THREE:Lord George Murray then said that, as they needs must go, he proposed that they should enter England on the Cumberland side, so as to harass Wade's troops, if he marched across to meet them. The idea was adopted as a great improvement; it was kept a profound secret. Still further to mislead the English, Lord George proposed another plan, which was also adoptedto divide the army into two columns, to march by two different routes, but to unite at Carlisle. One of these was to be led by the prince himself by Kelso, as if intending to march straight into Northumberland; the other to take the direct road through Moffat. It was resolved to leave Lord Strathallan to command in Scotland, to take up his headquarters at Perth, receive the expected succours from France, and all such reinforcements from the Highlands as should come in.
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THREE:In this utter desertion, the king prevailed on Lord North, who was already Chancellor of the Exchequer, to accept Grafton's post of First Lord of the Treasury, with the Premiership. Lord North, eldest son of the Earl of Guildford, was a man of a remarkably mild and pleasant temper, of sound sense, and highly honourable character. He was ungainly in his person and plain of countenance, but he was well versed in the business of Parliament, and particularly dexterous in tagging to motions of the Opposition some paragraph or other which neutralised the whole, or turned it even against them. He was exceedingly near-sighted, so much so, that he once carried off the wig of the old Secretary of the Navy, who sat near him in the House. For the rest, he was of so somnolent a nature that he was frequently seen nodding in the House when Opposition members were pouring out all the vials of their wrath on his head. He thought himself a Whig, but if we are to class him by his principles and his acts of administration, we must pronounce him a Tory.
THREE:
THREE: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.Lord Belvidere " " 45,000