Extraordinary Popular Delusions and the Madness of Crowds (Complete Edition: Volume 1-3). Charles Mackay

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      The inquiry proceeded rapidly. The directors were ordered to lay before the House a full account of all their proceedings. Resolutions were passed to the effect that the calamity was mainly owing to the vile arts of stockjobbers, and that nothing could tend more to the re-establishment of public credit than a law to prevent this infamous practice. Mr. Walpole then rose, and said, that "as he had previously hinted, he had spent some time upon a scheme for restoring public credit, but that, the execution of it depending upon a position which had been laid down as fundamental, he thought it proper, before he opened out his scheme, to be informed whether he might rely upon that foundation. It was, whether the subscription of public debts and encumbrances, money subscriptions, and other contracts, made with the South Sea Company should remain in the present state?" This question occasioned an animated debate. It was finally agreed, by a majority of 259 against 117, that all these contracts should remain in their present state, unless altered for the relief of the proprietors by a general court of the South Sea Company, or set aside by due course of law. On the following day Mr. Walpole laid before a committee of the whole House his scheme for the restoration of public credit, which was, in substance, to ingraft nine millions of South Sea stock into the Bank of England, and the same sum into the East India Company, upon certain conditions. The plan was favourably received by the House. After some few objections, it was ordered that proposals should be received from the two great corporations. They were both unwilling to lend their aid, and the plan met with a warm but fruitless opposition at the general courts summoned for the purpose of deliberating upon it. They, however, ultimately agreed upon the terms on which they would consent to circulate the South Sea bonds, and their report, being presented to the committee, a bill was brought in, under the superintendence of Mr. Walpole, and safely carried through both Houses of Parliament.

      A bill was at the same time brought in, for restraining the South Sea directors, governor, sub-governor, treasurer, cashier, and clerks from leaving the kingdom for a twelvemonth, and for discovering their estates and effects, and preventing them from transporting or alienating the same. All the most influential members of the House supported the bill. Mr. Shippen, seeing Mr. Secretary Craggs in his place, and believing the injurious rumours that were afloat of that minister's conduct in the South Sea business, determined to touch him to the quick. He said, he was glad to see a British House of Commons resuming its pristine vigour and spirit, and acting with so much unanimity for the public good. It was necessary to secure the persons and estates of the South Sea directors and their officers; "but," he added, looking fixedly at Mr. Craggs as he spoke, "there were other men in high station, whom, in time, he would not be afraid to name, who were no less guilty than the directors." Mr. Craggs arose in great wrath, and said, that if the innuendo were directed against him, he was ready to give satisfaction to any man who questioned him, either in the House or out of it. Loud cries of order immediately arose on every side. In the midst of the uproar Lord Molesworth got up, and expressed his wonder at the boldness of Mr. Craggs in challenging the whole House of Commons. He, Lord Molesworth, though somewhat old, past sixty, would answer Mr. Craggs whatever he had to say in the House, and he trusted there were plenty of young men beside him, who would not be afraid to look Mr. Craggs in the face, out of the House. The cries of order again resounded from every side; the members arose simultaneously; everybody seemed to be vociferating at once. The Speaker in vain called order. The confusion lasted several minutes, during which Lord Molesworth and Mr. Craggs were almost the only members who kept their seats. At last the call for Mr. Craggs became so violent that he thought proper to submit to the universal feeling of the House, and explain his unparliamentary expression. He said, that by giving satisfaction to the impugners of his conduct in that House, he did not mean that he would fight, but that he would explain his conduct. Here the matter ended, and the House proceeded to debate in what manner they should conduct their inquiry into the affairs of the South Sea Company, whether in a grand or a select committee. Ultimately, a Secret Committee of thirteen was appointed, with power to send for persons, papers, and records.

