ling on the 21st of February, is most
clearly proved by the testimony of Fearn and of Hichens, who say, that
so early as the month of November preceding Lord Cochrane had bought
very largely, and had sold very largely; and that he continued to buy
and to sell, down to the very period of the last sale taking place; it
is impossible, therefore, when the evidence is laid before you, that you
can collect, merely from the circumstance of his selling so large a sum
as L.139,000 on the 21st of February, that he was guilty of a conspiracy
to occasion a rise in the funds on that day. The witness did not come
prepared to state to you, what had been the extent of the sales made by
Lord Cochrane on antecedent days; but when he states that he sold
largely, (I think I may venture to say, that he sold nearly as much on
previous days as on this occasion); you will find therefore nothing to
distinguish the conduct of Lord Cochrane on the 21st of February, from
that which had been his conduct on many days precedent.

Gentlemen, I trust therefore, that in a criminal case, you will think
that the inference of criminality which is supposed to arise merely from
the circumstance of the sale of this large quantity of stock, is
rebutted by the fact I have now brought under your consideration; but
you will have the goodness also to bear in mind another circumstance. I
did expect, when I heard the case opened with so much confidence against
Lord Cochrane, that you would hear of some particular directions being
given to sell on that day; but, gentlemen, how does that fact turn out;
no particular directions are given to sell on that day, but Lord
Cochrane's general directions, from the first moment when he became a
speculator in stock, were, that whenever any event should happen by
which the stocks should be raised, one per cent. the broker was not to
wait for particular directions, but to sell; and this large sale of
L.139,000, from whence the inference is drawn, that Lord Cochrane
necessarily knew of the conspiracy which had taken place, was made under
these general directions. It is also to be observed, that Lord Cochrane
was never present in the city a single hour during the 21st; there is no
evidence given that he was there; on the contrary, all the witnesses
that have been examined, have told you they did not see him there; all
the stock was therefore sold on that day, without any interference on
his part; and as it appears beyond all question