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THREE: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. FORE:The cider tax passed, opposed by thirty-nine Peers and a hundred and twenty Commoners; but it left a very sore feeling in the western counties, that cider, worth only five shillings a hogshead, the poor man's meagre beverage, should have a tax levied on it nearly doubling the price; whilst that at fifty shillings a hogshead, the rich man's luxury, only paid the same. The growers even threatened to let the apples fall and rot under the trees, rather than make them into cider, subject[179] to so partial a tax. No imposition had excited so much indignation since Sir Robert Walpole's Excise Bill, in 1733. In the cider counties bonfires were made in many places, and Bute was burnt emblematically as a jack-boot��Jack Bute��and his supposed royal mistress under that of a petticoat, which two articles, after being carried about on poles, were hurled into the flames.Meanwhile Lord Howe had been on the look-out some time for the French fleet, which, it was understood, was about to leave Brest, in order to meet a convoy of merchant ships from the West Indies, and aid it in bringing that trade fleet into port. On reaching Brest, however, he discovered that the French fleet had sailed, and it was not till the 28th of May that he caught sight of it out at sea, opposite the coast of Brittany. The French fleet, commanded by Admiral Villaret Joyeuse, was greatly superior to Howe's in ships, number of seamen, and weight of metal. Howe had twenty-five sail of the line and five frigates, carrying two thousand and ninety-eight guns, in weight of metal twenty-one thousand five hundred and nineteen pounds, and sixteen thousand six hundred and forty-seven men. Joyeuse, now joined by Admiral Neilly, had twenty-six line-of-battle ships and smaller vessels, carrying two thousand one hundred and fifty-eight guns, in weight of metal twenty-five thousand five hundred and twenty-one pounds, and nineteen thousand eight hundred and twenty-eight men. After some skirmishing, on the 1st of June��"the glorious first"��Howe came to close quarters with the enemy, who was compelled to fight by the presence of the Conventional Commissioner Bon St. Andr��. He ordered his fleet to follow his ship, the Charlotte, in cutting right through the enemy's line. Only five ships, however, accomplished this so as to engage the French to the leeward, and prevent them from escaping. Howe afterwards complained that some of his captains had not obeyed his orders, and threatened them with a court-martial; but some replied that their ships were in such bad sailing condition that they could not effect this movement, and others that they did not understand the signal. Thus, five vessels fighting to the leeward, and the rest to the windward, the battle raged furiously from nine in the morning till three in the afternoon, when the French admiral sheered off for Brest, leaving behind seven of his finest vessels in the hands of the British. The British lost in the action two hundred and seventy-nine men, and had eight hundred and seventy-seven wounded. The French lost in six of the captured ships alone six hundred and ninety men, and had five hundred and eighty wounded. The seventh, the Vengeur, went down almost as soon as the British flag was hoisted on her, with, it is supposed, three hundred men in her. Altogether, it is likely that the French did not lose less than fifteen hundred men, besides wounded, and two thousand three hundred prisoners. The British lost a number of officers, who were either killed in the battle or died afterwards of their injuries Amongst these were Sir Andrew Douglas, second captain of Howe's own ship; Captains Montagu of the Montagu, Hutt of the Queen, and Harvey of the Brunswick; Rear-Admirals Pasley of the Bellerophon, and Bowyer of the Barfleur. Admiral Graves and Captain Berkeley were severely wounded. Howe made every effort to pursue and bring the French admiral again to action; but, owing to the bad sailing qualities of English ships at that time, and the shattered state of many of them, he could not overtake Villaret, who made the best of his way to Brest. During the remainder of the year there were various engagements between small squadrons in different quarters, in which the advantage generally remained with the British, besides the training thus afforded to the officers and sailors for the mighty victories which awaited them.

THREE:[See larger version] FORE:Mrs. Ellton returned before long, and Landor went back home.

THREE:[See larger version] FORE:Again, on the 22nd of March, Burke made another earnest effort to induce the infatuated Ministers and their adherents in Parliament to listen to reason. In one of the finest speeches that he ever made, he introduced a series of thirteen resolutions, which went to abolish the obnoxious Acts of Parliament, and admit the principle of the colonial Assemblies exercising the power of taxation. In the course of his speech he drew a striking picture of the rapid growth and the inevitable future importance of these colonies. He reminded the House that the people of New England and other colonies had quitted Great Britain because they would not submit to arbitrary measures; that in America they had cultivated this extreme independence of character, both in their religion and their daily life; that almost[216] every man there studied law, and that nearly as many copies of Blackstone's "Commentaries" had been sold there as in England; that they were the Protestants of Protestants, the Dissenters of Dissenters; that the Church of England there was a mere sect; that the foreigners who had settled there, disgusted with tyranny at home, had adopted the extremest principles of liberty flourishing there; that all men there were accustomed to discuss the principles of law and government, and that almost every man sent to the Congress was a lawyer; that the very existence of slavery in the southern States made white inhabitants hate slavery the more in their own persons. "You cannot," he said, "content such men at such a distance��Nature fights against you. Who are you that you should fret, rage, and bite the chains of Nature? Nothing worse happens to you than does to all nations who have extensive empires. In all such extended empires authority grows feeble at the extremities. The Turk and the Spaniard find it so, and are compelled to comply with this condition of Nature, and derive vigour in the centre from the relaxation of authority on the borders." His resolutions were negatived by large majorities.��Suspicions Sandy��asking that?�� he teased.