when the South-Sea Act was passed; and, though he does not appear to have foreseen all the consequences of that measure, he had strenuously opposed it, as he had opposed all the measures, good and bad, of Sunderland's administration. When the South-Sea Company were voting dividends of fifty per cent., when a hundred pounds of their stock were selling for eleven hundred pounds, when Threadneedle Street was daily crowded with the coaches of dukes and prelates, when divines and philosophers turned gamblers, when a thousand kindred bubbles were daily blown into existence, the periwig-company, and the Spanishjackass-company, and the quicksilver-fixation-company, Walpole's calm good sense preserved him from the general infatuation. He condemned the prevailing madness in public, and turned a considerable sum by taking advantage of it in private. When the crash came, when ten thousand families were reduced to beggary in a day, when the people, in the frenzy of their rage and despair, clamoured, not only against the lower agents in the juggle, but against the Hanoverian favourites, against the English ministers, against the King himself, when Parliament met, eager for confiscation and blood, when members of the House of Commons proposed that the directors should be treated like parricides in ancient Rome, tied up in sacks, and thrown into the Thames, Walpole was the man on whom all parties turned their eyes. Four years before he had been driven from power by the intrigues of Sunderland and Stanhope; and the lead in the House of Commons had been intrusted to Craggs and Aislabie. Stanhope was no more. Aislabie was expelled from Parliament on account of his disgraceful conduct regarding the SouthSea scheme. Craggs was perhaps saved by a timely death from a similar mark of infamy. A large minority in the House of Commons voted for a severe censure on Sunderland, who, finding it impossible to withstand the force of the prevailing sentiment, re

tired from office, and outlived his retirement but a very short time. The schism which had divided the Whig party was now completely healed. Walpole had no opposition to encounter except that of the Tories; and the Tories were naturally regarded by the King with the strongest suspicion and dislike.

For a time business went on with a smoothness and a despatch such as had not been known since the days of the Tudors. During the session of 1724, for example, there was hardly a single division except on private bills. It is not impossible that, by taking the course which Pelham afterwards took, by admitting into the Government all the rising talents and ambition of the Whig party, and by making room here and there for a Tory not unfriendly to the House of Brunswick, Walpole might have averted the tremendous conflict in which he passed the later years of his administration, and in which he was at length vanquished. The Opposition which overthrew him was an Opposition created by his own policy, by his own insatiable love of power.

In the very act of forming his Ministry he turned one of the ablest and most attached of his supporters into a deadly enemy. Pulteney had strong public and private claims to a high situation in the new arrangement. His fortune was immense. His private character was respectable. He was already a distinguished speaker. He had acquired official experience in an important post. He had been, through all changes of fortune, a consistent Whig. When the Whig party was split into two sections, Pulteney had resigned a valuable place, and had followed the fortunes of Walpole. Yet, when Walpole returned to power, Pulteney was not invited to take office. An angry discussion took place between the friends. The Ministry offered a peerage. It was impossible for Pulteney not to discern the motive of such an offer. He indignantly refused to accept it. For some time he continued to brood over his wrongs, and to watch

for an opportunity of revenge. As soon as a favourable conjuncture arrived he joined the minority, and became the greatest leader of Opposition that the House of Commons had ever seen.

Of all the members of the Cabinet Carteret was the most eloquent and accomplished. His talents for debate were of the first order; his knowledge of foreign affairs was superior to that of any living statesman; his attachment to the Protestant succession was undoubted. But there was not room in one Government for him and Walpole. Carteret retired, and was, from that time forward, one of the most persevering and formidable enemies of his old colleague.

If there was any man with whom Walpole could have consented to make a partition of power, that man was Lord Townshend. They were distant kinsmen by birth, near kinsmen by marriage. They had been friends from childhood. They had been schoolfellows at Eton. They were country neighbours in Norfolk. They had been in office together under Godolphin. They had gone into opposition together when Harley rose to power. They had been persecuted by the same House of Commons. They had, after the death of Anne, been recalled together to office. They had again been driven out together by Sunderland, and had again come back together when the influence of Sunderland had declined. Their opinions on public affairs almost always coincided. They were both men of frank, generous, and compassionate natures. Their intercourse had been for many years affectionate and cordial. But the ties of blood, of marriage, and of friendship, the memory of mutual services, the memory of common triumphs and common disasters, were insufficient to restrain that ambition which domineered over all the virtues and vices of Walpole. He was resolved, to use his own metaphor, that the firm of the house should be, not Townshend and Walpole, but Walpole and Townshend. At length the rivals proceeded to personal abuse before a lagre company,

seized each other by the collar, and grasped their swords. The women squalled. The men parted the combatants. By friendly intervention the scandal of a duel between cousins, brothers-in-law, old friends, and old colleagues, was prevented. But the disputants could not long continue to act together. Townshend retired, and, with rare moderation and public spirit, refused to take any part in politics. He could not, he said, trust his temper. He feared that the recollection of his private wrongs might impel him to follow the example of Pulteney, and to oppose measures which he thought generally beneficial to the country. He therefore never visited London after his resignation, but passed the closing years of his life in dignity and repose among his trees and pictures at Rainham.

Next went Chesterfield. He too was a Whig and a friend of the Protestant succession. He was an orator, a courtier, a wit, and a man of letters. He was at the head of ton in days when, in order to be at the head of ton, it was not sufficient to be dull and supercilious. It was evident that he submitted impatiently to the ascendancy of Walpole. He murmured against the Excise Bill. His brothers voted against it in the House of Commons. The Minister acted with characteristic caution and characteristic energy; caution in the conduct of public affairs; energy where his own supremacy was concerned. He withdrew his Bill, and turned out all his hostile or wavering colleagues. Chesterfield was stopped on the great staircase of St. James's, and summoned to deliver up the staff which he bore as Lord Steward of the Household. A crowd of noble and powerful functionaries, the Dukes of Montrose and Bolton, Lord Burlington, Lord Stair, Lord Cobham, Lord Marchmont, Lord Clinton, were at the same time dismissed from the service of the Crown.

Not long after these events the Opposition was reinforced by the Duke of Argyle, a man vainglorious indeed and fickle, but brave, eloquent and popular.

It was in a great measure owing to his exertions that the Act of Settlement had been peaceably carried into effect in England immediately after the death of Anne, and that the Jacobite rebellion which, during the following year, broke out in Scotland, had been suppressed. He too carried over to the minority the aid of his great name, his talents, and his paramount influence in his native country.

In each of these cases taken separately, a skilful defender of Walpole might perhaps make out a case for him. But when we see that during a long course of years all the footsteps are turned the same way, that all the most eminent of those public men who agreed with the Minister in their general views of policy left him, one after another, with sore and irritated minds, we find it impossible not to believe that the real explanation of the phænomenon is to be found in the words of his son, "Sir Robert Walpole loved power so much that he would not endure a rival." Hume has described this famous minister with great felicity in one short sentence,-"moderate in exercising power, not equitable in engrossing it." Kind-hearted, jovial, and placable as Walpole was, he was yet a man with whom no person of high pretensions and high spirit could long continue to act. He had, therefore, to stand against an Opposition containing all the most accomplished statesmen of the age, with no better support than that which he received from persons like his brother Horace or Henry Pelham, whose industrious mediocrity gave no cause for jealousy, or from clever adventurers, whose situation and character diminished the dread which their talents might have inspired. To this last class belonged Fox, who was too poor to live without office; Sir William Yonge, of whom Walpole himself said, that nothing but such parts could buoy up such a character, and that nothing but such a character could drag down such parts; and Winnington, whose private morals lay, justly or unjustly, under imputations of the worst kind.