King's par- It was extremely natural for his majesty to retain a partiality tiality for his native for his native country, and under that partiality to blend and dominions. identify interests that certainly had no real connexion. Some of the treaties concluded, and subsidies paid by Great Britain, were, on very probable grounds, alleged to be employed in promoting the advantage of Hanover, without affording the smallest benefit to this country. The balance of power in the two former reigns, so necessary an object of attention, and so wise a ground of confederacy, though under George I. it produced a multiplicity and variety of alliances, yet really, while France remained quiet, appears to have been in no danger. The foreign policy, however, of the first George, though, perhaps too minute and busy in detail, was, on the whole, fitted to maintain the rank and respectability of his kingdoms among the continental powers. If Britain in his time did not rise in dignity, at least she did not fall.

The connection between the whigs and the monied interests, produced acts and consequences that make a memorable part of this reign. Commerce had opened the way to riches; riches acquired, stimulated accumulation; or contemplated, excited enterprise and adventure. The gains of merchandise are commonly progressive. The high interest paid, or the donatives granted by government on loans, enabled many individuals to acquire fortunes much-more rapidly than trade could An enthusi- admit. The fluctuating credit of the national funds opened a asm of ava- source of hazardous gains, by dealing in stock; or, to use the rice pervades com- appropriate term stock-jobbing. This kind of traffic, that had

mercial Europe;

and stimu

lates its votaries to

ruinous ad

ventures. South Sea bubble.

been rising in frequency as the national debt increased, was become extremely prevalent, and was indeed very much encouraged by the successive ministers of George; who seeing that jobbing kept up the price of the stocks, considered it as a very beneficial practice. There seemed, indeed, to be a kind of enthusiasm of avarice throughout maritime and commercial Europe at this time, no less violent than the religious or political enthusiasm of other periods. Money was the supreme object of their thoughts; they considered projects of new banks; new schemes of administering or employing established funds; and new modes of traffic, as the means of miraculous accumulation. On the frenzy of covetousness which impe ded the use of sound reason, and generated the most visionary fancies, the deep and designing villany of ministerial projectors contrived the famous South Sea bubble, that burst with such destruction to its deluded votaries. Notwithstanding the ruin

g It was upon the anxiety of the British government about the relative strength of its neighbours, that the author of the History of John Bull introduces his hero as keeping a pair of steelyards to weigh his neighbours.

h Besides the famous South Sea scheme, there was the Mississippi plan of Mr. Law, and numberless others on the same visionary principle, though less extersive in influence and importance.

which overwhelmed so many from this speculation, there continued a strong propensity to wild and fanciful adventures, for many years afterwards. Stock-jobbing very naturally promotes other species of gaming, either to encrease its gains, or compensate its losses. Gambling became much more frequent than it had been in former times.

The liberal principles and sentiments of the whigs, extending toleration to the various sects of religionists, continued hateful to the high church; nor were the whigs behind in enmity; their aversion to bigotry carried them into the opposite extreme. Many of them are justly chargeable with infidelity; and their Religions leading politicians, if not unbelievers, were indifferent about infidelity. religion, and great patrons of infidels. The court, in general, was very lukewarm in religious matters. With the minister, himself, his supporters and favourites, articles of faith, the church, and clergy, were most frequent and acceptable subjects of merriment and raillery. Impiety was extremely fashionable Immorality in the various gradations of society, to which the court example did not fail to reach. Corresponding to such a state of religion, there was great laxity of manners. To this evil, the conduct of the court had its share in contributing. George, though by no means profligate in his own character, yet tended to encourage licentious gallantry: according to the mode of debauched courts on the continent, the king's mistresses made their appearance regularly among the nobility, were visited by women of the highest rank and fashion, and even introduced to the young princesses his grand daughters. The minister, and all who possessed or sought favour, paid a most submissive attention to the royal favourites. Where such persons presided, modesty and chastity could not be expected greatly to prevail. Decency and morality were by no means characteristics of George's court.

