THREE:The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.But, on the 6th of May, a blow fell on Nuncomar from an unexpected quarter. He was arrested and thrown into prison at the suit of a merchant named Mohun Persaud. The charge was, that he had forged a bond five years before. He had been brought to trial for this before the Mayor's Court at Calcuttathe Supreme Court not then being in existence. On this occasion, being in favour with Hastings, he had procured his release; but now, the merchant seeing that Hastings' favour was withdrawn, and that, therefore, he might have a better chance against him, the charge was renewed. Hastings, on the trial, declared before the Supreme Court that neither directly nor indirectly had he promoted the prosecution. The opposition members were highly incensed at this proceeding. Three days after Nuncomar's committal they realised their threat of dismissing the Munny Begum, and appointed Goordas, the son of Nuncomar, to her office. They sent encouraging messages to Nuncomar in his prison, and made violent protests to the judges against the prosecution. Their efforts were useless. The trial came on in due course. One of the judges, Sir Robert Chambers, had endeavoured to have Nuncomar tried on an earlier statute, which included no capital punishment, for forgery was no capital crime by the native laws. But Sir Elijah Impey and the other judges replied that the new Act compelled them to try him on the capital plea, and he had been, on this ground, refused bail. Nuncomar knew nothing of our estimate of forgery, and he could not comprehend how a man of his rank, and a Brahmin of high dignity, should be tried for his life on such a charge. But he was found guilty, and condemned to be hanged. Strong efforts were then made to have him respited till the judgment of the Court of Directors could be taken on the question, but Impey and the other judges declared that it could not be done unless they could assign some sufficient reasons, and they contended that there were no such reasons. Yet the new Acts expressly gave them this power, and, what made it more desirable, was that no native of any rank had been tried by the Supreme Court and the British law, and only one native had ever been capitally convicted for forgery in any of our Indian courts. Moreover, the indignity of hanging a high-caste Brahmin was so outraging to the native feeling that it was deemed most impolitic to perpetrate such an act. All was pleaded in vain; on the 5th of August, 1775, Nuncomar was brought out and publicly hanged, amid the terrified shrieks and yells of the native population, who fled at the sight, and many of them rushed into the sacred Ganges to purify them from the pollution of ever witnessing such a scene. The death of Nuncomar put an end to all hope of procuring any further native evidence against Hastings. The natives were so terrified at this new kind of execution, that nothing could convince them but that, in spite of the opposition of his colleagues, Hastings was all powerful.
One morning, when Gregor Samsa woke from troubled dreams
