TWO: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:Cornwallis now announced to the Royalists of[275] North Carolina that he would soon send a force for their defence, and advanced to Charlotte. He next took measures for punishing those who had pretended to re-accept the allegiance of England only to relapse into a double treachery. He declared that all such being captured should be treated as traitors, and hanged. These severe measures were carried into execution on some of the prisoners taken at Camden and Augusta, and others were shipped off to St. Augustine. This system was as impolitic as it was cruel, for the Americans were certain to adopt it in retaliation, as they did, with a frightful ferocity, when the Royalists were overthrown in South Carolina, and avowedly on this ground. Lord Rawdon, adopting the example, wrote to his officers that he would give ten guineas for the head of any deserter from the volunteers of Ireland, and five only if brought in alive.


















