be to restore public credit. "If the city of London were on fire, all
wise men would aid in extinguishing the flames, and preventing the
spread of the conflagration before they inquired after the
incendiaries. Public credit had received a dangerous wound, and lay
bleeding, and they ought to apply a speedy remedy to it. It was time
enough to punish the assassin afterwards." On the 9th of December an
address, in answer to his Majesty's speech, was agreed upon, after an
amendment, which was carried without a division, that words should be
added expressive of the determination of the House not only to seek a
remedy for the national distresses, but to punish the authors of them.

The inquiry proceeded rapidly. The directors were ordered to lay
before the House a full account of all their proceedings. Resolutions
were passed to the effect that the calamity was mainly owing to the
vile arts of stockjobbers, and that nothing could tend more to the
re-establishment 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