ONE: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.At the Congress, which began in June, William Stanhope, Horace Walpole, and Poyntz represented England. At Paris Lord Waldegrave supplied the place of Horace Walpole; and at the Hague the Earl of Chesterfield ably managed the national interests. At the Congress there was a frequent exchange of memorials and counter-memorials, but no real business was done. The only things which grew apparent were that France and Spain were becoming more reconciled, and that the league between Spain and the Emperor was fast dissolving.
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THREE:He turned his frowning lips and smiling eyes on the latter.
THREE:Was he quite certain that the trail was of hostiles, and not of cow-boys or of other troops?
THREE:All these causes of unpopularity were rendered more effective by the powerful political party which now assailed him. Pitt led the way, and the Dukes of Devonshire, Bolton, and Portland, the Marquis of Rockingham, the Earls of Temple, Cornwallis, Albemarle, Ashburton, Hardwicke, and Bessborough, Lords Spencer, Sondes, Grantham, and Villiers, James Grenville, Sir George Savile, and other Whigs, presented a formidable phalanx of opponents in both Houses. The measures, too, which he was obliged to bring forward, were certain to augment his discredit. The funded debt had grown to upwards of a hundred millions, and there were three millions and a half besides unfunded. It was necessary to raise a new loan, and, moreover, to raise a new tax, for the income was unequal to the expenditure, even in time of peace. The Chancellor of the Exchequer, Dashwood, was not a man likely to make these new burdens go down easily. He issued the new loan to the public with so little advertisement, that the friends of the Ministers secured the greater part of the shares, and they soon rose to eleven per cent. premium, by which they were enabled, at the public cost, to make heavy sums. The tax which Sir Francis proposed was one on cider and perry, besides some additional duties on wines. There was at once an outcry in the City against this tax, led on by the Lord Mayor, Alderman Beckford, a great friend of Pitt. The cry was only too sure to find a loud echo from the cider-growing districts. Bute and his Chancellor were quickly compelled to reduce the proposed impost from ten shillings a hogshead, to be paid by the buyer, that is, by the merchant, to four shillings, to be paid by the grower. The tax thus cut down was calculated to produce only seventy-five thousand poundsa sum for which it was scarcely worth while to incur so much odium.
