the framing of this bill, it appeared, "That the whole capital stock of the South Sea Company, at the end of the year 1720, amounted to thirtyseven millions eight hundred thousand pounds; that the stock allotted to all the proprietors did not exceed twenty-four millions five hundred thousand pounds; that the remaining capital stock belonged to the company in their corporate capacity, being the profit arising from the execution of the fraudulent stock jobbing scheme. Out of this, it was enacted, that seven millions should be paid to the public sufferers. It was likewise enacted, that several additions should be made to the stock of the proprietors, out of that possessed by the company in their own right; and that, after such distributions, the remaining capital stock should be divided among the proprietors." By these wise and equitable regulations, public credit was restored, and the ferment of the nation gradually subsided.

CHAP. LXXXI.

Of George the Second, and his Minister Sir Robert Walpole, A. D. 1727.

Upon the death of George I. his son George II. ascended the throne; of inferior abilities to the late king, and consequently still more strongly attached to his dominions on the continent.

Sir Robert Walpole was considered as first minister in England when George I. died; and

some differences having happened between him and the prince of Wales, it was generally thought, upon the accession of the latter to the crown, that Sir Robert would be displaced. That might have been the case could another person have been found equally capable, as he was, to manage the house of commons, and to gratify that predilection for Hanover, which George II. inherited from his father. No minister ever understood better the temper of the people of England, and none perhaps ever tried it more. He filled all places of power, trust, and profit, and almost the house of commons itself, with his own creatures; but peace was his darling object, because he thought that war must be fatal to his power. During his long administration, he never lost a question that he was in earnest to carry. The excise scheme. was the first measure that gave a shock to his power; and even that he could have carried had he not been afraid of the spirit of the people without doors, which might have either produced an insurrection, or endangered his interest in the next general election.

Walpole, however, was never known to attempt any perversion of the known laws of the kingdom. He was so far from checking the freedom of debate in parliament, that he bore with equanimity the most scurrilous abuse that was thrown out to his face. He concluded a masterly speech in the house of commons, concerning patriotism, with the following expressions: "Gentlemen," said he, ," said he, "have talked a great deal of patriotism; a venerable

virtue, when duly practised; but I am sorry to observe, that of late it has been so much hacknied, that it is in danger of falling into disgrace. The very idea of true patriotism is lost, and the term has been prostituted to the worst of pur. poses. A patriot! why patriots spring like mushrooms. I could raise fifty of them within the four and twenty hours. I have raised many of them in a night. It is but refusing to gratify an unreasonable or an insolent demand, and up starts a patriot."

With regard to the king's own personal concern in public matters, Walpole was rather his minister than his favorite; and his majesty often hinted to him, as Walpole himself has been heard to acknowledge, that he was responsible for all the measures of government.

CHAP. LXXXII.

Character of Sir Robert Walpole, by Lord Chesterfield.

I MUCH question, whether an impartial character of Sir Robert Walpole will or can be transmitted to posterity; for he governed this kingdom so long, that the various passions of mankind mingled, and in a manner incorporated themselves, with every thing that was said or written concerning him. Never was man more flattered nor more abused; and his long power was probably the chief cause of both. I was

much acquainted with him, both in his public and his private life. I mean to do impartial justice to his character; and therefore my picture of him will, perhaps, be more like him than it will be like any of the other pictures drawn of him.

In private life he was good-natured, cheerful, social; inelegant in his manners, loose in his morals. He had a coarse strong wit, which he I was too free of for a man in his station, as it is always inconsistent with dignity. He was very able as a minister, but without a certain elevation of mind, necessary for great good or great mischief. Profuse and appetent, his ambition was subservient to his desire of making a great fortune. He had more of the Mazarine than the Richelieu. He would do mean things for profit, and never thought of doing great ones for glory. He was both the best parliament man, and the ablest manager of parliament, that I believe ever lived. An artful rather than an eloquent speaker, he saw, as by intuition, the disposition of the house, and pressed, or receded accordingly. So clear in stating the most intricate matters, especially in the finances, that, whilst he was speaking, the most ignorant thought they understood what they really did not. Money, not prerogative, was the chief engine of his administration; and he employed it with success which in a manner disgraced humanity. He was not, it is true, the inventor of that shameful method of governing, which has been gaining ground insensibly ever since Charles II. but with uncommon skill and unbounded profusion, he brought it to that

perfection, which at this time dishonors and distresses this country, and which if not checked, (and God knows how it can now be checked) must ruin it.

Besides this powerful engine of government, he had a most extraordinary talent of persuading and working men up to his purpose. A hearty kind of frankness, which sometimes seemed imprudence, made people think that he had let them into his secrets, whilst the impoliteness of his manners seemed to attest his sincerity. When he found any body proof against pecuniary temptations, which, alas! was but seldom, he had recourse to a still worse art; for he laughed at and ridiculed all notions of public virtue, and the love of one's country, calling them "Flights of classical learning;" declaring himself at the same time, "No saint, no Spartan, no reformer."

He would frequently ask young fellows, at their first appearance in the world, while their hearts were yet untainted," Well, are you to be an old Roman? a patriot? You will soon come off that, and grow wiser." And thus he was more dangerous to the morals than to the liberties of his country, to which I am persuaded he meant no ill in his heart.

He was the easy and profuse dupe of women, and in some instances indecently so. He was excessively open to flattery, even of the grossest kind, and from the coarsest bunglers of that vile profession; which engaged him to pass most of his leisure and jovial hours with people, whose blasted characters reflected upon his own. He was loved by many, but respected by none;