s. Resolutions were passed
to the effect that the calamity was mainly owing to the vile arts of
stock-jobbers, and that nothing could tend more to the reestablishment of
public credit than a law to prevent this infamous practice. Mr. Walpole
then rose, and said, that "as he had previously hinted, he had spent some
time upon a scheme for restoring public credit, but that the execution of
it depending upon a position which had been laid down as fundamental, he
thought it proper, before he opened out his scheme, to be informed whether
he might rely upon that foundation. It was, whether the subscription of
public debts and encumbrances, money subscriptions, and other contracts,
made with the South-Sea company, should remain in the present state?" This
question occasioned an animated debate. It was finally agreed, by a
majority of 259 against 117, that all these contracts should remain in
their present state, unless altered for the relief of the proprietors by a
general court of the South-Sea company, or set aside by due course of law.
On the following day, Mr. Walpole laid before a committee of the whole
house his scheme for the restoration of public credit, which was, in
substance, to engraft nine millions of South-Sea stock into the Bank of
England, and the same sum into the East India company, upon certain
conditions. The plan was favourably received by the house. After some few
objections, it was ordered that proposals should be received from the two
great corporations. They were both unwilling to lend their aid, and the
plan met with a warm but fruitless opposition at the general courts
summoned for the purpose of deliberating upon it. They, however,
ultimately agreed upon the terms on which they would consent to circulate
the South-Sea bonds, and their report being presented to the committee, a
bill was brought in under the superintendence of Mr. Walpole, and safely
carried through both Houses of Parliament.

A bill was at the same time brought in for restraining the South-Sea
directors, governor, sub-governor, treasurer, cashier, and clerks from
leaving the kingdom for a twelvemonth, and for discovering their estates
and effects, and preventing them from transporting or alienating the same.
All the most influential members of the House supported the bill. Mr.
Shippen, seeing Mr. Secretary Craggs in his place, and believing the
injurious rumours that were afloat of that minister's conduct in the
South-Sea business, det