Walpole had now been, during fourteen years, at the head of affairs. He had risen to power under the most favorable circumstances. The whole of the Whig party, of that party which professed peculiar attachment to the principles of the Revolution, and which exclusively enjoyed the confidence of the reigning house, had been united in support of his administration. Happily for him, he had been out of office 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 Spanish-jackass-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, {201}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 South-Sea 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, retired 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.