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.
Director
[See larger version]"The present order of things must not, cannot[280] last. There are three modes of proceeding: first, that of trying to go on as we have done; secondly, to adjust the question by concession, and such guards as may be deemed indispensable; thirdly, to put down the Association, and to crush the power of the priests. The first I hold to be impossible. The second is practicable and advisable. The third is only possible by supposing that you can reconstruct the House of Commons, and to suppose that is to suppose that you can totally alter the feelings of those who send them there. I believe nothing short of the suspension of the Habeas Corpus Act and martial law will effect the third proposition. This would effect it during their operation, and, perhaps, for a short time after they had ceased, and then every evil would return with accumulated weight. But no House of Commons would consent to these measures until there is open rebellion, and therefore till that occurs it is useless to think of them. The second mode of proceeding is, then, I conceive, the only practicable one; but the present is not propitious to effect even this. I abhor the idea of truckling to the overbearing Catholic demagogues. To make any movement towards conciliation under the present excitement and system of terror would revolt me; but I do most conscientiously, and after the most earnest consideration of the subject, give it as my conviction that the first moment of tranquillity should be seized to signify the intention of adjusting the question, lest another period of calm should not present itself."Surely, both magistrates and soldiers might now have been satisfied. A defenceless multitude have no means of resistance, and, doing their best to get away, might have been left to do so without further molestation, which would be equally brutal in the magistrates, and cowardly in the soldiers. But neither of these parties seems to have thought so on this unhappy occasion. The magistrates issued no orders to desist, and the soldiers, by the confession of one of their officers, went on striking with the flats of their swords at the impeded people, who were thrown down in their vain efforts to get away, and piled in struggling heaps on the field. Mr. Hulton confessed that he walked away from the window after he had let loose the horse-soldiers on the people. "He would rather not see any advance of the military." He was, in fact, so tender-hearted that he did not mind the peoplemen, women, and children, met to exercise their political rightsbeing trodden down under the iron hoofs of horses, and cut down by the sword, so long as he did not see it.The plan of a very liberal constitution was discussed for several days, and ultimately adopted. It is unnecessary here to describe in detail the principles of a constitution so short-lived. One of those principles led to its speedy destruction. It was, that the President of the Republic should be chosen, not by the Assembly, but by the nation at large. This was a very extraordinary course for the Assembly to take, because they must have known that Louis Napoleon would be elected by universal suffrage; whereas their own choice would have fallen upon Cavaignac. The following was the result of the voting:Louis Napoleon, 5,434,226; Cavaignac, 1,448,107; Ledru Rollin, 370,119; Raspail, 36,900; Lamartine, 17,910; Changarnier, 4,790; votes lost, 12,600. On the 20th of December Prince Napoleon was proclaimed President of the French Republic, in the National Assembly, by the President, M. Marrast, and took the oath required by the Constitution.WILLIAM PITT, EARL OF CHATHAM.And truly the prospects of the reign before him were such as might have daunted a much bolder and wiser man than Joseph. The people of Madrid had watched with increasing resentment the spiriting away of the different members of the royal family to Bayonne. They were wrathful that Godoy had been carried beyond the reach of their vengeance, and every day they were on the look-out for news from Bayonne as to the cause of Ferdinand, and this news grew even more unfavourable. On the evening of the 30th of April the populace had retired in gloomy discontent, because no courier had arrived bringing intelligence of Buonaparte's intentions towards Ferdinand. On the morning of the 1st of May numbers of men assembled about the gate of the inn and the post-office, with dark looks, and having, as was supposed, arms under their long cloaks. The French mustered strongly in the streets, and the day passed over quietly. But the next morning, the 2nd of May, the same ominous-looking crowds, as they assembled, were agitated by reports that the only remaining members of the royal family, the widowed Queen of Etruria and her children, and the youngest son of King Charles, Don Francisco, were about to be sent off also to Bayonne. They presently saw these royal personages conducted to their carriages; Don Francisco, a youth of only fourteen, weeping bitterly, and the sight roused the people to instant fury. They fell on the French, chiefly with their long knives, massacred seven hundred soldiers of the line, and wounded upwards of twenty of the Imperial Guard. The French, in return, fired on the people, and killed a hundred and twenty of them. Murat poured in troops to suppress the riot, but could not disperse them till after several volleys of grape-shot and repeated charges of cavalry. Unprepared as the country was, the people felt by no means daunted. The Alcalde of Mostoles, about ten miles south of Madrid, hearing the firing, and understanding the cause, sent a bulletin to the south in these words, "The country is in danger: Madrid is perishing through the perfidy of the French: all Spaniards come to deliver it!" That was all that was necessary. The fact of being in possession of[554] Madrid was a very different thing to being in possession of Paris, Spain consisting of various provinces, having their separate capitals, and everywhere was a martial people, just as ready and able to maintain a struggle against an invader as if Madrid were free. At Valencia, the populace, headed by a priest, fell on the French, and massacred two hundred of them. Solano, the governor of Cadiz, suspected of favouring the French, was dragged out of his house and murdered. Even before the insurrection at Madrid there had been one at Toledo, and the French had been menaced with destruction.