merce and

This reign was favourable to commerce and finance, espe- Advances eially after the appointment of Walpole, to be prime minister. of comThe policy of this statesman, constantly and steadily pacific, prosperity was by that single but momentous quality, conducive to pris under vate and public opulence. Raised to office immediately after George. the failure of the South Sea scheme, he studiously and earnestly endeavoured to repair the mischiefs produced by that celebrated fraud, and was successful in his efforts. Having settled the business of the South Sea, and restored public credit, he directed his attention to manufactures and trade, and showed that his views were both liberal and extensive. He found the foreign trade shackled with numerous petty duties and empoverishing taxes, which obstructed the exportation of our manufactures, and lessened the importation of the most necessary commodities. He framed the beneficial plan of abolishing all Liberal

i See Life of Budget, in Bisset's edition of the Spectator. See Lord Orford's Reminiscences.

policy of Walpole

these restrictions, and giving freedom to the most valuable branches of our external and internal commerce. At his instance, a bill was passed for that purpose. By his persuasion also, a law was enacted for encouraging the importation of naval stores from North America. Since these commodities were necessary for the navy, he thought it much wiser to be supplied from our own plantations, especially as we could be furnished at a cheaper rate, and as our colonies took our own manufactures in exchange. Besides, should England be at war with Russia, that source of naval stores might be closed; by Walpole's regulation, another was opened. The promotion of commerce was one great object of his pacific dispositions: he was very averse to hostilities with Spain when threatened in 1726, through the unnatural union between Philip and the emperor. The commerce with Spain was very extensive and important to Great Britain. Such a source of revenue and riches he was His views unwilling to obstruct by precipitate war. His views of the of colonies. benefits arising from our foreign settlements, just and sound,

George II.

presented a lesson of colonial policy, which it would have been fortunate for Britain if his successors had always followed. A speculative projector having proposed, that the American plantations should be subject to taxes, Walpole, with a discriminating and comprehensive idea of their real utility, saw that without impost, by their industry and prosperity, they were rapidly promoting the private wealth and public revenue of Britain, and totally rejected the advice.

In the contests between king George and his son the prince of Wales, Walpole, though he could not avoid giving some umbrage to the heir apparent, yet impressed both him and his princess Caroline, with a very high opinion of his political talents. When, on the king's death, George II. ascended the throne, Walpole was continued in his office, because their majesties thought no other person could be found so well qualified for directing the helm of public affairs.

George II. a prince of upright intentions and the strictest honour, but of moderate talents, and inferior to his father in adopts the force of understanding, adopted his political notions and pre internal and judices; considered the whigs as the only subjects to be trusted; entertained groundless alarms of the designs of the jacobites; and renewed or formed numerous alliances for securing the protestant succession." He was anxiously and incessantly busy

foreign po

father.

1 See Coxe's Memoirs of sir Robert Walpole, part i. p. 164.

m From lord Orford's Reminiscences, it appears that the king intended to choose a new minister; but that the queen, greatly his superior in abilities, and who governed his majesty, though she appeared to be implicitly submissive to him, induced him to continue Walpole in office.

The prince of Hesse, the duke of Wolfenbuttle, and other petty princes of Germany, gravely undertook to guarantee the throne of Britain, and received subsidies for their notable services! See Smollett, passion; see also the comments of the Craftsman; and Fog's Journal.

with engagements and projects for preserving the balance of power, and very partial to the interests of his German dominions. The minister, adhering to his pacific plans, gratified his master by promoting German alliances and subsidies, but prevented the nation from being embroiled in war. Some of his treaties were deemed very impolitic, especially the treaty of Sevile, by which Britain introduced a branch of the house of Bourbon into Italy, and depressed the house of Austria, the natural ally of England.

