THREE:On the 9th of January, a month after their arrival, Lord Derwentwater was impeached of high treason by Mr. Lechmere in a bitter speech in the Commons. Other members, with equal acrimony, followed with impeachments against the Lords Widdrington, Nithsdale, Wintoun, Carnwath, Kenmure, and Nairn. The impeachments were carried up to the House of Lords on the same day, and on the 19th the accused noblemen were brought before the Peers, where they knelt at the bar until they were desired to rise by the Lord Chancellor, when, with the exception of Lord Wintoun, they confessed their guilt, and threw themselves on the mercy of the king. Sentence of death was immediately pronounced on those who had pleaded guilty; and Lord Wintoun was condemned after trial, but several months later he effected his escape from the Tower. Every effort was made to save the prisoners, and they were all reprieved, with the exception of Derwentwater, Kenmure, and Nithsdale. The first two were executed; but the Countess of Nithsdale, being about to take her leave of her husband, contrived, by introducing some friends, to secure his escape in female attire.
THREE:At the close of an admirable defence by his counsel Desze, Louis rose and read the following few remarks, which he had prepared:"My means of defence are now before you. I shall not repeat them. In addressing youperhaps for the last timeI declare that my conscience reproaches me with nothing, and that my defenders have told you the truth. I was never afraid that my conduct should be publicly examined; but it wounds me to the heart to find, in the act of accusation, the imputation that I caused the blood of the people to be spilt; and, above all, that the calamitous events of the 10th of August are attributed to me.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.
THREE:The secret of this wonderfully augmented boldness of tone on the part of France soon transpired. Choiseul had been endeavouring to secure the alliance of Spain, and saw himself about to succeed. Spain was smarting under many losses and humiliations from the English during the late war. Whilst General Wall, the Spanish minister at Madrid, urged these complaints on the Earl of Bristol, our ambassador there, Choiseul was dexterously inflaming the minds of the Spanish Court against Britain on these grounds. He represented it as the universal tyrant of the seas, and the sworn enemy of every other maritime state. He offered to assist in the recovery of Gibraltar, and to make over Minorca to Spain. By these means he induced Spain to go into what became the celebrated Family Compactthat is, a compact by which France and Spain bound themselves to mutually succour and support each other; and to admit the King of Naples, the son of the Spanish king, to this compact, but no prince or potentate whatever, except he were of the House of Bourbon.Up to this point, the whole Government and magistracy seemed as much stupefied as the poor wretches who had perished in the flames of the distillery. The king was the first to awake from this fatal lethargy. He summoned a Council on the morning of the 7th of June, at which he presided, and demanded what they had to propose for the suppression of these disorders. At the king's question the Cabinet appeared dumb-foundered. It was the general opinion that no officer could proceed to extremities against a mob, however it might be breaking the law, until an hour after the Riot Act had been read by a magistrate. This was a monstrous perversion of the meaning of that Act; but, had even this been zealously followed out, the riots must have been promptly suppressed. Luckily, at this moment Wedderburn, the Attorney-General, answered the king's interrogation boldly, that the Riot Act bore no such construction as was put upon it. In his opinion, no single hour was required for the dispersion of a mob after the reading of the Riot Act; and not even the reading of the Act at all was necessary for the authorisation of military force where a mob was found actually committing a felony by firing a dwelling-house, and could not be restrained by other means. Encouraged by Wedderburn's contention, the king declared that that had always been his own opinion, and that now he would act upon it. There should be, at least, one magistrate in the kingdom who would do his duty. The Council, gathering courage, then concurred, and a proclamation was issued, warning all householders to keep within doors with their families, the king's officers being now ordered to put down the riots by military execution, without waiting for any further reading of the Riot Act.
TWO: