In 1717 one of the Whig ministers Robert Walpole (later known as the first Prime Minister) introduced “the sinking fund” to be used to paying off the Debt from the taxes.
The South Sea Company, founded in 1711 to trade in slaves, offered to take over a large part of the Debt which was followed by a great rise of the value of its shares. “The South sea bubble” burst up in 1720, collapsed like a pitched bubble and ruined many investors.
Robert Walpole was called to remedy the financial situation in the country. In 1721 he became the first Prime Minister and an outstanding statesman. The main objectives of his policy were peace and prosperity.
His motto was “let the sleeping dogs lie”. He had been in office for twenty years and stabilized the financial situation with the help of taxes imposed on goods sold within the country.
The taxes on tea and coffee were a success, but the taxes on wine and tobacco aroused protests of his opponents and people in the country.
When George II became king (1727-1760), he continued his father’s policy and relied upon R. Walpole as Prime Minister. But the opponents from the Tones were attacking Walpole, especially the young talented politician W. Pitt (the Elder), – and much against his will, the Prime Minister was forced to start a war against Spain. But he didn’t direct it properly in the opinion of his Parliamentary critics, and had to resign. But he continued to have an influence on George II. Sir Robert Walpole became a very rich man, had a rich collection of paintings which was sold by his grandson to Catherine the Great of Russia.
1745 was the year of another Jacobite attempt to restore the Stuarts. James, the Old Pretender, had been recognized by the Scottish opposition as James III, toasts had been drunk “for the King beyond the sea”, but James was passive and didn’t undertake any steps. His son and the grandson of James II, Charles Edward or the Young Pretender, landed in Scotland together with his seven followers. They were enthusiastically greeted by the Highlanders, who revolted in support of this romantic handsome young man and called him Bonny Prince Charlie. The Jacobite rebels captured Edinburgh the capital of Scotland but failed to withstand the attacks of the regular English army, they were defeated at the Cullodon Moor and scattered. Charles Edward escaped back to France. The Highlanders were subjected to cruel punishments and repressions. The old clan system was destroyed, it was forbidden to wear a kilt or to play bagpipes. Leaders were executed, many Highland families left the country. The Highlanders were brought under the control of the central Government.
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