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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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THREE:By these endeavours Walpole managed to array a considerable body of the Commons against it. It was introduced on the 8th of December, and Sir John Pakington, Sir Richard Steele, Smith, Methuen, and others joined him in attacking it. Steele made a very powerful speech against it, but the grand assault was that of Walpole. He put out all his strength, and delivered a harangue such as he had never achieved till that day. He did not spare the motives of the king, though handling them with much tact, and was unsparingly severe on the Scottish clauses, and on the notorious subserviency of the Scottish representative peers. He declared that the sixteen elective Scottish peers were already a dead weight on the country; and he asked what they would be when made twenty-five, and hereditary? He declared that such a Bill would make the lords masters of the king, and shut up the door of honour to the rest of the nation. Amongst the Romans, he said, the way to the Temple of Fame was through the Temple of Virtue; but if this Bill passed, such would never be the case in this country. There would be no arriving at honours but through the winding-sheet of an old, decrepit lord, or the tomb of an extinct noble family. Craggs, Lechmere, Aislabie, Hampton, and other Ministerial Whigs supported the Bill; but, in the words of Speaker Onslow, the declamation of Walpole had borne down everything before it, and the measure was defeated by a majority of two hundred and sixty-nine to one hundred and seventy-seven.
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ONE:To any one viewing the situation of Buonaparte at this moment, it can appear nothing but an act of madness to invade Russia. The British, in Spain, were now defeating his best generals, and this would at an earlier period have caused him to hasten to that country and endeavour to settle the war in person. It is remarkable that he was not desirous to cope with Wellington himself, all his ablest generals having failed. But to leave such an enemy in his rear when he proceeded to the North, impresses us with the idea that his enormous success had now turned his head, and that the term of his career had been reached. Besides Spain, too, there were Prussia and Austria, with whom it was only politic to enter into some terms of security; for assuredly, if his arms suffered a reverse in Russia, all these would rise and join his enemies.This appeal did something to strengthen them, but not permanently. The fact that Parliament might terminate any day from the death of the king did much to keep members in remembrance of their constituents; but the great cause of Ministerial decay of popularity was that the circumstance and spirit of the times demanded more liberal legislation than such men as Liverpool, Sidmouth, and Eldon could comprehend, much less originate. The manufacturing districts were especially in a depressed condition. The efforts which had been made to force a trade had failed. The excessive exportation of manufactured goods had resulted exactly as Brougham had prognosticated: the foreign markets had been glutted before the people were capable of buying, and the fall in prices had been ruinous. The equally great importation of raw material to continue the supply of fabrics for which the demand was inadequate, had made matters worse. The bankruptcies during the first half of this year were double the average number, credit was severely shaken, and numbers of workmen were thrown out of employment or reduced to very low wages. Wheat, though not so high as a year or two ago, averaged eighty shillings per quarter. The consequence was a renewed political action, and meetings were called by the workmen in various parts of the manufacturing districts to consider both their unsatisfactory position and the governmental as well as commercial causes of it. The Corn Laws were justly denounced as one potent cause of their sufferings, and the popular leaders of Reform were called upon to assist them in getting rid of it. So early as the 18th of January a meeting of this character was held at Manchester. Application had been made to the borough-reeve to summon a meeting to petition Parliament for this object, but he declined, the Manchester authorities of that day standing strangely aloof from the people in their endeavours for relief from this enactment, which was as inimical to their own interests as manufacturers, as it was to the comfort of their work-people.
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THREE:In the eyes of the Conservatives the League was now the great cause of the political ferment that had spread throughout the land. In the Quarterly Review for December a long and elaborate indictment had been published against that body, and all who were in any way connected with them, in which it was attempted to show that the means by which the League sought to attain their objects were of the worst kind. The writer of the article hinted that the League's system of levying money for the avowed purpose of forcing Parliament to alter the law of the land was criminally punishable. A Mr. Bailey had stated, at one of the League meetings, that he had heard of a gentleman who, in private company, had said that if one hundred persons cast lots, and the lot should fall upon him, he would take the lot to deprive Sir Robert Peel of life. The teller of this injudicious anecdote added, that "he felt convinced that no such attempt ought to be made under any pretence whatever; but he was persuaded of this, that when Sir Robert Peel went to his grave there would be but few to shed one tear over it." The speaker was a minister of the Gospel, and there could be no doubt that he intended his anecdote only as an illustration of the frenzy to which some persons had been wrought by the political circumstances of the time; but this fact circulated by the great Tory organs, together with all the most violent and excited passages which could be found in the innumerable speeches delivered at League meetings, and in the pamphlets and other publications of that body, tended to create a vague horror of the Leaguers in the minds of that large class who read only writers on that side which accords with their own views.

