FORE: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.Mr. Smith O'Brien, early in July, gave occasion for another great debate on the state of Ireland, by moving that the House resolve itself into a committee for the purpose of taking into consideration the causes of the discontent prevailing there, with a view to the redress of grievances, and the establishment of a system of just and impartial government in that part of the United Kingdom. The honourable gentleman reviewed the history of the country since the union, discussed the questions of the National Debt and taxation, the Church Establishment, the position of the Roman Catholic hierarchy, Government appointments, Coercive Acts, and land tenure. Lord Eliot, then Chief Secretary of Ireland, answered his arguments at length. A great number of speakers followed, continuing the debate for five nights. At length the House divided, when the numbers were��against the motion for a committee, 243; for it, 164. The whole of these vexed questions again came up on the 9th of August, when the Irish Arms Bill was set down for the third reading. On this occasion Sir Robert Peel made some remarks, expressing the feeling of his Government with regard to Ireland, declaring that he viewed the state of things there with deep anxiety and pain. He had hoped that there was a gradual abatement of animosity on account of religious differences; that he saw the gradual influence of those laws which removed the political disabilities of Catholics and established civil equality. He thought he saw, in some respects, a great moral and social improvement; that there was a hope of increasing tranquillity, which would cause the redundant and superfluous capital of England, then seeking vent in foreign and precarious speculations, to flow into Ireland. But the agitation had, in his opinion, blasted all those hopes.

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