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TWO: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.On the 6th of June��only a fortnight after Howe's departure��the three Commissioners, Lord Carlisle, Mr. Eden, and Governor Johnstone, arrived. They learned with consternation and unspeakable chagrin this order for the evacuation of Philadelphia, and, still more, that so important a dispatch had been kept concealed from them. There was not a single circumstance in favour of the Commissioners. At the same moment that we were making this disastrous retreat from the hardly-won Philadelphia, publishing our weakness to the world, Congress had just received the mighty news of French alliance, French aid, and French ships and troops steering towards their coasts. The Commissioners came furnished with propositions the most honourable and favours the most absolute. They were authorised to offer to the Americans that no military forces should be maintained in the Colonies without the consent of the General Congress or of the Assembly of a particular State; that England would take measures to discharge the debts of America, and to give full value to its paper money; would admit an agent or agents from the States into the British Parliament, and send, if they wished it, agents to sit with them in their Assemblies; that each State should have the sole power of settling its revenue, and perfect freedom of internal legislation and government��in fact, everything except total severance from the parent country. Such terms, conceded at the proper time, would have made war impossible; but the proper time was long past, and they were now useless. The Commissioners applied to Washington for a passport to Congress, in order to lay the proposals brought by the Commissioners before them. But Washington bluntly refused the passport; and only consented to forward the letter through the common post. Congress took time to deliberate on the contents of the letter, and then returned an answer through their President, that the Act of Parliament and the forms of the Commission all supposed the American States to be still subject to Great Britain, which had long ceased to be fact; and that Congress could listen to no overtures from the King of England until he had withdrawn his fleet and armies, and was prepared to treat with them as independent States. The Commissioners could only retire, leaving behind them a manifesto threatening the utmost severities of war. TWO:The folly of Ripperda, however, had ruined his credit with his own sovereigns and the nation even more than with foreign Powers. His swaggering and inflated language, in which he imagined that he was enacting Alberoni, had destroyed all faith in him. But his final blow came from his own false representations to each other of the preparations for war made by Austria and Spain. Count K?nigseck was most indignant when he discovered the miserable resources of the Spanish monarchy in comparison with the pompous descriptions made of them by Ripperda at Vienna; and the Spanish Court was equally disappointed by a discovery of the real military status of Austria. Ripperda was suddenly and ignominiously dismissed on the 14th of May. TWO: TWO:On the arrival of this news the French Court complained bitterly of the violation of the peace, to which the Court of St. James's replied that the French had too prominently set the example, and the ambassadors on both sides were recalled��an equivalent to a declaration of war, though none on either side yet followed. We had soon a severe reverse instead of a victory to record. General Braddock had been despatched against Fort Duquesne, and had reached Great Meadows, the scene of Washington's defeat in the preceding summer. Braddock was a general of the Hawley school��brave enough, but, like him, brutal and careless. His soldiers hated him for his severity. The Indians resented so much the haughtiness with which he treated them, that they had most of them deserted him; and, as was the fatal habit of English commanders then and long afterwards, he had the utmost contempt for what were called "Provincials" (that is, Colonists), supposing that all sense and knowledge existed in England, and that the English, just arrived, knew more about America than natives who had spent their lives in it. He therefore marched on into the woods, utterly despising all warnings against the Indians in alliance with the French. At Great Meadows he found it necessary, from the nature of the woods and the want of roads, to leave behind him all his heavy baggage, and part of his troops to guard it, and he proceeded with only one thousand two hundred men and ten pieces of artillery. On the 9th of July, 1755, having arrived within ten miles of Fort Duqnesne, he still neglected to send out scouts, and thus rashly entering the mouth of a deep woody defile, he found himself assaulted by a murderous fire in front and on both flanks. His enemies were Indians assisted by a few French, who, accustomed to that mode of fighting, aimed from the thickets and behind trees, and picked off his officers, whom they recognised by their dress, without themselves being visible. Without attempting to draw out of the ambush, and advance with proper precautions, Braddock rushed deeper into it, and displayed a desperate but useless courage. Now was the time for his Indians to have encountered his enemies in their own mode of battle, had his pride not driven them away. After having three horses killed under him, in the vain endeavour to come at his foes, he was shot, and his troops retreated in all haste, leaving behind them their artillery and seven hundred of their comrades on the ground. Their retreat was protected by the "provincial" George Washington��whose advice had been unheeded��or the slaughter would have been greater.