FORE: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.[161]
FORE:We return now to the American campaign. Sir Henry Clinton, at the close of the year 1779, proceeded to carry into effect his plan of removing the war to the Southern States. The climate there favoured the project of a winter campaign, and, on the day after Christmas Day, Sir Henry embarked five thousand men on board the fleet of Admiral Arbuthnot. But the weather at sea at this season proved very tempestuous, and his ships were driven about for seven weeks. Many of his transports were lost, some of them were taken by the enemy; he lost nearly all the horses of the cavalry and artillery, and one vessel carrying the heavy ordnance foundered at sea. It was the 11th of February, 1780, when he landed on St. John's Island, about thirty miles from Charleston. He then planned the investment of Charleston with Admiral Arbuthnot; but he was not on good terms with that officer, and this threw great impediments in the way of prompt action. It was the 1st of April before they could break ground before the city. Once begun, however, the siege was prosecuted with vigour. Lord Cornwallis was sent to scour the country, and so completely did he effect this, that Lincoln was compelled to offer terms of surrender. These were considered too favourable to the Americans, and the siege continued till the 11th of May, when the English were doing such damage to the town, and the inhabitants suffering so much, that they threatened to throw open the gates if Lincoln did not surrender. In this dilemma, Lincoln offered to accept the terms proposed by Clinton before, and the British general assented to his proposal. On the 12th of May the Americans grounded their arms. The news of this blow, which laid the whole south open to the English, carried consternation throughout the States; and, arriving in England at the close of the Gordon riots, seemed to restore the spirits of the British."I will write to you where you are to send my mail," she told him, when the train was about to pull out. He bowed stiffly, and raising his hat was gone. She looked after him as he went across the cinder bed to the ambulance which was to take him back, and wondered what would have been the look upon his nice, open face, if she had told him her plans, after all. But she was the only one who knew them.