On the death of Stanhope, Sir Robert Walpole was left without a rival, and he received his commission of First Lord of the Treasury on the 2nd of April, and from this period down to 1742 he continued to direct the government of Great Britain. His chief anxiety now was to restore the public credit. He drew up, as Chairman of the Committee of the Commons, a report of all that had been lost in the late excitements, and of the measures that had been adopted to remedy the costs incurred. Amongst these were the resolutions of the House respecting the seven and a half millions the directors of the South Sea Company had agreed to pay to Government; more than five had been remitted, and we may add that on the clamorous complaints of the Company the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of encumbrance, the credit of the Company's bonds had been maintained, and thirty-three per cent. of the capital paid to the proprietors. Such were the measures adopted by the Commons, and these being stated in the report to the king, a Bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the Government. On the second reading of Walpole's Bill they thronged the lobby of the House of Commons. The next day the Bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the Bank, and with a clear eye to his own interest; but he had been strenuously vindicated from the charge, and on the whole the vigour and boldness with which he encountered the storm and quelled it deserve the highest praise, and may well cover a certain amount of self-interest, from which few Ministers are free.

GEORGE I.

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The discontents occasioned by the South Sea scheme and its issue had caused the Jacobites to conceive fresh hopes of success, and their spirits were still more elevated by the birth of a son to the Pretender. The business of this faction was conducted in England by a junto or council, amongst the chief members of which were the Earls of Arran and Orrery, Lords North and Gower, and the Bishop of Rochester. Lord Oxford had been invited to put himself at the head of this council of five, but everything of a decided nature was out of his character. He continued to correspond with the leaders of the faction, but he declined putting himself too forward. In fact, his habitual irresolution was now doubled by advancing infirmities, and he died three years afterwards. Though several of the junto were men of parliamentary, and North of military experience, Atterbury was the undoubted head of it. The period of confusion created by the South Sea agitation was first pitched on for a new attempt, then that of the general election, which had taken place in March, and, finally, it was deferred till the king should have gone to Hanover, according to his custom, in the summer.

In preparation for this movement James the Pretender was to sail secretly to Spain, in readiness to cross to England; and he had already quitted his house in Rome and removed to a villa, the more unobserved to steal away at the appointed moment. Ormonde also had left Madrid and gone to a country seat half way to Bilbao, when the secret of the impending expedition was suddenly revealed by the French Government to that of England. The conspirators had been mad enough to apply to the Regent for five thousand troops, trusting that, notwithstanding his peaceful relations with Britain, he would secretly enjoy creating it some embarrassment. But in this, as in all other views, they proved more sanguine than profound. Sir Luke Schaub, the British Ambassador, was immediately informed of it on condition, it was said, that no one should die for it.

Walpole was instantly on the alert on this startling discovery. He prevailed on the king to put off his journey to Germany. Troops were drawn round London and a camp was formed in Hyde Park. The king took up his residence at Kensington, in the midst of the soldiers, and the Prince of Wales retired to Richmond. General Macartney was dispatched for still more troops from Ireland; some suspected persons were arrested in Scotland; the States of Holland were solicited to have ships and soldiers in readiness; an order was obtained from the Court of Madrid to forbid the embarkation of Ormonde; and General Churchill was dispatched to Paris to make all secure with the Regent. Atterbury was arrested on the 24th of August.

Parliament opened its first sitting on the 9th of October. The rumour of invasion, of course, gave the tone to the king's speech. He recited the leading facts of the conspiracy, and observed that he should the less wonder at them had he in any one instance, since his accession to the throne of his ancestors, invaded the liberty or property of his subjects.

The very first act was to suspend the Habeas Corpus Act for a year. To punish the Catholics and Non-jurors, who were all regarded as implicated in this conspiracy, Walpole proposed to raise one hundred thousand pounds by a tax on their estates. A Bill of Pains and Penalties was passed against Atterbury, and he was compelled to go into banishment. On the 18th of June Atterbury was put on board a man-of-war and conducted to Calais. As he landed there, he was told that Bolingbroke had received the king's pardon, and was just quitting Calais for England; and the Bishop said, with a smile, "Then I am exchanged."

This Act, however, merely gave Bolingbroke the right to come back and live in security in England. His ambition could only be satisfied by the restoration of his estates and honours. Unfortunately for him, when he arrived in England, the king had sailed for Hanover, attended by Townshend and Carteret, and his great patroness, the Duchess of Kendal. He waited, therefore, on Walpole, who promptly rejected his offers. Mortified at this repulse, Bolingbroke returned to Paris, where a field of action had opened in which he was well calculated to figure.