shares of 1001. each, 27. deposit, were purchased, and the same evening the speculator set off for the Continent, never to be heard of again by his unfortunate dupes. Another fraud,

which met with great success, was that of the "Globe Permits." These were nothing more than pieces of playing cards, bearing an impression in wax of the Globe tavern, with the inscription, "Sail Cloth Permits." They were sold for as much as sixty guineas, though entitling their possessors to no other advantage than permission to subscribe at some future time to a new sail-cloth manufactory. Among other bubbleprojects put forth at this period, we find the following:-For trading in human hair. For extracting oil from sun-flower seeds. For furnishing funerals to any part of Great Britain. For a wheel for perpetual motion. For importing walnut-trees from Virginia (capital, two millions). For securing to masters and mistresses the losses they may sustain by servants (capital, three millions). For the importation of timber from Wales (!) For the transmutation of quicksilver into a malleable fine metal. It was computed that the total amount of the capitals proposed for carrying out these schemes would amount to upwards of 300,000,0007.

As the year advanced, South-Sea Stock gradually rose, and by August had reached 1040 per cent. It then began to decline, and the public became alarmed. In September it was down to 1757. Thousands now discovered that the securities for their investments were valueless, and that themselves were reduced to beggary. At this juncture Walpole brought forward a scheme for the restoration of the national credit, which was sanctioned by Parliament, and did much towards quieting public apprehension. A bill was passed at the same time for preventing the directors and officials of the South-Sea Company from leaving the country and alienating their estates until their conduct had been inquired into. A secret committee was appointed to examine into the affairs of the company, and it was soon ascertained that, before the South-Sea Act was passed, a fictitious stock of 574,0007. had been disposed of by the directors to facilitate the passing of the bill. Several members of Parliament, who had taken part in these nefarious proceedings, were then expelled the House; and a sum amounting

to 2,014,000l. was confiscated from the estates of the chief delinquents, to contribute towards repairing the mischief that had been done.

A million and a half was confiscated from one individual. Sir John Blunt was only allowed 50001. out of his fortune of 183,000l.; Sir John Fellows, another director, only 10,0007. out of 243,0007. Others less guilty escaped more lightly. Gibbon complains of the arbitrary nature of these proceedings, and cites instances of their injustice. He says, "A vague report that a director had formerly been concerned in another project, by which some unknown persons had lost their money, was admitted as a proof of his actual guilt. One man was ruined because he had dropped a foolish speech, that his horses should feed upon gold; another, because he was grown so proud, that one day, at the Treasury, he had refused a civil answer to persons much above him. All were condemned, absent and unheard, in arbitrary fines and forfeitures, which swept away the greatest part of their substance."

Upwards of eight millions were taken from the company and divided among the stockholders, making a dividend of about 33 per cent. This was a great relief, but commercial enterprise was a long time before it recovered from the shock it had received.

11. In 1721 Walpole was made first lord of the treasury and prime minister. The latter post he continued to hold until 1742. The following year (1722) witnessed the death of the Duke of Marlborough. He was buried with almost royal splendour, his vices being forgotten in the recollection of his services to his country. About the same time another Jacobite conspiracy was discovered, the chief instigator of which was Atterbury, bishop of Rochester.

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He had entered into correspondence with the Pretender as early as 1717, and in his first letter to him says: My daily prayer is that you may have success. May I live to see that day, and live no longer than I do what is in my power to forward it." The spirit of the Jacobites, which had been cowed by the events of 1715, revived in 1721. The failure of the South-Sea Company, and the general distress it produced, gave rise to a wide-spread feeling of disaffection, and encouraged them to believe that the time was come for another revolution.

An insurrection was accordingly planned. The streets of London were to be barricaded; the Tower and Bank were to be surprised; king George, his family and chief advisers, were to be arrested, and the Pretender was to be proclaimed king.

Before the designs of the conspirators could be consummated, the plot was discovered, and most of those engaged in it were arrested. One only was put to death. Atterbury was deprived of his spiritual dignities, and banished for life. He withdrew to France, and for a time held the post, which Bolingbroke had held before him, of prime minister to the kingdomless Pretender. The faction and intrigue of his colleagues. soon disgusted him, and he spent the close of his life in retirement.

12. In 1725 it was discovered that enormous abuses had crept into the Court of Chancery, and that the Earl of Macclesfield, the lord chancellor, had been guilty of embezzling and conniving at numerous venal practices. He was impeached on these charges before the House of Lords, and, after a trial of twenty days, was condemned to pay a fine of 30,000%.

