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When Parliament reassembled, Fox seized the very earliest moment to address the Chair and occupy the attention of the House. He rose at the unusually early hour of half-past two o'clock in the day, before the newly returned members had taken their oaths. Pitt himself was in this predicament, but, as soon as he had taken his oath, he rose to speak; but Fox contended that he was already in possession of the House, and, though Pitt announced that he had a message from the king, Fox persisted, and moved that the House should go into committee on the state of the nation. This allowed Pitt to speak, who declared that he had no objection to the committee; but he thought it more advisable to go into the question of India, on which subject he proposed to introduce a Bill. He then made some sharp remarks on the conduct of Fox in thus seizing, by artifice, a precedence in speaking, and on the petulance and clamour which the Opposition had displayed, and on the violent and unprecedented nature of their conduct, by which they hoped to inflame the spirit of the country and excite unnecessary jealousies. In truth, Fox and his party were now running a most unwise career. Possessed of a large majority, they were indignant that the king should have dismissed them, and thought that they could outvote the new Ministry, and drive them again from office. They had, no doubt, such a majority; but, at the same time, they had the king resolute against them. They had insulted him by their violent denunciations of his letter, and they had not, in their anger, the discernment to perceive that not only would this be made use of by their opponents to injure them, both in Parliament and out of it, but their proceeding with so much heat and violence was calculated to make them appear factiousmore concerned for their places than for the interests of the country. All this took place; the king and Ministry saw how all this would operate, and calmly awaited its effects. Fox and his party were, however, blind to the signs of the times, and carried no less than five resolutions against the Government.

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We have the accounts of what took place from both sidesfrom the magistrates and the people. Mr Hulton, the chairman of the bench of magistrates, made the following statements in evidence, on the trial of Hunt, at York. He said that the warrants for the apprehension of the leaders of this movement were not given to Nadin, the chief constable, till after the meeting had assembled, and that he immediately declared that it was impossible for him to execute them without the protection of the military; that orders were at once issued to the commander of the Manchester Yeomanry, and to Colonel L'Estrange, to come to the house where the magistrates sat. The yeomanry arrived first, coming at a quick trot, and so soon as the people saw them they set up a great shout. The yeomanry advanced with drawn swords, and drew up in line before the inn where the magistrates were. They were ordered to advance with the chief constable to the hustings, and support him in executing the warrants. They attempted to do this, but were soon separated one from another in the dense mob, and brought to a stand. In this condition, Sir William Jolliffe also giving evidence, said that he then, for the first time, saw the Manchester troop of yeomanry.[151] They were scattered, singly or in small groups, all over the field, literally hemmed in and wedged into the mob, so that they were powerless either to make an impression, or to escape; and it required only a glance to discover their helpless condition, and the necessity of the hussars being brought to their rescue. The hussars now coming up, were, accordingly, ordered to ride in and disperse the mob. The word "Forward" was given, and the charge was sounded, and the troop dashed in amongst the unarmed crowd. Such a crowd never yet stood a charge of horse. There was a general attempt to fly, but their own numbers prevented them, and a scene of terrible confusion ensued. "People, yeomen, constables," says Sir William Jolliffe, one of these hussars, "in their confused attempts to escape, ran one over another, so that by the time we had arrived at the midst of the field, the fugitives were literally piled up to a considerable elevation above the level of the ground."
ONE:It is said that when Johnson called on Goldsmith to see what could be done to raise money to pay the latter's landlady, who threatened him with imprisonment, Goldsmith handed the doctor the MS. of a new novel that might be worth something! This was the "Vicar of Wakefield." Johnson recognised its merits instantly, and at once sold it to a bookseller for 60, with which Goldsmith's rent was paid.
