loo A. D. 1 7 14, 



confiderable run, much money being got and loft by them : and as for the 

 great bulk of them, there were almoft incredible numbers of t ran fic- 

 tions in them dayly and hourly, for ready money, and moftly at very 

 advanced prices ; as may partly be conceived by thofe whofe higheft 

 prices we have let down. Moreover, great numbers of contrads were 

 made for taking many of ihem at a future time ; and alio for puts and 

 refufals of them, at very high prices ; more erpecially in the York-build- 

 ings company ; in the temple mills, brafs manuhicturc ; in the two 

 copper companies, &c. in the books of one of which, viz. the Welch 

 copper company or bubble, long (ince come to nothing, I have {een 

 fome hundreds of contrads regiftered, according to aCt of parliament, 

 at very extravagant prices. And it is much to be lamented, that per- 

 fons of high rank and dignity placed themfelves at the head of many 

 of thole even illegal projeds : lb great was the infatuation of this time. 



The fatal writs of fci re facias at length were iflued, on the 1 8th of 

 Auguft, againft the following pretended companies, viz. the York -build- 

 ings company, luftring company, the Englilh copper and Welch cop- 

 per companies, exprei'sly by name, and in general againft all other 

 projeds promulgated contrary to law ; and the crown lawyers were di- 

 reded io profecute all fuch as had opened books of fubfcriptions, and 

 all who fubfcribed to them, or who made or accepted any transfer in 

 them. 



It was apprehended by many thinking people, that the general infa- 

 tuation might laft till winter, when, it was imagined, it would infcnlibly 

 fubfide of itl'elf. But the earneftnefs of the South-fea junto to obtain 

 the fcire facias brought it fooner to an ilfue, though very differently 

 from what they afl'uredly expeded. The publication of it by autho- 

 rity, in the London gazette, inftantly ftruck io general a panic aniongft 

 the condudors of all the undertakings, projeds, or bubbles, that the 

 fuddennefs as well as greatnefs of their fall was amazing. York-build- 

 ings ftock, for inftance, fell at once from 300 to 2Co ; and in two days 

 after, neither it nor the other three undertakings, exprefsly named in 

 the fcire facias, had buyers at any price whatever. The more bare- 

 ficed bubbles of all kinds immediately (hrunk to their original no- 

 thing: their projedors fliut up their offices, and fuddenly difappearcd; ard 

 E.xchange-alley with its coftee-houies were no longer crowded with ad- 

 venturers, many of whom having laid out their lubftance in thofe airy 

 purchafes, now found themlelves utterly undone ; while, on the other 

 hand, fuch as had dealt in them to great advantage, became extremely 

 ftiy ot owning their gains. This Rate of things, however calamitous it 

 might appear, was but the prelude to the grand calamity which loon 

 enfued by the fall of South-fea ftock and fubfcriptions. For when the 

 fcire fiicias came abroad, that ftock was at 850 per cent for the opening 

 of the books in Auguft, including the midfummer dividend; but, from 

 that time foward, it gradually declined in price, though with many 



