the kingdom of Ireland upon the crown of Great Britain; was read a third time in the House of Lords, passed and carried down to the Commous.

:

March 4. The said Bill was read a second time and a motion being made for committing it to a committee of the whole House, it occasioned a debate. Mr. Pitt first spoke against the Bill, saying, It seemed calculated for no other purpose than to increase the power of the British House of Peers, which in his opinion, was already but too great. He was seconded by Mr. Walter Plummer, who excepted against the preamble of the bill, as incoherent with the enacting part, which was partly owned by sir Joseph Jekyll, who, in the main, spoke for the bill. Mr. Hungerford, on the contrary side, endeavoured to shew, that Ireland was ever independent, with respect to courts of judicature: And he was supported by the lord Molesworth, the lord Tyrconnel, and some other members: But Mr. Philip Yorke, having backed sir Joseph Jekyll and the question being put upon the motion, it was carried in the affirmative, by 140 against 83, and so the bill was committed to a committee of the whole House; and was passed on the 26th.*

"About this time a misunderstanding happened between Mr. Lechmere, attorneygeneral, and sir William Thompson, solicitorgeneral, which was carried so far in a grand committee of the Commons, the 16th of March, that sir William charged Mr. Lechmere with breach of his bath, trust, and duty, as a privycounsellor; urging, that he acted as counsel, and received sums of money for his advice, in matters to him referred by the privy council, as attorney general.' After this, he proceeded to the reading of several reports, made either by the attorney general or himself, but was interrupted by Mr. Craggs, who said,They were not there to examine, who was the best lawyer; but that, a heavy accusation having been raised against a gentleman of distinguished merit, and in very eminent stations, it was incumbent upon the accuser to produce clear evidence to make good his charge.' Upon this, Mr. Lechnere stood up in his own defence, and said, he had the honour to be a privy Counsellor chancellor of the duchy, attorney geperal, a member of that House, and a gentleman; and therefore such a heinous accusation could not but fall the heavier upon him: That he owned himself liable to a great many human frailties and imperfections; but as his conscience intirely acquitted him of the crimes laid to his charge, so he defied all the world, and the worst of his enemies, to prove him guilty of corruption or unwarrantable practices: That though he was thus wrongfully accused in so solemn a manner, yet, as a good Christian, he did heartily forgive his accuser, and was willing to believe, that he was prompted to this rash action, rather by mistake, or ignorance, than by malice; concluding, with desiring that Bonourable sembly to sift and weigh the

Debate on a Clause to be added to the South

Sea Bill.] March 23. Upon the reading of the order of the day, for the House to resolve itself into a grand committee, upon the Bill 'for enabling the South Sea Company to increase their Capital Stock, &c.' It was ordered, That the accounts relating to Annuities, Lotteries, and Army Debentures, be referred to the said Committee. After this a motion was made, "That for rendering effectual and certain to the public, the undertaking of the South Sea Company to take the annuities for certain terms of years, it be an instruction to the said committee, That they should have power to receive Proposals from the South Sea Company, whereby it might be fixed and determined what share or shares of and in the to be increased capital stock of the said company, the proprietors of the said annuities should be entitled to have and enjoy, who should voluntarily subscribe the same into the said stock, or how many years purchase in money they should have and receive upon subscribing, at the choice of the proprietors; and that the committee should have power to receive a clause or clauses accordingly." This motion occasioned a very warm debate, that lasted from one of the clock in the afternoon, till near seven in the evening, in which Robert and Horatio Walwhole matter with their usual candour, impar tiality, and equity, and to excuse any unguarded expressions, that might escape him, in vindicat ing his innocence.' After this, several witnesses were sworn, and eight or nine of them examined; but, their depositions amounting to no more than that Mr. Lechmere had taken nothing but his usual fees, as chamber-counsellor, the accusation laid against him ap peared groundless to the committee, and was declared by the House to be malicious, false, and scandalous." Tindal.

