Absolute distrust now succeeded to universal credulity; and the directors of the South Sea Company, who a few days before were courted as the givers of boundless wealth, were now denounced as I enemies of the people," and their instant execution demanded. great was the popular rage that, although these men had undoubtedly been themselves deceived, they were imprisoned and all their property confiscated.

So

Rise of Walpole to Power.-The failure of the South Sea Company and its imitators had plunged thousands into poverty; a national crisis had arisen, and all agreed that one man was marked out by his financial genius to deliver the country. This was Sir Robert Walpole, a squire of Norfolk, who had been Secretary of War in the Whig Ministry 16 of Queen's Anne's reign, and Chancellor of the Exchequer in the first years of George I. He was at this time Paymaster of the Forces, but had not been a member of the ministry when the South Sea Scheme was adopted, and had warned the House of Commons of the dangers of the delusive dream of wealth.

Accordingly, he was called upon to provide a remedy for the wide-spread disorder. His plan was to assign the private property of the directors, two millions in amount, to the sufferers; to remit the money due to government; and, after paying the lawful debts of the company, to divide its assets among the shareholders. As for those who were involved in the other companies, nothing could be done to relieve their distress. Walpole's plan was successfully carried out; and he soon found himself at the head of affairs, and in possession of power which lasted more than twenty years.'

17

The new minister was a plain practical man of somewhat coarse habits; but his financial abilities were of a

very high order, and he had great skill in managing men-understanding thoroughly alike the temper of the House of Commons and of the English people.

18

Of this rude, fox-hunting minister, a famous English satirist 15 gives us the following account: "But for Sir Robert Walpole, we should have had the Pretender back again. But for his obstinate love of peace, we should have had wars, which the nation was not strong enough nor united enough to endure. But for his resolute counsels and good-humoured resistance, we might have had German despots attempting a Hanoverian regimen over us; we should have had revolt, commotion, want, and tyrannous misrule in place of a quarter of a century of peace, freedom, and material prosperity, such as the country never enjoyed."

During the rest of this reign, all was well managed. A turmoil in Ireland 19 was checked by a timely submission; while Walpole succeeded in imposing upon Scotland an excise duty upon ale. In the midst of these somewhat commonplace quarrels and difficulties, the king died, on his way to Hanover, June 11, 1727.

No finer summary of the importance of this reign can be given than in the words of the celebrated writer already referred to-words meriting the closest study.

"The days are over in England," he says, "of that strange religion of king-worship, when priests flattered princes in the temple of God; when servility was held to be ennobling duty; while beauty and youth tried eagerly for royal favours. Mended morals and mended manners in courts and people, are among the priceless consequences of the freedom which George I. came to rescue and secure. He kept his compact with his English subjects; and if he escaped no more than other men and

monarchs from the vices of his age, at least we may thank him for preserving and transmitting the liberties of ours. In our free air, royal and humble homes have alike been purified; and Truth, the birthright of high and low among us, which quite fearlessly judges our greatest personages, can only speak of them now in words of respect and regard. There are stains in the portrait of the first George, and traits in it which none of us need admire; but, amongst the nobler features are justice, courage, moderation--and these we may recognise ere we turn the picture to the wall."

payment from the government for money they had advanced to it.

disturbance of the peace, and any justice 14. Annuitants, i.e., those receiving an annual of the peace, sheriff, &c., shall think proper to command them by proclamation to disperse, if they contemn his orders, and continue together for one hour afterwards, such contempt shall be felony, without benefit of clergy."

7. Mr. Forster, the Member of Parliament for Northumberland.

8. Led by Generals Carpenter and Wills, who had united their forces.

9. Two peers, Lords Derwentwater and Kenmure, were executed. Lord Nithsdale and others escaped from prison-the former by the courage and devotion of his Countess. Thirty persons of inferior rank were executed. To prevent the agitation

15.

Wheel for perpetual motion, i.e., a wheel to move continually without the aid of any motive force, such as steam. 16. Whig Ministry, formed in 1708.

28, page 143.

See note

17. He became First Lord of the Treasury (or, as we should say, Prime Minister) and Chancellor of the Exchequer.

18. 19.

Thackeray.

Turmoil in Ireland. It was about the introduction of a new copper coinage made by a patentee called William Wood. Wood s half-pence were opposed by the famous Swift in his Drapier Letters.

George &

AUTOGRAPH OF GEORGE I.

THE MINISTRY OF WALPOLE.1

GEORGE II.

CCESSION and Character of George II. 2"On the afternoon of the 14th of June, 1727, two horsemen might have been perceived galloping along the road from Chelsea to Richmond. The foremost, cased in the jackboots of the period, was a broadfaced, jolly-looking, and very corpulent cavalier; but, by the manner in which he urged

3

his horse, you might see that he was a bold as well as a skilful rider.

"He speedily reached Richmond Lodge, and asked to see the owner of the mansion. The mistress of the house and her ladies, to whom our friend was admitted, said he could not be introduced to the master, however pressing the business might be. The master was asleep after his dinner; he always slept after his dinner: and woe be to the person who interrupted him! Nevertheless, our stout friend of the jackboots put the affrighted ladies aside, opened the forbidden door of the bedroom, wherein upon the bed lay a little gentleman, and here the eager messenger knelt down in his jackboots.

"He on the bed started up, and with many oaths and a strong German accent asked who was there, and who dared to disturb him?

"I am Sir Robert Walpole,' said the messenger.

The awakened sleeper hated Sir Robert Walpole. 'I have the honour to announce to your Majesty that your royal father, King George I., died at Osnaburg, on Saturday last, the 10th inst.'

4

"Dat is one big lie!' roared out his sacred Majesty, King George II.; but Sir Robert Walpole stated the fact, and from that day until three and thirty years after, George, the second of the name, ruled over England."

The new king was a hot-tempered man of small stature but brave heart, who had been long at enmity with his father, and had detested the prudent minister who had served that monarch so faithfully. But now, no doubt influenced by his clever and devoted wife," he shrewdly reconciled himself to the bold minister who worked as wisely and devotedly for him as he had done for his predecessor-proving himself a courageous lover of peace and liberty, a true patriot, and great statesman.

George II. was a sort of transition king; more of an Englishman than his father, but very much less so than his grandson and successor. He was now fortyfour; and, while being most methodical, was very greedy and narrow-minded. "I do not believe," says Lord Hervey, "there ever lived a man to whose temper benevolence was so absolutely a stranger."

This king had no taste for literature or the fine arts, and cared little for English interests; for, as with his father, Hanover was first and England only second. One great merit he had; he allowed himself to be guided by those whom he recognised as his superiors, and followed the counsels of his wise queen. This able princess gave Walpole a strong support; and constantly promoted men of learning in the Church and