“ Is it possible for any innocent man, situated as Mr. Cochrane Johnstone then was, to describe this foul fraud by the name by which Mr. Cochrane Johnstone here describes it? But, Gentlemen, look at the proposal itself; what must Mr. Cochrane Johnstone have thought of the Stock Exchange Committee? surely he must have thought that they were selected for their extraordinary gullibility, when he made this proposal to them. Undoubtedly they would have had no objection to the assistance of an accomplice, but it must not be an accomplice chosen by his associates. ”

“ Unless your Lordships can pronounce that the raising the price of the government funds of this country is a crime of itself, a conspiracy to raise the price of those funds cannot be a crime by itself; but in order to make it a crime, it is necessary to state some particular circumstance which gives it a criminal character.—I conceive nobody will be found to argue, that the raising the price of the public funds, without some side object, must be mischievous to the country, and therefore a crime ”

“ If this had been a conspiracy to circulate false rumours, merely to abuse public credulity, it would not have been a trivial offence; but if the object of the conspiracy be not merely to abuse public credulity, but to raise the funds, in order that the conspirators may sell out of those funds for their own advantage, and, consequently, to the injury of others, in that case the offence assumes its most malignant character—it is cold blooded fraud, and nothing else. ”

“ I own I have been much shocked with this sort of fraudulent practice, called three times over, in the letter of Cochrane Johnstone, a hoax; I cannot apply a term which imports a joke to that, which if the Defendants are guilty of, is a gross fraud upon public and private property; and unless every species of depredation and robbery is to be regarded as a species of pleasantry, I think the name of hoax, which has been given to it, is very ill applied to a transaction of so dishonest and base a description. ”

“ Gentlemen, what now becomes of these affidavits and of those who made them? what becomes of this alibi for Mr. De Berenger? what becomes of the affidavits of his servants Smith and his wife? what becomes of Lord Cochrane swearing as he does to his green coat? why do persons resort to falsehood, but because truth convicts them? ”

“ Gentlemen, I stand in a most peculiar situation, because, upon the notes of the noble Lord, it is distinctly proved, that two of the persons for whom I am counsel, Mr. Holloway and Mr. Lyte, have admitted themselves to be guilty of that, which no man can for one moment hesitate to say is extremely wrong. Gentlemen, I think it is also sufficiently proved, that Sandom, the third person for whom I am counsel, was in the chaise which was driven from Northfleet to Dartford, and from Dartford to London ”

“ Cochrane Johnstone of the sum of £.200; but whether that relieves him from the whole or not, are you to say a man is guilty of a conspiracy on such a ground as this? I cannot call these persons for each other; being joined in the indictment, I am deprived of that opportunity. I do not find fault with the prosecutors so doing; but you must be content, under these circumstances, with the best explanation I can offer to you, with respect to that which appears against this gentleman. I shall offer you the best evidence the nature of the case admits; and I cannot do more. ”

“ If Lord Cochrane had been privy to the fraud, would he have contented himself with merely selling the stock that he had previously purchased. Would you not have found him selling to every buyer that offered (and on the 21st of February there was no scarcity of buyers at the advanced prices) stock and scrip in any quantity; if he had been privy to the fraud, he must have known that the bubble would soon burst, that the funds would fall back to their former prices, and that by every sale that he so made, he must be a great gainer ”

“ And the purpose is in its nature mischievous; it is one which strikes at the value of a vendable article in the market, and if it gives a fictitious value, by means of false rumours, it is a fraud on all who may by possibility have to do with that article; it is a fraud on all the public who may have to do with the funds on the day to which the conspiracy applies.
It seems to me quite unnecessary to specify the persons who became purchasers of stock, for without the gift of prophecy how could the defendants know who would be purchasers on a succeeding day? The impossibility is the excuse ”

“ We must abide by the rules of the Court. If we give way to the importunity of one, we must give way to the importunity of all; we must administer the same justice to all, without distinction of persons.
Lord Cochrane. I beg only to state——
Lord Ellenborough. It would be idle to announce to your Lordship, that there is such a rule of practice as that which I have mentioned, unless we meant to abide by it; the rule is, that no application can be made for a new trial, unless all the persons convicted are here: we have acted on that rule this day ”

“ This offence, my Lord, does not proceed from the infirmity of a noble mind, from the impetuosity of youthful passion, from the excess of any generous feeling;—it is cold, calculating fraud, scarcely capable of aggravation; but, if it be capable of aggravation, it has received this great aggravation, that when threatened with detection, he endeavoured to avert it by the deliberate commission of a crime which, I repeat, has all the moral turpitude of Perjury, without its legal responsibility. ”

