112 A. D. 172Q. 



to fill up p.'imphlets and newfpapers : and many (^f rhofc, who had very 

 lately molt obfcquioufly courted and fliamefully flattered the unhappy 

 diredors, were now the loudeft for the moft fevere puniOiments. It is 

 however but too true, that the directors, or rather the junto of mana- 

 gers, for making their fcheme go more eafdy down, made confiderable 

 largefl'cs, at the company's cofl, to many perlbns of intluence ; and that 

 in the execution of their whole fcheme they had much too great a lati- 

 tude allowed them. That the fictitious fale of flock, prior to pailing 

 the ad of parliament ; their lending out above eleven millions of the 

 company's money on flock and fublcriptions, without an adequate fe- 

 eurity ; their taking fo enormous a leap as from 400 to i ,000 per cent 

 in the price of tlieir flock for the third and fourth money-fubfcrip- 

 tions ; their making private additions to the money-fubfcriptions, for 

 the benefit of friends ; and the fuffering fuch friends to withdraw thofe 

 lubfcriptions on the fall of flock; their giving away large fums of the 

 company's money for the future refufal of flock at high prices, in or- 

 der to raife it to thofe prices ; their laying out great fums of the compa- 

 ny's money, for buying up flock for the fame end ; their making many 

 alterations, additions, and eraferaents, in fums and names on the faid 

 loans, &c. were all utterly unjuflifiable ! Yet, with refped to the bulk 

 of the miniftry and parliament, there is fome reafon to think, that their 

 liflening to the propolals of the South-fea diredors proceeded purely 

 from a defire of acquiring reputation by getting rid of part of our na- 

 tional burdens ; though (as already obferved) neither that nor any other 

 fcheme, inconfiflcnt with the ftrideft national faith, ought to be coun- 

 -tenanced. This was, we apprehend, the real flate of that whole affair, 

 notwithflanding the idle clamours of many who pretended to find out 

 miraculoufly occult myfleries therein. Avarice had at that time deep- 

 ly infedcd perfons of all ranks, whereby they contributed not a little to 

 favour the South-fea managers, and to forward their own fublequent 

 loiles. Several of the diredors themlelves were fo far innocent as to be 

 found poorer at the breaking up of the fcheme than when it began ; and 

 many of them had the befl of charaders till that infatuation : and the 

 inventory of all their eflates (exclufive of antecedent fettlements) did 

 not much exceed a million of money ; which among fo many perfons 

 was little more than L30,ooo each, on an average. 



Many foreigners, then in our fimds, were confiderable lofers by the 

 South-fea fcheme, whereby a balance (though not avery reputable one) 

 was faid to be iii our favour, nationally ipeaking. The laudable canton 

 of Berne is however faid to have been a very confiderable gainer, in their 

 public capacity, by this fchene. The amount of all the value of the 

 contrads regiftered at the South-fea houle, purfuant to ad of parlia- 

 ment, was £9,917,862. On which there was L2,ooo,ooo and upwards 



