vation. The last two-thirds of Mr. Aislabie's second defence before the lords contains a curious account of the whole affair; and, whether Mr. Aislabie was or was not as reasonable as he pretends, gives a very just description of at least the follies of others.

The manner in which the concerns of all parties were adjusted may be best understood from Anderson; and, in the first place, from the report of the address of the house itself, drawn up by Sir Robert.

Much loss must have been suffered by those who last entered into the scheme, and much dissatisfaction was expressed. All parties were made very properly to abide by the consequences of their folly. The seven millions, indeed, which the nation was to receive from the South Sea Company was at length necessarily remitted, but the nation found its original engagements converted into new engagements of a more advantageous nature; and though the scheme was in every respect wretchedly managed, some advantage was derived from it, and the public creditors no longer received an interest disproportioned to the interest at which money could at the time be borrowed.

THE great French work of Fourbonnois is the most regular treatise on the system of Law. Here will be found all the history of the system, and all the violent and unjust measures that were adopted to support it; but the detail is difficult to understand, and after passing many hours over it, more than I can expect others to do, I can only advise you, in the first place, to study well the chapters of Stuart.

The treatise which Law addressed to the parliament of Scotland is short, and may be met with; it explains his objections to the use of the precious metals, and the manner in which he would have converted the whole feesimple of the land into circulating medium. Scotland and every other country was, he conceived, suffering from the want of circulating medium, which was all that he thought was necessary to its prosperity. Commissioners were therefore to be appointed to issue paper money on land security, &c.

There is a certain portion of truth in Law's notions, sufficient to deceive

him, as it had deceived many others; for while money flows into a country by the fabrication of paper money, the effect is beneficial; it is beneficial while the money continues to flow, no longer; for every man during this interval receives a full return for any effort in industry that he can make; the quantity of circulating medium has been increasing while he was making this effort, and he therefore receives more than he would otherwise have done.

But the moment the tide stops, this high remunerating price stops also; and every opposite consequence arises; and stop it must, if artificially produced.

The whole subject is very well explained by Hume in his Essay on Money.

Mrs. 254, 270, 784, 304, 539, 540

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LECTURE XXVIII.

GEORGE II. PELHAM.

REBELLION OF 1745, ETC.

We left the English history at the close of the administration of Sir Robert Walpole; the next era that I will propose to you is the interval between that event and the peace of 1763.

To this era we turn with some curiosity. We have heard much of the events by which it was distinguished, much of the great statesmen and lawyers by whom it was adorned. The nation, in the meantime, as we may judge from the effect, must have made a great progress in its commerce, agriculture, manufactures, and literature: in its general opulence, and general intelligence. Of all these things we are somewhat eager to know the history.

But on this occasion we meet with a severe disappointment. We find the history written only by Smollett; and we learn, upon inquiry, that the work was drawn up as a Tory history (agreeably, however, to Smollett's principles), because a bookseller, in the exercise of his trade, had perceived that such a history would obtain a sale.

Belsham's History is but short; and though a work of more merit than is generally allowed, not written in a manner, even in these earlier volumes, sufficiently calm and dignified. The Annual Registers do not begin till the year 1758; and the London Magazine and Gentleman's Magazine comprehend some of the materials of history rather than a history itself. Above all, we have no authentic debates. In four volumes is comprised everything of this kind that can now be offered to our notice. Under the feigned names of the Roman senate and the senate of Lilliput, some of the

speeches of those who took a part in the debates were published in the London and Gentleman's Magazines; but at length even this imperfect and mutilated information was denied. The public were prevented from knowing the arguments and views of their statesmen, not only by order of the lords, the hereditary protectors of the community, but by the commons, the very representatives of the community; and there is for some time, in the debates of both houses, a total chasm and blank. After all that we have heard of the eloquence of Murray and of Pitt, nothing can be more grievous than our disappointment in this part of our general inquiries.

I have already noticed to you the very strange ignorance of the real nature of this subject, shown by the House of Commons on a former occasion, and even by such a man as Pulteney, while the leader of opposition. It is now better understood. And as, on the one hand, every reasonable man will see that the houses of parliament should always have the right of excluding strangers when they think fit: so, on the other, it is equally clear that this right should be exercised as seldom as possible-by no means so often as men of violent and arbitrary dispositions would think desirable. You who hear me will, I trust, if any of you should ever sit in parliament, be very careful how you interfere with the publicity of the debates; in other words, how you presume to assassinate the talents of your country, stifle the free spirit of its constitution, and destroy the instruction of after ages.

On the whole, it will appear, from all the particulars I have mentioned, that we have no very good means of appreciating what I may call the fair, open, regular politics of the country. We must judge, as well as we can, from the events that took place, the measures carried by the different administrations, the general characters of those that composed them.

We are allowed a slight glance into another part of the

The

general subject, the intrigues and cabals of the times. Diary of Dodington, Lord Melcombe, has been published. It is generally amusing, and sometimes important: amusing, because it gives some idea of the way in which public men of more talents than principle usually reason and act, and of the way, too, in which they are treated by ministers and those who want their services at the cheapest rate; important, because it gives some idea of Mr. Pelham, the Duke of Newcastle, and other distinguished men of the times, and above all, because it affords the only insight we can as yet obtain into the education and manners of his majesty George III. when young, as well as into the characters of those who were around him, his tutors and governors, his friends the Earl of Bute, Prince Frederick his father, and the Princess Dowager.

The public can seldom reach any knowledge of this peculiar kind. Those who are usually about a court are unfit to make any proper use of their advantages, and indeed they seldom try. The slightest particulars, therefore, are eagerly seized and meditated upon by every philosophic reader of history; and this book of Dodington must by no means be neglected.

With Dodington may be read a book published by Lord Holland-the Memoirs of Lord Waldegrave, from the year 1754 to 1758. The book is very deserving of perusal, as it affords us the observations of a very sensible man on the occurrences that passed before his eyes, while in the confidence of George II. and the governor of the king. It somewhat disappoints the reader, for more might have been expected than is found on the subject of the young prince, the Princess Dowager, and Lord Bute, though valuable hints are given; and on the political principles of Pitt, Mr. Fox and others; but the book must be read, and will be read as well as the preface and the letters of Mr. Fox (afterwards Lord Holland), with entertainment and instruction. Characters are given, and well drawn; the style is very easy,