      The Lords were as zealous and as hasty as the Commons. The Bishop of Rochester said the scheme had been like a pestilence. The Duke of Wharton said the House ought to show no respect of persons; that, for his part, he would give up the dearest friend he had, if he had been engaged in the project. The nation had been plundered in a most shameful and flagrant manner, and he would go as far as anybody in the punishment of the offenders. Lord Stanhope said, that every farthing possessed by the criminals, whether directors or not directors, ought to be confiscated, to make good the public losses.

      During all this time the public excitement was extreme. We learn, front Coxe's Walpole, that the very name of a South Sea director was thought to be synonymous with every species of fraud and villany. Petitions from counties, cities, and boroughs, in all parts of the kingdom, were presented, crying for the justice due to an injured nation and the punishment of the villanous peculators. Those moderate men, who would not go to extreme lengths, even in the punishment of the guilty, were accused of being accomplices, were exposed to repeated insults and virulent invectives, and devoted, both in anonymous letters and public writings, to the speedy vengeance of an injured people. The accusations against Mr. Aislabie, Chancellor of the Exchequer, and Mr. Craggs, another member of the ministry, were so loud, that the House of Lords resolved to proceed at once into the investigation concerning them. It was ordered, on the 21st of January, that all brokers concerned in the South Sea scheme should lay before the House an account of the stock or subscriptions bought or sold by them for any of the officers of the Treasury or Exchequer, or in trust for any of them, since Michaelmas 1719. When this account was delivered, it appeared that large quantities of stock had been transferred to the use of Mr. Aislabie. Five of the South Sea directors, including Mr. Edward Gibbon, the grandfather of the celebrated historian, were ordered into the custody of the black rod. Upon a motion made by Earl Stanhope, it was unanimously resolved, that the taking in or giving credit for stock without a valuable consideration actually paid or sufficiently secured; or the purchasing stock by any director or agent of the South Sea Company, for the use or benefit of any member of the administration, or any member of either House of Parliament, during such time as the South Sea Bill was yet pending in Parliament, was a notorious and dangerous corruption. Another resolution was passed a few days afterwards, to the effect that several of the directors and officers of the Company having, in a clandestine manner, sold their own stock to the Company, had been guilty of a notorious fraud and breach of trust, and had thereby mainly caused the unhappy turn of affairs that had so much affected public credit. Mr. Aislabie resigned his office as Chancellor of the Exchequer, and absented himself from Parliament until the formal inquiry into his individual guilt was brought under the consideration of the Legislature.

      In the mean time, Knight, the treasurer of the Company, and who was intrusted with all the dangerous secrets of the dishonest directors, packed up his books and documents, and made his escape from the country. He embarked in disguise, in a small boat on the river, and proceeding to a vessel hired for the purpose, was safely conveyed to Calais. The Committee of Secrecy informed the House of the circumstance, when it was resolved unanimously that two addresses should be presented to the King; the first praying that he would issue a proclamation, offering a reward for the apprehension of Knight; and the second, that he would give immediate orders to stop the ports, and to take effectual care of the coasts, to prevent the said Knight, or any other officers of the South Sea Company, from escaping out of the kingdom. The ink was hardly dry upon these addresses before they were carried to the King by Mr. Methuen, deputed by the House for that purpose. The same evening a royal proclamation was issued, offering a reward of two thousand pounds for the apprehension of Knight. The Commons ordered the doors of the House to be locked, and the keys to be placed upon the table. General Ross, one of the members of the Committee of Secrecy, acquainted them that they had already discovered a train of the deepest villany and fraud that Hell had ever contrived to ruin a nation, which in due time they would lay before the House. In the mean time, in order to a further discovery, the Committee thought it highly necessary to secure the persons of some of the directors and principal South Sea officers, and to seize their papers. A motion to this effect having been made, was carried unanimously. Sir Robert Chaplin, Sir Theodore Janssen, Mr. Sawbridge, and Mr. F. Eyles, members of the House, and directors of the South Sea Company, were summoned to appear in their places, and answer СКАЧАТЬ