As for the sense of the nation, there was one sure way of testing this better than any got-up addresses, namely, the rise or fall of the public credit.  The public stocks fell immediately on the news of Sunderland’s dismissal, and were only partially revived upon Her Majesty’s assurance to the Directors of the Bank that she meant to keep the Ministry otherwise unchanged.  A rumour that Parliament was to be dissolved had sent them down again.  If the public credit is thus affected by the mere apprehension of a turn of affairs in England, Defoe said, the thing itself will be a fatal blow to it.  The coy Lady Credit had been wavering in her attachment to England; any sudden change would fright her away altogether.  As for the pooh-pooh cry of the Tories that the national credit was of no consequence, that a nation could not be in debt to itself, and that their moneyed men would come forward with nineteen shillings in the pound for the support of the war, Defoe treated this claptrap with proper ridicule.

But in spite of all Defoe’s efforts, the crash came.  On the 10th of August the Queen sent to Godolphin for the Treasurer’s staff, and Harley became her Prime Minister.  How did Defoe behave then?  The first two numbers of the Review after the Lord Treasurer’s fall are among the most masterly of his writings.  He was not a small, mean, timid time-server and turncoat.  He faced about with bold and steady caution, on the alert to give the lie to anybody who dared to accuse him of facing about at all.  He frankly admitted that he was in a quandary what to say about the change that had taken place.  “If a man could be found that could sail north and south, that could speak truth and falsehood, that could turn to the right hand and the left, all at the same time, he would be the man, he would be the only proper person that should now speak.”  Of one thing only he was certain.  “We are sure honest men go out.”  As for their successors, “it is our business to hope, and time must answer for those that come in.  If Tories, if Jacobites, if High-fliers, if madmen of any kind are to come in, I am against them; I ask them no favour, I make no court to them, nor am I going about to please them.”  But the question was, what was to be done in the circumstances?  Defoe stated plainly two courses, with their respective dangers.  To cry out about the new Ministry was to ruin public credit.  To profess cheerfulness was to encourage the change and strengthen the hands of those that desired to push it farther.  On the whole, for himself he considered the first danger the most to be dreaded of the two.  Therefore he announced his intention of devoting his whole energy to maintaining the public credit, and advised all true Whigs to do likewise.  “Though I don’t like the crew, I won’t sink the ship.  I’ll do my best to save the ship.  I’ll pump and heave and haul, and do anything I can, though he that pulls with me were my enemy.  The reason is plain.  We are all in the ship, and must sink or swim together.”