Skilful as he was in forming productive schemes of finance, Walpole's public economy was by no means equal to his inven tion or discovery of pecuniary resources. There was indeed, Expense of a profuse waste of the national treasures. Trade had greatly subsidiary increased, and many new taxes had been imposed; yet in so treaties. long a period of profound peace, which underwent no material interruption from the treaty of Utrecht to the commencement of the war 1739, the whole sum paid off was no more than 8,328,3541. 178. 11d. and the capital of the public debt at that time amounted to 46, 954,6231. 3s. 47d. A great source of expenditure was what the minister called secret service money, by which he professed to mean sums required for discovering the secret intentions of neighbouring powers. This fund, according to the minister's account, was extremely useful in enabling him to discover and disconcert the wicked projects of jacobites, and their friends in foreign countries. Another great source of expense, the subsidies to German principalities for watching over the safety, interest, and established government of Great Britain, was also, by the minister's account, to be reckoned a premium paid for ensuring the kingdom against jacobites. The balance of power also had its share in exacting subsidies from England. The British statesmen of that time, indeed, appear to have considered the maintenance of an equipoise, as the supreme and constant END of cur foreign politics, instead of a means sometimes necessary for the security of Britain, and only when necessary, wisely employing British efforts. ALthough by the act of settlement, it was provided, that Britain should not be involved in any engagements on account of Hanover, yet various treaties and stipulations were made, by which expense was incurred by these realms on account of that electorate. The protestant succession, and balance of power, were also ministerial reasons for the regular and constant maintenance of a much greater number of troops within the kingdom, than the apparent state of internal tranquillity and foreign politics rendered necessary. Cardinal Fleury, as pacifically disposed as the British minister, and having unlimited control over the weak and incapable Louis XV., cultivated a friendly intercourse with England. The emperor found it his interest to resume his connexions with Great Britain, in order to secure the pragmatic sanction, by which his hereditary dominions were guaranteed to his daughter, his only issue. Spain interfering with certain

parts of our trade on coasts to which she pretended an exclusive right, employed no efforts which a naval force, vigilantly exerted and judiciously stationed, might not have prevented. Other states were either too inconsiderable, or too remote, to give any alarm to Great Britain, or to render any unusual miliHigh taxes, tary exertions necessary. The taxes required by the minister notwith- for defraying expenses, deemed by a considerable part of the standing the long peace. nation useless, were felt as severe grievances. The regular increasing pressure, however, caused much less displeasure and alarm, than one of the modes proposed for levying the imposts; this scheme of establishing an excise on wine and tobacco, though if the assessments were at all necessary, as productive, and as little burthensomeo a means of collection, as could be adopted in such subjects of revenue; yet, from party ardour and misrepresentation, combined with the interest of smuggling merchants, raised such a clamour as would have driven him from his office unless he had abandoned his proposition.

State of parties.

The opponents of his administration, or any of his counsels the minister affected to consider as enemies of the state; and succeeded in impressing that opinion on many patriotic and loyal subjects, and also on the king himself, who, possessing honest intentions and not great sagacity of understanding, was credulous, and easily duped by the professions of those whom he regarded as his friends. The ability of Walpole did not only convince the king, that the adversaries of the minister were the enemies of the house of Hanover, and of the protestant succession, but even imprinted the same notion on the superior penetration of the queen. Caroline, indeed, as is now well known, was the chief supporter of Walpole, as she was the supreme director of his majesty. But, with the address of a stronger mind governing by influence a weaker, she cautiously concealed from the king himself her power over his public measures. Walpole established with the court party the following doctrine: "Whoever opposes this whig administration is a tory; "all tories are jacobites; every one, therefore, that opposes "the minister, is a jacobite." So much is the generality of mankind governed by words instead of precise ideas, that many expressed their approbation of secret service money, foreign subsidies, the increase of the army, and frequent suspension of the habeas-corpus, to demonstrate that they were not jacobites. The minister, indeed, was supported by the principal whig families, by those who, styling themselves the whig Whig con- connexion, have professed to think that they, and they only, supported the principles of constitutional liberty and the protestant succession: and, therefore, that they only ought to be intrusted with the administration of affairs under

nexion.

o See Wealth of Nations, vol. iii. p. 358.

p See Lord Orford's Reminiscences, and Cose's Memoirs of sir Robert Walpole, passim.