May it please your Lordship;

Gentlemen of the Jury,

It is now my duty to make a few observations in reply on this momentous cause; and, I assure you, that I rise to the discharge of that duty with feelings of no ordinary nature. It is a duty in which it is impossible to feel pleasure; for every gentleman must feel degraded in the degradation of a gentleman, and every Englishman must feel mortified in the disgrace of a man whose name is associated with the naval or military glories of his country. But we are here to try these defendants by their actions; and whatever their conduct may have been in other respects, by those actions must they stand or fall. By the actions of these defendants, as respecting the matters charged by this indictment, you are now called upon to pronounce upon all the evidence that you have heard, whether they are innocent or guilty.

Gentlemen, if in the outset of this case I addressed you with confidence, as to the result, I address you now with confidence, increased ten-fold, when I recollect the arguments by which these defendants have been defended; when I recollect the evidence which has been adduced in their defence, and when I recollect too the evidence which has not been adduced in their defence; the first, as it appears to me totally failing, in making out a case of innocence; and the two latter concluding to their guilt.

Gentlemen, as it is the smallest part of the case, I will take up that part upon which you were addressed last this morning, by my learned friend Mr. Serjeant Pell, which has been denominated in this transaction the underplot. My learned friend endeavoured, with great ability and ingenuity, to persuade you, that the transactions which have been brought before you, did not constitute one plot, consisting of two parts; but two separate and distinct plots, two conspiracies totally unconnected with each other. And my learned friend concluded very properly, that if he could convince you of that, he should entitle his own clients to an acquittal on this indictment.

Gentlemen, if there were two conspiracies, then miracles have not ceased; for unless you can believe, that a most extraordinary miracle has occurred, it is quite impossible to conceive that there were two plots. It is not necessary in a conspiracy, that every party should know every other party in the conspiracy; it is not requisite that he should be acquainted with all the dramatis personæ, and the character assigned to each; it is enough if they engage in the general plan to forward the same general end, and each takes the part which is assigned him to the furtherance of that end. Now, gentlemen, look at the whole of the case, and see whether it is possible to believe, that these persons who came in the second post-chaise from Northfleet to London, were not cognizant of part of the plan, at least, if they were not of the whole, and that they were not aiding in the general conspiracy, to give a temporary rise to the funds on the 21st of February. That they afforded very material assistance in the completion of that purpose, is proved to demonstration. Independent of the facts, we have their own testimony against themselves, which is quite conclusive. Ask M'Rae, whether the plot was one or whether it was two? M'Rae was ready to come forward, and to impeach all the parties who were concerned in the conspiracy. Did he not, therefore, know the whole? When Mr. Cochrane Johnstone proffered him as a person who should betray the whole, and inform against all the parties conspiring. Are we to be told, that Mr. Cochrane Johnstone thought he knew a part only instead of the whole? Was Mr. Cochrane Johnstone meditating a second fraud upon the Stock Exchange? Was he endeavouring to get another £.10,000 out of them, by tendering them a witness, under pretence of his disclosing the whole, when he had it in his power to disclose no more than they already knew?

Gentlemen, M'Rae has been surrendered by my learned friend Mr. Alley, who never deserts his client if he can render him any service. No advocate is more zealous for his clients; yet my learned friend felt the proof given so irresistible, that he should be disgracing himself, if he stood up to ask you to disbelieve that proof, or even to hesitate about it, and he surrendered his client at once. Mr. M'Rae then stands here confessedly guilty of this conspiracy. Mr. M'Rae, who on the 15th of February had been proposing to Vinn the same plot, which was executed by De Berenger on the 21st. You find his companions in the post chaise were Sandom and Lyte, and their employer, by his own acknowledgment, the defendant Holloway. What can you wish more to prove that they were all engaged in this transaction? Mr. Serjeant Pell says, you must take Holloway's confession altogether; and because he declares, that he was not concerned with the Cochranes and Butt, you are to take that to be the fact.—Gentlemen, I do not assent to that doctrine, that when a defendant makes a confession, you are to take all the circumstances he alleges in his own favor, at the same time that you take those which are against him. Mr. Holloway came to propitiate the Stock Exchange committee; he came to ask them not to prosecute him. He could not have asked for that forbearance, if he had confessed a participation with De Berenger and the Cochranes. The only chance he had, therefore, was to deny his having any part in that plot, which, he knew, they were most anxious to unravel. But taking the whole of the case together, I think that it is impossible for you to entertain the smallest doubt upon this part of the subject.

I come therefore, gentlemen, to the other part of the case, upon which, after the great length of time which you have employed upon this case, and the fatigue you have undergone, I will not trespass upon you long.

Gentlemen, this part of the case branches itself into three or four heads, upon each of which I must make a few observations.

My learned friend, Mr. Serjeant Best, addressed you at considerable length upon the subject of the stock transactions of his three clients, Lord Cochrane, Mr. Cochrane Johnstone, and Mr. Butt; and he argued, that because it appeared not by any accounts which he put in, in addition to mine, but by the accounts which I gave in evidence, that these parties had been large dealers in consols and omnium, and had had large balances previous to the 21st of February; that therefore you were to believe, that they had on that day no possible interest to commit this fraud. That because they had had on a former day a larger balance, they could have no possible inducement to the commission of this crime. Gentlemen, observe the amount of the balance on that day, it was in omnium and consols very nearly a million. Reduced to consols it amounts to £.1,600,000. Then attend to the evidence of Mr. Baily, who tells you that the fluctuation of one-eighth was a gain or loss of two thousand pounds. Though they had been both buying and selling, yet their purchases had been much larger than their sales, and their attempts to purchase larger than their actual purchases. On Saturday the 19th, Mr. Butt had endeavoured to purchase one hundred and fifty thousand, and actually purchased fifty thousand. On this Monday, the 21st, all the three have this immense quantity of stock upon their hands; they have no means of getting rid of it, for Mr. Baily has told you, that but for this fraudulent transaction, it would have been impossible to have got rid of it, but at a great loss. They had been buying as a person must do, to keep up the market, to redeem himself from loss; and on this memorable day, all this stock is sold, it is sold at a profit of upwards of ten thousand pounds; and if it had been sold without a profit of one single farthing, still the getting out without a great loss, was to them very great gain.