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THREE:Again, on the 22nd of March, Burke made another earnest effort to induce the infatuated Ministers and their adherents in Parliament to listen to reason. In one of the finest speeches that he ever made, he introduced a series of thirteen resolutions, which went to abolish the obnoxious Acts of Parliament, and admit the principle of the colonial Assemblies exercising the power of taxation. In the course of his speech he drew a striking picture of the rapid growth and the inevitable future importance of these colonies. He reminded the House that the people of New England and other colonies had quitted Great Britain because they would not submit to arbitrary measures; that in America they had cultivated this extreme independence of character, both in their religion and their daily life; that almost[216] every man there studied law, and that nearly as many copies of Blackstone's "Commentaries" had been sold there as in England; that they were the Protestants of Protestants, the Dissenters of Dissenters; that the Church of England there was a mere sect; that the foreigners who had settled there, disgusted with tyranny at home, had adopted the extremest principles of liberty flourishing there; that all men there were accustomed to discuss the principles of law and government, and that almost every man sent to the Congress was a lawyer; that the very existence of slavery in the southern States made white inhabitants hate slavery the more in their own persons. "You cannot," he said, "content such men at such a distance��Nature fights against you. Who are you that you should fret, rage, and bite the chains of Nature? Nothing worse happens to you than does to all nations who have extensive empires. In all such extended empires authority grows feeble at the extremities. The Turk and the Spaniard find it so, and are compelled to comply with this condition of Nature, and derive vigour in the centre from the relaxation of authority on the borders." His resolutions were negatived by large majorities.

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THREE:The spring of 1720 was a period of remarkable national prosperity. But "the grand money schemes projected of late," which appeared to the Jacobite Atterbury and others calculated to cement the royal peace and strengthen the foundation[46] of the Government and nation, were destined to produce a very different effect. For the South Sea Bubble was about to burst. In 1711, Harley, being at his wits' end to maintain the public credit, established a fund to provide for the National Debt, which amounted to ten millions of pounds. To defray the interest he made permanent the duties on wine, vinegar, and tobacco, etc. To induce the purchase of the Government stock, he gave to the shareholders the exclusive privilege of trading to the Spanish settlements in South America, and procured them an Act of Parliament and a royal charter, under the name of the South Sea Company. The idea, hollow and groundless as it was, seized on the imagination of the most staid and experienced traders. All the dreams of boundless gold which haunted the heads of the followers of Drake and Raleigh were revived. The mania spread through the nation, and was industriously encouraged by the partisans of Harley. But this stupendous dream of wealth was based on the promises of Ministers, who at the Peace of Utrecht were to secure from the Government of Spain this right to trade to its colonies. The right was never granted by that haughty and jealous Power, further than for the settlement of some few factories, and the sending of one small ship annually of less than five hundred tons. This, and the Assiento, or privilege of supplying those colonies with African slaves, were the sole advantages obtained, and these were soon disturbed by the war with Spain, which broke out under Alberoni. The South Sea Company, however, from its general resources, remained a flourishing corporation, and was deemed the rival of the Bank of England.Dick eyed him with surprise.

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