FORE: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.These reverses were calculated to make France more compliant; yet Pitt was astonished to find,[171] instead of compliance, a great spirit of resistance. Choiseul would by no means admit that Belleisle was an equivalent for Minorca. He demanded Guadeloupe and Belleisle too, simply in lieu of the French conquests in Germany. He now demurred to the surrender of Cape Breton, or in any case to forego the right of fishing along its coasts. He was not content with Amaboo or Acra; he demanded Senegal or Goree. He declined also to destroy the fortifications of Dunkirk, raised in contempt of the treaty of Utrecht. All captures made at sea previous to the declaration of war must be restored; and in Germany, though he was willing to withdraw the French troops, it was only on condition that the troops commanded by Prince Ferdinand should not reinforce the Prussian army.
FORE:The hydroplane boat? Sandy broke in to ask.