concifely as poffible, it is to be obferved that ever fince the revolution under king William, the government, not having had fufficient fupplies granted by parliament, or what was granted requiring time to be collected, they were obliged to borrow money from feveral different companies of merchants, and, among the reft, from that company which traded to the South-fea. The South-fea company having made up their debt to the government ten millions, inftead of fix hundred thousand pounds, which they ufually received as intereft, were fatisfied with five hundred thousand.

It was in this fituation of things that one Blount, who had been bred a fcrivener, and was poffeffed of all the cunning and plaufibility requifite for fuch an undertaking, propofed to the ministry, in the name of the South-fea company, to buy up all the debts of the different com. panies of merchants, and thus to become the fole creditor of the ftate. The terms he offered to government were extremely advantageous. The South fea company was to redeem the debts of the nation out of the hands of the private proprietors, who were créditors to the govern ment, upon whatever terms they could agree on; and for the intereft of this money, which they had thus redeem ed, and taken into their own hands, they would be contented to be allowed, by government, for fix years, five per cent. then the intereft fhould be reduced to four per cent. and should at any time be redeemable by parlia ment. But now came the part of the fcheme big with fraud and ruin. As the directors of the South fea, company could not of themselves be fuppofed to poffefs money fufficient to buy up the debts of the nation, they were empowered to raife it by opening a fubfcription to a fcheme for trading in the South-feas, from which com. merce immenfe ideal advantages were promifed by the cunning directors, and ftill greater expected by the rapacious credulity of the people. All perfons, therefore, who were creditors to government, were invited to come in, and exchange their ftocks for that of the South-fea company.

The directors books were no fooner opened for the first fubfcription but crowds came to make the exchange of

their other flock for South-fea ftock. The delufion was artfully continued and fpread. Subfcriptions in a very few days fold for double the price they had been bought at. The fcheme fucceeded even beyond the projector's hopes, and the whole nation was infected with a spirit of avaricious enterprife. The infatuation prevailed; the ftock increased to a furprifing degree, and to near ten times the value of what it was first fubfcribed for.

After a few months, however, the people awaked from their dream of riches, and found that all the advantages they expected were merely imaginary, while thousands of families were involved in one common ruin.

The principal delinquents were punished by parliament with a forfeiture of all fuch poffeffions and eftates as they had acquired during the continuance of this popular fren zy, and fome care also was taken to redress the sufferers.

The difcontents occafioned by these public calamities once more gave the difaffected party hopes of fucceed. ing. But in all their counfels they were weak, divided, and wavering.

The first perfon who was feized upon fufpicion was Francis Atterbury, bishop of Rochester, a prelate long obnoxious to the prefent government, and poffeffed of abilities to render him formidable to any miniftry he oppofed. His papers were feized, and he himself confined to the Tower. Soon after the duke of Norfolk, the earl of Orrery, the lords North and Grey, and fome others of inferior rank, were arrested and imprisoned. Of all thefe, however, only the bishop, who was banished, and one Mr. Layer, who was hanged at Tyburn, felt the feverity of government, the proofs against the reft amounting to no convictive evidence.

The commons about this time finding many abuses had rept into the court of chancery, which either impeded juftice, or rendered it venal, they refolved to impeach the chancellor, Thomas earl of Macclesfield, at the bar of the houfe of lords, for high crimes and mifdemeanors. This was one of the moft laborious and beft contefted trials in the annals of England. The trial lafted twenty days. The earl proved, that the fums he had received for the fale of places in chancery had been usually re

ceived by former lord chancellors, and reafon told that fuch receipts were contrary to ftrict juftice. Equity, therefore, prevailed above precedent; the earl was convicted of fraudulent practices, and condemned to a fine of thirty thousand pounds, with imprisonment until the fum fhould be paid, which was accordingly discharged in about fix weeks after.

In this manner, the corruption, venality, and avarice of the times had increased with the riches and luxury of the nation. Commerce introduced fraud, and wealth introduced prodigality.

