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FORE:
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FORE:The confederates endeavoured to keep their plans profoundly secret till they were ready to burst at once on the devoted King of Prussia; but Frederick was the last man alive to be taken by surprise. The secret was soon betrayed to him, and, at once waiving his dislike of the King of England, he concluded a convention with him in January, 1756, and bound himself, during the disturbances in America, not to allow any foreign troops to pass through any part of Germany to those colonies, where he could prevent it. Having his treasury well supplied, he put his army in order, and in August of that year sent a peremptory demand to Vienna as to the designs of Austria, stating, at the same time, that he would not accept any evasive reply; but the reply being evasive, he at once rushed into Saxony at the head of sixty thousand men, blockaded the King of Saxony in Pirna, and secured the queen in Dresden. By this decisive action Frederick commenced what the Germans style "The Seven Years' War." In the palace of Dresden Frederick made himself master of the secret correspondence and treaties with France, Russia, and Austria, detailing all their designs, which he immediately published, and thus fully justified his proceedings to the world.
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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.
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