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FORE:
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FORE: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.George had much difficulty in restraining his indignation, but he kept it down, and only bowed the duke silently out of his presence. No sooner had he departed than he flew to Cumberland, and declared he would bear this no longer. Again overtures were made to Pitt, again Pitt expressed himself willing to take office, but again declined, because Temple still refused. Foiled in these attempts to engage Pitt, and equally foiled in an endeavour to engage some of the heads of the leading Whig houses, who would enter no administration without Pitt, a heterogeneous cabinet was at length cobbled up, through the management of the old Duke of Newcastle, who was hankering after office. The Marquis of Rockingham was put forward as First Lord of the Treasury and Premier. Grafton and Conway were to be Secretaries of State; and the latter, lately dismissed with ignominy from the army, was to lead the Commons. The Earl of Northington was made Chancellor, the old Duke of Newcastle Privy Seal; another old and almost superannuated nobleman, Lord Winchelsea, President of the Council. Charles Townshend retained his post of Paymaster of the Forces. Such materials, it was clear, could never long hold together. "It is a mere lute-string administration," said Townshend himself; "it is pretty summer wear, but it will never stand the winter!"
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