country. The two Houses of
Parliament were not more reasonable. Before the guilt of the South-Sea
directors was known, punishment was the only cry. The king, in his speech
from the throne, expressed his hope that they would remember that all
their prudence, temper, and resolution were necessary to find out and
apply the proper remedy for their misfortunes. In the debate on the answer
to the address, several speakers indulged in the most violent invectives
against the directors of the South-Sea project. The Lord Molesworth was
particularly vehement. "It had been said by some, that there was no law to
punish the directors of the South-Sea company, who were justly looked upon
as the authors of the present misfortunes of the state. In his opinion,
they ought upon this occasion to follow the example of the ancient Romans,
who, having no law against parricide, because their legislators supposed
no son could be so unnaturally wicked as to embrue his hands in his
father's blood, made a law to punish this heinous crime as soon as it was
committed. They adjudged the guilty wretch to be sown in a sack, and
thrown alive into the Tiber. He looked upon the contrivers and executors
of the villanous South-Sea scheme as the parricides of their country, and
should be satisfied to see them tied in like manner in sacks, and thrown
into the Thames." Other members spoke with as much want of temper and
discretion. Mr. Walpole was more moderate. He recommended that their first
care should be to restore public credit. "If the city of London were on
fire, all wise men would aid in extinguishing the flames, and preventing
the spread of the conflagration, before they inquired after the incendiaries.
Public credit had received a dangerous wound, and lay bleeding, and they
ought to apply a speedy remedy to it. It was time enough to punish the
assassin afterwards." On the 9th of December an address, in answer to his
majesty's speech, was agreed upon, after an amendment, which was carried
without a division, that words should be added expressive of the
determination of the house not only to seek a remedy for the national
distresses, but to punish the authors of them.

[Illustration: BRITANNIA STRIPT BY A SOUTH-SEA DIRECTOR.[23]]

[23] Britannia stript by a South-Sea Director. From _Het groote
Tafereel der Dwaasheid_.

The inquiry proceeded rapidly. The directors were ordered to lay before
the house a full account of all their proceeding