Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1851-08-28


the cloud to creak so early. made no doubt
that they would do so when they found it to
their advantage. Their most considerate men
have drawn out securing themselves by the
losses of the deluded, thoughtless members,
whose understandings have been oyerruled
by avarice, and the hope of making mountains
odt of mole-hills. Thousands of families will
be reduced to beggary. The CONSERVATION is
inexpressible, the rage beyond description,
and the care altogether so desperate, that
do not see any plan or scheme so much as
thought of for averting the blow, so that can
not pretend to guess what is next to be done!"
Wherever any of the directors of the Compa-
ny appeared in the streets they were mobbed
and insulted and riots of serious character
were apprehended.
The Government, in the utmost alarm, sent
dispatches to the King, who was in Hanover,
requesting his immediate return; and endeav-
ored, with Mr. Walpole's assistance, to in
duce the Bank of England to come forward
and support with its credit the sinking Com
pany The Bank consented to contract, by
which it agreed to circulate the Compapy's
bonds; but finding the agreement would prove
ruinous to ITSELF it rstracted it, and left the
Company to its fate. Before the end of Sep
tember the demolition of the Scheme was
complete; and South Sea stock was selling
at 135. The rise, progress, and fall of the
Scheme had occupied but eight months.
1t would be impossible to compute the a.
mount of suffering to which the South Sea
Bubble gave rise-the number of persons
whose health, and hopes were blasted-the
number of families who were involved in ru-
in. We may allude to the case of Gay the
poet. "Gay," says DR.. Johnson, in his Lives
of the Poets, 's had in that disastrous year a
present from young Craggs of some South
Sea stock, and once supposed himself to be
master of 100000" His friends persuaded
him to sell his shares, but he dreamed Of Dig
nifty and splendor, and could not bear to OBJ
struct his own fortune He was then impor-
tuned to sell as much as would purchase
G100 year for life. which, says Fen
ton will make you sure of clean shirt, and
a shoulder of mutton every day." This coun-
sci was rejected; the profit and principal
were lost and Gay sunk under the calamity
so low, that his life became in danger.
A cry now arose from all parts of the ma
tion for vengeance against the directors of the
Company, all who had made themselves no
torious by the support they had given to the
South Sea Scheme Members arose in their
places in parliament, and demanded the pun
ishment of the guilty parties. 81 look upon
the contrivers of the villanous South Sea
Scheme" said Lord Molesworth, ''as the par
ricides of their country, and should be salts
to see them tied up like Roman parricides in
sacks, and thrown in the Thames" To ap-
pease the popular Indignation, parliament
was obliged to proceed hastily and even per-
haps cruelty, not Distinguishing sufficient
ly between the innocent and the guilty. A
bill was brought in to restrain the South Sea
directors, and all officials of the Company,
from leaving the kingdom, or from disposing
of their effects for a twelvemonth but not
withstanding this bill, Knight the treasurer
of the Company, contrived TO escape to the
continent with many important books and
documents. The House of Lords, after
long examination, passed resolution declar-
ing the conduct of certain of the officials of the
Company to have been scandalous and fraud
ulent, committed five of the directors inclu-
ding the chairman, Sir John Blunt, to the
custody of the black rod. The first proceed
ing of the House Of Commons was to appoint
a secret committee to inquire into the whole
affair. At the instance of this committee,
four members of the House, who were also
directors of the South Sea Company-Sir
Robert Chaplain, Sir Theodore Jannsen, Mr..
Sawbridge, and Mr.. Eyles-were unanimous
ly expelled from parliament. About the same
time Mr.. Aislabie, then Chancellor of the Ex-
chequer. who, it was discovered, had been inn
plicated to shameful extent in the Compa-
Dy's transactions, resigned Office. On the
18th of February, 1921, the secret commit
tee gave in its report, impeaching number
of persons as having been guilty of fraudu-
lent practices in connection with the Compa-
ny. The first of these who was brought to
trial was Mr. Charles Stanhope, who, it ap-
peared, had been gamer to the extent Of
G250,000 Great exertions were made in
his behalf, and he was acquitted by majori-
ty of three, to the great disappointment of
the nation. Mr.. Aislabie, who was next, was
not so fortunate. Having been found guilty
of disgraceful mal-practices, he was ordered
fo he ovnoIlaJ tho houco of Commons cnu..