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. TWO:During the Session of 1764 Grenville imposed several duties on American articles of export, if imported direct from the French, Dutch, and Spanish West Indies. The Americans did not dispute the right of the mother country to impose such duties on the trade of the empire in any quarter; but these imposts, seeing the object of them, were not the less galling. But Grenville did not stop there; he stated, at the time of passing these duties, that it was probable that Government would charge certain stamp duties in America. This was creating a sore place and immediately striking it. The infatuated Minister was contemplating an act of the nature of which neither he nor his colleagues had any conception.

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