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ONE: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."As Sir Francis Burdett had commenced suits, not only against the Speaker, but also against the Sergeant-at-arms, and against Lord Moira, the Governor of the Tower, for his arrest and detention, the House of Commons appointed a select committee to inquire into the proper mode of defence, and it was determined that the Sergeant-at-arms[599] should appear and plead to these indictments, and that the Attorney-General should be directed to defend them. Though these trials did not take place till May and June of the following year, we may here note the result, to close the subject. In the first two, verdicts were obtained favourable to the Government, and in the third the jury, not agreeing, were dismissed. These trials came off before Lord Ellenborough, one of the most steady supporters of Government that ever sat on the judicial bench; and the results probably drew their complexion from this cause, for the feeling of the public continued to be exhibited strongly in favour of the prisoner of the House of Commons. He continued to receive deputations from various parts of the country, expressive of the sympathy of public bodies, and of the necessity of a searching reform of Parliament. Whatever irregularity might have marked the proceedings of the radical baronet, there is no question that the discussions to which they led all over the country produced a decided progress in the cause of a renovation of our dilapidated representation.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nulla pretium lectus vel justo iaculis blandit. Nulla facilisi. In hac habitasse platea dictumst. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nulla pretium lectus vel justo iaculis blandit.
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