FORE:Walpole, however, continued to oppose the South Sea Bill in the Commons, declaring that the terms were too extravagant ever to be fulfilled; that the experiment could result in nothing but a fearful increase of the costs of stockjobbing, and final confusion and ruin. He insisted that, before the proposals of the Company were accepted,[47] the rise of their stock should be limited, and every means taken to prevent the fever of infatuation that would ensue from the promise of dividends out of funds which could never be realised. He proposed for this purpose the introduction of a clause fixing the number of years' purchase to be granted to the annuitants of the South Sea Company; but to this it was objected that it was the interest of the Company to take up the annuities; and, as the annuitants had the power of coming in or not, as they pleased, the Company would, of course, offer advantageous terms, and, therefore, the whole affair might be safely left to private adjustment. Aislabie added that the South Sea Company would not submit to be controlled in an undertaking they were to pay so dear for. The Bill passed both Houses.Though a declaration of war had been issued both against France and Holland, there had been none against Spain. But Ministers hearing that a strong Spanish armament was being equipped in the port of Ferrol, and that French soldiers were expected to join and sail in it, despatched Captain Graham Moore, the brother of Sir John Moore, with four frigates to intercept four Spanish treasure-ships. The proceeding was certainly high-handed, but Ministers were justified by their knowledge that Spain paid subsidies to France. The Spaniards were furious in their indignation; an order was speedily issued to make reprisals on British ships and property, and on the 12th of December war was formally proclaimed against us.