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ONE:But the Committee found itself opposed in these objects in the highest quarter. The king displayed the most firm disposition to protect his late Minister, and was in constant communication with Walpole and his friends for the purpose. Every means were used to protect from the scrutiny of the Committee those who were possessed of the most important information, and to induce them to remain obstinately silent. Mr. Edgecumbe, who had managed the Cornish boroughs for Walpole, and could have revealed things which would have filled the Committee with exultation, was raised to the Upper House, and thus removed from the power of the Commons. Paxton, the Solicitor to the Treasury, a most important witness, remained unshakably silent, and was committed to Newgate; nor was the Committee more successful with Scrope, the Secretary to the Treasury. This officer, who, no doubt, held most desirable knowledge in his bosom, firmly refused to make any disclosures, though he was now a very feeble old man. Other officials declined to make statements whose disclosure might incriminate themselves, and which they were excused from doing by the great principles of our judicature. To remove this obstacle Lord Limerick, the Chairman of the Committee, then moved that a Bill of Indemnity should be passed, to exempt witnesses from all penalties in consequence of their disclosures. This passed the Commons by a majority of twelve, but was rejected in the House of Lords by a large majority. ONE: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.

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