THREE:The Church Temporalities Bill, with some alterations, passed the Lower House; it encountered strong opposition in the Lords, who defeated the Ministry on one important amendment, but it ultimately passed, on the 30th of July, by a majority of fifty-four, several peers having recorded their protests against it, among whom the Duke of Cumberland was conspicuous. The Commissioners appointed under the Bill were the Lord Primate, the Archbishop of Dublin, the Lord Chancellor and Chief Justice of Ireland, and four of the bishops, and some time afterwards three laymen were added. The following were the principal features of this great measure of Church Reform: Church Cess to be immediately abolishedthis was a direct pecuniary relief to the amount of about 80,000 per annum, which had been levied in the most vexatious mannerand a reduction of the number of archbishops and bishops prospectively, from four archbishops and eighteen bishops to two archbishops and ten bishops, the revenues of the suppressed sees to be appropriated to general Church purposes. The archbishoprics of Cashel and Tuam were reduced to bishoprics, ten sees were abolished, the duties connected with them being transferred to other seesDromore to Down, Raphoe to Derry, Clogher to Armagh, Elphin to Kilmore, Killala to Tuam, Clonfer to Killaloe, Cork to Cloyne, Waterford to Cashel, Ferns to Ossory, Kildare to Dublin. The whole of Ireland was divided into two provinces by a line drawn from the north of Dublin county to the south of Galway Bay, and the bishoprics were reduced to ten. The revenues of the suppressed bishoprics, together with those of suspended dignities and benefices and disappropriated tithes, were vested by the Church Temporalities Act in the Board of Ecclesiastical Commissioners, to be applied by them to the erection and repairs of churches, to the providing for Church expenses hitherto defrayed by vestry rates, and to other ecclesiastical purposes. The sales which were made of perpetuities of Church estates, vested in the Ecclesiastical Commissioners, produced upwards of 631,353; the value of the whole perpetuities, if sold, was estimated at 1,200,000. The total receipts of the Ecclesiastical Commissioners in 1834 were 68,729; in 1835 they amounted to 168,027; and in 1836 they reached 181,045. The cost of the official establishment was at one time 15,000; during the later years, however, it averaged less than 6,000. Its total receipts, up to July, 1861, were 3,310,999. The Church Temporalities Act imposed a tax on all benefices and dignities whose net annual value exceeded 300, graduated according to their amount, from two and a half to five per cent., the rate of charge increasing by 2s. 6d. per cent. on every additional 10 above 405. All benefices exceeding 1,195 were taxed at the rate of fifteen per cent. The yearly tax imposed on all bishoprics was graduated as follows:Where the yearly value did not exceed 4,000 five per cent.; not exceeding 6,000, seven per cent.; not exceeding 8,000, ten per cent.; and not exceeding 10,000, twelve per cent. In lieu of tax the Archbishopric of Armagh was to pay to the Ecclesiastical Commissioners an annual sum of 4,500, and the see of Derry to pay 6,160. The exact net incomes of the Irish bishops were as follows:Armagh, 14,634; Meath, 3,764;[361] Derry, 6,022; Down, 3,658; Kilmore, 5,248; Tuam, 3,898; Dublin, 7,636; Ossory, 3,874; Cashel, 4,691; Cork, 2,310; Killaloe, 3,310; Limerick, 3,987total, 63,032. The total amount of tithe rent-charge payable to ecclesiastical personsbishops, deans, chapters, incumbents of benefices, and the Ecclesiastical Commissioners was 401,114. The rental of Ireland was estimated, by the valuators under the Poor Law Act, at about 12,000,000this rental being about a third part of the estimated value of the annual produce of the land.THE ENGLISH PLENIPOTENTIARIES INSULTED IN THE STREETS OF UTRECHT. (See p. 7.)
THREE:But he went on to Smorgony, and there, the remains of the army having come up, he called a council of war on the 5th of December. He told his generals that he had ordered Ney to reorganise the army at Wilna, and had appointed Murat, King of Naples, generalissimo in his absence. He assumed a tone of great confidence, promised his army good winter-quarters beyond the Niemen, and assured them that he was hasting away to present himself directly at the head of one hundred and twenty thousand men to keep the Austrians and Prussians firm to their alliance, and thus to make those he left behind more secure than he could do by staying with them. He then passed through the crowd of his officers, who were drawn up in an avenue as he passed, bidding them adieu with forced and melancholy smiles. He then stepped into a sledge with Caulaincourt and shut themselves in, and Duroc and Lobau followed in another sledge; and thus the man who entered Russia with nearly half a million of men, stole away, leaving the miserable remnant of his vast army to the elements and the Russians!
