THREE:Spain having now, most fatally for herself, been persuaded to join France in the war with England, turned her first attention to Gibraltar which she hoped France would enable her to conquer. But France showed no disposition to assist her to regain Gibraltar. At the same time, the great object was to accomplish the union of the French and Spanish fleets, which they deemed must then be invincible, and not only drive the English from the seas, but enable them to land in England itself. The French managed to muster fifty thousand men, whom they marched to the different ports on the Channel, from Havre to St. Malo. By this means, keeping England in fear of an invasion, their fleet slipped out of Brest on the 3rd of June, under the command of D'Orvilliers, and effected the desired junction with the Spaniards at Cadiz. The French fleet consisted of thirty sail of the line; the Spanish, of thirty-eight; making the united fleet sixty-eight sail, besides numerous frigates and smaller vessels. Never, since the days of the Armada, had such a mighty squadron threatened the shores of Great Britain.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.
