The discussion was long, animated, and many times resumed; the good judgment of the nation finally prevailed over the rancors of the past, and over the jealousies of the future. Adopted by the Lords, the bill was rejected in the House of Commons by a large majority. "The road to the temple of fame formerly passed through the temple of virtue," said Walpole; "this bill makes it necessary to arrive at honor through the winding sheet of an old decrepid lord, or the grave of an extinct noble family." It is the sole happiness of England, and one of the sources of her grandeur, as well as of her security, to have maintained upon the ancient bases a force in the state constantly renewed and liberally recruited by personal merit.
This check to the ministry was important; but a greater shock, which was to overthrow it and overwhelm the country in ruin, was preparing. At the same time that Paris and France were a prey to the fever for wild speculations, excited by the system of Law, England, for other reasons and from other pretexts, suffered an analogous contagion, accompanied by the same fatal results. The South Sea Company had been founded in 1711, by Harley. In guarantee for the payment of the national debt, important privileges had then been accorded to him. In 1719 the directors of the company proposed to liquidate the public debt in twenty-six years, upon condition that the different claims were to be concentrated in their hands, and that they would be supplied with new privileges as well as great latitude in their negotiations. The Bank of England disputed with the South Sea Company the honor and supposed profit of this enterprise, which was put up at auction. A bill of Parliament assured the monopoly to the company, which had engaged to pay seven and a half million sterling. { 165} In order to sustain this enormous burden, the directors plunged into the wildest speculations. Walpole had predicted the fatal effects, but without measuring the criminal folly of the leaders, and the stupid avidity of the followers. The shares of the company increased from one hundred and thirty to a thousand pounds sterling; while new societies were formed for the working of the most insane industries. Raising the wrecks upon the coast of Ireland, the freshening of the waters of the sea, the fabrication of the oil of turnsole, the importation of donkeys from Spain, the fattening of pork, formed simultaneously the objects of fictitious speculations, suddenly arrested at the instigation of the South Sea Company, jealous and anxious to concentrate upon their enterprise all the energy of the stock-jobbers. Exchange Alley became the rival of Quincampoix street; the greatest lords, the most delicate ladies; ecclesiastics elbowed merchants and servants, all hurrying to secure for themselves the new stocks put in circulation, and the fabulous profits which were expected from them. The Prince of Wales himself consented to become a director of the company for the working of copper mines in Wales. The intervention of the ministry was necessary to threaten the company with prosecution, before his royal highness would consent to withdraw with a profit of £40,000.