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TWO:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.But the chief source whence the means at their disposal were derived was the magnificent bounty of the citizens of the United States of America. The supplies sent from America to Ireland were on a scale unparalleled in history. Meetings were held in Philadelphia, Washington, New York, and other cities in quick succession, presided over by the first men in the country. All through the States the citizens evinced an intense interest, and a noble generosity, worthy of the great Republic. The railway companies carried free of charge all packages marked "Ireland." Public carriers undertook the gratuitous delivery of packages intended for the relief of Irish distress. Storage to any extent was offered on the same terms. Ships of war, without their guns, came to the Irish shores on a mission of peace and mercy, freighted with food for British subjects. Cargo after cargo followed in rapid succession, until nearly 100 separate shipments had arrived, our Government having consented to pay the freight of all donations of food forwarded from America, which amounted in the whole to 33,000. The quantity of American food consigned to the care of the Society of Friends was nearly ten thousand tons, the value of which was about 100,000. In addition to all this, the Americans remitted to the Friends' Committee 16,000 in money. They also sent 642 packages of clothing, the precise value of which could not be ascertained. There was a very large amount of remittances sent to Ireland during the famine by the Irish in the United States. Unfortunately, there are no records of those remittances prior to 1848; but after that time we are enabled to ascertain a large portion of them, though not the whole, and their amount is something astonishing. The following statement of sums remitted by emigrants in America to their families in Ireland was printed by order of Parliament:During the years 1848, 460,180; 1849, 540,619; 1850, 957,087; 1851, 990,811.

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THREE:The reading of this French note aroused at once the old feeling of enmity between France and England. If there was a strong resentment against the Americans before, it now grew tenfold. The war became popular with all, except the extreme Opposition. Lord North moved an appropriate address to the king; the Opposition moved as an amendment to it that his Majesty should dismiss the Ministers. Loyal addresses from both Houses were, however, carried by large majorities. In consequence of the French note,[251] the king ordered Lord Stormont to quit Paris, and the Marquis de Noailles took his departure from London, where, in spite of his official character, he was no longer safe from popular insult. Orders were also sent to the Lord-Lieutenants of the several counties to call out the militia.To contend against this enormous force, Buonaparte, by the most surprising exertions, had again collected upwards of two hundred thousand men of considerable military practice; but he dared not to name the conscription to a people already sore on that point; and he endeavoured to raise further reinforcements by an enrolment of National Guards all over France. For this purpose commissioners were sent down into the Departments, on the authority of an Imperial decree of April the 5th; and he proposed to raise as many federates, or volunteers of the lower ordersthe only class which had raised a cheer for him on his return. But these schemes proved, for the most part, abortive. In the northern Departments, where heretofore the commands of Buonaparte had been most freely obeyed, the inhabitants showed a sullen and dogged resistance, and the same was the case in Brittany. Farther south matters were worse. In the Departments of Gard, Marne, and Nether Loire, the white flag and cockade were openly displayed; and wherever the tree of liberty was plantedfor it was now the trick of Buonaparte to associate the sacred name of liberty with his, a name and a thing on which he had so uniformly trampledit was cut down and burnt. It was in such circumstances that Buonaparte had to put his frontiers into a state of defence against the advancing hosts. He had defended the northern side of Paris with a double line of fortifications; strongly fortified Montmartre, and on the open southern side cast up some field-works, relying, however, on the Seine as the best barrier. Paris he placed under the command of General Haxo; and the fortresses on the side of Alsace, the Vosges, and Lorraine were all strongly garrisoned. Lyons, Guise, Vitry, Soissons, Chateau-Thierry, Langres, and other towns were made as strong as forts, redoubts, field-works, and garrisons could make them; and trusting by these to retard the slow Austrians, and even the Russians, till he could have given a desperate blow to the Allies in the Netherlands, of whom he was most afraid, on the 11th of June he quitted Paris, saying, "I go to measure myself with Wellington!"
FORE:SPADE GUINEA OF GEORGE III.

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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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