“ Is it not next to impossible, that a man, conscious of guilt, should have been so careless of his most imminent danger?
My adversaries dwell upon some particulars of this affidavit, which they pretend to find contradicted in the evidence. The principle one is my assertion that Berenger wore a green coat. I have repeated this assertion upon oath, under all the risks of the law; and I also solemnly affirm, upon my honour, which I regard as an obligation no less sacred, that I only saw him in that dress. ”

“ De Berenger is not a common one, a person who has observed it cannot have forgotten it. I do not call merely such persons as have seen him at the messenger's, or in the court of King's Bench, or anywhere else. I put the case to the severest test, calling witnesses who had not seen him since his apprehension, desiring them to survey the court, Mr. De Berenger sitting, as he has done, undistinguished from other persons, in no conspicuous situation, and you saw, how one after another, when their eyes glanced upon his face, recognised him in an instant as the person who had practised this fraud. ”

“ There has been labour unexampled; witnesses brought from the most distant parts of the kingdom; no expence spared; every thing done that could be done to make good the charge against four of the defendants upon the record. Is it not a most extraordinary thing, if Holloway, Lyte and Sandom, were at all connected with Lord Cochrane, Mr. Cochrane Johnstone, or the two other gentlemen, that no trace can be found, no clue can be discovered, that can connect the one with the other. ”

“ I believe no man would say of Lord Cochrane, that he had so utterly thrown off all regard to religion, to the sanction of an oath, properly so called, and to the responsibility he stands under in conscience, as that he would go before a magistrate and make an affidavit, because he could not be prosecuted. ”

“ Cochrane Johnstone is not young, he is not giddy, he is not unthinking, [Pg 56] he is not inexperienced, he has seen much of the world, he is a cautious man, he is a man of high and noble family, he knows that he is suspected of having been a party in this transaction, and yet he calls it a hoax! I beg to know what word in Mr. Cochrane Johnstone's vocabulary is to be found to express fraud? ”

“ Is a man so circumstanced likely to commit so sordid a crime as that with which he is charged? No prospect of gain could hold out any temptation to Lord Cochrane to put in hazard what he now possesses. ”

“ Under circumstances so singular as these, there being not only no evidence of any connexion, but there being an express contradiction on the part of Holloway and Lyte, and the only connecting circumstance being explained away, I mean as to both the chaises driving to the Marsh Gate, I think you will be of opinion with me, that the two plots are altogether distinct from each other, and that my clients, although morally guilty, must be acquitted upon the present charge.
Gentlemen, I cannot but feel, that a kind of prejudice against my clients may have arisen in your minds ”

“ Early on the morning of the 21st of February, I drove the chaise from thence to Canterbury to the Fountain Inn; I drove only one person, it was a man; it was too dark to see how he was dressed; I had the leaders; he gave me and the other lad a Napoleon a-piece." He could not see the person; and there is identity only by the sort of specie in which he deals. "I sold it for a one pound note. I know the lads at Canterbury, who took him after me, Broad, and Thomas Daly; I saw Broad and Daly set off. There is nothing extraordinary in persons travelling day or night into Canterbury. ”

“ Gentlemen, I am no flatterer of persons who sit in your place; and I have no difficulty in telling you twelve gentlemen, that, though I have no doubt you are honorable men, you cannot have lived in this city, in which you are all merchants, for the last two months of your lives, without having every hour of the day, and at every meal at which you sat down, had your ears assailed by accounts of this transaction, and there is no one, however honourable he may be, who can prevent his mind being biassed by circumstances stated in common conversation. ”

“ Gentlemen, I have stated to you, that the gentlemen for whom I appear are in a very humble situation in life. Mr. Holloway is a wine merchant, Mr. Lyte was formerly an officer in a militia regiment, Mr. Sandom is a private gentleman of small fortune;—they are none of them, by their situation in life, apparently likely to be connected with any of the other defendants upon the record. What is there that should lead you to believe they are so? Mr. Holloway and Mr. Lyte stand under a sufficient load of guilt already ”

“ You will consider upon the whole of the evidence, whether these several parties were connected in one common plan, and were using their several endeavours and means to raise the Funds for corrupt advantage, by false contrivances, and the circulation of false intelligence—if you believe that all of them were concerned in it, you will find them all guilty—if you believe that any of them are exempt from a share in this Conspiracy, you will acquit them.—You will now consider of your Verdict. ”

“ There is nothing so contagious as popular feeling, especially on a subject of great public interest. This stamped certainty upon the news; this reached the Stock Exchange, and the funds, which had begun to droop, revived; Omnium rose to 30, 31, 32 and 32-1/2. Thus it went on for a short time, till persons having been sent to the West End of the Town, and it being found that no Messenger had arrived at the Office of the Secretary of State with this intelligence, it was discovered that this had been a gross and wicked deception; and the Funds returned to very nearly their former level. ”