On the second day of July, the lords took into consideration the treaty of commerce with Spain; and a great number of merchants being examined at the bar of tha house, declared that unless the explanation of the third, fifth, and eighth articles, as made at Madrid after the treaty was signed, were rescinded, they could not carry on their commerce without losing five and twenty per cent. After a long debate, the house resolved to address the queen for all the papers relating to the negotiation of the treaty of commerce with Spain, with the names of the persons who advised her majesty to that treaty. To this address she replied, that understanding the three explanatory articles of the treaty were not detrimental to the trade of her subjects, she had consented to their being ratified with the treaty. The earl of Wharton represented, that if so little regard was shown to the addresses of that august assembly to the sovereign, they had no business in that house. He moved for a remonstrance, to lay before her majesty the insuperable difficulties that attended the Spanish trade on the footing of the late treaty; and the house agreed to his motion. Another member moved, that the house should insist on her majesty’s naming the person who advised her to ratify the three explanatory articles. This was a blow aimed at Arthur Moore, a member of the lower house, whom lord Bolingbroke had consulted on the subject of the treaty. He was screened by the majority in parliament; but a general court of the South Sea company resolved, upon a complaint exhibited by captain Johnson, that Arthur Moore, while a director, was privy to and encouraged the design of carrying on a clandestine trade, to the prejudice of the corporation, contrary to his oath, and in breach of the trust reposed in him; that therefore, he should be declared incapable of being a director of, or having any employment in, this company. The queen had reserved to herself the quarter-part of the assiento contract, which she now gave up to the company, and received the thanks of the upper house; but she would not discover the names of those who advised her to ratify the explanatory articles. On the ninth day of July, she thought proper to put an end to the session with a speech on the usual subjects. After having assured them that her chief concern was to preserve the protestant religion, the liberty of her subjects, and to secure the tranquillity of her kingdom, she concluded in these words—“But I must tell you plainly, that these desirable ends can never be obtained, unless you bring the same dispositions on your parts; unless all groundless jealousies, which create and foment divisions among you, be laid aside; and, unless you show the same regard for my just prerogative, and for the honour of my government, as I have always expressed for the rights of my people.”
After the peace had thus received the sanction of the parliament, the ministers, being no longer restrained by the tie of common danger, gave a loose to their mutual animosity. Oxford wrote a letter to the queen containing a detail of the public transactions; in the course of which he endeavoured to justify his own conduct, and expose the turbulent and ambitious spirit of his rival. On the other hand, Bolingbroke charged the treasurer with having invited the duke of Marlborough to return from his voluntary exile, and maintained a private correspondence with the house of Hanover. The duke of Shrewsbury likewise complained of his having presumed to send orders to him in Ireland, without the privity of her majesty and the council. In all probability his greatest crime was his having given umbrage to the favourite, lady Masham. Certain it is, on the twenty-seventh day of July, a very acrimonious dialogue passed between that lady, the chancellor, and Oxford, in the queen’s presence. The treasurer affirmed he had been wronged and abused by lies and misrepresentations, but he threatened vengeance, declaring that he would leave some people as low as he had found them when they first attracted his notice. In the meantime he was removed from his employment; and Bolingbroke seemed to triumph in the victory he had obtained. He laid his account with being admitted as chief minister into the administration of affairs; and is said to have formed a design of a coalition with the duke of Marlborough, who at this very time embarked at Ostend for England. Probably, Oxford had tried to play the same game, but met with a repulse from the duke, on account of the implacable resentment which the duchess had conceived against that minister.