88 A. D. 1720. 



projecfts of different kinds having, fince the 24th of June 171 8, been fct 

 on foot in London and other parts of the kingdom, as alio in Ireland, 

 which manifeftly tend to the common grievance of the fubjedt ; the 

 contrivers whereof, under falfe pretences of public good, have prefumed 

 to open books for public fubfcriptions for the fame, and have drawn 

 unwary peiions to fubfcribe large fums to fuch undertakings, paying 

 down only fmall proportions thereof, which yet upon the whole do 

 amount to very large fums ; in many cafes afting as bodies politic, by 

 transferring fliares, &c. Others acfting under charters granted for quite 

 different purpofes, and others under obfolete charters, become void by 

 non-ufer or abufer, &c. : which dangerous projedls relate to feveral fifli- 

 eries, &c. wherein the trade, commerce, and welfare, of the people are 

 concerned. For the fupprelhon and prevention of which mifchievous 

 practices, it was enadled, that, from the 24th of June 1720, all fuch un- 

 dertakings and attempts fo described as aforefaid, and all other undertak- 

 ings tending to the common grievance, and all public fubfcriptions, re- 

 ceipts, payments, affignments, and transfers, for fuch matters, fliould be 

 forever deemed illegal and void, and be liable to fuch fines and punifh- 

 ments as the lavrs direcft. And perfons ading as brokers for others, or 

 for themfelves, either in buying or felling, fliould forfeit L500, and 

 be incapable of ading afterwards as fuch. But this ad did not extend to 

 undertakings fettled before midfummer 1718*. Laftly, the two infur- 

 ance corporations, hereby eflablifhed, are exprefsly reflrained from lend- 

 ing money to the crown on parliamentary funds, except on the credit ot 

 ads of parliament. 



The more to inforce this flatute, the king, on the very day he pafled 

 it, viz. on the i ith of June 1720, iffued a proclamation, flridly enjoin- 

 ing the obfervation of the later part of it relating to thofe projeds vul- 

 garly called bubbles ; whereby it might have been expeded, that they 

 would have all fhrunk to their original nothing in a moment. For a 

 few days, indeed, fome check was thereby given to that frantic traffic : 

 yet, maugre all authority, it foon revived, and even increafed more than 

 ever, and while they dayly advanced in price, every one was a gainer, 

 whereby the lower clafs of people fell into luxury and prodigality, as 

 well as their betters. From morning till evening, the dealers therein, 

 as well as in South-fea flock, appeared in continual crowds all over Ex- 

 change-alley, fo as to choke up the pafTage through it. Not a week 

 day pafTed without fre^ projed:s recommended by pompous advertife- 

 ments in all the newfpapers, thereby fwelled enormoufly, direding where 

 to fubl'cribe to them. On fome 6d per cent was paid down ; on others 

 i/per cent ; and fome came fo low as 1/ per thoufand at the time of 

 fubfcribing. Some of the obfcure keepers of thofe books of fubfcrip- 



* Sundry undertakings not incorporated, fuch as the feveral fire-infurance offices, the fcveral fub- 

 fciiptions to the South-fea company, &c. were favcd hannlefs by this ckufe. jil. 



4 