THREE:One great article of manufacture and export, however, down to this period, continued to be that of our woollens. To guard this manufacture many Acts had been passed at different times, prohibiting the exportation of the raw material. Immediately after the Revolution a fresh Act of this kind was passed, and such was the jealousy even of the Irish and of our American colonies weaving woollen cloths, that, in 1689, an Act was passed prohibiting the exportation of wool or woollen goods from Ireland or our plantations to any country except England. Having taken measures thus to confine as much as possible the profit of the woollen manufacture to England, the next year, which saw all protecting duties taken off corn, saw also leave given for the exportation of woollen cloths duty-free from England to any part of the world. Sir William Davenant estimates the value of the yearly growth of wool in England at this time at about 2,000,000, and the value of its woollen manufactures at 8,000,000. He calculates that one-fourth of this amount was exported. In 1738 Mr. John Kay invented the mode of casting the shuttle by what is called a "picking-peg," by which means the weaver was enabled to weave cloths of any width, and throw off twice the quantity in the same time. In 1758 the Leeds Cloth Hall was erected, and, about twenty years afterwards, a hall for white cloths.
TWO:The Emperor of Germany was delighted at the Spanish offer. He had always felt himself aggrieved by the conditions of the Quadruple Alliance. He was afraid of France, and hated George of England for his German policy. He had, moreover, embroiled himself with both England and Holland, by establishing at Ostend an East India Company, which was declared to be in violation of the Treaty of Westphalia, and was, at all events, regarded with particular jealousy by both England and Holland. This being the case, Ripperda, the envoy of Spain, a Dutch adventurer, who had been the tool of Alberoni, completed with ease a treaty with the Emperor at Vienna, which was signed on the 30th of April, 1725.

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TWO:On the 21st of January, 1772, the king opened Parliament, and the two divisions of the Opposition under the leadership of Rockingham and Chatham were found to be divided and dispirited. The chief proceeding of this session was one of a very remarkable character. The boasted morals of George III. and of his queen had not defended his family from gross crimes and corruptions. Very notorious was the life of his brother, the Duke of Cumberland. Amongst his licentious intrigues was one with Henrietta Vernon, Lady Grosvenor, a young and beautiful woman, whom he seduced, following her into Cheshire, when her husband took her from town, and meeting her in various disguises. In 1770 Lord Grosvenor brought an action against him and obtained a verdict of ten thousand pounds. With a rapidity of fickleness almost unexampled, he was immediately afterwards paying suit to Mrs. Horton. Cumberland went over to Calais with Mrs. Horton, and there married her according to the[206] rites of the Church of England (October 2, 1771). The Duke of Gloucester also now confessed to a secret marriage (September 6, 1766) with the Countess Dowager Waldegrave. A Bill was brought into Parliament in 1772, since well known as the Royal Marriage Act, by which every prince or princess, descendant of George II., except only the issue of princes married abroad, was prohibited from marrying until the age of twenty-five without the king's consent. After that age they might apply to the Privy Council, and if within a year of such announcement both Houses of Parliament should not express disapprobation of the intended marriage, it might then be lawfully solemnised. The Bill did not pass without violent opposition.Prussia, it might be supposed, would escape the invasion of Revolutionary principles in 1848. Great hopes had been excited on the accession of Frederick William IV. to his father's throne. Yet it was evident to close observers of the signs of the times that a spirit of sullen discontent was brooding over the population. There was a feeling that their amiable and accomplished Sovereign had disappointed them. He proved to be excessively sensitive to the slightest infringement of his prerogative, and he abhorred the idea of representative bodies, who might oppose constitutional barriers to his own absolute will. Hence, there grew up sensibly a mutual feeling of distrust between him and the people, and the natural effect on his part was a change from the leniency and liberality of his earlier years to a more austere temper, while a tedious, inactive, and undecided course of policy wore out the patience of those who expected a more constitutional system. Consequently, although the administration of the country was free from any taint of corruption, and was, on the whole, moderate and just, the revolutionary earthquake of 1848 shook the kingdom of Prussia to its very foundations.

