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THREE:The South Sea Company had immediately on the passing of the Bill proposed a subscription of one million, and this was so eagerly seized on that, instead of one, two millions were subscribed. To stimulate this already too feverish spirit in the public, the Company adopted the most false and unjustifiable means. They had eight millions and a half to pay over to Government as a douceur for granting them the management of the Funds; and, therefore, to bring this in rapidly, they propagated the most lying rumours. It was industriously circulated that Lord Stanhope had received overtures at Paris to exchange Gibraltar and Port Mahon for invaluable gold lands in Peru! The South Sea trade was vaunted as a source of boundless wealth in itself. In August the stock had risen from the one hundred and thirty of the last winter to one thousand! Men sold houses and land to become shareholders; merchants of eminence neglected their affairs and crippled their resources to reap imaginary profits. The Company flattered the delusion to the utmost. They opened a third, and even a fourth subscription, larger than the former, and passed a resolution that from next Christmas their yearly dividend should not be less than fifty per cent.! In labouring to increase the public delusion they seem to have caught the contagion themselves, for they began to act, not like men who were blowing a bubble which they knew must speedily burst, but like persons who had mounted permanently into the very highest seat of prosperous power. They assumed the most arrogant and overbearing manner, even towards men of the highest station and influence. "We have made them kings," said a member of Parliament, "and they deal with everybody as such."

THREE:GEORGE I.

THREE:

THREE:CHAPTER XVIII OUTWITTED!

THREE:Nevertheless, the whole army was dead beat and in the most deplorable condition when they entered Carlisle on the morning of the 19th. As the enemy did not appear, they rested that day and the following night, when they set forward again, leaving a fresh garrison. Cumberland was soon up before the walls, and they fired vigorously at him; but he sent off to Whitehaven and brought up six eighteen-pounders, with which, to their dismay, he began to play on their crumbling walls on the 29th. Next morning they hung out a white flag, and offered to capitulate; but Cumberland would hear of no terms except their surrendering on condition that they should not be put to the sword. At three o'clock in the afternoon both town and castle were surrendered, the garrison being shut up in the cathedral, and a guard set upon them. On the 3rd of January the Duke of Cumberland left the command to General Hawley, and hastened back to London, being summoned to defend the southern coast from a menaced landing of the French.