was an opposer, in 1720, of the South Sea Scheme for liquidating the national debt, on which subject he of impotent good will? Had this bill originated with some noble peer of distinguished ancestry, it would have excited less surprise. A desire to exclude others from a participation of honours is no novelty in persons of that class: Quod ex aliorum meritis sibi arrogant, id mihi ex meis adscribi nolunt. 'But it is matter of just surprise, that a bill of this nature should either have been projected, or at least promoted, by a gentleman (Lord Stanhope) who was not long ago seated among us, and who having got into the House of Peers, is now desirous to shut the door after him! When great alterations in the constitution are to be made, the experiment should be tried for a short time before the proposed change is finally carried into execution, lest it should produce evil instead of good. But in this case, when the bill is once sanctioned by parliament, there can be no future hopes of redress; because the Upper House will always oppose the repeal of an act, which has so considerably increased their power. The great unanimity, with which this bill has passed the Lords, ought to inspire some jealousy in the Commons: for it must be obvious, that whatever the Lords gain must be acquired by the loss of the Commons, and the diminution of the regal prerogative; and that in all disputes between the Lords and Commons, when the House of Lords is immutable, the Commons must sooner or later be obliged to recede. The view of the ministers, in framing this bill, is plainly nothing but to secure their power in the House of Lords. The principal argument, on which the necessity of it is founded, is drawn from the mischief occasioned by the creation of Twelve Peers during the reign of Queen Anne for the purpose of carrying an infamous peace through the House of Lords. That was only a temporary measure, whereas the mischief to be occasioned by this bill will be perpetual. It creates thirty one Peers by authority of parliament; so extraordinary a step cannot be supposed to be taken without some sinister design in future. The ministry want no additional strength in the House of Lords for conducting the common affairs of government, as is sufficiently proved by the unanimity, with which they have carried through this bill. If, therefore, they think it necessary to acquire addi wrote a pamphlet. The Earl of Sunderland at length, finding his ministry involved in great difficulties, made overtures to Townshend and Walpole; in consequence of which, a partial coalition of parties took place, and the former became once more Paymaster General of his Majesty's Forces. He had, previously, been instrumental in effecting a reconciliation between the King and the Prince of Wales. The year 1721 was that of the unprecedented disasters arising from the bursting of the South Sea bubble. In the midst of the national distress, Walpole's high reputation as a financier caused all eyes to be turned upon him for a remedy. The measures which he proposed, and which were ultimately carried into effect, were marked with the moderation and prudence of his character; and the restoration of public credit, after such a shock, was an important service done to his country. Lord Sunderland's implication in the affairs of the South Sea tional strength, it must be done with views and intentions more extravagant and hostile to the constitution, than any which have yet been attempted. The bill itself is of a most insidious and artful nature. The immediate creation of nine Scotch Peers, and the reservation of six English Peers for a necessary occasion, is of double use; to be ready for the House of Lords if wanted, and to engage three times the number in the House of Commons by hopes and promises, &c. &c.' The effect of this speech on the House exceeded' the most sanguine expectation: it fixed those who had before been wavering and irresolute, brought over many who had been tempted by the speciousness of the measure to favour it's introduction, and procured it's rejection by a triumphant majority of 269 against 177. Company cost him his place as First Lord of the Treasury, in which Walpole was re-established.* Among his first acts in this situation was a judicious measure for advancing the trade and manufactures of England, by abolishing the duties upon the exportation of a number of British articles and the importation of various raw materials, and by encouraging the introduction of naval stores from the colonies.† His exertions in this respect have caused him to be represented by a copious writer on commercial subjects, Dean Tucker, as one of those, who have conferred the greatest benefits on their country. ‡. In 1722, a new parliament opened, composed of a majority of Whigs. This was the year, in which the plot chiefly conducted by Bishop Atterbury in favour of the Pretender was discovered; and Walpole took an active share in the prosecution of that Prelate, which ended in his banishment. He, also, brought in a bill of a partial tax on the estates of Catholics, * His friend Lord Townshend also, upon the death of Earl Stanhope, was re-appointed Secretary of State. + The speech delivered from the throne at the opening of the seventh session of this ever-memorable parliament, as Mr. Coxe observes, was drawn up by Walpole; and has been justly praised by Uztariz, an eminent Spanish writer, as a model of good sense and liberality of spirit., "Impartial posterity (he adds) will, I am persuaded, acknowledge that, if ever a statesman deserved well of the public, Sir Robert Walpole was that man." The advances, indeed, which have been made in shipping, commerce, manufactures, and every species of national industry, are prodigious. The immediate result of the speech was, that one hundred and six articles of British manufacture were allowed to be exported, and thirty eight articles of raw materials to be imported, dutyfree. which to the discredit of the liberality and justice of that period was adopted. In 1723, the King having announced that some extraordinary affairs required his presence abroad, nominated Walpole sole Secretary of State during the absence of Viscount Townshend and Lord Carteret, who accompanied their Royal Master to Hanover. In May 1725, his Majesty revived the military Order of the Bath, in honour of his second son, William Duke of Cumberland; the Duke of Montagu being appointed Grand Master, and Mr. Walpole and his eldest son Lord Walpole* two of the Knights. The whole number was thirty eight,† including the Sovereign, by whom they were invested with great solemnity on the twenty seventh of May. In 1726, he was installed Knight of the Garter; an honour enhanced by the consideration that, with the exception of Admiral Montagu (subsequently, Earl of Sandwich) he was the only Commoner, who since the reign of James I. had been dignified with that order.+ * A singular mark of royal favour had been conferred upon Walpole in 1723, by creating this son a Baron; his own importance, as a minister of finance, not permitting his removal from the House of Commons. + This number has since been increased by two successive regulations; and consists at present of three classes, Knights Grand Crosses, Knights Commanders, and Knights Companions. Upon this occasion Dr. Young, with his too-habitual strain of panegyric, in his poem entitled The Instalment,' invoked the shades of the deceased Knights to assist at his inauguration: Ye mighty Dead! ye garter'd sons of praise, He might now, indeed, be considered as at the head of the ministry, and for the details of his administration therefore we must refer to the history of the reign, with which it is nearly identified. Suffice it to state briefly that, in 1725, he promoted the bill for the restoration of Lord Bolingbroke to his country and estate, still keeping however his attainder hanging over him: a partial grace, with which it's object was so much offended, that he joined the confederacy of Walpole's enemies, and became by the powers of his pen one of his most formidable antagonists. The disturbances in Ireland occasioned by Wood's patent for a copper-coinage, and the tumults in Scotland on account of the malttax, gave ample exertion to his prudent and accommodating policy. The principal feature of his foreign system was, to preserve the nation in peace, in which he was seconded by the views of Cardinal Fleury, the Prime Minister of France; and the hostilities with Spain in 1727, proceeding from the engagements between the Courts of Madrid and Vienna, were shortly terminated by a separate peace with the Emperor, to which the Spanish Sovereign was obliged to accede. The measures of his administration, however, not Which hovering o'er your purple wings display, |