ONE: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.Shortly before the Clare election Mr. O'Connell established the order of "Liberators," as a mode of expressing the gratitude and confidence of the people for past services. Its objects were to prevent the formation or continuance of secret societies; to conciliate all classes in one bond of brotherhood and affection, "so that all religious animosities may cease among Irishmen;" to bury in total and eternal oblivion all ancient animosities and reproaches; to prevent feuds and riots, and faction fights at fairs and markets; to promote the collection of a national fund for national purposes; to protect voters from the vengeance of their landlords, and to watch over their registration; "to promote the system of dealing exclusively with the friends of civil and religious liberty, Protestant and Catholic, with the selection, where choice can be made, of Protestant friends, being the most disinterested of the two; also, to prevent, as much as possible, all dealing with the enemies of Ireland, whether Protestant, Orangemen, or Orange Catholics, the worst of all Orangists; to promote the exclusive use of articles the growth and manufacture of Ireland."
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