A new Ministry was appointed with Prince Schwarzenberg at its head, and on the 2nd of December the Emperor Ferdinand abdicated in favour of his nephew, Francis Joseph, whose father Francis Charles, next in succession, renounced his claim to the throne. The retiring emperor stated that the pressure of events, and the immediate want of a comprehensive reformation[580] in the forms of State, convinced him that more youthful powers were necessary to complete the grand work which he had commenced. The real reason was that Lord Palmerston, who in his private correspondence held the Emperor to be "next thing to an idiot," had been constantly advising him to resign his sceptre into firmer hands. The young Emperor, in his proclamation, expressed his conviction of the value of free institutions, and said that he entered with confidence on the path of a prosperous reformation of the monarchy.
Besides the flattering assurances of the steady improvement in commerce and manufactures, and, consequently, in the revenues, the Regent's Speech, read, as usual, by the Lord Chancellor, justly congratulated the country on the successful termination of the Pindarree war by the Marquis of Hastings. It informed the two Houses that a new treaty had been entered into with the United States for adjusting the different points at issue between the two nations, not settled by the treaty of peace, and also for regulating the commerce between them. It announced the results of the Congress at Aix-la-Chapelle, and stated that some new measures were needed for the care of his Majesty's person in consequence of the death of the queen. The Address, in both Houses, was carried almost pro forma. Mr. Manners Sutton was elected Speaker of the Commons by acclamation.[See larger version]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.[61]
