FORE:The name of the prisoner was Edward Oxford. He was about eighteen years of age, and of an[472] unprepossessing countenance. He was a native of Birmingham, which town he had left nine years before. He was last employed at a public-house, "The Hog in the Pond," at the corner of South Molton Street and Oxford Street. His trial for high treason was begun in the Central Criminal Court on Thursday, July 9th, and ended next day. The judges were Lord Denman, Baron Alderson, and Justice Patteson. The jury returned the following special verdict:��"We find the prisoner, Edward Oxford, guilty of discharging the contents of two pistols, but whether or not they were loaded with ball has not been satisfactorily proved to us, he being of unsound mind at the time." An argument followed between counsel as to whether this verdict amounted to an absolute acquittal, or an acquittal on the ground of insanity. Lord Denman said that the jury were in a mistake. It was necessary that they should form an opinion as to whether the pistols were loaded with bullets or not; but it appeared they had not applied their minds to that point, and therefore it would be necessary that they should again retire, and say aye or no. Did the prisoner fire a pistol loaded with ball at the Queen? After considerable discussion upon the point, the jury again retired to consider their verdict. During their absence the question was again argued, and it appeared to be the opinion of the judges that the jury were bound to return a verdict of "Guilty" or "Not Guilty" upon the evidence brought before them. After an absence of an hour they returned into court, finding the prisoner "guilty, he being at the same time insane." The sentence was that he should be imprisoned during her Majesty's pleasure, according to the Act 40 George III., providing for cases where crimes were committed by insane persons.

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FORE:It was at the close of 1719, when George I. returned from Hanover, that this Company proposed to Ministers to consolidate all the funds into one. It was strange that both Ministers and merchants could be deluded by the hope of enriching themselves by a share of the trade with the Spanish South American provinces, when Spain herself, in full enjoyment of them, was sunk into indigence and weakness, and presented the most determined resistance to the unfettered intercourse of any other nation with them. Yet Sir John Blunt, a leading director of the South Sea Company, persuaded the Ministers that by granting the Company power to deal with the public funds, and especially to buy up the unredeemable annuities which had been granted in the two preceding reigns, chiefly on terms of ninety-nine years, and which now amounted to about eight hundred thousand pounds a year, they could, in twenty-six years, pay off the entire National Debt. But, to enable them to do this, they must be empowered to reduce all the different public securities to one aggregate fund in their hands, to convert both redeemable and unredeemable debts into stock by such arrangements as they could make with the holders, and to have certain commercial privileges vested in them. Ministers accepted the proposals with great alacrity. Aislabie introduced the scheme to Parliament in the month of February, 1720, declaring that, if it was accepted by the House, the prosperity of the nation would be amazingly enhanced, and all its debts liquidated in a very few years. Craggs seconded the proposal in most sanguine terms, expressing his conviction that every member of the House must be ready to adopt so advantageous an offer. Ministers had already closed with the proposals of the Company, and they were themselves greatly disconcerted by the suggestion of Mr. Thomas Brodrick, the member for Stockbridge, who expressed his entire accordance with Ministers, but thought that the nation should endeavour to obtain the best terms for itself by opening the competition to every other company or association of men as well as that in question. Ministers were confounded by this proposal, and Aislabie endeavoured to get out of it by declaring that to do this would be like putting the nation up to auction, and that such things should be done with spirit. But Jekyll interposed, saying it was this spirit which had ruined the nation, and it was now requisite to consider seriously what was best for the public. A violent debate ensued, in which Walpole eloquently recommended open competition, and was sharply replied to by Lechmere. The question was carried in favour of competition; and then the Bank of England, which before had coolly declined to enter into the proposals, suddenly appeared in a new temper, and made liberal offers for the privilege of thus farming the public debts. But the South Sea Company was not to be outdone; it offered seven millions and a half, and the Bank gave way in despair.[See larger version]

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