though, in former times, the house had listened with the utmost
attention to every word that fell from his lips, the benches became
deserted when it was known that he would speak on the South-Sea question.

[Illustration: SIR ROBERT WALPOLE]

The bill was two months in its progress through the House of Commons.
During this time every exertion was made by the directors and their
friends, and more especially by the chairman, the noted Sir John Blunt, to
raise the price of the stock. The most extravagant rumours were in
circulation. Treaties between England and Spain were spoken of, whereby
the latter was to grant a free trade to all her colonies; and the rich
produce of the mines of Potosi-la-Paz was to be brought to England until
silver should become almost as plentiful as iron. For cotton and woollen
goods, with which we could supply them in abundance, the dwellers in
Mexico were to empty their golden mines. The company of merchants trading
to the South Seas would be the richest the world ever saw, and every
hundred pounds invested in it would produce hundreds per annum to the
stockholder. At last the stock was raised by these means to near four
hundred; but, after fluctuating a good deal, settled at three hundred and
thirty, at which price it remained when the bill passed the Commons by a
majority of 172 against 55.

In the House of Lords the bill was hurried through all its stages with
unexampled rapidity. On the 4th of April it was read a first time; on the
5th, it was read a second time; on the 6th, it was committed; and on the
7th, was read a third time and passed.

Several peers spoke warmly against the scheme; but their warnings fell
upon dull, cold ears. A speculating frenzy had seized them as well as the
plebeians. Lord North and Grey said the bill was unjust in its nature, and
might prove fatal in its consequences, being calculated to enrich the few
and impoverish the many. The Duke of Wharton followed; but, as he only
retailed at second-hand the arguments so eloquently stated by Walpole in
the Lower House, he was not listened to with even the same attention that
had been bestowed upon Lord North and Grey. Earl Cowper followed on the
same side, and compared the bill to the famous horse of the siege of Troy.
Like that, it was ushered in and received with great pomp and acclamations
of joy, but bore within it treachery and destruction. The Earl of
Sunderland endeavoured to answer all objections; and on the que