102 A. D. 172G. 



.September, a general court, crowded with perfons of diflindlion, gave 

 thanks to the court of dired;ors for their prudent and ilcilful manage- 

 ment ; and even fulfomc commendations were added by fome members 

 of both houfes of parhament. Thofe panegy rifts then told the diredors, 

 ' that they had laid afleep all our domeftic animofities, and had re- 

 * conciled all parties in one common intereft, (i. e. money-getting) that 

 ' they had inc'reafed the fortunes of the monied men, whilft they had 

 ' been the means of doubling the value of land-eftates.' It was indeed 

 true, that for a few months, fuch as had fold out at high prices, eagerly 

 -coveting to purchafe land with the money, occafioned lands to be fold 

 at 35 to 40 years purchafe ; and fome for fomewhat more, as happened 

 at Paris the year before; which might have been warning fufficient to 

 our fchemers. Yet, in the fpace of a few weeks after, thofe very per- 

 fons were for hanging up all the court of diredlors. On the 20th of 

 September the ftock was fallen to 410, when a general court agreed to 

 reduce the term of the lail fubfcribers of the public debts to the price 

 of ^00 per cent, as alfo of the ^d and 4th money-fubfcriptions from 

 1000 to 400 per cent. It was alfo hinted that the bank had agreed, or 

 would agree, to take a quantity of their ftock at 400 per cent, in pay- 

 ment for L3,775,ooo redeemable debt, for wliich the South-fea company 

 was to pay off the bank. This was afterwards called the bank contrad, 

 the very furmife of which had run up South-fea ftock on the 1 2th of 

 that month to 675, which, however, fell the next day to 550. It was 

 afterward denied to have ever been executed as a legal contract ; but 

 had only been difcourfed of between fome minifters of ftate and the 

 two companies : but though it never took place, it certainly drew in 

 many new purchafers of ftock, to their great lofs, and, for that reafon, 

 occaiiontd niuch noife and fcribbling, though long fmce buried in obli- 

 vion. The frailty of the whole South-fea fcheme now hereby alfo 

 •plainly appearing to all, the ftock, on the 29th of September, had fallen 

 to 175 per cent ; and their bonds were at 25 per cent difcount ; where- 

 upon there appeared great uneaftnefs and clamour auiong the monied 

 men, which produced a great demand for cafli at the bank, and a greater 

 one on the private bankers, who had generally lent out much of their 

 cafti on South-fea ftock and fubicriptions, whereby feveral very fubftan- 

 tial ones were obliged to ftop payment for fome time. And now% juft 

 when drowning, all people began ferioufly to refled on the calamines 

 brought on France, but a few months fooner, by the famous Miilifippi 

 flock or bubble ; and to draw a melancholy parallel ; which reflections, 

 made a few months fooner, would have faved many' a worthy family 

 from diftrefs : great clamour was alfo raifed on account of contracts 

 at high prices, for the 3d and 4th money fubfcriptions performable on 

 delivery of the company's receipts, though no receipts had e^ er been if- 

 fued for them. At a general court, on the 30th of September, the 

 fuppofed contradt with the bank was again mentioned as a pofitive 

 ■agreement, at 400 per cent for South-fea ftock, which nov.-, therefor, 



