no sign of existence except by pillaging merchantmen which were unprovided with convoy. In this lucrative war the French privateers were, towards the close of the summer, very successful. Several vessels laden with sugar from Barbadoes were captured. The losses of the unfortunate East India Company, already surrounded by difficulties and impoverished by boundless prodigality in corruption, were enormous. Five large ships returning from the Eastern seas, with cargoes of which the value was popularly estimated at a million, fell into the hands of the enemy. These misfortunes produced some murmuring on the Royal Exchange. But, on the whole, the temper of the capital and of the nation was better than it had been during some years.
Meanwhile events which no preceding historian has condescended to mention, but which were of far greater importance than the achievements of William's army or of Russell's fleet, were taking place in London. A great experiment was making. A great revolution was in progress. Newspapers had made their appearance.
While the Licensing Act was in force there was no newspaper in England except the London Gazette, which was edited by a clerk in the office of the Secretary of State, and which contained nothing but what the Secretary of State wished the nation to know. There were indeed many periodical papers; but none of those papers could be called a newspaper. Welwood, a zealous Whig, published a journal called the Observator; but his Observator, like the Observator which Lestrange had formerly edited, contained, not the news, but merely dissertations on politics. A crazy bookseller, named John Dunton, published the Athenian Mercury; but the Athenian Mercury merely discussed questions of natural philosophy, of casuistry and of gallantry. A fellow of the Royal Society, named John Houghton, published what he called a Collection for the Improvement of Industry and Trade. But his Collection contained little more than the prices of stocks, explanations of the modes of doing business in the City, puffs of new projects, and advertisements of books, quack medicines, chocolate, spa water, civet cats, surgeons
