Page:Cassell's Illustrated History of England vol 4.djvu/404

390 these "monsters of pride and covetousness;" "these cannibals of 'Change Alley;" "these infamous betrayers of their country." Some treated it as a national grievance that no blood was shed, and demanded that they should all be hanged, and that speedily.

Sunderland, who in reality is represented to have lost a very heavy sum by the bubble, was compelled by public opinion to resign his position and premier and first lord of the treasury, in which he was succeeded by Walpole. He still, however, continued a favourite with the king, and to his influence it was attributed that lord Cadogan was placed at the head of the army, and lord Carteret succeeded to secretary Craggs. Amid the general discontent, the house of commons was careful in voting the supplies to avoid anything like extravagance; yet amid this caution the court made a demand of seventy-two thousand pounds as a subsidy to Sweden.



This was received with a very ill grace, being palpably one more item in the list of expenses and troubles which the Hanoverian affairs of the king had involved us in. Lord Molesworth opposed it at great length, contending that we were wasting money that would never be repaid by our trade in the Baltic, where at the present time hemp seemed almost tho only commodity from that quarter needed. This was merely a play upon the idea that the authors and abettors of the South Sea bubble were many, and ought to be hanged. The subsidy was granted.

In addition to the deaths of Stanhope and Craggs followed that of the earl of Sunderland, who departed on the 19th of April. Notwithstanding his having a tendency to enrich himself at the country's cost — a pretty common failing of ministers — Sunderland appears to have been a blunt, outspoken, but able and straightforward minister. By the deaths of these leading men, Walpole was left entirely in the ascendant. He received his commission of first lord of the treasury on the 2nd of April, and from this period down to 1742, he continued to direct the government of this country. His great concern was now to restore the public credit. He drew up, as chairman of the committee of the commons, a report of all that had been lost in the late excitements, and the measures adopted to remedy the costs incurred. Amongst these were the resolutions of the house by which the seven and a half millions which the director., of the South Sea Company had agreed to pay to government; more than five had been remitted, and we may add that on the clamorous complaints of the company, the remainder was afterwards remitted too. The forfeited estates had been made to clear off a large amount of incumbrance, the credit of the company's bonds had been maintained, and thirty-three per cent, of the capital paid to tho proprietors. Such were the measures adopted by the commons, and these being stated in the report to the king, a bill was brought in embodying them all. Many of the proprietors, however, were not satisfied. They were very willing to forget their own folly and greediness, and charge the blame on the government. On the second reading of Walpole's bill, they thronged the lobby of the house of commons, tumultuously calling on the members as they passed, and presented papers both written and printed, saying, "Do justice to the annuitants, who lent their money on parliamentary security." The tunralt was so great, that the justices of peace for Westminster and the constables were sent for before the house proceeded to business. Sir John Ward presented a petition from the proprietors of the redeemable fund, praying to be heard by counsel or in their own person. Walpole, however, put and carried a motion for adjournment, and the riot in the lobby and about the house becoming only the more determined, the riot act was read, and the most noisy of the crowd arrested, who cried out, "You first pick our pockets, and then send us to gaol for complaining." The next day the bill was carried, and gradually produced quiet; but Walpole himself did not escape without severe animadversions. He was accused of having framed his measures in collusion with the bank.