• A, D, 1720. 103 



from 130 roic to 320, but could by no methods be kept fo high: the 

 fafcination was over, and therefor it fell dayly, more eipecially when it 

 was known after all, that the bank contrad: was no reality, but a mei e 

 temporary, and very unjuft, expedient to quiet the clamours of the 

 people. 



At this general court, alio, the redeemable debts, before taken in at 

 105 for 100, were now reduced to 100; and, inftead of the former al- 

 lowance of flock at 800 per cent, they were now allowed (lock at 400 

 per cent, with the midfummer dividend of 10 per cent in flock. 



The fecond fubfcription of irredeemables was made equal to the firfl: ; 

 and the third and fourth money fubfcriptions were reduced to 400 per 

 cent in flock : and the 10 per cent in flock was allowed to them all. 



It was then thought very hard on the bank (if ever really intended) 

 to be forced into a bargain fo difadvantageous, merely for helping their 

 rivals out of the mire. And now, towards the clofe of this year of mar- 

 vels, were feen the great lofles of many famlhcs of rank, and fome of 

 great quality, and the utter ruin of merchants before of great figure, 

 and alfo of certain eminent phyficians, clergymen, and lawyers, as well as 

 of many eminent tradefmen : fome of whom, after fo long living in fplen- 

 dour, were not able to fland the fhock of poverty and contempt, and died 

 of mere heart-break ; others withdrew to remote parts of the world, and 

 never returned. 



Many expedients were at this time flarted, for the relief of the fuf- 

 fcrers by South-fea flock; among others, an ingraftment of iS mil- 

 lions of that flock into the other two great companies, 9 millions into 

 the bank, and 9 millions into the Eaft-India flock ; which occafioned 

 warm debates in rlie general courts of thofe two companies, who at Icngtli 

 agreed to it. Yet, though an ad of parliament, of the yth of King 

 George, confirmed it, it was never carried into execution. The South- 

 fea company alfo, in their diflrefs, petitioned the king for a grant of 

 that part of the i fland of St. Chriflophcrs, in the Weft-Indies, which 

 France had yielded to as by the treaty of Utrecht ; as alio of the coun- 

 try of Nova-Scotia, which, they alleged, would be very much to the 

 advantage of their trade, and to the king's revenue : but, though they 

 did not fucceed therein, they proved iuccefsful in their applications to 

 have a remiflion by the legiflature of the entire fum they were bound t'> 

 pay for taking in the national debts : whereby the public was depriveil 

 of all the benefit hoped for from that fcheme, except reducing the ir- 

 redeemable debts into a ftate of redemption. This remiftion however 

 was tliereby granted ; with a provilo, that from midfummer 1722 two 

 millions of the company's capital llock Ihould be annihilated, for the 

 benefit of the public. Yet, by the ad of the 9th of that kiiiL', which 

 divided their capital into two equal moieties, the laid two millions ca- 

 pital ftock was again rellored to the company fi om the term of mid- 

 fummer 1722. 



