A. D. 1720. 89 



tion, contenting themfelves with what they had got m the forenoon by 

 the fubfcriptions of one or two millions, (one of which the author parti- 

 cularly well remembers) were not to be found in the afternoon of the 

 fame day, the room they had hired for a day being fhut up, and they 

 and their fubfcription books never heard of more. On others of thofe 

 projects 2/, and 2/6, per cent were paid down; and onfome few lo/per 

 cent were depofited, being fuch as had fome one or more perfons of 

 known credit to midwife them into the alley. Some were divided into 

 fhares, inflead of hundreds and thoufands, upon each of which fo much 

 was paid down, and both for them and the other kinds, there were 

 printed receipts figned by perfons utterly unknown. Perfons of quality 

 of both fexes were deeply engaged in many of them, avarice prevailing 

 at this time over all confiderations of either dignity or equity ; the gen- 

 tlemen coming to taverns and coft'ee-houfes to meet their brokers, and 

 the ladies to the fliops of milliners and haberdafliers for the fame ends. 

 Any impudent impoftor, while the delufion was at its greatefi; height, 

 needed only to hire a room near the alley for a few hours, and open a 

 fubfcription book for fomewhat relative to commerce, manuficSture, 

 plantation, or fome fuppofed invention, either newly hatched out of his 

 own brain, or elfe llolen from fome of the many abortive projeds, of 

 which we have given an account, in former reigns, having firll adver- 

 tifed it in the nc fpapers the preceding day, and he might, in a few 

 hours, find fubfcribers for one or two millions, and in fome cafes more, 

 of imaginary flock. Yet many of thofe very fubfcribers were far from 

 believing thofe proje<fl:s feafible : it was enough for their purpofe that 

 there would very foon be a premium on the receipts ior thofe fubfcrip- 

 ions ; when they generally got rid of them in the crowded alley to 

 others more credulous than themfelves. And in all events, the projec- 

 tor was fure of the dcpofit-money. The firll: purchafcrs of thofe re- 

 ceipts foon found fecond purchaiers, and fo on, at llill higher prices, 

 coming from all parts of the town, and even many from the country. 

 And fo great was the wild confufion in the crowd in Exchange-alley, 

 that the fame project, or bubble, has been known to be fold at the 

 fame inflant of time 10 per cent higher at one end of the alley than at 

 the other end. Amongft thofe many bubbles, there were fome fo bare- 

 faced, and palpably grofs, as not to have fo much as the fhadow of any 

 thing like feafihility. The infatuation was at length fo fining, that one 

 project was, in the newfpapcrs, advcrtifcd thus : for fubfcribing two mil- 

 lions to a certain promilmg or profitable dcfign, which will hereafter be 

 promulgated. 



We can well remember one of thofe named globe-permits, wbich 

 came to be currently fold each for 60 guineas and upwards in the alley, 

 which neverthelcfs was onlv a fquare bit of a plaving card, on which 



Vol. 111. ' M 



