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THREE:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.And when the sack had provided stability in the front place, Larry, feeling a little anxious, but more about making mistakes under the pilot’s watchful eye in starting than about his performance in the air, got the engine started, warmed up, checked, put the craft into the wind, signaled for chocks to be pulled away, gave a spurt of the “gun” to start it, accelerated speed till the ship began to want to take the air itself, having remembered to use the elevators to lift the tail skid free from dragging—and with a return of elevators to normal right away to keep the craft level on its run—he drew back on the stick, widened the throttle feed a trifle, returned the elevators to normal as he attained the safe climbing angle, and was up and away on his first solo flight.

THREE:At Sandy’s sensational announcement there was a stampede from the bridge. Soon after Dick and Larry raced through the cluttered and deserted dining saloon, it was invaded by the captain, the millionaire, Miss Serena and others, with Sandy in the lead.[See larger version]

THREE:She had read one of the books one afternoon when she was left alone, until the sun began to sink behind the mountain tops, and the cook to drag branches to the fire preparatory to getting supper. Then she marked her place with a twig, and rose up from the ground to go to the tent and dress, against Landor's return. The squaws and bucks who had been all day wandering around the outskirts of the camp, speaking together in low voices, and watching the cook furtively, crowded about the opening.

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