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THREE:
THREE:There was no difficulty in these negotiations as to the full and entire recognition of the independence of the States. The difficult points were but twoone regarding the fishery, and the other regarding the interests of the Royalists or Tories. The British Commissioners stood out strongly for the free permission of all who had been engaged in the war on the English side to return to their homes, and for the restitution of all property confiscated in consequence of such partisanship. The American Commissioners endeavoured to meet this demand by saying the recommendations of Congress would have all the effect that the English proposed. This the Commissioners regarded as so many words, and they insisted so determinedly on this head, that it appeared likely the negotiation would be broken off altogether. At last Franklin said they would consent to allow for all losses suffered by the Royalists, on condition that a debtor and a creditor account was opened, and recompense made for the damages done by the Royalists on the other side; commissioners to be appointed for the purpose of settling all those claims. The English envoys saw at once that this was a deception, that there would be no meeting, or no use in meeting, and they therefore abandoned the point; and the question of the fishing being in part conceded, the provisional articles were signed on the 30th of November, by the four American Commissioners on the one side, and by Mr. Oswald on the other. In the preamble it was stated[298] that these articles were to be inserted in, and to constitute, a treaty of peace, but that the treaty was not to be concluded until the terms of peace had also been settled with France and Spain.
THREE:The action of private benevolence was on a scale proportioned to the vast exertions of the Government. It is quite impossible to estimate the amount of money contributed by the public for the relief of Irish distress. We know what sums were received by associations and committees; but great numbers sent their money directly, in answer to appeals from clergymen and others, to meet demands for relief in their respective localities. In this way we may easily suppose that abuses were committed, and that much of the money received was misappropriated, although the greater portion of it was honestly dispensed. Among the organisations established for raising contributions, the greatest was the British Relief Association, which had for its chairman and vice-chairman two of our merchant princesMr. Jones Loyd, afterwards Lord Overstone, and Mr. Thomas Baring. The amount of subscriptions collected by this association, "for the relief of extreme distress in Ireland and Scotland," was 269,302. The Queen's letters were issued for collections in the churches throughout England and Wales, and these produced 200,738, which was also entrusted to the British Relief Association. These sums made together no less than 470,040, which was dispensed in relief by one central committee. One-sixth of the amount was apportioned to the Highlands of Scotland, where there was extensive destitution, and the rest to Ireland. In fact, the amount applied to these objects by the association exceeded half a million sterling, for upwards of 130,000 had been obtained by the sale of provisions and seed corn in Ireland, and by interest accruing on the money contributed. In administering the funds placed at their disposal, the committee acted concurrently with the Government and the Poor Law authorities. It wisely determined at the outset that all grants should be in food, and not in money; and that no grant should be placed at the disposal of any individual for private distribution. The committee concluded their report to the subscribers by declaring that although evils of greater or less degree must attend every system of gratuitous relief, they were confident that any evils that might have accompanied the application of the funds would have been far more than counterbalanced by the benefits that had been conferred upon their starving fellow-countrymen, and that if ill-desert had sometimes participated in their bounty, a vast amount of human misery and suffering had been relieved.
THREE:
THREE:The news of the invasion brought George from Hanover. He arrived in London on the last day of August, by which time the Young Pretender had already been entertained by Lord Tullibardine at Blair Castle; but he seemed to feel no great alarm. He thought the forces of Cope were sufficient to compete with the insurgents, and Lord Granville and his party did their best to confirm him in this opinion. On the 20th of September three battalions of the expected Dutch forces landed, and received orders to march north. But what contributed more than anything to the security of the kingdom was the activity of the fleet. The seamen all round the coasts showed as much spirit and life as the soldiers had shown cowardice. Privateers as well as men-of-war vied with one another in performing feats of bravery. A small ship off Bristol took a large Spanish ship, bound for Scotland, with arms and money. Another small ship took the Soleil, from Dunkirk, carrying twenty French officers and sixty men, to Montrose; and a small squadron of privateers, which volunteered to serve under a brave naval captain, took a vast number of French vessels, and drove still more upon their own shores. Charles's younger brother, Henry, was waiting to bring over the Irish regiments to his aid, but Louis would not hazard their appearance at sea in the face of such a dangerous fleet. Charles made an attempt to corrupt Captain Beavor, of the Fox man-of-war, by offering him splendid rewards in case of his success, but the gallant officer sent him word that he only treated with principals, and that, if he would come on board, he would talk with him.
