the royal family was very apparent during the whole CHAP. of this session. It was a subject never touched upon, but always feared and expected in debate. On one occasion, when the House of Lords was very full and the Prince of Wales present, Lord North and Grey rose, as he said, "to take "notice of the great ferment that is in the nation." Here he made a pause, and his hearers were in no small pain and suspense as to what might follow; but Lord North soon relieved them by mentioning only the great scarcity of silver, and the consequent hindrance of trade. This scarcity of silver was, in fact, one of the principal matters to which the Parliament of this year directed their attention. The reports on this subject of Sir Isaac Newton, as Master of the Mint, are still on record, and appear interesting from his name, if not from their contents. Lord Stanhope, in his official statement, as head of the Treasury, ascribed the scarcity of silver to three causes; first, the increasing luxury in relation to plate; secondly, the vast exports of bullion and other plate to the East Indies; thirdly, the clandestine trade that had lately been carried on of exporting silver and importing gold to and from Holland, Germany, and other countries. In support of these allegations Stanhope produced several papers, and, among the rest, one drawn up at the Custom House, by which it appeared that in 1717 the East India Company had exported near three IX. 1718. 1718. CHAP. millions of ounces of silver, which far exceeded IX. the imports in that year; so that large quantities of silver specie must necessarily have been melted down, both to make up that export and to supply silversmiths. He also hinted at "the malice of "some persons, who, by hoarding up silver, thought to distress the Government;" and declared that, nevertheless public credit had never yet been so high, for that "the Government "could now borrow great sums at three and a half 66 per cent." On the whole, it was resolved, "that "the standard of the gold and silver coins of this kingdom ought not to be altered in weight, fine"ness, or denomination; but that a bill should "be brought in for the more effectual preventing "the melting down of the coins of this kingdom.” I find, however, from the Lords' Journals, that though this bill was accordingly prepared, and went into committee, it did not pass this session. It has often occurred to me to doubt whether our practice of computing sums in gold instead of silver coins, always reckoning by pounds or guineas instead of crown-pieces,—has not had a tendency to raise and keep up prices unduly for small purchases. The Duke de Sully carries this idea further; he declares himself convinced by experience that even a crown-piece is too large a value for common computations *; and, in fact, it * "Je crois avoir fait l'experience que l'habitude de nommer un écu faute d'une denomination plus propre aux petits details "porte insensiblement toutes les parties du commerce dans les IX. may be observed, that, since his time, the French CHAP. have adopted the reckoning by LIVRES instead of ECUS. The Parliament sat only from the 21st of November to the 21st of March, without much of moment occurring. It is remarkable, that the seceding Whigs do not appear to have gained ground by their open junction with the Tories; and that the Government prevailed against them, on almost every occasion, by larger majorities than during their cabals in office. * The chief question on which the Opposition made a stand this session was the Mutiny Bill-a good topic for popular declamation, and on which the long experience of Walpole, as Secretary of War, enabled him to speak with peculiar powers of mischief; but it was carried in the Commons by 247 against 229. In the House of Peers, Oxford and Strafford (for the impeachment of the latter had been silently dropped), resuming their places, took a prominent part in the debate; Lord Townshend also spoke against the bill; and in the division they had 77 votes, and the Government 91. During one discussion Shippen, forgetting his usual caution, was betrayed into the observation, that some of his Majesty's measures "ventes et dans les achats au delà de leur vraie valeur." (Mem. de Sully, vol. ii. p. 148. ed. 1747.) "Tout est allé dans le Parlement au souhait de notre Roi, "qui n'aura plus d'embarras pour de l'argent pendant toute cette "séance. Aussi les fonds continuent à hausser considerable"ment."-Lord Stanhope to Abbé Dubois, Dec. 23. 1717. Hardwicke Papers, vol. xxvi. 1718. CHAP. were rather calculated for the meridian of GerIX. many than of Great Britain; and that it was the 1718. only infelicity of his Majesty's reign that he was unacquainted with our language and constitution. Nothing could be more true than the remark — nothing more mischievous than the intention; and a storm of indignation was immediately raised against the " downright" Jacobite. It was moved that he should be taken into custody; and, though Walpole interposed in favour of his new ally, and dexterously afforded him an opportunity for an explanation, which would probably have been accepted, yet Shippen, disdaining any submission, was sent to the Tower, where he remained during the rest of the session. Meanwhile, our relations with Spain had been growing to the critical point described in the foregoing chapter; and the Ministers, on full consideration, foresaw that an English fleet might be required to avert or to resist the designs of Alberoni, For this purpose a royal message was delivered to the House of Commons, on nearly the last day of the session, adverting to the possible necessity of a larger naval force; and a corresponding address was moved by Sir William Strickland, pledging the House to make good any such excess in * "I love to pour out all myself as plain РОРЕ. Shippen used afterwards to say of Walpole, "Robin and I are "two honest men; though he is for King George, and I for King "James." IX. 1718. the sea-service of 1718, as his Majesty might find CHAP. requisite to preserve the tranquillity of Europe. Both the message and the address cautiously shunned the mention by name of any foreign power; but Walpole insidiously observed, that such an address had all the air of a declaration of war against Spain. It was, however, carried without dividing. Preparations were immediately commenced for a large armament at Portsmouth; its destination to be the Mediterranean, its commander Sir George Byng. Still, however, it was confidently hoped that negotiations might prevent an appeal to arms; and it was chiefly with the view of effecting this happy result, that a change was made at this period in the office of Secretary of State. Stanhope, from his personal intimacy at the Courts of Paris, Vienna, and the Hague, and his long experience of Spain, was the person who, even when removed to the Treasury, still exercised a paramount influence on our foreign affairs. Dubois, Prince Eugene, and many others, continued to apply to him instead of to Sunderland; he was still looked to by Continental states as the head of the counsels relative to them; and the King likewise relied mainly on him in these affairs. Under such circumstances it was undoubtedly better that he should resume the office which would give him the official and responsible control of our foreign policy; and that the management ofour domestic affairs, together with the chief' post at the Treasury, should be |