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THREE:On the 23rd of October Napoleon reached Erfurt, whose fortifications afforded him the means of two days' delay, to collect his scattered forces. As they came straggling in, in a most wretched condition, and without arms, his patience forsook him, and he exclaimed, "They are a set of scoundrels, who are going to the devil! I shall lose[72] eighty thousand before I get to the Rhine!" In fact, he had only eighty thousand men left, besides another eighty thousand in the garrisons in the north of Germanythus also lost to him. Of his two hundred and eighty thousand men, had utterly perished one hundred and twenty thousand. He sent orders to those in the garrisons to form a junction in the valley of the Elbe, and so fight their way home; but this was not practicable; and in a few months they all surrendered, on conditions. He here dismissed such of the Saxons and Baden troops as remained with him, and offered the same freedom to the Poles; but these brave menwith a generosity to which the betrayer of their country had no claimrefused to disband till they had seen him safe over the Rhine. Murat, with less fidelity, took his leave again, on the plea of raising troops on the frontiers of France to facilitate Napoleon's retreat, but in reality to get away to Naples and make terms for himself.

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The conduct of the Government in reference to the Congress was the subject of an animated debate in the House of Commons, which began on April 28th and lasted three days. It was on a motion for a Vote of Censure for the feebleness of tone assumed by the Government in the negotiations with the Allies, an amendment having been proposed expressive of gratitude and approbation. In Mr. Canning's speech on the third day there was one remarkable passage, which clearly defined his foreign policy, and showed that it had a distinct purpose, and aimed at an object of the highest importance. He said:"I contend, sir, that whatever might grow out of a separate conflict between Spain and France (though matter for grave consideration) was less to be dreaded than that all the Great Powers of the Continent should have been arrayed together against Spain; and that although the first object, in point of importance, indeed, was to keep the peace altogether, to prevent any war against Spain, the first in point of time was to prevent a general war; to change the question from one affecting the Allies on the one side and Spain on the other, to a question between nation and nation. This, whatever the result might be, would reduce the quarrel to the size of ordinary events, and bring it within the scope of ordinary diplomacy. The immediate object of England, therefore, was to hinder the impress of a joint-character from being affixed to the war, if war there must be, with Spain; to take care that the war should not grow out of an assumed jurisdiction of the Congress; to keep within reasonable bounds that predominating areopagitical spirit which the memorandum of the British Cabinet of May, 1820, describes as beyond the sphere of the original conception and understood principles of the alliancean alliance never intended as a union for the government of the world, or for the superintendence of the internal affairs of other states; and this, I say, was accomplished."Owing to these circumstances, occasion was taken, on the presentation to the Privy Council of the petition of the people of Boston for the removal of the Governor and Lieutenant-Governor of Massachusetts, to animadvert on Franklin's conduct. This took place on the 29th of January, 1774, when Dunning and Lee were retained on the part of the petition, and Wedderburn, the Solicitor-General, appeared for the Crown. There were no less than thirty-five Privy Councillors present, amongst them Lord North, and Lord Gower at their head, as Lord President. Neither Dunning nor Lee spoke effectively, but as if they by no means relished the cause in which they were engaged; while Wedderburn seemed animated by extraordinary life and bitterness. He was the friend of Whately, who was now lying in a dangerous state from his wound. After speaking of the Charter and the insubordinate temper of the people of Massachusetts, he fell with withering sarcasm on Franklin, who was present. Hitherto, he said, private correspondence had been held sacred, even in times of the most rancorous party fury. But here was a gentleman who had a high rank amongst philosophers, and should be the last to sanction such infamous breaches of honour, openly avowing his concern in them. He asked where, henceforth, Dr. Franklin could show his face; and said that henceforth he must deem it a libel to be termed "a man of letters," he was "a man of three letters, f u r, a thief." Wedderburn could compare him only to Zanga, in Dr. Young's "Revenge:"When the House met again, Pitt moved for leave to bring in his Bill for the better government and management of the affairs of the East India Company. He was aware, he said, how certain men would triumph when he informed them that he had based his intended measures on the resolutions of the proprietors of India stock. He was so miserably irresolute, he said, as not to venture on a Bill founded on violence and disfranchisement. He was so weak as to pay respect to chartered rights; and he had not disdained, in proposing a new system of government, to consult those who had the greatest interest in the matter, as well as the most experience in it. These were all hard hits at Fox and his party. In his Bill he went on the principle of placing the commerce of India chiefly under the control of the Company itself; but the civil and military government, he admitted, required some other control than that of the Company, yet even this, in his opinion, ought to be established in accordance with the convictions of the Company. In truth, it was a Bill rather calculated to win the good will of the East India Company than to reform the abuses of that body and to protect the interests of the natives. Fox, with as much truth as personal feeling, designated the Bill as the wisdom of an individual opposed to the collective wisdom of the Commons of England.CAPT. THOMAS DRUMMOND, UNDER-SECRETARY FOR IRELAND.
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