TWO:The discontents occasioned by the South Sea scheme and its issue had caused the Jacobites to conceive fresh hopes of success, and their spirits were still more elevated by the birth of a son to the Pretender. The business of this faction was conducted in England by a junto or council, amongst the chief members of which were the Earls of Arran and Orrery, Lords North and Gower, and the Bishop of Rochester. Lord Oxford had been invited to put himself at the head of this council of five, but everything of a decided nature was out of his character. He continued to correspond with the leaders of the faction, but he declined putting himself too forward. In fact, his habitual irresolution was now doubled by advancing[50] infirmities, and he died three years afterwards. Though several of the junto were men of parliamentary, and North of military experience, Atterbury was the undoubted head of it. The period of confusion created by the South Sea agitation was first pitched on for a new attempt, then that of the general election, which had taken place in March, and, finally, it was deferred till the king should have gone to Hanover, according to his custom, in the summer.This point settled, the preliminaries of peace were signed at Fontainebleau on the 3rd of November. To console Spain for her losses by her unlucky alliance with France, Louis XV. ceded Louisiana to that country by a private convention.
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