ONE: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.
ONE:The first symptom of the breaking up was the[287] necessity felt for the dismissal of Lord George Germaine, who had contributed so essentially to the defeats in America. But even then the king would not consent that he should resign without conferring a peerage on him, observing, "No one can then say he is disgraced." No quiet was now allowed to the declining Ministers. Fox, on the 20th of February, strongly seconded by William Pitt, made another attack on Lord Sandwich, this time including the whole Board of Admiralty; and the motion was only lost by nineteen. Another, and perhaps more formidable, enemy now stood forward. This was General Conway, who enjoyed the highest esteem of the House, and had been the first to propose the abolition of the fatal Stamp Act. He moved, on the 22nd of February, that the House should address his Majesty, entreating that he would "listen to the advice of his Commons, that the war on the continent of North America might no longer be pursued for the impracticable purpose of reducing the inhabitants of that country to obedience by force." After a great debate, the House divided two hours after midnight, and Ministers were reduced to a majority of one, the votes being one hundred and ninety-four against one hundred and ninety-three. Five days after, General Conway again moved that any further attempts against America would weaken the efforts of England against her European enemies, and, by further irritating the colonies, render the desired peace more difficult. The resolution was carried against Government by two hundred and thirty-four against two hundred and fifteen. Finally, on the 15th of March Sir John Rous moved a vote of want of confidence, which was again lost by a minority of only nine. It was instantly determined to renew this motion through Lord Surrey; and Lord North saw so clearly that nothing could now avert his fall, that he implored the king most earnestly to accept his resignation. George sent for Lord North on the 20th, and addressed him in these words:"Considering the temper of the House, I thought the Administration at an end." Lord North instantly seized on the words, saying:"Then, sire, had I not better state the fact at once?" The king consented, and North hurried down to the House of Commons in his court-dress, as he was.
ONE:
