A. D. 1720. loi 



great flu(5hiations, occafioned by the various arts and endeavours 

 of the junto to keep it up ; fome of the particulars whereof have, in 

 part, been mentioned ah-eady. At the opening of their books, on 

 the 2 2d of Auguft, the flock was at 820 per cent ; and two days after, 

 the dircdors opened a fourth money fubfcriptlon for the purchafe of 

 Li, 2 5 0,000 flock at 1000 per cent, whereof 200 or (20 per cent) 

 was paid down ; the remainder to be in four ecjual half-yearly payments 

 of L2ooeach, though afterward altered to eight different payments of 

 Li 00 each. This fubfcription was alfo much crowded, and was com- 

 pleted in three hours time, and fold that fame evening at 40 per cent 

 advance, but this advance was not lafling ; for though the managers 

 now lent out large fums of money, for fix months, on their ftock, valu- 

 ing it only at 400 per cent, and at fo moderate an intereft: as 4 per cent, 

 yet the ftock could not be kept up to 800. Moreover, the lafl fublcrib- 

 ers of the public debts, both irredeemable and redeemable, began to 

 murmur on account of the high prices at which they had fubfcribed in- 

 to the ftock ; and alfo becaufe their flock was not as yet brought into 

 their names, but artfully poflponed from time to time. Numbers alfo, 

 who had contraded for flock for the opening of the books, at much 

 higher prices than the flock now fold at, joined in thofe com])laints, of 

 whom not a few were perfons of high rank and quality : all which 

 was not a little heightened by the numerous fufferers by the lefler flocks 

 and bubbles. The court of directors now faw their miflake, but too 

 late, in procuring the fcire facias, but inflead of healing and moderate 

 meafures, they, on the .30th of Auguft, in order to raife the expectations 

 of men to the highefl pitch, declared, that 30 per cent in money fhould 

 be the dividend for the half year which would be due at chriftmas fol- 

 lowing ; and, to fill up the meafure of their extravagance, that, for the 

 next i'ucceeding twelve years, not lefs than 50 per cent in money 

 ftiould be the annual dividend on their flock. However romantic 

 this laft declaration may at prefent fecm, it was but barely cor- 

 refponding with the price of their two laft money fubfcriptions. 

 Had all the remaining public debts been taken in at the price of the 

 laft lubfcription, and had the four fets of money fubibribers duely 

 made good all their payments, and, moreover, had the company been 

 able to fell all their reniaining ftock at 1000 per cent, or higher, and 

 their loans of money had all been duely repaid, upon ihefe fuppofitions, 

 the company might poflibly havebeen able to have made fo vaft a dividend, 

 for at leaft part of ihe twelve years ; but that would have been attended 

 with the certain and grievous future lofs in their principal as well as in- 

 tereft. However, even this pompous d^claiaiion was able only for two 

 days, viz. till the ill of September, to raile the ftock from 780, to 8ic_ 

 from which laft day it gradually funk to the 8th of that month, when 

 it was at 680: whereby it plainly appeared, that none believed the divi- 

 dends could prudently and rationally take place. Yet. on tlie 8th of 