It must be owned that the parliament made fome new efforts to check the progrefs of vice and immorality, which now began to be diffused through every rank of life. But they were fupported neither by the co-operation of the ministry, nor the voice of the people.

It was now two years fince the king had vifited his electoral dominions of Hanover. He therefore, foon after

the breaking up of the parliament, prepared for a A. D. journey thither. Having appointed a regency in 1727. his abfence, he embarked for Holland, and lay, upon his landing, at a little town called Voet. Next day he proceeded on his journey, and in two days more, between ten and eleven at night, arrived at Delden, to all appearance in perfect health. He fupped there very heartily, and continued his progrefs early the next morning, but between eight and nine ordered his coach to ftop. It being perceived that one of his hands lay motionlefs, Monfieur Fabrice, who had formerly been fervant to the king of Sweden, and who now attended king George, attempted to quicken the circulation, by chafing it between his hands. As this had no effect, the furgeon who followed on horfeback was called, and he alfo rubbed it with fpirits. Soon after the king's tongue began to fwell, and he had juft ftrength enough to bid them haften to Ofnaburgh. Then falling infenfibly into Fabrice's arms, he never recovered, but expired about eleven o'clock the next morning, in the fixty-eighth year of his age, and the thirteenth of his reign.

CHAP.

UPON the death of the crown; a man of inferior PON the death of George the Firft, his fon, George abilities to the late king, and ftrongly biaffed with a partiality to his dominions on the continent. The chief perfon, and he who fhortly after engroffed the greatest thare of power under him, was Sir Robert Walpole, who had rifen from low beginnings, through two fucceffive He was confidered as a reigns, into great eftimation.

martyr to his caufe, in the reign of queen Anne; and when the Tory party could no longer opprefs him, he fill preferved that hatred against them with which he fet out. To de end the declining prerogative of the crown, might perhaps have been the first object of his attention ; but foon after thofe very measures, by which he pretended to fecure it, proved the most effectual means to leffen it. By corrupting the houfe of commons, he increafed their riches and their power; and they were not averfe to voting away thofe millions which he permitted them fo liberally to fhare. As fuch a tendency in him naturally produced oppofition, he was poffeffed of a moft phleg

matic

matic infenfibility to reproach, and a calm difpaffionate manner of reafoning upon fuch topics as he defired fhould be believed. His difcourfe was fluent, but without dignity; and his manner convincing from its apparent want of art.

The Spaniards were the firft nation who fhewed the futility of the treaties of the former reign to bind, when any advantage was to be procured by infraction. The people of our Weft India iflands had long carried on an illicit trade with the fubjects of Spain upon the continent, but whenever detected were rigorously punished, and their cargoes confifcated to the crown. In this temerity of adventure on the one hand, and the vigilance of purfuit and punishment on the other, it must often have happened that the innocent must suffer with the guilty, and many complaints were made, perhaps founded in justice, that the English merchants were plundered by the Spanish king's veffels upon the fouthern coafts of America, as if they had been pirates.

The English miniftry, unwilling to credit every report which was inflamed by refentment, or urged by avarice, expected to remedy the evils complained of by their fa vourite fyftem of treaty, and in the mean time promised the nation redrefs. At length, however, the complaints became more general, and the merchants remonftrated by petition to the houfe of commons, who entered into a deliberation on the subject. They examined the evidence of feveral who had been unjustly feized, and treated with great cruelty. One man, the mafter of a trad." ing veffel, had been used by the Spaniards in a moft fhocking manner; he gave in his evidence with great precision, informed the houfe of the manner they had plundered and ftripped him, of their cutting off his ears, and their preparing to put him to death. "I then looked up," cried he, "to my God for pardon, and to my country for revenge."

Thefe accounts raised a flame among the people, which it was neither the minifter's intereft, nor perhaps that of the nation, to indulge; new negotiations were fet on foot, and new mediators offered their interpofition. A treaty was. figned at Vienna, between the emperor, the king of

Great