"The Bill was warmly opposed by Walpole, who spoke in favour of the Bank. In vain he displayed the fallacy of the South Sea Scheme, and the great difference between that and the Bank, by shewing, that the com pany was not limited in the price they were to put on the Stock made over to them; whereas the Bank offered a specific sum of 1,7001. stock, for every hundred pounds in the long annuities, and the same proportion for the short annuities. In vain he urged, that it countenanced the pernicious practice of stock jobbing, by diverting the genius of the nation from trade and industry; that it held out a dangerous lure for decoying the unwary to their ruin by a false prospect of gain, and to part with the gradual profits of their labour, for imaginary wealth. In vain he insisted, that if the Proposal of the South Sea Company should be accepted, the rise of their stock ought to be limited. In vain he dwelt on the miseries and confusion which then prevailed in France, from the adoption of similar measures. In vain he urged, that as the whole success of the scheme must chiefly depend on the rise of the stock, the great prim

pole, Mr. Pitt, Mr. Gould, sir Richard Steele, and some other members, spoke in favour of the annuitants, who lent out their money, for the support of the government, with hazard and uncertainty; and having made a contract with the legislature, and purchased yearly rents for valuable considerations, ought not to be left at the mercy of a private company. It was alledged, on the other side, by Mr. Thomas Pelham, Mr. Yonge, sir Joseph Jekyll, Mr. Chancellor of the Exchequer, and some other gentlemen, That the obliging the South Sea Company to fix a price upon the annuities, might endanger the success of so beneficial an undertaking: that as it was the interest of the company to take in the said annuities, so no doubt was to be made, but they would use all their endeavours for that purpose; and would offer such advantageous conditions to the annuitants, as would encourage them to come in voluntarily: that therefore they ought to allow the said company a competent time to try what they could do; and if in a subsequent session of parliament it should appear, that the conditions they had offered to the annuitants were not reasonable, and consequently had proved ineffectual, the Commons, in such a case, might give what direction they should think proper about that matter. These, and other reasons that were urged on the same side, had so much weight, that the question being put upon the motion beforementioned, it passed in the negative, by a majority of 144 voices against 140. Then the House having resolved itself into a grand committee, made some progress in the bill.*

ciple of the project was an evil of the first magnitude; it was to raise artificially the value of the stock, by exciting and keeping up a general infatuation, and by promising dividends out of funds which would not be adequate to the purpose. In vain he predicted, that if the establishment succeeded, the directors would be come masters of the government, form an absolute aristocracy in the kingdom, and controul the resolutions of the legislature; or if it did not succeed, the failure would cause a general discontent. He closed his speech by observing, that such would be the delusive consequences, that the public would conceive it a dream. His arguments and his eloquence were of no avail. He was compared by his friends to Cassandra, predicting evils which would only be believed when the event proved their reality, and only deprecated when they were felt; and he whose speeches, in matters of finance, occupied the House with more than usual attention, was now scarcely heard. The preference was given to the South Sea, and the bill was afterwards carried by a majority of more than 3 so 1." Coxe's Walpole.

The South Sea Bill passes the Commons.] April 2. An engrossed Bill, For enabling the 'South-Sea Company to encrease their present Capital Stock,' &c. was read the third time, and some Amendment having been made thereto by the House, the question was put, That the said Bill do pass, which, after a debate, was carried in the Affirmative, by 172 against 55, and the said Bill was sent up to the Lords for their concurrence.

Debate in the Lords on the South Sea Bill.] April 4. The Lords read that Bill the first time, and the question being put, That it be read a second time, the same, after a small debate, was carried in the affirmative without dividing. The next day the Bill was read a second time accordingly; and then it was moved, That it be com mitted to a Committee of the whole House, which occasioned a great debate.

The Lord North and Grey spoke first against the Bill, and said, 'That in his judgment, it was unjust in its nature, and might prove fatal in its consequences; since it seemed calculated for the enriching of a few, and the impoverishing of a great many, and not only made way for, but countenanced and authorised the frau dulent and pernicious practice of Stock-jobbing, which produced an irreparable mischief, by diverting the genius of the people from trade and industry. His lordship was backed by

The Duke of Wharton, who endeavoured chiefly to evince, That the South-Sea project might prove of infinite disadvantage to the nation; first, as it gave foreigners an opportunity to double and treble the vast sums they had in our public funds, which could not but tempt them to withdraw their capital stock, with their immense gains, to other countries, which might drain Great Britain of a considerable part of its gold and silver. Secondly, that the artificial and prodigious rise of the South-Sea Stock was a dangerous bait, which might decoy many unwary people to their ruin, and allure them by a false prospect of gain, to part with what they had got by their labour and industry, to purchase imaginary riches. And in the third place, That the addition of above thirty millions new capital, would give such a vast power to the

that were set to work, both at home and abroad, by those who had no small concern in the success of this affair." Political State,

and short annuities, which had been subscribed; and the stock being that day 375. per cent. it was resolved to allow, for every 100l. per annum of the long annuities, 700. in the capital stock (which at 375l. per cent. amounted to 2,625.) and 575l. in bonds and money: So the total for each 100l. per annum amounted to 3,2004. or thirty-two years purchase. For every 90l. per annum of the short annuities, they agreed to allow 3507. in the capital stock, which at 3754. per cent. amounted to 1312. 10s. and in bonds and money, 217/. 10s. which together made 1530l. or seventeen years pur- | ⚫base.

