London and the Kingdom - Volume 3: A History Derived Mainly from the Archives at Guildhall in the Custody of the Corporation of the City of London.Sharpe, Reginald R. (Reginald Robinson)
History
London and the Kingdom - Volume 3: A History Derived Mainly from the Archives at Guildhall in the Custody of the Corporation of the City of London.
Sharpe, Reginald R. (Reginald Robinson)
London (England) -- History
As is not unusual in such cases, there was a universal endeavour to
fasten the guilt upon others than the rash speculators themselves. An
outcry was raised, not only against the directors of the company, but
also against the ministry. Nothing would suffice but a Parliamentary
enquiry into the affairs of the company. This was granted, and early
in the following year the Lords commenced an open investigation,
whilst the Commons appointed a committee of secrecy. The Lords had
scarcely entered upon their investigation before it was discovered that
the secretary of the company had made his escape to the continent.
Thereupon the Commons gave orders for all ports to be watched in order
to prevent the directors of the company following his example. Any
director holding office under Government was dismissed. Two members of
the House, who were also directors, were expelled the House and taken
into custody. These were Jacob Sawbridge, the grandfather of Alderman
John Sawbridge, of whom we shall hear more later on, and Sir Theodore
Janssen, the father of Stephen Theodore Janssen who, after serving
the City in Parliament and in the Mayoralty chair, became the City's
Chamberlain. Other directors were also taken into custody and their
papers seized.
[Sidenote: The Sword-blade Company.]
Jacob Sawbridge was a member of the firm of Turner, Caswall and
Company, commonly known as the Sword-blade Company, carrying on
business as goldsmiths in Birchin Lane. Sir George Caswall, one of
the partners, was member for Leominster, and was serving as Sheriff
the year of the South Sea Bubble. His firm had acted as cashiers of
the South Sea Company, and like many similar firms of goldsmiths, had
advanced large sums upon the company's stock. The committee of secrecy
appointed by the House of Commons soon discovered that Sir George had
been guilty of tampering with the firm's books in order to shield
Charles Stanhope. For this he was expelled the House and committed to
the Tower, whilst his firm was made to surrender its illgotten gains to
the extent of a quarter of a million sterling.[50]
[Sidenote: Parliament and the South Sea Company.]
Public-domain text, read in full here on John Shaqi.
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