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FORE: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.Ill news flowed in apace from all quarters during the recess. The Marquis de Bouill�� had surprised and retaken St. Eustatia. The new conquests in Demerara and Essequibo had also been retaken. Bouill�� having secured St. Eustatia, next turned his arms against the old and valuable island of St. Kitt's. He then landed eight thousand men at Basseterre, the capital, whose movements were protected by the fleet under De Grasse. General Fraser and Governor Shirley took post on the rugged heights of Brimstone Hill, and made a stout defence, whilst Sir Samuel Hood, who had followed De Grasse from the Chesapeake, boldly interposed between the French admiral and the French troops on shore. Hood twice beat off De Grasse; but the British fleet and army were much too inconsiderable to maintain the conquest. The island was finally taken, and after it the smaller ones of Nevis and Montserrat, so that of all the Leeward Islands we had only Barbadoes and Antigua left. FORE:Owing to these circumstances, occasion was taken, on the presentation to the Privy Council of the petition of the people of Boston for the removal of the Governor and Lieutenant-Governor of Massachusetts, to animadvert on Franklin's conduct. This took place on the 29th of January, 1774, when Dunning and Lee were retained on the part of the petition, and Wedderburn, the Solicitor-General, appeared for the Crown. There were no less than thirty-five Privy Councillors present, amongst them Lord North, and Lord Gower at their head, as Lord President. Neither Dunning nor Lee spoke effectively, but as if they by no means relished the cause in which they were engaged; while Wedderburn seemed animated by extraordinary life and bitterness. He was the friend of Whately, who was now lying in a dangerous state from his wound. After speaking of the Charter and the insubordinate temper of the people of Massachusetts, he fell with withering sarcasm on Franklin, who was present. Hitherto, he said, private correspondence had been held sacred, even in times of the most rancorous party fury. But here was a gentleman who had a high rank amongst philosophers, and should be the last to sanction such infamous breaches of honour, openly avowing his concern in them. He asked where, henceforth, Dr. Franklin could show his face; and said that henceforth he must deem it a libel to be termed "a man of letters," he was "a man of three letters, f u r, a thief." Wedderburn could compare him only to Zanga, in Dr. Young's "Revenge:"��He made as if to kick the bottle away, but quick as a flash she was on her feet and facing him. FORE:��I��m going to be too busy earning money to finish my flying lessons to bother, anyway,�� Larry decided.