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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.So successful were they in this endeavour that the Government was in a state of the greatest possible perplexity. Lord Anglesey, the Viceroy, and Lord Leveson Gower, the Chief Secretary, were in continual correspondence with the Home Secretary as to the propriety of adopting measures of repression. Lord Anglesey was decided in his conviction that Emancipation ought to be immediately granted. He was naturally reluctant to employ force, unless it was imperatively necessary, and then he felt with Mr. Peel that it ought to be used effectively, whatever might be the consequences. Neither the Irish nor the English Government concealed from itself what those consequences would probably be��namely, an open rebellion, a sanguinary civil war; which, however, they had no doubt of being able to put down. The law officers of the Crown, both in England and Ireland, were called upon for their opinions as to the illegality of the proceedings of the agitators, as to the likelihood of success in case of prosecution, and whether the Government would be warranted, by statute or common law, in dispersing the popular assemblages by force. They agreed on both sides of the channel that the case was not sufficiently clear to justify the Government either in legal proceedings or military repression. The English law officers came to this conclusion although at the time Sir Charles Wetherell was Attorney-General. It is evident, however, from the tone of the correspondence published by Sir Robert Peel's executors, that the Home Secretary was far from being satisfied with the conduct of Lord Anglesey. It was believed that he did not always act with sufficient discretion, and that he sometimes did and said things which made the agitators believe that they had his countenance and support. For example, he went on a visit to Lord Cloncurry, who, though a Protestant, was a member of the Catholic Association, and who a few days after entertaining the representative of the king, attended a meeting of that body. The excuse of Lord Anglesey was, that Lord Cloncurry went for the purpose of preventing the passing of a resolution in favour of exclusive dealing. The opinion of the English Government was shared by Mr. Vesey Fitzgerald and many other Liberal statesmen who sympathised with the irritation of the Irish Protestants at the supineness of the Irish executive. Looking at the state of things at this distance of time, every impartial person must agree that Peel was right. He had urged the propriety of issuing a proclamation by the Lord-Lieutenant in council, warning the people against assembling in large bodies in military array, as exciting alarm in the public mind, and threatening to disturb the peace. When at last Lord Anglesey was induced to adopt this course, it proved successful. The agitators became cowed and cautious, and it was quite evident that nothing was further[285] from their wishes than to come to blows, either with the troops or the Brunswickers. Thus, in November, Mr. Vesey Fitzgerald wrote to Mr. Peel: "The sentiment is universal of disgust, indignation, and alarm at the proceedings of Lord Anglesey's Government, and at the tone of his partisans and his press. Whether the collision will happen so soon as is contemplated I know not. I rather think not. The Association is frightened; and if the demonstrations of the south are interrupted, and Mr. Lawless's progress in the west be not persevered in, it is possible, and it is to be hoped, that the hostile parties may not come to an effusion of blood. But can we read the reports of the meetings that are taking place and expect that before the winter is over the gentry of the country, Emancipators as well as Brunswickers, will not call on the Government to take a part, and to save us from these horrors?" Mr. Leslie Foster, a leading Irish statesman, wrote in the same month: "Depend upon it, let Parliament do what they may, the Catholics will not rebel. Their leaders are more deeply convinced than you are of the utter and immediate ruin that would be the result of any insurrectionary movement; and in every rank among them, down to the lowest, there is a due fear of the power of England, the facilities of a steam invasion, the character of the Duke, and not least, perhaps above all, the readiness of the Ulster Protestants for battle. It is further to be borne in mind that in no period within our memory was the condition of the people so rapidly improving, or their employment so great, as at the present moment; and there is a real, substantial disinclination in consequence, amongst all ranks above the mere rabble, to hazard any course that would involve the country in confusion."

THREE:

THREE:Quippe ferant rapidi secum verrantque per auras.'The Duke arrived at Paris on the 9th of December, having spent more than two months at diplomacy with very unsatisfactory results. He found the king and his Minister, M. de Villele, much cooled in their feelings towards the Spanish Government, in consequence of the tone of moderation it had assumed after its defeat of the Royalist insurgents. The king was now disposed to recall his army of observation, if he could do so with honour, and all he pressed for now was that Spain should so modify her system as to make the Constitution emanate from the king, by resting it upon a royal charter and not upon the will of the people. If this were done, and done in time for him to explain the case to the Parliament, when they met on the 28th of January, everything else, every matter of arrangement and detail, would be left to the undisturbed management of the Spanish Cabinet and Cortes. This was truly very accommodating. If Spain would only recant her constitutionalism, and adopt the absolutist creed of Divine Right, the Allies would not send their armies into the country for the protection of the king against his people. The Duke having reported the altered state of feeling in the French Government, and all that had passed, to Mr. Canning, the Foreign Secretary instructed him to deliver an official note to M. de Villele, containing a direct offer from England to mediate. This offer was declined. On the 20th of December the Duke quitted Paris, and arrived in London early in January. Subsequently the diplomatic war was carried on between M. Chateaubriand and Mr. Canning, both men of genius, and masters of a brilliant style of rhetoric, to which the Duke of Wellington had no pretensions. Mr. Canning, alluding to the[236] proposed armed intervention in Spain, with a view to stamp out the revolution, said, "The spirit of revolution��which, shut up within the Pyrenees, might exhaust itself with struggles, trying indeed to Spain, but harmless to her neighbours, when restricted��if called forth from within these precincts by the provocation of foreign attack, might find, perhaps, in other countries fresh aliment for its fury, and might renew throughout Europe the misery of the five-and-twenty years which preceded the peace of 1815."

THREE:[122]The general election was, on the whole, favourable to the Government; the forces of Conservatism being roused into activity by the violent democratic tendencies of the times, and by the threats of revolution. The new Parliament met on the 21st of April. Mr. Manners Sutton was re-elected Speaker. A week was occupied in swearing in the members, and the Session was opened on the 27th by a Speech from the king, the vagueness of which gave no ground for an amendment to the Address in either House. In the old roll of members one illustrious name was found, borne by a statesman who was never more to take his seat in the House.[205] Henry Grattan expired (June 4) soon after the Session commenced. Sir James Mackintosh, in moving a new writ for Dublin, which Grattan had represented for many years, observed "that he was, perhaps, the only man recorded in history who had obtained equal fame and influence in two assemblies differing from each other in such essential respects as the English and Irish Parliaments."