was, in substance, to ingraft 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, determined to touch him
to the quick. He said, he was glad to see a British House of Commons
resuming its pristine vigour and spirit, and acting with so much
unanimity for the public good. It was necessary to secure the persons
and estates of the South Sea directors and their officers; "but," he
added, looking fixedly at Mr. Craggs as he spoke, "there were other
men in high station, whom, in time, he would not be afraid to name,
who were no less guilty than the directors." Mr. Craggs arose in great
wrath, and said, that if the innuendo were directed against him, he
was ready to give satisfaction to any man who questioned him, either