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ONE:At the sight of Byng sailing away, the French fired a feu de joie from all their lines, and Blakeney knew that he was left to his fate. He determined still to defend the place, but Richelieu sent in haste to Toulon for fresh reinforcements. The fort was soon surrounded by twenty thousand men, with eighty-five pieces of artillery. In about a week Richelieu carried one of the breaches by storm, though with great loss, and Blakeney capitulated on condition that the English should march out with all the honours of war, and should be conveyed in the French ships to Gibraltar. Thus was Minorca lost to England through the shameful neglect of a miserably incompetent Ministry and a faint-hearted admiral. 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."
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