A. D. 1720. 1 13 



paid clown, and the balance remaining due thereon was L7, 884, 137, be- 

 iides the many contrads never regiflercd ; and the many others made 

 ■on account of the leflbr ftocks and bubbles, whole nominal amount was 

 then guefled by obferving people, when at their highell prices, to ex- 

 ceed 300 millions. And fuppofing all theincreafed South-fea capital of 

 L37,8o2,883 : 14 to have been negotiated at i,oco percent, the amount 

 would have been 380 millions more. If, nioreover, all the entire bank 

 and Eafl-India capitals had been negotiated at their then advanced 

 prices, that would have amounted to 28^- millions more. The whole 

 amounts to above 700 millions. Yet, as this lafl fuppofition is fcarcely 

 to be admitted, we fliall rather flick to our former luppofition of 500 

 millions being nearer to the nominal value of them all. 



The unaccountable frenzy in flocks and projects of the year may by 

 fome be thought to have taken up too much room in this work : but 

 ■we are perfuaded that others will approve of perpetuating, in fuch a 

 work, the remembrance of them, as a warning to after-ages ! 



We fliall fum up all relating to the deceitful arts of raifing Sonth-fea 

 flock by new and extravagant highfubfcriptions, by a fenfible, familiar, 

 and moft plain, fimile, written at this t; ne by that ingenious gentle- 

 man, Archibald Hutchefon, efquire, (long fince dead) whofe fair and 

 candid calculations on this fabjedl, and on our general national debts, 

 make up a moderate folio volume, viz. 



' A having a Lioo flock in trade, though pretty much in debt, gives 

 it out to be worth L300, on account of many privileges and advan- 

 tages to which he is intitled. B, relying on A's great wifdom and in- 

 tegrity, fues to be admitted partner on thofe terms, and accordingly 

 brings L300 into the partnerfliip. The trade being afterwards given 

 out or difcovered to be very improving, C comes in at L500 ; and af- 

 terward D, at Li rco. And the capital is then completed to L2000. 

 If the partnerfliip had gone no farther than A and B, then A had got, 

 and B had loft, Lioo. If it had flopped at C, then A had got, and C 

 had lofl, L200 ; and B had been as he was before ; but D alfo coming 

 in, A gains L400 and B L200 ; and C neither gains nor lofes : but D 

 lofes L600. Indeed, if A could fliew that the laid capital was intrin- 

 fically worth L4400, there would be no harm done to D ; and B and 

 C would have been obliged to him. But if the- capital at tirfl was 

 worth but Lioo, and increafcd only by the fubfequent partnerfhips, 

 it mufl then be acknowleged, that B and C have been impofed on in 

 their turns, and that unfortunate thoughtlcfs D paid the piper.' 

 This fimile is too obvious to need explanation : A plainly reprefenting 

 the original South-ica capital, as B and C do the liril and fecond fub- 

 fcriplions for Hock, and D the third and fourth fubfcriptions. This 

 Vol. III. P 



