XVI. CHAP. on Pulteney to declare whether he was the author of the libel. After some altercation, Pulteney re1731. plied, that whether he were or not, he was ready to justify and stand by its truth: a duel ensued, and both combatants were slightly wounded.* Hervey was a young man of considerable wit and ability, but most infirm health, insomuch that he found it necessary to live only on asses' milk and biscuits. Once a week he indulged himself with an apple; emetics he used daily. He attracted ridicule by the contrast between his pompous solemn manner and his puny effeminate appearance; and still more unhappily for himself, he attacked Pope, who, in return, has sent down his name to posterity as a monster of profligacy, and a "mere "white curd of asses' milk!" Another pamphlet which Pulteney published in the same year, and in which he did not conceal his name, brought down upon him the full tide of ministerial resentment. He had disclosed some former private conversation between him and Walpole, in which Sir Robert had not spared the character of George the Second as Prince of Wales. However blamable this breach of confidence, Walpole ought not to have mixed the King in the quarrel; but he now prevailed upon His Mr. Thomas Pelham to Lord Waldegrave, January 28. 1731. Pulteney suspected Lord Hervey of having written a scurrilous pamphlet against him and Bolingbroke, called Sedition and Defamation displayed. The real author was Sir William Yonge. See a note to Coxe's Walpole, vol. i. p. 362. XVI. 1731. Majesty to strike Pulteney's name out of the list of CHAP. Privy Councillors, and to order that the several Lords Lieutenant who had granted him commissions of the peace should revoke them.* It should be observed also, that Pulteney's breach of confidence was not without justification. For the libel which he was answering contained a like disclosure of other conversations between him and Walpole; and as the former declares in his preliminary address," these passages of secret history, however falsely stated and misrepresented, could come "from nobody but yourself." 66 The year 1733 was marked by two great financial measures of Walpole, the first certainly wrong, but carried by large majorities; the latter as certainly just and wise, but repelled by the overpowering force of public indignation. The first was his proposal to take half a million from the Sinking Fund for the service of the current year. The Sinking Fund, established by Stanhope and Walpole himself in 1717, had been kept sacred during the whole reign of George the First. Since 1727, however, various encroachments had been made upon this surplus, and now, in 1733, it received an open attack. It was truly urged by the Opposition, and especially by Sir John Barnard, member for London, a man of the greatest weight on all financial questions, that this precious fund ought never to be applied to any other purpose than that of discharging debts, except in the case of some ex * Tindal's Hist. vol. viii. p. 104. 1733. XVI. 1733. 66 CHAP. treme emergency; that to ease ourselves by loading our posterity is a poor, short-sighted expedient; "and the author of such an expedient," emphatically added Barnard, "must expect the curses of "posterity." -"The Right Honourable Gentleman,” said Pulteney, "had once the vanity to "call himself the Father of the Sinking Fund; but "if Solomon's judgment was right, he who is thus "for splitting and dividing the child can never be "deemed to be the real father." But Walpole had a most irresistible argument for the country gentlemen: he declared, that if his proposal were not carried, he must move for a land-tax of two shillings in the pound-and his proposal was carried by a majority of 110. His biographer and warm admirer admits, on this occasion, "a dark speck in For the example "his financial administration.” * once set was too tempting not to follow. Next year 1,200,000l. the whole produce of the fund was taken from it; in 1735 and 1736 it was mortgaged and alienated. Our debts were always augmented in moments of difficulty, never diminished in a period of peace, until the Sinking Fund was restored, in a different era and on a new foundation, by the genius and integrity of Pitt. It may be observed, however, in justice to Walpole, that many persons in the reign of the two first Georges entertained an idea, however erro • Coxe's Walpole, vol. i. p. 371. See also Sinclair's Public Revenue, part ii. p. 108. XVI. neously, that the public debt was a main pillar of CHAP. the established Government by interesting so many persons in its support, and were therefore extremely 1733. unwilling to take any measures for an effectual reduction.* This idea was founded on the fear of the Pretender, who it was thought if once enthroned in the kingdom would never acknowledge the debts contracted mainly to keep him out of it. In an allegory of Addison, accordingly, we find James introduced as a young man with a sword in his right hand and a sponge in his left.† Several Jacobites disclaimed any such intention, while the majority, no doubt, looked to it as an unfailing resource against all future financial difficulties. We may notice, also, that the fundholders, probably from the same apprehension, were very moderate and reasonable in their views, and that even the reduction of their interest in 1717 was not unpopular amongst them; at least one of their chief men, Mr. Bateman, told Lord Stanhope that he was glad the resolution had been taken, because though his interest was diminished, he should think his principal more secure than ever. ‡ Walpole's next financial measure was the famous EXCISE SCHEME. The excise duties, first levied in the civil wars, and continued, but curtailed Sinclair's History of the Revenue, part ii. p. 75. + Spectator, No. iii. Bolingbroke on the State of the Nation. (Polit. Works, vol. iv. p. 150. ed. 1773.) XVI. 1733. CHAP. at the Restoration, were progressively increased during the stormy reigns of William and Anne. The chief articles subject to them were malt, salt, and the distilleries: their average yearly proceeds rose, under William, to nearly one million; under Anne, to nearly two millions. No additional excise was laid on during the whole reign of George the First, except a small duty on wrought plate by Stanhope. From the progress of consumption, however, they had come in 1733 to produce about 3,200,000l. But, meanwhile, the frauds and abuses in other parts of the revenue had become so great, and so repeatedly forced upon the consideration of Walpole, as to turn his thoughts to the whole subject, and induce him to frame a comprehensive measure upon it. Early intelligence reached the Opposition that some such plan was brewing, and they took care to poison and prepossess the public mind against it even before it was known. When the Sinking Fund was discussed, Pulteney pathetically cried, But, Sir, there is another thing, a very terrible "affair impending! A monstrous project! yea, "more monstrous than has ever yet been repre"sented! It is such a project as has struck terror "into the minds of most gentlemen within this "House, and of all men without doors!..... I mean, Sir, that monster the Excise! That plan "of arbitrary power which is expected to be laid * See the motive of this duty explained, vol. i. p. 443. |