which would thus accrue to the South Sea Company, submitted to Government a counter-proposal; but the more dazzling nature of their rival’s offer secured its acceptance by Parliament--in the Commons by 172 to 55, and (April 7) in the Lords by 83 to 17; Sir Robert Walpole in the former, and Lords North and Grey, the Duke of Wharton and Earl Cowper in the latter, in vain protesting against it as involving inevitable ruin. During the passing of their bill, the Company’s stock rose steadily to 330 on April 7,[32] falling to 290 on the following day. Up till this date the scheme had been honestly promoted; but now, seeing before them the prospect of speedily amassing abundant wealth, the directors threw aside all scruples, and made use of every effective means at their command, honest or dishonest, to keep up the factitious value of the stock. Their zealous endeavours were crowned with success; the shares were quoted at 550 on May 28, and 890 on June 1. A general impression having by this time gained ground that the stock had reached its maximum, so many holders rushed to realise that the price fell to 630 on June 3. As this decline did not suit the personal interests of the directors, they sent agents to buy up eagerly; and on the evening of June 3, 750 was the quoted price. This and similar artifices were employed as required, and had the effect of ultimately raising the shares to 1000 in the beginning of August, when the chairman of the Company and some of the principal directors sold out. On this becoming known, a widespread uneasiness seized the holders of stock; every one was eager to part with his shares, and on September 12 they fell to 400, in spite of all the attempts of the directors to bolster up the Company’s credit. The consternation of those who had been either unable or unwilling to part with their scrip was now extreme; many capitalists absconded, either to avoid ruinous bankruptcy, or to secure their ill-gotten gains, and the Government became seriously alarmed at the excited state of public feeling. Attempts were made to prevail on the Bank to come to the rescue by circulating some millions of Company’s bonds; but as the shares still declined, and the Company’s chief cashiers, the Sword Blade Company, now stopped payment, the Bank refused to entertain the proposal. The country was now wound up to a most alarming pitch of excitement; the punishment of the fraudulent directors was clamorously demanded, and Parliament was hastily summoned (December 8) to deliberate on the best means of mitigating this great calamity. Both Houses proved, however, to be in as impetuous a mood as the public; and in spite of the moderate counsels of Walpole, it was resolved (December 9) to punish the authors of the national distresses, though hitherto no fraudulent acts had been proved against them. An examination of the proceedings of the Company was at once commenced; and on Walpole’s proposal nine millions of South Sea bonds were taken up by the