ThatpartofthereportoftheCommitteeofSecrecywhichrelatedtotheEarlofSunderlandwasnexttakenintoconsideration。EveryeffortwasmadetoclearhisLordshipfromtheimputation。AsthecaseagainsthimrestedchieflyontheevidenceextortedfromSirJohnBlunt，greatpainsweretakentomakeitappearthatSirJohn’swordwasnottobebelieved，especiallyinamatteraffectingthehonourofapeerandprivycouncillor。AllthefriendsoftheministryralliedaroundtheEarl，itbeinggenerallyreportedthataverdictofguiltyagainsthimwouldbringaToryministryintopower。Hewaseventuallyacquitted，byamajorityof233against172；butthecountrywasconvincedofhisguilt。Thegreatestindignationwaseverywhereexpressed，andmenacingmobsagainassembledinLondon。Happilynodisturbancestookplace。
ThiswasthedayonwhichMr。Craggs，theelder，expired。Themorrowhadbeenappointedfortheconsiderationofhiscase。Itwasverygenerallybelievedthathehadpoisonedhimself。Itappeared，however，thatgriefforthelossofhisson，oneoftheSecretariesoftheTreasury，whohaddiedfiveweekspreviouslyofthesmall-pox，preyedmuchonhismind。Forthisson，dearlybeloved，hehadbeenamassingvastheapsofriches:hehadbeengettingmoney，butnothonestly；andheforwhosesakehehadbarteredhishonourandsulliedhisfame，wasnownomore。Thedreadoffurtherexposureincreasedhistroubleofmind，andultimatelybroughtonanapoplecticfit，inwhichheexpired。Heleftafortuneofamillionandahalf，whichwasafterwardsconfiscatedforthebenefitofthesufferersbytheunhappydelusionhehadbeensomainlyinstrumentalinraising。
OnebyonethecaseofeverydirectoroftheCompanywastakenintoconsideration。Asumamountingtotwomillionsandfourteenthousandpoundswasconfiscatedfromtheirestatestowardsrepairingthemischieftheyhaddone，eachmanbeingallowedacertainresidue，inproportiontohisconductandcircumstances，withwhichhemightbegintheworldanew。SirJohnBluntwasonlyallowed5，000poundsoutofhisfortuneofupwardsof183，000pounds；SirJohnFellowswasallowed10，000poundsoutof243，000pounds；SirTheodoreJanssen，50，000poundsoutof243，000pounds；Mr。EdwardGibbon，10，000
poundsoutof106，000pounds。；SirJohnLambert，5000poundsoutof72，000pounds。Others，lessdeeplyinvolved，weretreatedwithgreaterliberality。Gibbon，thehistorian，whosegrandfatherwastheMr。
EdwardGibbonsoseverelymulcted，hasgiven，intheMemoirsofhisLifeandWritings，aninterestingaccountoftheproceedingsinParliamentatthistime。Heownsthatheisnotanunprejudicedwitness；but，asallthewritersfromwhichitispossibletoextractanynoticeoftheproceedingsofthesedisastrousyears，wereprejudicedontheotherside，thestatementsofthegreathistorianbecomeofadditionalvalue。Ifonlyontheprincipleofaudialterampartem，hisopinionisentitledtoconsideration。“Intheyear1716，“
hesays，“mygrandfatherwaselectedoneofthedirectorsoftheSouthSeaCompany，andhisbooksexhibitedtheproofthatbeforehisacceptanceofthatfataloffice，hehadacquiredanindependentfortuneof60，000pounds。Buthisfortunewasoverwhelmedintheshipwreckoftheyeartwenty，andthelaboursofthirtyyearswereblastedinasingleday。OftheuseorabuseoftheSouthSeascheme，oftheguiltorinnocenceofmygrandfatherandhisbrotherdirectors，Iamneitheracompetentnoradisinterestedjudge。Yettheequityofmoderntimesmustcondemntheviolentandarbitraryproceedings，whichwouldhavedisgracedthecauseofjustice，andrenderedinjusticestillmoreodious。Nosoonerhadthenationawakenedfromitsgoldendream，thanapopular，andevenaParliamentaryclamour，demandeditsvictims；butitwasacknowledgedonallsides，thatthedirectors，howeverguilty，couldnotbetouchedbyanyknownlawsoftheland。
