THREE: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.During these debates, Ministers detailed the proceedings which had for some time past taken place between the Governments of France and Britain, to show that the maintenance of peace was impossible. The chief of these transactions were briefly these:From the date of the conferences at Pillnitz in 1791, when Prussia and Austria resolved to embrace the cause of the French king, and invited the other Powers to support them, Britain declared, both to those Powers and to France, her intention of remaining neutral. It was no easy matter to maintain such neutrality. To the Jacobin leaders, every country with an orderly Government, and still more a monarchy, was an offence. Against Britain they displayed a particular animus, which the most friendly offices did not remove. When, towards the end of 1791, the Declaration of the Rights of Man having reached St. Domingo, the negroes rose in insurrection to claim these rights, Lord Effingham, the Governor of Jamaica, aided the French Colonial Government with arms and ammunition, and the fugitive white people with provisions and protection. When this was notified to the National Assembly, with the King of Britain's approval of it, by Lord Gower, the ambassador at Paris, a vote of thanks was passed, but only to the British nation, and on condition that not even Lord Effingham's name should be mentioned in it. Other transactions on the part of the French still more offensive took place from time to time, but Britain still maintained her neutrality. When war was declared by France against Austria, in April, 1792, Chauvelin announced the fact to the British Government, and requested that British subjects should be prohibited from serving in any foreign army against France. Government at once issued an order to that effect. In June the French Government, through Chauvelin, requested the good offices of Britain in making pacific proposals to Prussia and Austria; but find that France expected more than friendly mediationactual armed coalition with Francethe British Government declined this, as contrary to existing alliances with those Powers. The proclamations of the French Government were already such as breathed war to Europe; all thrones were menaced with annihilation. At this time Mr. Miles, who exerted himself to maintain a friendly feeling between the nations, records, in his correspondence with the French Minister Lebrun and others, that Roland declared to one of his friends that peace was out of the question; that France had three hundred thousand men in arms, and that the Ministers must make them march as far as ever their legs could carry them, or they would return and cut all their throats.
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