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Trade and land, it was contended, were being held at ransom by the moneyed interest, which contributed not one shilling toward the expense of the public. "·3 Walpole pleaded the case of the public creditors. "" Barnard's proposal was defeated. Walpole seemed at times genuinely concerned with the plight of the landed classes. By his excise scheme he attempted to raise the excise on salt, tobacco, and wine, and to allow a reduction in land tax. But, one could argue, Walpole's acceptance of the new economic world was revealed even in this activity.

When the and was East India Company's charter was up for renewal ID under bitter attack by the Opposition, Walpole came to Its defense. he national debt was co':'tracted in defense of our liberties and prop. ertles and for the preservatIon of our most excellent constitution from popery and This encouraged the best subjects at the Revolution to vc:nture thetr lives and fortunes in maintaining a long and expensive wru; In which a firm dependence on Parliamentary faith and that public credit from.

The Sacheverell trial in I7IO had inflamed the London mob to turn upon all traces of popery and dissent. Not satisfied with burning chapels alone, the mob had threatened to storm the Bank itself, full of gold and Whiggery. The Bank was protected, and perhaps even saved, by squadrons of Horse Guards who rode from St. "23 Their plea was ineffective, and Sunderland was dismissed two days later. In August, the Bank responded by refusing a loan to support continued army, navy, and transport services.

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