TheintemperatenotionsofLordMolesworthwerenotliterallyactedon；butabillofpainsandpenaltieswasintroduced——aretro-activestatute，topunishtheoffenceswhichdidnotexistatthetimetheywerecommitted。TheLegislaturerestrainedthepersonsofthedirectors，imposedanexorbitantsecurityfortheirappearance，andmarkedtheircharacterwithapreviousnoteofignominy。Theywerecompelledtodeliver，uponoath，thestrictvalueoftheirestates，andweredisabledfrommakinganytransferoralienationofanypartoftheirproperty。Againstabillofpainsandpenalties，itisthecommonrightofeverysubjecttobeheardbyhiscounselatthebar。
Theyprayedtobeheard。Theirprayerwasrefused，andtheiroppressors，whorequirednoevidence，wouldlistentonodefence。Ithadbeenatfirstproposed，thatoneeighthoftheirrespectiveestatesshouldbeallowedforthefuturesupportofthedirectors；butitwasspeciouslyurged，thatinthevariousshadesofopulenceandguilt，suchaproportionwouldbetoolightformany，andforsomemightpossiblybetooheavy。Thecharacterandconductofeachmanwereseparatelyweighed；but，insteadofthecalmsolemnityofajudicialinquiry，thefortuneandhonourofthirty-threeEnglishmenweremadethetopicsofhastyconversation，thesportofalawlessmajority；andthebasestmemberofthecommittee，byamaliciousword，orasilentvote，mightindulgehisgeneralspleenorpersonalanimosity。Injurywasaggravatedbyinsult，andinsultwasembitteredbypleasantry。Allowancesof20poundsor1shillingwerefacetiouslymoved。Avaguereportthatadirectorhadformerlybeenconcernedinanotherproject，bywhichsomeunknownpersonshadlosttheirmoney，wasadmittedasaproofofhisactualguilt。Onemanwasruinedbecausehehaddroppedafoolishspeech，thathishorsesshouldfeedupongold；another，becausehewasgrownsoproud，thatoneday，attheTreasury，hehadrefusedacivilanswertopersonsmuchabovehim。
Allwerecondemned，absentandunheard，inarbitraryfinesandforfeitures，whichsweptawaythegreatestpartoftheirsubstance。
SuchboldoppressioncanscarcelybeshieldedbytheomnipotenceofParliament。Mygrandfathercouldnotexpecttobetreatedwithmorelenitythanhiscompanions。HisToryprinciplesandconnexionsrenderedhimobnoxioustotherulingpowers。Hisnamewasreportedinasuspicioussecret。Hiswell-knownabilitiescouldnotpleadtheexcuseofignoranceorerror。InthefirstproceedingsagainsttheSouthSeadirectors，Mr。Gibbonwasoneofthefirsttakenintocustody，andinthefinalsentencethemeasureofhisfineproclaimedhimeminentlyguilty。Thetotalestimate，whichhedeliveredonoathtotheHouseofCommons，amountedto106，543pounds5shillings6
pence，exclusiveofantecedentsettlements。Twodifferentallowancesof15，000poundsandof10，000poundsweremovedforMr。Gibbon；but，onthequestionbeingput，itwascarriedwithoutadivisionforthesmallersum。Ontheseruins，withtheskillandcreditofwhichParliamenthadnotbeenabletodespoilhim，mygrandfather，atamatureage，erectedtheedificeofanewfortune。Thelaboursofsixteenyearswereamplyrewarded；andIhavereasontobelievethatthesecondstructurewasnotmuchinferiortothefirst。“
ThenextconsiderationoftheLegislature，afterthepunishmentofthedirectors，wastorestorepubliccredit。TheschemeofWalpolehadbeenfoundinsufficient，andhadfallenintodisrepute。AcomputationwasmadeofthewholecapitalstockoftheSouthSeaCompanyattheendoftheyear1720。Itwasfoundtoamounttothirty-sevenmillionseighthundredthousandpounds，ofwhichthestockallottedtoalltheproprietorsonlyamountedtotwenty-fourmillionsfivehundredthousandpounds。TheremainderofthirteenmillionsthreehundredthousandpoundsbelongedtotheCompanyintheircorporatecapacity，andwastheprofittheyhadmadebythenationaldelusion。UpwardsofeightmillionsofthisweretakenfromtheCompany，anddividedamongtheproprietorsandsubscribersgenerally，makingadividendofabout33pounds6shillings8pencepercent。Thiswasagreatrelief。Itwasfurtherordered，thatsuchpersonsashadborrowedmoneyfromtheSouthSeaCompanyuponstockactuallytransferredandpledgedatthetimeofborrowingtoorfortheuseoftheCompany，shouldbefreefromalldemands，uponpaymentoftenpercent。ofthesumssoborrowed。Theyhadlentaboutelevenmillionsinthismanner，atatimewhenpriceswereunnaturallyraised；andtheynowreceivedbackonemilliononehundredthousand，whenpriceshadsunktotheirordinarylevel。
