that no ruler whose abilities and attainments would bear any comparison with his has ever shown such cold disdain for what is excellent in arts and letters. His first administration lasted seventeen years. That long period is divided by a strongly marked line into two almost exactly equal parts. The first part ended and the second began in the autumn of 1792. Throughout both parts Pitt displayed in the highest degree the talents of a parliamentary leader. During the first part he was a fortunate and, in many respects, a skilful administrator. With the difficulties which he had to encounter during the second part he was altogether incapable of contending: but his eloquence and his perfect mastery of the tactics of the House of Commons concealed his incapacity from the multitude. The eight years which followed the general election of 1784 were as tranquil and prosperous as any eight years in the whole history of England. Neighbouring nations which had lately been in arms against her, and which had flattered themselves that, in losing her American colonies, she had lost a chief source of her wealth and of her power, saw, with wonder and vexation, that she was more wealthy and more powerful than ever. Her trade increased. Her manufactures flourished. Her exchequer was full to overflowing. Very {263}idle apprehensions were generally entertained, that the public debt, though much less than a third of the debt which we now bear with ease, would be found too heavy for the strength of the nation. Those apprehensions might not perhaps have been easily quieted by reason. But Pitt quieted them by a juggle. He succeeded in persuading first himself, and then the whole nation, his opponents included, that a new sinking fund, which, so far as it differed from former sinking funds, differed for the worse, would, by virtue of some mysterious power of propagation belonging to money, put into the pocket of the public creditor great sums not taken out of the pocket of the tax-payer. The country, terrified by a danger which was no danger, hailed with delight and boundless confidence a remedy which was no remedy. The minister was almost universally extolled as the greatest of financiers. Meanwhile both the branches of the House of Bourbon found that England was as formidable an antagonist as she had ever been. France had formed a plan for reducing Holland to vassalage. But England interposed; and France receded. Spain interrupted by violence the trade of our merchants with the regions near the Oregon. But England armed; and Spain receded. Within the island there was profound tranquillity. The King was, for the first time, popular. During the twenty-three years which had followed his accession he had not been loved by his subjects. His domestic virtues were acknowledged. But it was generally thought that the good qualities by which he was distinguished in private life were wanting to his political character. As a Sovereign, he was resentful, unforgiving,