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THREE:Before Walpole thus threw off the mask of moderation��indeed, on the very day of his resignation��he introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.The old religions of Greece and Italy were essentially oracular. While inculcating the existence of supernatural beings, and prescribing the modes according to which such beings were to be worshipped, they paid most attention to the interpretation of the signs by which either future events in general, or the consequences of particular actions, were supposed to be divinely revealed. Of these intimations, some were given to the whole world, so that he who ran might read, others were reserved for certain favoured localities, and only communicated through the appointed ministers of the god. The Delphic oracle in particular enjoyed an enormous reputation both among Greeks and barbarians for guidance afforded under the latter conditions; and during a considerable period it may even be said to have directed the course of Hellenic civilisation. It was also under this form that supernatural religion suffered most injury from the great intellectual movement which followed the Persian wars. Men who had learned to study the constant sequences of Nature for themselves, and to shape their conduct according to fixed principles of prudence or of justice, either thought it irreverent to trouble the god about questions on which they were competent to form an opinion for themselves, or did not choose to place a well-considered scheme at the mercy of his possibly interested responses. That such a revolution occurred about the middle of the fifth century B.C., seems proved by the great change of tone in reference to this subject which one perceives on passing from Aeschylus to Sophocles. That anyone should question the veracity of an oracle is a supposition which never crosses the mind of the elder dramatist. A knowledge of augury counts among the greatest benefits222 conferred by Prometheus on mankind, and the Titan brings Zeus himself to terms by his acquaintance with the secrets of destiny. Sophocles, on the other hand, evidently has to deal with a sceptical generation, despising prophecies and needing to be warned of the fearful consequences brought about by neglecting their injunctions.

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