CHAP. VII.

The State of the Nation, at the Accession of George II.-Remarks thereon.-The Increase of Trade, and Shipping.-Complaints of their Decline.— Reflections.-Our Strength, when War began in 1739.-Our Trade, and Shipping, during the War.-The Prosperity of both, at the Restoration of Peace.-Complaints of Decline.-Remarks.

THE

HE reign of George II. with whatever sinister events it opened, will be found to have promoted greatly, before its successful end, the industry, and productive capital of the nation; and, consequently, the efficient numbers of the people, by the means of augmented employments.

He found his kingdom burdened, with a funded debt, of rather more than fifty millions; which required annually, from the land, and labour, of the nation, taxes to the amount of two millions, and upwards, to pay the creditor's annuity.

But, as his predecessor reduced, ten years before, the interest payable on the public debts, from six per cent. to five, the administration of the present King made a further reduction, with the consent of all parties, from five per cent. to four, in 1727. Those measures, which the fortunate circumstances

of the times, rendered easy, and safe, not only strengthened public and private credit, but, by reducing the natural interest of money still more, must have thereby facilitated every operation of domestic manufactures, as well as every effort of foreign traffic. The fabrics of wool were, at the same time, freed from fraud. And, the peace with Spain, in 1728, must have invigorated our exportations to the Mediterranean, the more, as a truce was then also made with Morocco.

Yet, party-rage ran so high, in 1729, says Anderson,* that the friends of the minister found themselves obliged to prove, by facts, what was before, generally, known to be true, that Britain was, then, in a thriving condition: The low interest of money, said they, demonstrates a greater plenty of cash, than formerly; this abundance of money has raised the price of lands, from twenty, and twenty-one years purchase, to twenty-one, and twenty-five; an advance, which proves that, there were more persons able, and ready to buy than formerly:-And the great sums, which were of late expended in the enclosing, and improving of

Chron. Com. vol. ii. p. 322.-The cause of the abovementioned party-rage is now sufficiently known. Sir Spencer Compton outwitted himself in the bargain for place, about Queen Caroline's jointure. Sir R. Walpole did not higgle with her Majesty about a hundred thousand pounds : and he was, in return, continued the minister. But, the prosperity of the people is nowise connected with the interested contests among the great.

I

lands, and in opening mines, are proofs of an augmentation of opulence, and of people; while the increased value of our exports, shows an increase of manufactures; at the same time that the greater number of shipping, which were cleared outwards, marks the wider extent of our navigation.

If we compare the averages of our vessels, and cargoes, in the first years of the present reign, with those of the three years of peace, which preceded the war of 1739, we shall see all those truths, in a still more pleasing light:

28

1736

·

37 476,941 26,627 - 503,568 - 9,993,232 38

It was at this moment of unexampled prosperity, that the elder Lord Lyttleton wrote Considerations on the present State of Affairs, (1738): "In most parts of England," says he, "gentlemen's rents are so ill paid, and the weight of taxes lyes so heavy upon them, that those, who have nothing from the Court, can scarce support their families:-Such is the state of our manufactures; such is that of our colonies: both should be inquired into, that the nation may know, whether the former can support themselves much longer under their various pressures. The editor of his lordship's works would have done no

disservice to the memory of a worthy man, had he consigned this factious effusion to anonymous obscurity. Animated by a congenial spirit, Pope too wrote Considerations on the State of Affairs: In his two dialogues, entitled THIRTY-EIGHT, he represents, in most energetic language, and exquisite numbers, the nation as totally ruined; as overwhelmed with corruption:

"See thronging millions to the Pagod run,
And offer country, parent, wife, or son!

Hear her bleak trumpet through the land proclaim,
That not to be corrupted is the shame.”

It was about the same time also, that William Richardson composed his Essay "On the Causes of the Decline of Foreign Trade." But, it is not easy to conceive, that any disquisition can be more depraved, than a treatise to explain the causes of an effect, which did not exist.

It was the evident purpose of some of those writers to drive the nation headlong into war, without thinking of any other consequences, than acquiring power, or gratifying spleen; and without caring how much a people, represented as unable to pay their rents, might be burthened with taxes; or a country, painted as feeble, from dissipation, might be disgraced, or conquered.

If the nation had thus prospered, in her affairs, and the people thus increased in their numbers, Great Britain must have contained, when she was

factiously forced into war with Spain, a greater number of fighting men, than had ever fought her battles before. And she must have possessed a mass of productive capital, and a greatness of annual income, far superior to those of former years.

The course of circulation had filled, and even overflowed. The natural interest of money ran steadily at three per cent. The price of all the public securities had risen so much higher, than they had been, in any other period, that the three per cent. stocks sold at a premium on 'Change. And the annual surpluses of the standing taxes, as they were paid into the sinking fund, amounted, in 1738, to no less a sum than 1,231,127).

Of this fund, some writers have very properly observed, that, while it contributes to the liquidation of former debts, it still more facilitates the contracting of new ones. But, the great contest, among the public creditors, at that fortunate epoch, was not so much, who should be paid his capital, as who should be suffered to remain the creditors. of the State. How much of the public debts had been paid, during the last ten years, and how much still remained, as a burden on the State, will appear from the following detail:

On

* Sir J. Barnard's speech for the reduction of interest. + Idem.