Butitwasalongtimebeforepubliccreditwasthoroughlyrestored。Enterprise，likeIcarus，hadsoaredtoohigh，andmeltedthewaxofherwings；likeIcarus，shehadfallenintoasea，andlearned，whileflounderinginitswaves，thatherproperelementwasthesolidground。Shehasneversinceattemptedsohighaflight。
Intimesofgreatcommercialprosperitytherehasbeenatendencytoover-speculationonseveraloccasionssincethen。Thesuccessofoneprojectgenerallyproducesothersofasimilarkind。Popularimitativenesswillalways，inatradingnation，seizeholdofsuchsuccesses，anddragacommunitytooanxiousforprofitsintoanabyssfromwhichextricationisdifficult。Bubblecompanies，ofakindsimilartothoseengenderedbytheSouthSeaproject，livedtheirlittledayinthefamousyearofthepanic，1825。Onthatoccasion，asin1720，knaverygatheredarichharvestfromcupidity，butbothsufferedwhenthedayofreckoningcame。Theschemesoftheyear1836
threatened，atonetime，resultsasdisastrous；buttheywerehappilyavertedbeforeitwastoolate。TheSouthSeaprojectthusremains，and，itistobehoped，alwayswillremain，thegreatestexampleinBritishhistory，oftheinfatuationofthepeopleforcommercialgambling。Fromthebitterexperienceofthatperiod，posteritymaylearnhowdangerousitistoletspeculationriotunrestrained，andtohopeforenormousprofitsfrominadequatecauses。Degradingaswerethecircumstances，thereiswisdomtobegainedfromthelessonwhichtheyteach。
Quisfurorocives！——Lucan。
Thetulip，——sonamed，itissaid，fromaTurkishword，signifyingaturban，——wasintroducedintowesternEuropeaboutthemiddleofthesixteenthcentury。ConradGesner，whoclaimsthemeritofhavingbroughtitintorepute，——littledreamingoftheextraordinarycommotionitwastomakeintheworld，——saysthathefirstsawitintheyear1559，inagardenatAugsburg，belongingtothelearnedCounsellorHerwart，amanveryfamousinhisdayforhiscollectionofrareexotics。ThebulbsweresenttothisgentlemanbyafriendatConstantinople，wheretheflowerhadlongbeenafavourite。Inthecourseoftenorelevenyearsafterthisperiod，tulipsweremuchsoughtafterbythewealthy，especiallyinHollandandGermany。RichpeopleatAmsterdamsentforthebulbsdirecttoConstantinople，andpaidthemostextravagantpricesforthem。ThefirstrootsplantedinEnglandwerebroughtfromViennain1600。Untiltheyear1634thetulipannuallyincreasedinreputation，untilitwasdeemedaproofofbadtasteinanymanoffortunetobewithoutacollectionofthem。
Manylearnedmen，includingPompeiusdeAngelisandthecelebratedLipsiusofLeyden，theauthorofthetreatise“DeConstantia，“werepassionatelyfondoftulips。Therageforpossessingthemsooncaughtthemiddleclassesofsociety，andmerchantsandshopkeepers，evenofmoderatemeans，begantoviewitheachotherintherarityoftheseflowersandthepreposterousprices。theypaidforthem。AtraderatHarlaemwasknowntopayone-halfofhisfortuneforasingleroot——notwiththedesignofsellingitagainataprofit，buttokeepinhisownconservatoryfortheadmirationofhisacquaintance。
OnewouldsupposethattheremusthavebeensomegreatvirtueinthisflowertohavemadeitsovaluableintheeyesofsoprudentapeopleastheDutch；butithasneitherthebeautynortheperfumeoftherose——hardlythebeautyofthe“sweet，sweet-pea；“neitherisitasenduringaseither。Cowley，itistrue，isloudinitspraise。Hesays