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.
Ellton stood by the door, with his hands in his pockets, and a countenance that tried hard to maintain the severity of discipline. But he was plainly enjoying it."Neither," drawled Cairness. "But Mrs. Lawton, here, has been good enough to tell me that you have known the exact truth about the Kirby massacre ever since a week after its occurrence, and yet you have shielded the criminals and lied in the papers. Then, too," he went on, "though there is no real proof against you, and you undoubtedly did handle it very well, I know that it was you that set Lawton on to try and bribe for the beef contract. You see your friends are unsafe, Mr. Stone, and I have been around yours and Lawton's ranches enough to have picked up a few damaging facts."He turned his chair and studied her in a kind of hopeless amusement. "Felipa," he said, "if you will insist upon being told, I cut open the pockets of those dead men's clothes with it."Up to this point, the whole Government and magistracy seemed as much stupefied as the poor wretches who had perished in the flames of the distillery. The king was the first to awake from this fatal lethargy. He summoned a Council on the morning of the 7th of June, at which he presided, and demanded what they had to propose for the suppression of these disorders. At the king's question the Cabinet appeared dumb-foundered. It was the general opinion that no officer could proceed to extremities against a mob, however it might be breaking the law, until an hour after the Riot Act had been read by a magistrate. This was a monstrous perversion of the meaning of that Act; but, had even this been zealously followed out, the riots must have been promptly suppressed. Luckily, at this moment Wedderburn, the Attorney-General, answered the king's interrogation boldly, that the Riot Act bore no such construction as was put upon it. In his opinion, no single hour was required for the dispersion of a mob after the reading of the Riot Act; and not even the reading of the Act at all was necessary for the authorisation of military force where a mob was found actually committing a felony by firing a dwelling-house, and could not be restrained by other means. Encouraged by Wedderburn's contention, the king declared that that had always been his own opinion, and that now he would act upon it. There should be, at least, one magistrate in the kingdom who would do his duty. The Council, gathering courage, then concurred, and a proclamation was issued, warning all householders to keep within doors with their families, the king's officers being now ordered to put down the riots by military execution, without waiting for any further reading of the Riot Act.
