ONE:Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe 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.Suspicions Sandyasking that? he teased.
ONE:
ONE:But there was a circumstance taken for granted in such a scheme which would never have been realisedthe consent of the queen. Anne, like most other sovereigns, abhorred the idea of a successor. She never liked the contemplation of the occupation of her throne after death, much less did she relish the presence of a competitor during her lifetime. Besides in her days of disease and weakness she had enough to do to manage her Ministry, without adding to her anxieties by a rival authority either from Hanover or St. Germains. There was still another obstaclethe unsatisfactory conduct of Oxford, who had[18] professed great zeal for the Pretender till he got the Peace of Utrecht signed, because this secured him the vote of the Jacobites, but who since then had trifled with them, and never could be brought to any positive decision. Berwick had sent over the Abb Gualtier to endeavour to bring Oxford to a point. Gualtier soon informed his employer that Oxford was actively corresponding with the House of Hanover and therefore Berwick and De Torcy wrote a joint letter to him, putting the plain question, what measures he had taken to secure the interests of the Pretender in case of the death of the queen, which no one could now suppose to be far off. Oxford, with unwonted candour this time, replied that, if the queen died soon, the affairs of the Prince and of the Cabinet too were ruined without resource. This satisfied them that he had never really been in earnest in the Pretender's cause, or he would long ago have taken measures for his advantage, or would have told them that he found it impossible. They determined, therefore, to throw the interests of the Jacobites into the party of Bolingbroke; and this was another step in Oxford's fall. They managed to set Lady Masham warmly against him, and this undermined him more than ever with the queen.
