TWO:During the whole of these scenes the attitude of Government was not merely indifferent, but absolutely repulsive. At no time had so cold and narrow-spirited a Ministry existed. The names of Castlereagh, Liverpool, Sidmouth, and Lord Eldon as Lord Chancellor, recall the memory of a callous Cabinet. They were still dreaming of additional taxation when, on the 17th of March, they were thunderstruck by seeing the property-tax repealed by a majority of forty. The Prince Regent had become utterly odious by his reckless extravagance and sensual life. The abolition of the property-tax was immediately followed by other resistance. On the 20th of March a motion of disapprobation of the advance of the salary of the Secretary to the Admiralty, at such a time, from three to four thousand pounds a-year was made, but lost. On this occasion Henry Brougham pronounced a most terrible philippic against the Prince Regent, describing him as devoted, in the secret recesses of his palace, to the most vicious pleasures, and callous to the distresses and sufferings of others! Mr. Wellesley Pole described it as "language such as he had never heard in that House before."
ONE:George II. was born in 1683, and was, consequently, in his forty-fourth year when he ascended the throne. In 1705 he married the Princess Caroline Wilhelmina of Anspach, who was born in the year before himself, by whom he had now four childrenFrederick Prince of Wales, born in 1707, William Duke of Cumberland, born in 1721, and two daughters.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.
Blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident.
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