, and Nerva, in consideration of his restoring part of Finland, and paying two millions of rix-dollars to the king of Sweden. The personal animosity subsisting between king George and the czar seemed to increase. Bastagif, the Russian resident at London, having presented a memorial that contained some unguarded expressions, was ordered to quit the kingdom in a fortnight. The czar published a declaration at Petersburgh, complaining of this outrage, which, he said, ought naturally to have engaged him to use reprisals; but as he perceived it was done without any regard to the concerns of England, and only in favour of the Hanoverian interest, he was unwilling that the English nation should suffer for a piece of injustice in which they had no share. He, therefore, granted to them all manner of security, and free liberty to trade in all his dominions. To finish this strange tissue of negotiations, king George concluded a treaty with the Moors of Africa, against which the Spaniards loudly exclaimed.
PLAGUE AT MARSEILLES.
In the course of this year pope Clement XI. died; and the princess of Wales was delivered of a prince, baptized by the name of William-Augustus, the late duke of Cumberland. A dreadful plague raging at Marseilles, a proclamation was published, forbidding any person to come into England, from any part of France between the Bay of Biscay and Dunkirk, without certificates of health. Other precautions were taken to guard against contagion. An act of parliament had passed in the preceding session, for the prevention of infection, by building pest-houses, to which all infected persons, and all persons of an infected family, should be conveyed; and by drawing trenches and lines round any city, town, or place infected. The king, in his speech at opening the session of parliament on the nineteenth day of October, intimated the pacification of the north, by the conclusion of the treaty between Muscovy and Sweden. He desired the house of commons to consider of means for easing the duties upon the imported commodities used in the manufactures of the kingdom. He observed, that the nation might be supplied with naval stores from our own colonies in North America; and that their being employed in this useful and advantageous branch of commerce, would divert them from setting up manufactures which directly interfered with those of Great Britain. He expressed a desire that, with respect to the supplies, his people might reap some immediate benefit from the present circumstances of affairs abroad; and he earnestly recommended to their consideration, means for preventing the plague, particularly by providing against the practice of smuggling.
DEBATES IN THE HOUSE OF LORDS ABOUT MR. LAW.
One of the first objects that attracted the attention of the upper house was the case of John Law, the famous projector. The resentment of the people on account of his Mississippi scheme had obliged him to leave France. He retired to Italy; and was said to have visited the pretender at Rome. From thence he repaired to Hanover; and returned to England from the Baltic, in the fleet commanded by sir John Norris. The king favoured him with a private audience; he kept open house, and was visited by great numbers of persons of the first quality. Earl Coningsby represented in the house of lords that he could not but entertain some jealousy of a person who had done so much mischief in a neighbouring kingdom; who, being immensely rich, might do a great deal more hurt here, by tampering with those who were grown desperate, in consequence of being involved in the calamity occasioned by the fatal imitation of his pernicious projects. He observed, that this person was the more dangerous, as he had renounced his natural affection to his country, his allegiance to his lawful sovereign, and his religion, by turning Roman catholic. Lord Carteret replied, that Mr. Law had, many years ago, the misfortune to kill a gentleman in a duel; but, having at last received the benefit of the king’s clemency, and the appeal lodged by the relations of the deceased being taken off, he was come over to plead his majesty’s pardon. He said there was no law to keep an Englishman out of his country; and, as Mr. Law was a subject of Great Britain, it was not even in the king’s power to hinder him from coming over. After some dispute, the subject was dropped, and this great projector pleaded his pardon in the king’s bench according to the usual form.
SENTIMENTS OF SOME LORDS TOUCHING THE WAR.
The ministry had by this time secured such a majority in both houses, as enabled them to carry any point without the least difficulty. Some chiefs of the opposition they had brought over to their measures, and among the rest lord Harcourt, who was created a viscount, and gratified with a pension of four thousand pounds. Nevertheless they could not shut the mouths of the minority, who still preserved the privilege of complaining. Great debates were occasioned by the navy debt, which was increased to one million seven hundred thousand pounds. Some members in both houses affirmed, that such extraordinary expense could not be for the immediate service of Great Britain; but, in all probability, for the preservation of foreign acquisitions. The ministers answered, that near two-thirds of the navy debts were contracted in the late reign; and the parliament acquiesced in this declaration; but in reality the navy debt had been unnecessarily increased, by keeping seamen in pay during the winter, and sending fleets to the Mediterranean and Baltic in order to support the interests of Germany. The duke of Wharton moved that the treaty with Spain might be laid before the house. The earl of Sunderland said it contained a secret article which the king of Spain desired might not be made public until after the treaty of Cambray should be discussed. The question was put, and the duke’s motion rejected. The earl of Strafford asserted, that as the war with Spain had been undertaken without necessity or just provocation, so the peace was concluded without any benefit or advantage; that, contrary to the law of nations, the Spanish fleet had been attacked without any declaration of war; even while a British minister and a secretary of state were treating amicably at Madrid; that the war was neither just nor politic, since it interrupted one of the most valuable branches of the English commerce, at a time when the nation groaned under the pressure of heavy debts, incurred by the former long expensive war. He therefore moved for an address to his majesty, desiring that the instructions given to sir George Byng, now lord Torrington, should be laid before the house. This motion being likewise, upon the question, rejected, a protest was entered. They voted an address, however, to know in what manner the king had disposed of the ships taken from the Spaniards. Disputes arose from the bill to prevent infection. Earl Cowper represented, that the removal of persons to a lazaret, or pest-house, by order of the government, and the drawing lines and trenches round places infected, were powers unknown to the British constitution; inconsistent with the lenity of a free government, such as could never be wisely or usefully put in practice; the more odious, because copied from the arbitrary government of France; and impracticable, except by military compulsion. Those obnoxious clauses were accordingly repealed, though not without great opposition. Indeed, nothing can be more absurd than a constitution that will not admit of just and necessary laws and regulations to prevent the dire consequences of the worst of all calamities. Such restrictions, instead of favouring the lenity of a free government, would be the most cruel imposition that could be laid on a free people, as it would act in diametrical opposition to the great principles of society, which is the preservation of the individual.
