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TWO:The Bill having passed, amidst the enthusiastic cheers of the Reformers, Lord John Russell and Lord Althorp were ordered to carry it in to the Lords, and "to request the concurrence of their Lordships in the same." They did so on Monday, the 26th, followed by a large number of members. It was read by the Lords the first time, and the debate on the second reading commenced on the 9th of April. On that day the Duke of Buckingham gave notice that��in the event of the Bill being rejected, a result which he fully anticipated��he would bring in a Reform Bill, of which the principal provisions would be to give members to large and important towns, to unite and consolidate certain boroughs, and to extend the elective franchise. Lord Grey then rose to move the second reading of the Reform Bill. The principle of the Bill, he remarked, was now universally conceded. It was admitted in the Duke of Buckingham's motion. Even the Duke of Wellington did not declare against all reform. They differed with the Opposition then only as to the extent to which reform should be carried. He adverted to the modifications that had been made in the Bill, and to the unmistakable determination of the people. At this moment the public mind was tranquil, clamour had ceased��all was anxious suspense and silent expectation. Lord Grey disclaimed any wish to intimidate their lordships, but he cautioned them not to misapprehend the awful silence of the people. "Though the people are silent," he said, "they are looking at our proceedings this night no less intently than they have looked ever since the question was first agitated. I know it is pretended by many that the nation has no confidence in the Peers, because there is an opinion out of doors that the interests of the aristocracy are separated from those of the people. On the part of this House, however, I disclaim all such separation of interests; and therefore I am willing to believe that the silence of which I have spoken is the fruit of a latent hope still existing in their bosoms." The Duke was severe upon the "waverers," Lords Wharncliffe and Harrowby, who defended themselves on the ground that the Bill must be carried, if not by the consent of the Opposition, against their will, by a creation of peers that would swamp them. The Earl of Winchilsea, on the third day, expressed unbounded indignation at the proposed peer-making. If such a measure were adopted he would no longer sit in the House thus insulted and outraged; but would bide his time till the return of those good days which would enable him to vindicate the insulted laws of his country by bringing an unconstitutional Minister before the bar of his peers. The Duke of Buckingham would prefer cholera to the pestilence with which this Bill would contaminate the Constitution. This day the Bill found two defenders on the episcopal bench, the Bishops of London and Llandaff. The Bishop of Exeter, in the course of the debate, made remarks which called forth a powerful and scathing oration from Lord Durham. The Bill was defended by Lord Goderich, and Lord Grey rose to reply at five o'clock on Friday morning. Referring to the attack of the Bishop of Exeter, he said, "The right reverend prelate threw out insinuations about my ambition: let me tell him calmly that the pulses of ambition may beat as strongly under sleeves of lawn as under an ordinary habit." He concluded by referring to the proposed creation of peers, which he contended was justified by the best constitutional writers, in extraordinary circumstances, and was in accordance with the acknowledged principles of the Constitution. The House at length divided at seven o'clock on the morning of the 13th, when the second reading was carried by a majority of nine; the numbers being��contents present, 128; proxies, 56-184; non-contents present, 126; proxies, 49-175. The Duke of Wellington entered an elaborate protest on the journals of the House against the Bill, to which protest 73 peers attached their signatures.The South Sea Company had immediately on the passing of the Bill proposed a subscription of one million, and this was so eagerly seized on that, instead of one, two millions were subscribed. To stimulate this already too feverish spirit in the public, the Company adopted the most false and unjustifiable means. They had eight millions and a half to pay over to Government as a douceur for granting them the management of the Funds; and, therefore, to bring this in rapidly, they propagated the most lying rumours. It was industriously circulated that Lord Stanhope had received overtures at Paris to exchange Gibraltar and Port Mahon for invaluable gold lands in Peru! The South Sea trade was vaunted as a source of boundless wealth in itself. In August the stock had risen from the one hundred and thirty of the last winter to one thousand! Men sold houses and land to become shareholders; merchants of eminence neglected their affairs and crippled their resources to reap imaginary profits. The Company flattered the delusion to the utmost. They opened a third, and even a fourth subscription, larger than the former, and passed a resolution that from next Christmas their yearly dividend should not be less than fifty per cent.! In labouring to increase the public delusion they seem to have caught the contagion themselves, for they began to act, not like men who were blowing a bubble which they knew must speedily burst, but like persons who had mounted permanently into the very highest seat of prosperous power. They assumed the most arrogant and overbearing manner, even towards men of the highest station and influence. "We have made them kings," said a member of Parliament, "and they deal with everybody as such."

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