7"8 



A. D. 1720. 



Souih-fea company ; who, fluflied with their late fuccefs, aimed at no 

 ••lefs than incorporating all the funds of the bank, the Eaft-India com- 

 •^any, and the exchequer, into their own capital. But, though that was 

 not reliflied, the very rumour of fome fuch fcheme raifed their flock to 

 I 26 per cent at the fliutting of the books for chriflmas 1719. In con- 

 clufion, the South-fea company's lafl propofal was accepted in parlia- 

 ment, and a bill brought in for enabling that company to increafe their 

 prefcnt capital Hock and fund by redeeming fuch public debts and in- 

 cumbrances as are therein mentioned ; for raifing money to be applied 

 "for leffening feveral of the public debts and incumbrances ; for calling 

 in the prefent exchequer-bills remaining uncancelled ; and for making 

 .forth new bills in lieu thereof, to be circulated and exchanged upon 

 demand at the exchequer. 



The oppofers of this bill in parliament in vain urged (what afterward 

 proved but too true) that it was calculated for the enriching of a few, 

 and the ruin of many : that it countenanced the pernicious pradice of 

 llock-jobbing, thereby diverting the proper genius of the people from 

 trade and induflry : that the artificial raifing of South-fea flock fo 

 high while the bill was depending (viz. to 319, per cent) was a danger- 

 ous bait for decoying the unwary to their ruin, by a falfe profpedt of 

 gain, to part with what they had gotten with labour and induflry, for 

 imaginary wealth ; that it would give foreigners an opportunity of 

 perhaps tripling the great fums they already poflefl^d in our funds, and 

 would thereby drain the kingdom of its treafure, when they fliould 

 realize their flock : that a national bargain fliould be wifely made, 

 with more advantage to the public than to individuals ; but this fcheme 

 was quite the reverfe ; fince, if South-fea fiock fliould be kept up at 

 300 per cent, its old members would gain above thirty millions, whilft 

 the public were to avail themfelves of but a quarter part of that fura : 

 that although neither of the propofals of the two rival companies were 

 fit to be received, yet that of the bank was fairer, as they declared 

 plainly what they would give the long annuitants in their fiock. But 

 if, neverthelefs, the South-fea company's propofals fliould be accepted, 

 the rife of their fiock fhould be limited, for preventing the pernicious 

 effects of fiock -jobbing in fo high a degree as was like to happen. To all 

 which, and much more, faid againft the fcheme, it was anfwered by the 

 minifterial advocates, that neither the minifiers nor the company could 

 forefee this great rife of the fiock : for had its price remained as it was 

 when the bargain was firft firuck, viz. at 137 per cent, the public would 

 have been the greater gainer : that the miniftry had nothing in view, 

 but eafing the nation of part of its prefent heavy load of debt, and put- 

 ting the remainder in a method of being gradually difcharged; and 

 laflly, that it was but reafonable, that the company fhould enjoy the pro- 

 fit of the rife of fiock procured, by their own prudent condud, &c. 



