The document discusses the financial and economic situation in Britain in the early 18th century, including deficit financing and the South Sea Bubble financial crisis. It notes that Britain had a large national debt with no parliamentary influence. To help pay off the debt, the government established taxes and granted the South Sea Company a monopoly on trade with Spanish colonies. This led to a speculative bubble as shares of the South Sea Company rose dramatically then crashed in 1720. The document also discusses Robert Walpole's later efforts as First Lord of the Treasury to introduce a sinking fund to reduce the national debt through the 1730s.