82 A. D. 1720. 



mer part of the madnefs, were equally acccflliry to their own future 

 lolles with the conductors of the fcheme ; all ranks and claiTes of per- 

 fons eagerly forwarding their own ruin, through an exceflive thirft; of 

 gain ; for, the numerous dealers in South-fea {lock and fubfcriptions, 

 by dayly continuing to buy, in the hope of their ftill rifing higher, of 

 which rife they themfelves were the principal caufe, did undoubtedly 

 lay a temptation in the way of the managers for ftill growing more ex- 

 travagant in the conditions of their future fubfcriptions *. This, never- 

 thelefs, was by no means a fufficient vindication of the court of direc- 

 tors, who, as fworn truftccs for the proprietors, ought to have either 

 flopped the unreafonable rife of {lock, or elfe have difqualified them- 

 felves, and by a public declaration to the world have teflified their ab- 

 folute difapprobation thereof. Neither indeed was the board of trea- 

 fury, who framed the famous acl, to be at all juflificd, for not laying 

 effectual re{lrairits therein againft even the bare pofTibility of any un- 

 reafonable rife of flock. 



-T-u c n. r \ r • ■ f L427,340 1 8 o of the annuities for long 



The fir{l fubfcription \ ^ ''^^ -> & 



I terms 



of the irredeemable debts "S o c ^ ■ • 



, 48,1 ^2 o o or g per cent annuities. 



amounted to - L and 15,988 4 o of th^ lottery 1710. 



By the dayly rife of South-fea flock, the fame and credit of the lead- 

 ing directors and managers rofe in proportion. Addrelles were made to 

 them froni perfons^ of high rank ; and, in teflimony of mini{lerial ap- 

 probation, feveral of the diredors had the hereditary honour of baronet 

 conferred on them. Yet, very foon after, there happened fuch fudden 

 fluctuations in their {lock, fometimes even in the fpace of a few hours, 

 as might have given clear indications of its precarious value, notwith- 

 flanding the various arts dayly pradifed to keep it conflantly rifing. 

 For, though on the 2d of June it got up to 890 per cent, yet that va{l 

 price bringing many fellers the day following to Change-alley (now 

 become a fecond Rue Quinquempoix), it fell before night to 640, and 

 yet the fame evening role again to 770. On the 6th it was at 820, but 

 by the 14th fell to 710. Many were obliged to fell out their flock to 

 enable them to make their fecond payment on the fir{l money-fubfcrip- 

 tion ; and fome began to have their eyes opened by the judicious cal- 

 culations of Archibald Hutchefon and others. Thefe alarming confi- 

 derations obliged the managers to lend out great fums of money on 

 South-fea {lock at 400 per cent. Thole loans anfwered a double pur- 

 pofe, i/i, by locking up lb much flock as was fo pawned, and idly, by 



■* The author of this work remembers diftinft- tors intended foon to open tlieir third fubfcription 



ly, that farther on in this fiimmcr a certain direc- at 1,000 per cent, he facetioufly rephed, Triieiy 



tor (Mr. Ed n, long fincc dead) being a{l<ed gertkmen feem tojlrive to talk us into fomf fuch price, 



by a gentleman at Garraway's coffee-houfe, whe- luhctl-cr we ivill or not. A, 



VUc; the report was true, that the court of direc- 4 



