84 A. D. 1720. 



purchafe. 5/<''/>', For every L98 per annum of the blank tickets of 

 lyro, they gave L210 flock, and L35 in bonds and money, being Uke- 

 wife at the rate of i 7^ years purchafe. 



At the fame time there was fubfcribed 1.14,393,788 of the redeem- 

 able debts, every Lioo being taken in or valued at 105, and, on the 

 1 2th of Auguft, South-fea flock being about 910 per cent, the midfum- 

 mer dividend included, they declared their valuing flock at 800 per 

 cent for theie redeemables fubfcribed. But, although thefe redeem- 

 able proprietors were about 16,000 perfons in number, they were 

 not allowed the choice of withdrawing their fubfcriptions, after the 

 price was now declared ; which made a mofl grievous clamour foon af- 

 ter upon the fall of the flock. 



Many v/ays were now found neceffary by the junto to keep up the 

 price of South-fea flock, after thus taking in the proprietors of the pub- 

 lic debts at fuch extravagant rates ; fuch as gi'ving credit for fix months, 

 at 4 per cent intercft, for the third payment of the firfl fubfcription, 

 and the fecond payment of the fecond money-fubfcription, in order to 

 keep a plenty of cafh in the dealers hands, &c. 



But of all the rafli proceedings of the managers during the execution 

 of their fcheme, none proved more quickly fatal than their obtaining 

 of the government, on the i8th of Augufl, vl fci re facias againft thofe 

 airy projects called bubbles, which, at this time, were become very nu- 

 merous, and had greatly advanced in their prices, even after an a£l of 

 parliament of this fame feffion [c. 17] had paffed for fupprefling them, 

 intitled, an act for better fecuring certain powers and privileges in- 

 tended to be granted by his majefly by two charters for afTurance of 

 fliips and merchandize af fea; and for lending money upon bottomree : 

 and for reflraining feveral extravagant and unwarrantable pradlices 

 therein mentioned, as well as a royal proclamation for enforcing the 

 laws againfl them : info much, that Change-alley, like the Rue Quin- 

 quempoix at Paris, was dayly crowded from morning till night, as well 

 as the coffee-houfes, with dealers in thofe bubbles; many of whom, 

 having obfolete and forfeited charters, under that pretext took large 

 money fubfcriptions for carrying on what they had no right to do. 

 Others of them grafted new- and additional projedls on their obfolete 

 charters, originally granted for very different purpofes. A third fpecies 

 of bubbles, and the mofl numerous, did not even pretend fo much as 

 to any fuch obfolete charters, or other authority whatever. It is indeed 

 very true, that the trafHc in thefe did greatly promote luxury, idlenefs, 

 and extravagance, in the middling and lower clafTes of people, divert- 

 ing them from their wonted induflry and frugality. But the great mif- 

 take of the South-fea managers concerning thofe bubbles was their be- 

 lief that their traffic obftrucled the rife of South-fea ftock ; whereas, on 

 the contrary, it was quickly found, that the trade in them was aflifling 