PETITION OF THE QUAKERS..
The quakers having presented a petition to the house of commons, praying that a bill might be brought in for omitting in their solemn affirmation the words “In the presence of Almighty God,” the house complied with their request: but the bill gave rise to a warm debate among the peers. Dr. Atterbury, bishop of Rochester, said he did not know why such a distinguishing mark of indulgence should be allowed to a set of people who were hardly christians. He was supported by the archbishop of York, the earl of Strafford, and lord North and Grey. A petition was presented against the bill by the London clergy, who expressed a serious concern lest the minds of good men should be grieved and wounded, and the enemies of Christianity triumph, when they should see such condescension made by a christian legislature to a set of men who renounce the divine institutions of Christ; particularly that by which the faithful are initiated into his religion, and denominated christians. The petition, though presented by the archbishop of York, was branded by the ministry as a seditious libel, and rejected by the majority. Then, upon a motion by the earl of Sunderland, the house resolved that such lords as might enter protestations with reasons, should do it before two o’clock on the next sitting day, and sign them before the house rises. The supplies being granted, and the business of the session despatched as the court was pleased to dictate, on the seventh day of March the parliament was prorogued. In a few days it was dissolved, and another convoked by proclamation. In the election of members for the new parliament, the ministry exerted itself with such success as returned a great majority in the house of commons, extremely well adapted for all the purposes of an administration. *
* The earl of Sunderland died in April, after having incurred a great load of popular odium, from his supposed connexions with the directors of the South-Sea company. He was a minister of abilities, but violent, impetuous, and headstrong. His death was soon followed by that of his father-in-law, the great duke of Marlborough, whose faculties had been for some time greatly impaired. He was interred in Westminster-abbey, with such profusion of funeral pomp, as evinced the pride and ostentation, much more than the taste and concern, of those who directed his obsequies. He was succeeded as master of the ordnance, and colonel of the first regiment of foot guards, by earl Cadogan.
1722
In the beginning of May, the king is said to have received from the duke of Orleans full and certain information of a fresh conspiracy formed against his person and government. A camp was immediately formed in Hyde-Park. All military officers were ordered to repair to their respective commands. Lieutenant-general Macartney was despatched to Ireland, to bring over some troops from that kingdom. Some suspected persons were apprehended in Scotland: the states of Holland were desired to have their auxiliary or guarantee troops in readiness to be embarked; and colonel Churchill was sent to the court of France with a private commission. The apprehension raised by this supposed plot affected the public credit. South-Sea stock began to fall, and crowds of people called in their money from the bank. Lord Townshend wrote a letter to the mayor of London, by the king’s command, signifying his majesty’s having received unquestionable advices that several of his subjects had entered into a wicked conspiracy, in concert with traitors abroad, for raising a rebellion in favour of a popish pretender; but that he was firmly assured the authors of it neither were nor would be supported by any foreign power. This letter was immediately answered by an affectionate address from the court of aldermen; and the example of London was followed by many other cities and boroughs. The king had determined to visit Hanover, and actually settled a regency, in which the prince of Wales was not included: but now this intended journey was laid aside; the court was removed to Kensington, and the prince retired to Richmond. The bishop of Rochester having been seized with his papers, was examined before a committee of the council, who committed him to the Tower for high-treason. The earl of Orrery, lord North and Grey, and Mr. Cockran and Mr. Smith from Scotland, and Mr. Christopher Layer, a young gentleman of the Temple, were confined in the same place. Mr. George Kelly, an Irish clergyman, Mr. Robert Cotton of Huntingdonshire, Mr. Bingly, Mr. Fleetwood, Neynoe, an Irish priest, and several persons, were taken into custody; and Mr. Shippen’s house was searched. After bishop Atterbury had remained a fortnight in the Tower, sir Constantine Phipps presented a petition to the court at the Old Bailey, in the name of Mrs. Morris, that prelate’s daughter, praying that, in consideration of the bishop’s ill state of health, he might be either brought to a speedy trial, bailed, or discharged: but this was over-ruled. The churchmen through the whole kingdom were filled with indignation at the confinement of a bishop, which they said was an outrage upon the church of England, and the episcopal order. Far from concealing their sentiments on this subject, the clergy ventured to offer up public prayers for his health, in almost all the churches and chapels of London and Westminster. In the meantime, the king, attended by the prince of Wales, made a summer progress through the western counties.