ONE:The system of Buonaparte, by which he endeavoured to prevent the knowledge of these events in Spain and Portugal from spreading through France, was one of unscrupulous lying. He took all sorts of false means to depress the spirits of the insurgents by mere inventions, which he had inserted in the Spanish and Portuguese Gazettes under his influence. At one time it was that George III. was dead, and that George IV. was intending to make peace with Napoleon. But whatever effect he might produce by such stories for a time in the Peninsula, the truth continued to grow and spread over France. It became known that Junot and his army were driven from Lisbon; that Dupont was defeated and had surrendered in the south of Spain; then that King Joseph had fled from Madrid; and that all the coasts of the Peninsula were in possession of the British, who were received by the Spaniards and Portuguese as friends and allies. Compelled to speak out at length, on the 4th of September a statement appeared in the Moniteur mentioning some of these events, but mentioning only to distort them. It could not be concealed that Britain was active in these countries, but it was declared that the Emperor would take ample vengeance on them. In order to silence the murmurs at the folly as well as the injustice of seizing on Spain, which was already producing its retributive fruits, he procured from his slavish Senate a declaration that the war with Spain was politic, just, and necessary. Buonaparte then determined to put forth all his strength and drive the British from the Peninsula; but there were causes of anxiety pressing on him in the North. Austria and Russia wore an ominous aspect, and a spirit of resistance showed itself more and more in the press of Germany, and these things painfully divided his attention. His burden was fast becoming more than he could bear.The South Sea Company, with a folly of which extreme greed only is capable, endeavoured to put down these rival schemes and obtained an order from the Lords Justices and writs of scire facias against several of these new bubbles. It was like raising a wind to blow away the bubbles, forgetting that their own was a bubble too, and would go with them. The moment that the people began to distrust one they distrusted all. The panic became as great as the mania had been. The South Sea stock dropped in less than a month from one thousand to below six hundred. There was a simultaneous rush to sell out, and the shares must have sunk instantly to nil but for the gigantic exertions of the Company to raise money and buy in. The relief, however, was but temporary. The bankers and pawnbrokers who had advanced money on scrip broke and fled; merchants, goldsmiths, and speculators rushed away after them. Walpole was summoned in haste from Haughton to devise some means of staying the panic. He endeavoured to get the Bank of England to circulate three millions of South Sea bonds for a year; but the Bank, seeing that the case was desperate, declined it. This was decisive. The rage and despair of the swarming dupes were indescribable. They heaped[48] execrations not only on the South Sea Company, but on Ministers, the king, his mistresses, and the Royal Family, who had all been deep in the affair, and who had taken good care of themselves. George landed at Margate on the 9th of November, soon after which the South Sea stock fell to one hundred and thirty-five. On the 8th of December Parliament met, and promptly began to investigate the scandal.
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