THREE:Buonaparte found that, during his absence in Syria, Egypt had been disturbed by insurrections, which Desaix had put down, and had again defeated, and driven back into Upper Egypt, Murad Bey, who had made a descent thence. Soon after his return, however, Murad was once more in motion, descending the Nile in two bodies, and Ibrahim Bey was moving on the frontiers of Syria, as if to form a union with Murad. Lagrange was despatched against Ibrahim, and Murat against Murad. Scarcely were they repulsed when the cause of their man?uvres became evident. A Turkish fleet, containing eighteen thousand men, appeared in the Bay of Alexandria, commanded by Mustapha Pacha. They seized the fort, and, landing, began to fortify themselves, expecting the arrival of the Mamelukes, as had been concerted. On the 25th of July Buonaparte attacked them, and drove in all their outposts; but on coming within reach of their batteries and their gunboats in the bay, the French were checked, and the Turks, rushing out, with their muskets slung at their backs, made terrible havoc amongst them with their sabres, poniards, and pistols. The defeat of Napoleon must have been complete had not the Turks stopped to cut off the heads of the slain, for which they were offered a reward. This gave time for the French to rally. It was now the turn of the Turks to give way, and Murat, who had fought at the head of the troops, followed them so impetuously with the bayonet that the confusion and panic became general. The Turks threw themselves en masse into the sea to regain their ships; and by drowning and the bayonets and bullets of the French, ten thousand out of the eighteen thousand perished. Mustapha Pacha himself was taken, and carried in triumph before[472] Buonaparte. This battle had been fought at Aboukir, near the spot where Nelson had so signally triumphed over them. The victory was the event which Buonaparte needed to enable him to return with credit to France. He immediately embraced it. All his plans and brilliant visions of empire in the East had perished for the present, and private letters from his brothers in Paris, and a number of newspapers, which Sir Sidney Smith had furnished him with to mortify him, roused him to instant action. From these he learnt that the Directory had, as he expected, consummated their unpopularity; that Italy, which he had won to France, was again lost by the other generals. To remain in Egypt was to sink into a sort of provincial or proconsular general; to return to Paris was, by a bold and adroit stroke, to make himself the master of France. He immediately ordered Admiral Gantheaume to have ready a couple of frigates, which lay in the harbour of Alexandria; and, taking with him his favourite generals, Murat, Lannes, Marmont, Berthier, Desaix, Androssy, and Bessieres, and the two principal savants, Monge and Denon, to give an account of the scientific results of the expedition, he rushed on board. He had left the care of the army to Kleber and Menou; and he issued a short proclamation, saying that events in Paris demanded his presence there, but that he would return with all possible expedition. He arrived in Paris without mishap.Pichegru, on his part, having driven back Clairfait, turned round on the Duke of York, who lay at Tournay. There he met with a severe repulse, and fell back with heavy loss; but Clairfait having again advanced to regain Courtrai, Pichegru once more engaged and defeated him. Clairfait then fell back into Flanders, to cover Ghent, Bruges, and Ostend. Pichegru, urged on against his better judgment by St. Just, who was the Commissioner from the Convention, sent Kleber and Marceau across the Sambre to attack General Kaunitz; but Kaunitz gave the French a severe defeat, killing four thousand of them; and had the Austrians been as rapid as they were brave, they might have nearly exterminated the whole of the French division. This success inspirited the Allies to advance actively, but the Duke of York, not taking into account the habitual slowness of German troops, shot ahead, expecting to fall in with Clairfait's columns at Turcoing; but there he only found the French, under Souham and Bonnaud, who well nigh enveloped him by their vast numbers, totally defeated, and nearly took him prisoner. This gave such a panic to the Austrians, that the entire army fell back, and Francis II., thoroughly discouraged, withdrew from the command and left it to the Prince of Coburg. The Duke of York rallied, and maintained his ground at Tournay against Pichegru, and Kaunitz followed up his advantage against Kleber and Moreau, driving them across the Sambre; but these were only temporary successes. Jourdain, finding no Prussians in the Moselle, drew nearer to the camp of Pichegru. There were various conflicts at Ypres, Charleroi, and on the plains of Fleurus. The Allies drove the French three times across the Sambre, but they returned with fresh and never-ending forces, and compelled the Allies to a general retreat. Bruges opened its gates to the French; Pichegru, aided by Moreau, compelled the Duke of York to retire successively on Oudenarde, Tournay, and Antwerp, places filled with the fame of Marlborough. At Antwerp the Duke of York was joined by Lord Moira, with ten thousand men, intended originally for La Vende, but too late to prevent the massacre of Savenay. The English garrison quitted Ostend, and came round to Antwerp; and the British occupied that town, whilst Clairfait lay at Louvain, and the two armies, unitedly, protected Mechlin.

