The proposal fell somewhat short of the general expectation, which looked for nothing less than a sort of financial philosopher's stone. Besides, the Bank of England was willing to compete with the South Sea Company. If the Company could coin money out of cobwebs, why should not the Bank be able to accomplish the same feat? The friends of the Bank reminded the House of Commons of the great services which that corporation had rendered to the Government in the most difficult times, and urged, with much show of justice, that if any advantage was to be made by public bargains, the Bank should be preferred before a Company that had never {190} done anything for the nation. Well might Aislabie, the unfortunate Chancellor of the Exchequer, whose shame and ruin we shall soon come to tell of, exclaim in the speech which he made when defending himself for the second time before the House of Lords, that "the spirit of bubbling had prevailed so universally that the very Bank became a bubble--and this not by chance or necessity, or from any engagement to raise money for the public service, but from the same spirit that actuated Temple Mills or Caraway's Fishery." In plain truth, as poor Aislabie pointed out, the Bank started a scheme in imitation of the South Sea Company, and the House of Commons gave time for its proper development. The Bank offered its scheme on February 1st, and by that time the South Sea Company had seen their way to mend their hand and submit more attractive proposals. Then the Bank, not to be out-rivalled, soon made a second proposal as well. The House took the rival propositions into consideration. Walpole was the chief advocate of the Bank. No doubt he had come to the reasonable conclusion that if there could be any hope of success for such a scheme, it would be found in the Bank of England rather than in the South Sea Company. Mr. Aislabie, the Chancellor of the Exchequer, made himself the champion of the Company, and assured the House that its propositions were of far greater advantage to the country than those of the Bank. Under his persuasive influence the House agreed to accept the tender, as we may call it, of the Company, and the Chancellor of the Exchequer, Mr. Secretary Craggs, and others, were ordered to prepare and bring in a bill to give legislative sanction to the scheme. [Sidenote: 1720--The Bill passed]