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THREE:But the fleet at Sheerness, which sympathised with that at Portsmouth, did not think fit to accept the terms which had satisfied the seamen of Portsmouth. They were incited by a sailor, named Richard Parker, to stand for fresh demands, which were not likely to meet with the sympathy of either sailors or landsmen, being of a political character and including a revision of the Articles of War. On the 20th of May, the ships at the Nore, and others belonging to the North Sea fleet, appointed delegates, and sent in their demands, in imitation of the Portsmouth men. The Admiralty flatly rejected their petition. On the 23rd of May the mutineers hoisted the red flag; and all the ships of war lying near Sheerness dropped down to the Nore. On the 29th, a committee from the Board of Admiralty went down to Sheerness, to try to bring them to reason, but failed. The mutineers then drew their ships in a line across the Thames, cutting off all traffic between the sea and London. On this, the Government proceeded to pull up the buoys at the mouth of the river, to erect batteries along the shores for firing red-hot balls; and a proclamation was issued declaring the fleet in a state of rebellion, and prohibiting all intercourse with it. This soon brought some of the mutineers to their senses. They knew that every class of people was against them. On the 4th of June, the king's birthday, a royal salute was fired from the whole fleet, as a token of loyalty; the red flag was pulled down on every ship but the Sandwich, on board of which was Parker, and all the gay flags usual on such occasions were displayed. Several of the ships now began to drop away from the rest, and put themselves under protection of the guns of Sheerness. On the 13th of June the crew of the Sandwich followed this example, and delivered up the great agitator, Richard Parker, who was tried, and hanged at the yard-arm of that ship on the 30th. Some others of the delegates were executed, and others imprisoned in the hulks; and thus terminated this mutiny, as disgraceful to the sailors as that at Portsmouth was reasonable and honourable.Walpole, however, continued to oppose the South Sea Bill in the Commons, declaring that the terms were too extravagant ever to be fulfilled; that the experiment could result in nothing but a fearful increase of the costs of stockjobbing, and final confusion and ruin. He insisted that, before the proposals of the Company were accepted,[47] the rise of their stock should be limited, and every means taken to prevent the fever of infatuation that would ensue from the promise of dividends out of funds which could never be realised. He proposed for this purpose the introduction of a clause fixing the number of years' purchase to be granted to the annuitants of the South Sea Company; but to this it was objected that it was the interest of the Company to take up the annuities; and, as the annuitants had the power of coming in or not, as they pleased, the Company would, of course, offer advantageous terms, and, therefore, the whole affair might be safely left to private adjustment. Aislabie added that the South Sea Company would not submit to be controlled in an undertaking they were to pay so dear for. The Bill passed both Houses.

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