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This speech, which was regarded as the manifesto of the Reform party, called forth a reply from the Duke of Wellington, which was pregnant with revolution, and which precipitated the[321] downfall of his Administration. He said:"The noble Earl has recommended us not only to put down these disturbances, but to put the country in a state to meet and overthrow the dangers which are likely to arise from the late transactions in France, by the adoption of something like Parliamentary Reform. The noble earl has stated that he is not prepared himself to come forward with any measure of the kind; and I will tell him farther, neither is the Government.... Nay, I will go yet farther, and say that if at this moment I had to form a legislature for any country, particularly for one like this, in the possession of great property of various descriptions, although perhaps I should not form one precisely such as we have, I would endeavour to produce something which would give the same result; namely, a representation of the people containing a large body of the property of the country, and in which the great landed proprietors have a preponderating influence. Further still, I beg to state that not only is the Government not prepared to bring forward any measure of this description, but, in so far as I am concerned, while I have the honour to hold the situation which I now do among his Majesty's counsellors, I shall always feel it my duty to oppose any such measures when brought forward by others." When he sat down the hum of criticism was so loud that he asked a colleagueprobably Lord Lyndhurstthe cause. The answer was, "You have announced the fall of your Government, that is all."The Fte de la Concorde took place on Sunday, the 21st of May, and passed off without any attempt at disturbance. On the contrary, the people were in excellent humour, and everything upon the surface of society seemed in keeping with the object of the festivity. On the 26th the Assembly decreed the perpetual banishment of Louis Philippe and his family, by a majority of 695 to 63. But the ex-king was not the only pretender who occupied the attention of the new Government; a far more dangerous one was Louis Napoleon Bonaparte, nephew of the Emperor and then an exile in London. He had gone over to Paris when the Republic was proclaimed, but acting on the advice of the Government, he quietly retired from the country. So potent, however, was still the charm that attached to the name of Napoleon, that his heir was elected a member of the National Assembly by no less than four constituencies. It was moreover discovered that money had been distributed in Paris by his partisans; that placards in his favour were posted upon the walls, and cries of "Vive Napoleon!" resounded through the city. Within four days, three journals had been established in Paris preparing the way for the candidature of Louis[553] Napoleon as President. After a violent debate, it was resolved by a large majority that he should be permitted to take his seat as a representative. On the Monday following Paris was excited by a rumour that Louis Napoleon had arrived, and while Lamartine was speaking in the Assembly several shots were fired, one at the Commandant of the National Guard, another at an officer of the army, and this was done to the cry of "Vive l'Empereur Napoleon!" "This," said Lamartine, "is the first drop of blood that has stained our revolution; and if blood has now been shed, it has not been for liberty, but by military fanaticism, and in the name of an ambition sadly, if not voluntarily, mixed up with guilty man?uvres. When conspiracy is taken in flagrante delicto, with its hand dyed in French blood, the law should be voted by acclamation." He then proposed a decree, causing the law of banishment of 1832 against Louis Napoleon to be executed. It was voted by acclamation, the Assembly rising in a body, and shouting, "Vive la Rpublique!"The first charge, however, was not so encouraging. The French made an impetuous onset, and threw the advanced guard of the English into confusion; but the king and his son, the Duke of Cumberland, who commanded on the left, and, like his father, took his stand in the front line, displayed the highest pluck, and inspired their troops with wonderful courage. The tide of battle was quickly turned, and Noailles, from the other side, saw with astonishment and alarm his troops in action contrary to his plans. He returned in all haste to give fresh support to his soldiers, but it was too late. Gallantly as the French fought, the presence of the king and prince on the other side made the English and Hanoverians irresistible. King, and prince, and army all showed an enthusiastic courage and steadiness which bore down everything before them. The dense column of infantry, led on by the king, broke the French ranks, and cut through them with terrible slaughter. Noailles, seeing the havoc, gave a command which completed the disaster. To shield his men, he ordered them to repass the Main; but a word of retreat, in all such cases, is a word of defeat. The retrograde movement produced dismay and disorder; the whole became a precipitate rout. The French were driven in confused masses against the bridges, the bridges were choked up with the struggling throng, and numbers were forced into the river, or jumped in for escape, and were drowned.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.LORD BROUGHAM.DUNFORD, NEAR MIDHURST, WHERE COBDEN WAS BORN.
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