a company into the
capital stock of the bank and East-India company, as proposed by these
companies, would contribute very much to the restoring public credit.
A bill upon this resolution was brought in, passed through both houses,
and received the royal assent. Another bill was enacted into a law, for
restraining the sub-governor, deputy-governor, directors, treasurer,
under-treasurer, cashier, secretary, and accountants, of the South-Sea
company, from quitting the kingdom till the end of the next session
of parliament; and for discovering their estates and effects, so as to
prevent them from being transported or alienated. A committee of secrecy
was chosen by ballot, to examine all the books, papers, and proceedings
relating to the execution of the South-Sea act.

The lords were not less eager than the commons to prosecute this
inquiry, though divers members in both houses were deeply involved in
the guilt and infamy of the transaction. Earl Stanhope said the estates
of the criminals, whether directors or not directors, ought to be
confiscated, to repair the public losses. He was seconded by lord
Carteret, and even by the earl of Sunderland. The duke of Wharton
declared he would give up the best friend he had should he be found
guilty. He observed, that the nation had been plundered in a most
flagrant and notorious manner; therefore, they ought to find out and
punish the offenders severely, without respect to persons. The sub and
deputy-governors, the directors and officers of the South-Sea company,
were examined at the bar of the house. Then a bill was brought in,
disabling them to enjoy any office in that company, or in the East-India
company, or in the bank of England. Three brokers were likewise
examined, and made great discoveries. Knight, the treasurer of the
South-Sea company, who had been entrusted with the secrets of the
whole affair, thought proper to withdraw himself from the kingdom. A
proclamation was issued to apprehend him; and another for preventing any
of the directors from escaping out of the kingdom. At this period, the
secret committee informed the house of commons that they had already
discovered a train of the deepest villany and fraud that hell ever
contrived to ruin a nation, which in due time they would lay before the
house; in the meanwhile, they thought it highly necessary to secure the
persons of some of the directors and principal officers of the South-Sea
company, as well as to seize thei