ONE:All this time "the great Admiral Vernon," as the Opposition delighted to call him, in disparagement of all the commanders favourable to the Government, lay still with his ships and afforded no assistance to the land troops. When Wentworth bitterly complained of this, to show that it was impossible to operate on the town from the harbour, Vernon sent into the inner harbour the Galicia, a Spanish ship which had been taken. This ship kept up a cannonade on the town for several hours, producing little effect, and was fired on from the town with as little. The men were then brought off in boats, the Galicia's cable was cut, and she was suffered to run upon a shoal, where she soon filled. The troops were now hastily re-embarked; the unhealthy season was at its height, and the men were swept away by fever more rapidly than they had been mowed down on land. The heavy rains had set in, and the troops in a few days were reduced to one half their number. Admiral Vernon instead of undertaking any enterprise which might have retrieved the honour of the British arms, set sail from Jamaica with the forces in July, and anchored in the south part of Cuba in a bay, on which he bestowed the appellation of Cumberland Harbour. Here the remains of that fine fleet and army, capable of achieving the most brilliant conquests under able commanders, were suffered to corrode away under the influence of inactivity, the season, bad salted provisions, and excess of rum.
TWO:[305]It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.
