ordered the barons to be taken under the cuftody of the black-rod. On the other hand, the house of lords in England refolved that the barons of the exchequer in Ireland had acted with courage and fidelity, and addreffed the king to fignify his approbation of their conduct by fome marks of his favour. To complete their intention a bill was prepared, by which the Irish houfe of lords was deprived of all right of final jurifdiction. This bill was oppofed in both houses; but particularly in that of the commons. It was there afferted by Mr. Pitt that it would only encrease the power of the English peers, who already were but too formidable. Mr. Hungerford demonftrated, that the Irish lords had always, exerted their power of finally deciding caufes. Notwithstanding all oppofition the bill was carried by a great majority, and foon after received the royal affent. The people of ireland were not at that time fo well acquainted with their rights and juft privileges as they are at present. Their lords then were mostly made up of men bred up in luxury and ignorance; neither spirited enough to make oppofition, nor fkilful enough to conduct it. It is very extraordinary that this bill which was a real grievance, produced no commotions in the kingdom of Ireland; and that the coinage of halfpence by one Wood, in England, for the people of that country, which was no grievance, was attended with very great difturbances. The reason must be, that the latter oppofition was conducted by a man of genius, and the former impofition fubmitted to by men of weak abilities.

But this blow, which was felt severely by the Irish, was by no means fo great as that felt by the English at this time, from that fpirit of scheming avarice, which had infected all ranks of people.

It

A. D.

It was but in the preceding year that one John Law, a Scotchman, had cheated France, by erecting a company under the 1721. name of the Miffifippi, which promifed that deluded people great weight; but which ended in involving the French nation in great diftrefs. It was now that the people of England were deceived by a project entirely fimilar, which is remembered by the name of the South-fea scheme, and which was felt long after by thousands. To explain this as concisely as poffible, it is to be obferved, that ever fince the Revolution under king William, the government not having fufficient fupplies granted by parliament, or what was granted requiring time to be collected, they were obliged to borrow money from feveral different companies of merchants; and, among the reft, from that company which traded to the South-sea. In the year 1716 the government was indebted to this company about nine millions and an half of money, for which they granted at the rate of fix per cent. interest. As this company was not the only one to which the government was indebted, and paid fuch large yearly intereft, Sir Robert Walpole conceived a defign of leffening these national debts, by giving the feveral companies an alternative either of accepting a lower intereft, namely, five per cent. or of being paid the principal. The different companies chofe rather to accept of the diminished intereft, than to be paid the principal. The Southfea company in particular having made up their debt to the government, ten millions; instead of fix hundred thousand pounds which they ufually received as intereft, were fatisfied with five hundred thousand. In the fame manner the governors and company of the bank, and other companies, were contented to receive a diminished annual intereft

for

for their respective loans, all which greatly leffened the debts of the nation.

It was in this fituation of things that one Blount, who had been bred a fcrivener, and was poffeffed. of all the cunning and plausibility requifite for fuch an undertaking, proposed to the miniftry, in the name of the South-fea company, to buy up all the debts of the different companies, and thus to become the fole creditor of the ftate. The terms be offered to government were extremely advan/ tageous. The South-fea company was to redeem the debts of the nation out of the hands of the private proprietors, who were creditors to the government, upon whatever terms they could agree on; and for the intereft of this money, which they had thus redeemed, and taken into their own: hands, they would be contented to be allowed by government, for fix years, five per cent. then the intereft fhould be reduced to four per cent. and fhould at any time be redeemable parliament. Thus far all was fair, and all was reasonable. For these purposes a bill paffed both houses; but now came the part of the fcheme oig with fraud and ruin. As the directors of the South-fea company could not of themselves be fuppofed to poffefs mo ney fufficient to buy up the debts of the nation' they were empowered to raise it by opening a Lubfeription to a fcheme for trading in the Southfeas, from which commerce immenfe advantages were promifed, and ftill greater expected by the rapacious credulity of the people. All people, therefore, who were creditors to government, were invited to come in, and exchange their fecurities, namely, the government for the South-fea company. Many were the advantages they were taught to expect from having their money traded with in a commerce to and from the fouthern parts of America, where it was reported that the Eng

lifh were to have a new fettlement granted them by the king of Spain.

The directors books were no fooner opened for the first subscription, but crowds came to make the exchange of government ftock for South-fea ftock. The delufion was artfully continued and fpread. Subfcriptions in a few days fold for double the price they had been bought at. The fcheme fucceeded beyond even the projectors hopes, and the whole nation was infected with a fpirit of avaricious enterprize. The infatuation prevailed; the flock encreafed to a furprizing degree, and to near ten times the value of what it was firft fubfcribed for.

After a few months, however the people waked from their dream of riches, and found that all the advantages they expected were merely imaginary, while thoufands of families were involved in one. common ruin. Many of the directors, by whofe arts the people were taught to expect fuch great benefits from a traffic to the South-feas, had amaffed confiderable fortunes by the credulity of the public. It was one confolation to the people to find the parliament fharing the general indig-: nation,, and refolving to ftrip thofe plunderers of their unjuft poffeffions. Orders were firft given to remove all the dire ctors of the South-fea.company from their feats in parliament,, and the places they poffeffed under government.

The principal delinquents were punished by a forfeiture of all fuch pofleffions and eftates as they had acquired during the continuance of this popuJar frenzy. The next care was to redress the fufferers. Several ufeful and juft refolutions were taken by parliament, and a bill was fpeedily prepared for repairing, the late fufferings, as far as the infpection of the legislature could extend. Of the profits arifing from the South-fea fcheme, the

fum

fum of seven millions was given back to the original proprietors; feveral additions were also made to their dividends, out of what was poffeffed by the company in their own right, and the remaining capital ftock was alfo divided among the old proprietors at the rate of thirty-three pounds per

cent.

In the mean time petitions from all parts of the kingdom were prefented to the house demanding juftice, and the whole nation feemed exafperated to the highest degree. Public credit fuftained a terrible fhock. Some principal members of the miniftry were deeply concerned in thefe fraudulent tranfactions. The bank was drawn upon fafter than it could fupply, and nothing was heard but the ravings of difappointment and defpair.

The difcontents occafioned by thefe public calamities once more gave the difaffected party hopes of fucceeding. But in all their counfels they were weak, divided, and wavering. The duke of Orleans, regent of France, is faid to be the first who gave the king information of a recent confpiracy carried on by many perfons of the firft diftinction, joined by feveral malecontents of inferior quality. In confequence of this a camp was immediately formed in Hyde-park, and all military officers were ordered to repair to their respective ftations. Lieutenant-general Macartney was dispatched to Ireland to bring over troops from that kingdom, and the ftates of Holland were called upon to be ready with their guaranty. The people thus excited by new terrors, every day expected an invafion, and looked where the vengeance of government was likely to fall.

The first perfon who was feized upon was Francis Atterbury, bishop of Rochefter, a prelate long obnoxious to the prefent government, and poffeffed of abilities to render him formidable to any mi