These offers occasioned at first great murmurings among the Annuitants, who, having expected ten years, found they were to have but eight years and a quarter's purchase. Upon which some withdrew their orders, and others resolved not to subscribe. But the South Sea managers having found means to raise their stock to 500l. per cent. most of the annuitants appeared easy; so that it was computed, that, by the 29th of May, almost two thirds of the annuities were subscribed.

The arts of the stock-jobbers drew a great concourse of persons of all ranks into Exchange alley, by whose unexampled eagerness of laying out their money in a fund, that promised so plentiful a return of gain, that stock, which about the latter end of May, was at about 550, rose on a sudden so prodigiously, that on Thursday, the 2d of June, it came up to 890. Many cautious persons being willing to take this opportunity to secure their great profits, there appeared the next day so many sellers in the alley, that, by two or three o'clock in the afternoon, the stock fell to 640; at which the Chief Directors of the South Sea Company, being alarmed, set their agents to work, by whose artful management the stock was the same evening advanced to 750; about which price, with some small fluctuation, it continued till the closing of the Company's books on the 22d of June. In the mean time, the South Sea stock suffered a considerable shock. For many persons, who were to follow the king to Hanover, and others, who found a difficulty of making their second payment to the first subscription, were both equally desirous to turn their stock into money; so that, for some days, the number of sellers exceeded that of buyers. Wherefore the managers of the Company formed two expedients: the first was their lending out money, or notes, to the proprietors of their capital stock, to the sun of 4001. upon 100/. original stock (which shewed it to be worth above that sum) at the rate of 41. per cent. per annum. The second was their giving public notice, "That all persons possessed of any of the Company's bonds, which fell due on the 25th of June, might then have their money for the same of the Company's cashier: and that the bonds would be taken in on the second payment for the 2,250,000l. South Sea stock, sold by subscription after the rate of B001, for each 100%, original stock," By these

means money being plenty, and the stock jobbers in good humour, the South Sea Company opened their books for a third subscription, at the rate of 1,000l. for each 100%. capital stock, to be paid in ten equal payments, one in hand, and the other nine half-yearly. But some men in power having taken this opportunity to oblige their friends, their lists were so full, that the Directors enlarged it to four millions capital stock, which at that price amounted to forty millions sterling. And, what is more strange, these last subscriptions were, before the end of June, sold at above 2,000l. per cent. advance, and, after the closing of the transfer-books, the original stock rose to above 1,000l. per cent. At the same time the first subscriptions were at 560, and the second at 610 per cent. advance, the Bank at 260, and East India at 440.

The whole nation was become stock-jobbers. The South Sea was like an infectious distemper, which spread itself in an astonishing manner. Every evening produced new projects, which were justly called Bubbles, new Companies appeared every day. These were countenanced by the greatest of the nobility. The prince of Wales was governor of the Welsh Copper; the duke of Chandois, of York Buildings; the duke of Bridgewater formed a company for building houses in London and Westminster. There were near a hundred different kinds of projects or bubbles; and it was computed, that above a million and a half was won and. lost by these unwarrantable practices, by which many unwary persons were defrauded and impoverished, and a few crafty men enriched, to the great detriment of domestic trade. The king had, the same day the parliament rose, published a Proclamation,† declaring all these unlawful projects should be deemed as common nuisances, and prosecuted as such; with the penalty of 500l. for any broker to buy or sell any shares in them. Notwithstanding this

"The Speaker and Mr. Walpole could not dissuade the Prince from being governor of this Copper Company, though they told him he would be prosecuted, mentioned in parliament, and cried in the Alley, upon the foot of Onslow's Insurance, Chetwynde's Bubble, prince of Wales's Bubble, &c. he has already got 40,000l. by it." Coxe's Walpole. Correspondence; secretary Craggs to earl Stanhope.

"This Proclamation put a stop to the late pernicious projects and undertakings, which to the number of about a hundred, were first set on foot and promoted by crafty knaves; then pursued by multitudes of covetous fools; and, at last, appeared to be in effect, what their vulgar appellation denoted them to be, viz. Bubbles, or mere cheats. It was computed, that near one million and a half sterling, was won or lost by these extravagant and unwarrantable practices, whereby many unwary persons were defrauded and impoverished, and a few busy upstarts enriched, to the great detriment of domestic trade." Political State,