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In an age of low and dirty prostitution, in the age of Dodington and Sandys, it was something to have a man who might perhaps, under some strong excitement, have been tempted to ruin his country, but who never would have stooped to pilfer from her, a man whose errors arose, not from a sordid desire of gain, but from a fierce thirst for power, for glory, and for vengeance.

History owes to him this attestation, that at a time when anything short of direct embezzlement of the public money was considered as quite fair in public men, he showed the most scrupulous disinterestedness; that, at a time when it seemed to be generally taken for granted that Government could be upheld only by the basest and most immoral arts, he appealed to the better and nobler parts of human nature; that he made a brave and splendid attempt to do, by means of public opinion, what no other statesman of his day thought it possible to do, except by means of corruption; that he looked for support, not, like the Pelhams, to a strong aristocratical connection, not, like Bute, to the personal favour of the sovereign, but to the middle class of Englishmen; that he inspired that class with a firm confidence in his integrity and ability; that, backed by them, he forced an unwilling court and an unwilling oligarchy to admit him to an ample share of power; and that he used his power in such a manner as clearly proved him to have sought it, not for the sake of profit or patronage, but from a wish to establish for himself a great and durable reputation by means of eminent services rendered to the State.

The family of Pitt was wealthy and respectable. His grandfather was Governor of Madras, and brought back from India that celebrated diamond which the Regent Orleans, by the advice of Saint Simon, purchased for upwards of two millions of livres, and which is still considered as the most precious of the crown jewels of France. Governor Pitt bought estates and rotten boroughs, and sat in the House of Commons for Old Sarum. His son Robert was at one time member for Old Sarum, and at another for Oakhampton. Robert had two sons. Thomas, the elder, inherited the estates and the parliamentary interest of his father. The second was the celebrated William Pitt.

He was born in November, 1708. About the early part of his life little more is known than that he was educated at Eton, and that at seventeen he was entered at Trinity College, Oxford. During the second year of his residence at the University, George the First died; and the event was, after the fashion of that generation, celebrated by the Oxonians in many middling copies of verses. On this occasion Pitt published some Latin lines, which Mr. Thackeray has preserved. They prove that the young student had but a very limited knowledge even of the mechanical part of his art. All true Etonians will hear with concern that their illustrious schoolfellow is guilty of making the first syllable in labenti short. [So Mr. Thackeray has printed the poem. But it may be charitably hoped that Pitt wrote labanti.] The matter of the poem is as worthless as that of any college exercise that was ever written before or since. There is, of course, much about Mars, Themis, Neptune, and Cocytus. The Muses are earnestly entreated to weep over the urn of Caesar; for Caesar, says the Poet, loved the Muses; Caesar, who could not read a line of Pope, and who loved nothing but punch and fat women.

Pitt had been, from his school-days, cruelly tormented by the gout, and was advised to travel for his health. He accordingly left Oxford without taking a degree, and visited France and Italy. He returned, however, without having received much benefit from his excursion, and continued, till the close of his life, to suffer most severely from his constitutional malady.

His father was now dead, and had left very little to the younger children. It was necessary that William should choose a profession. He decided for the army, and a cornet's commission was procured for him in the Blues.

But, small as his fortune was, his family had both the power and the inclination to serve him. At the general election of 1734, his elder brother Thomas was chosen both for Old Sarum and for Oakhampton. When Parliament met in 1735, Thomas made his election to serve for Oakhampton, and William was returned for Old Sarum.

Walpole had now been, during fourteen years, at the head of affairs. He had risen to power under the most favourable circumstances. The whole of the Whig party, of that party which professed peculiar attachment to the principles of the Revolution, and which exclusively enjoyed the confidence of the reigning house, had been united in support of his administration.

Happily for him, he had been out of office when the South-Sea Act was passed; and, though he does not appear to have foreseen all the consequences of that measure, he had strenuously opposed it, as he had opposed all the measures, good and bad, of Sutherland's administration. When the South-Sea Company were voting dividends of fifty per cent, when a hundred pounds of their stock were selling for eleven hundred pounds, when Threadneedle Street was daily crowded with the coaches of dukes and prelates, when divines and philosophers turned gamblers, when a thousand kindred bubbles were daily blown into existence, the periwig-company, and the Spanish-jackass-company, and the quicksilver-fixation-company, Walpole's calm good sense preserved him from the general infatuation. He condemned the prevailing madness in public, and turned a considerable sum by taking advantage of it in private.