ONE: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.
ONE:Arnold had meanwhile arranged everything with Washington, at Cambridge, for his expedition. He marched away from Cambridge with twelve hundred men, and on reaching the Kennebec River, one hundred and thirty miles north of Boston, embarked upon it, carrying with him one thousand pounds in money, and a whole cargo of manifestoes for distribution among the Canadians. Thence he had to traverse a terrible wilderness of woods, swamps, streams, and rugged heights, where the men had to carry their boats and provisions on their shoulders, and where, for two-and-thirty days, they saw no house, wigwam, or sign[221] of human life. So extreme were their distresses, that for the last several days they had to live on their own dogs. It was the 3rd of November before they reached the first Canadian settlement on the river Chaudire, which flows into the St. Lawrence opposite to Quebec. They emerged on the river St. Lawrence, at Point Levi, immediately over against Quebec. Could Arnold have crossed immediately, such was the suddenness of the surprise, he probably would have taken the city. But a rough gale was blowing at the time, and for five days he was detained on the right bank of the river by that circumstance and the want of boats. Arnold, nevertheless, managed to cross the river in the night, about a mile and a half above the place where Wolfe had crossed. Finding the cliffs there too high to scale, he followed the shore down to Wolfe's Cove, and ascended the heights just where Wolfe had done so. Like Wolfe, Arnold formed his band on the Heights of Abraham, and, trusting to the belief that the Canadians were in favour of the Americans, proposed to make a dash up to the gates of the city before day broke; but his followers protested against this design. When day dawned, Arnold saw so many men on the walls and batteries that he knew the assault was hopeless, and retired to Point aux Trembles, where he was joined by Montgomery, who took the chief command.
ONE:From the Painting by E. M. Ward. R.A.
