The period of the premiership of Henry Pelham is marked by the absence of parliamentary contest. Taught by the stormy close of Walpole's career, he so far deviated from his master's precepts, that, instead of wishing to stand alone in his government, his chief object was to conciliate all parties, and the broad ministry over which he presided included nearly all the men of striking talent in Parliament. There was no opposition worth mentioning, except a little clique who gathered round the Prince of Wales, and at whose head was Doddington. It was not till the death of Mr. Pelham in 1754 that the strife of parties again began. [Sidenote: His financial measures. 1750.] Meanwhile the system of subsidies to foreign powers was quietly carried on, even Pitt ceasing to raise his voice against them. The lull of party strife, and the strength of his position, enabled the minister, who was a good financier, to alleviate what was then considered a very threatening danger to the country, and at the same time to demonstrate the firm and constant increase of the national wealth. He determined to introduce a measure (1750) for the reduction of the debt, which was at that time about £78,000,000, paying an interest of £3,000,000 a year. This sum was at that time regarded as very formidable. But Pelham, rightly thinking that the country could well bear the amount of debt, directed his attention not to diminishing the capital but to lowering the rate of interest. This plan had indeed been carried out constantly since the time of William III., and as the operation had been always successful, it marks the increased confidence of the nation in the Government, and the increased wealth of the nation, since money could be procured at gradually cheapening rates. Under William III. eight per cent. had been given: under Queen Anne the interest had been reduced to six: under George I. to five and to four; Pelham now proposed to reduce it to three per cent. In spite of some natural opposition the Bill was carried. Those who were unwilling to receive the reduced interest, and there were few such, received their capital from money borrowed at three per cent. The rest accepted the terms, which were three and a half, for the next eight years, and three per cent. after 1758. The annual saving was more than half a million, and Smollett says that Europe saw with wonder England reducing the national obligations immediately after a war which had almost ruined Europe. Three millions was indeed a considerable charge upon a revenue amounting to about £8,523,540. This was derived from four principal sources;--more than £3,800,000 from Excise and Malt Tax, £1,900,000 and over from the customs; £1,637,608 from the Land Tax, and the rest from the stamp duties and other small sources. The late war had cost the nation upwards of £30,000,000, and many financiers, not foreseeing the enormous development of the national resources which the