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
All the directors were forced to send in inventories of their
respective estates to the Parliamentary Committee. These were
confiscated for the benefit of their dupes, their owners being allowed
some small portion of their former wealth to keep them from starvation.
Peculation and dishonesty were not confined to the city. Peers of the
realm and cabinet ministers were charged with receiving large bribes
either in money or stock. The Earl of Sunderland, first commissioner
of the Treasury, was reported by the committee of investigation to
have received £50,000 stock without any consideration whatsoever, and
although the House of Commons refused to find him guilty,[51] the
Earl felt compelled to give up his post. Craggs, who was Secretary of
State, and Aislabie, the Chancellor of the Exchequer, not to mention
others, were convicted by the House of receiving similar bribes.[52]
Craggs died of an attack of small-pox, pending the enquiry, but he
left a large estate, and this was confiscated for the relief of
sufferers. Aislabie was expelled the House, and committed to the Tower.
Among the directors who were thus made to feel the heavy hand of
Parliament was Edward Gibbon, grandfather of the great historian of the
"Decline and Fall of the Roman Empire." Out of an estate of £60,000,
Parliament allowed him to retain no more than £10,000. That the action
of Parliament towards the directors was afterwards condemned by the
historian as arbitrary and unjust, and only to be excused by the most
imperious necessity, need not therefore cause surprise.[53]
[Sidenote: The action of Parliament upheld by the City.]
The city fathers, on the other hand, upheld the action of Parliament,
and urged it to take further measures to alleviate the prevalent
distress by presenting to the House the following petition (3
April)[54]:--
"Your peticoners think it their duty most humbly to represent to this
Honoble House the present state of the City of London (so considerable
a part of the kingdom) now filled with numberless objects of grief
and compassion (the sad effects of the mismanagemts avarice and fatal
contrivances of the late Directors of the South Sea Company, their
aiders, abettors and confederates in the destruccõn of their country.)
"Nor is it the case of this great city alone your peticoners lament,
but the general decay of trade manufactures and of public creditt,
whereof this Honoble House have been alwaies so extreamly tender, as
also of the honour of the British name and nacõn.
Public-domain text, read in full here on John Shaqi.
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