13. In 1726 a war was declared against Spain, on account of a secret treaty between that country and Austria, for the recovery of Gibraltar and the assistance of the Pretender. A squadron under Admiral Hosier was sent out to the Spanish East Indies; but the expedition proved unfortunate, and its gallant leader died of a broken heart. Spain retaliated by besieging Gibraltar. Through the mediation, however, of the French king a pacification was effected; and, after a period of four months, the siege was raised.

14. The king died in the spring of 1727, when on his way to Hanover. He was a man of average ability, obstinate, and selfish. He never understood the English Constitution, nor made an effort to win the affection of the English people. His heart was in Hanover, and there he spent the greater part of his reign.

Thackeray says: "He was more (than fifty years of age when he came amongst us. We took him because we wanted him, because he served our turn; we laughed at his uncouth

German ways, and sneered at him. He took our loyalty for what it was worth; laid hands on what money he could; kept us assuredly from popery and wooden shoes. Cynical and selfish as he was, he was better than a king out of St. Germains, with the French king's orders in his pocket, and a swarm of Jesuits in his train."

Contemporaries.-15. France, Louis XIV., Louis XV.; Germany, Charles VI.; Spain, Philip V.; Sweden, Charles XII.; Russia, Peter the Great, Catherine I.; Addison, Pope, Steele, Gay, Congreve, literary celebrities; Dr. Samuel Clarke, a famous divine; Dr. Watts, versifier and logician.

GEORGE II.

Born A.D. 1683; reigned 33 years (1727-1760). Family.-1. George II. was the only son of George and Sophia. He married Caroline of Anspach, and had eight children, the eldest of whom, Frederick, Prince of Wales, died in 1751 of a blow from a cricket-ball.

Frederick lived on ill terms with his father, and kept a kind of rival court of his own. No person who visited the prince was received at the court of St. James's, and the queen even refused to see her son on her death-bed. The following amusing epitaph shows in what estimation the whole family was held by a contemporary :

"Here lies Fred, who was alive and is dead.

Had it been his father, I had much rather.

Had it been his brother, still better than another.

Had it been his sister, no one would have missed her.

Had it been the whole generation, still better for the nation.
But since 'tis only Fred,

Who was alive, and is dead,
There's no more to be said."

Caroline was a woman of considerable abilities and discretion. She had great influence over her husband, to whom she was devotedly attached, and whose conduct was almost wholly guided by her counsels.

Chronicle.-2. No alteration was made by the new king in the system of politics pursued by his father.

Walpole was retained as prime minister, and soon won the esteem and support of the queen. He was preeminently a peace-minister, and preferred to foster commerce and encourage industry to impoverishing the nation for the empty honour of military fame. Hence the period of his administration, though devoid of much interest to the reader, was one of great national prosperity. The first measure which shook his influence was an Excise Bill, proposing to convert the customs duties paid on certain articles on their arrival in port into excise duties, payable on taking them out of warehouses for home consumption; by which change the merchant would be eased of the inconvenience of paying import duties before he had fonnd a market for his commodities. Violent opposition, based upon the most absurd arguments, was raised against this measure; and, though it was carried in the Commons, Walpole thought it advisable to abandon his design.

He saw clearly that it was counter to the wishes of the nation, and, if persisted in, might lead to serious disturbances. "I will not," said he, "be the minister to enforce taxes at the expense of blood." The miscarriage of the bill was celebrated with public rejoicings in London and Westminster, and the minister was burned in effigy by the populace. It was not till 1803 that Walpole's scheme was adoped by the nation, and then it was received very cautiously. Its policy is now fully recognized.

3. In 1737 Caroline died, deeply regretted by the nation. Walpole's power from this time gradually declined. Unwilling to give up his honours and emoluments, he yielded to the desires of the king and nation, that war should be declared against Spain, though personally convinced of its inexpedience.

The reasons urged for this war were, (1) that Spain had interfered with our mercantile interests; (2) had disputed our right to cut logwood in the bay of Campeachy; (3) had made a practice of boarding and plundering British ships on pretence of searching for contraband commodities, and had behaved on such occasions with the utmost insolence, cruelty, and rapine; (4) had seized and detained a number of British ships, imprisoned their crews, and confiscated their cargoes, in violation of