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.Meanwhile a new and powerful agency was about to interpose with decisive effect in the doubtful struggle. This was the study of mathematics. Revived by the Arabians and never wholly neglected during the Middle Ages, it had profited by the general movement of the Renaissance, and was finally applied to the cosmical problem by Galileo. In this connexion, two points of profound philosophical interest must be noted. The first is that, even in its fall, the Aristotelian influence survived, to some extent, both for good and for evil. To Aristotle belongs the merit of having been the first to base astronomy on physics. He maintains the earths immobility on experimental no less than on speculative grounds. A stone thrown straight up in the air returns to its starting-point instead of falling to the west of it; and the absence of stellar385 parallax seems to show that there is no change in our position relatively to the heavenly bodies. After satisfying himself, on empirical considerations, that the popular astronomy is true, he proceeds to show that it must be true, by considerations on the nature of matter and motion, which, although mistaken, are conceived in a genuinely scientific spirit. Now Galileo saw that, to establish the Copernican system, he must first grapple with the Peripatetic physics, and replace it by a new dynamical theory. This, which he could hardly have effected by the ordinary mathematical methods, he did by borrowing the analytical method of Atomism and applying it to the measurement of motion. The law of falling bodies was ascertained by resolving their descent into a series of moments, and determining its rate of velocity at successive intervals; and curvilinear motions were similarly resolved into the combination of an impulsive with an accelerating force, a method diametrically opposed to that of Bacon, who would not even accept the rough analysis of the apparent celestial motions proposed by Greek astronomers.
