TWO:The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.The night was cold, and the two armies lay on the ground. In the middle of the night Anderson of Whitburgh, a gentleman whose father had been out in the 'Fifteen and who knew the country well, suddenly recollected a way across the bog to the right. He communicated this to Hepburn of Keith and Lord George Murray, who went to waken the prince, who, sitting up in his heap of pea-straw, received the news with exultation. He started up, a council was called, and as it drew towards morning it was resolved to follow Anderson as their guide immediately. An aide-de-camp was despatched to recall Lord Nairn and his five hundred, and the army marched after Anderson in profound silence. It was not without some difficulty that they crossed it, after all; some of the soldiers sank knee-deep, and the prince himself stumbled and fell. When they reached the firm ground the mounted pickets heard the sound of their march, though they could not see them for the thick fog. The dragoon sentinels demanded who went there, fired their pistols, and galloped off to give the alarm.
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TWO:SURPRISE OF FREDERICK AT HOCHKIRCH. (See p. 131.)
