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 was revoked, he obtained an excessive compensation. His Halfpence are historic because Swift, in raising a tempest over the Irish grievance, employed the language of revolution and national patriotism, as it had never been heard. Again, the Excise Bill would have saved many hundreds of thousands of pounds to the State, when a hundred thousand was more than a million is now; but Walpole, in spite of his majority, yielded to the clamour outside. And he did the same thing in regard to the Spanish war, the last great crisis he encountered.

Walpole's main idea on taking the highest office, that which he proclaimed in his first king's speech, was to divert the country from frantic speculation to the legitimate profits of industry and trade. The two great openings for trade were with the Mediterranean and with Spanish America. That with the Mediterranean was somewhat neglected, as the government relied more on the friendship of the piratical Algerines than on the solid possession of Gibraltar and Minorca. George I. had written a letter to Philip V., dated 1st June 1721, in which he distinctly assured him of his "readiness to satisfy with regard to your demand relating to the restitution of Gibraltar, promising you to make use of the first favourable opportunity to regulate this article with consent of my parliament." The English ministry were not convinced of the importance of retaining Gibraltar, and fully expected to be in a position to give it up to Spain for an equivalent. Indeed, in January 1721, Stanhope had said to the French envoy that in a year, when the financial position of England was better and the temper of parliament improved, they would certainly give up Gibraltar, for the merest shadow of an equivalent, as the place was only a burden to them. But they had not counted on the determination of the English people to hold it at all costs. Philip, however, not perhaps without some reason, always regarded the engagement as precise, and treated the continued retention as an act of bad faith. In all that I have just said about Gibraltar, I have been quoting a recent writer in the Historical Review.