BUB 
for many of the lower people, not being at firft able to 
purclmfe South-Sea ftock, ran greedily into the petty bub¬ 
bles ; and, having gained conliderably therein, came after¬ 
wards into South-Sea ftock and fubfcriptions. And thus 
thofe leffer currents were a conflant fupply to the great 
South-Sea river; but this the managers did not perceive 
till it was too late. 
It appeared, by an enquiry of the hottfe of commons, 
in February preceding, that this humour of new projects 
or bubbles had been on foot for about two years part ; as 
alfo appeared by a petition in January 17x8, for a charter 
for injuring Ihips and merchandize, figned by near three 
hundred merchants and gentlemen, and that a million of 
money had been previoufiy fubfcribed for it. That ano¬ 
ther petition, about the fame time, for a grand fifliery 
company, was figned by feven peers of the realm, and 
■many merchants and gentlemen. A third petition was, 
in May 1719, by the focieties of the city of London for 
the mines royal, the mineral and battery works, under 
certain obfolete charters of queen Elizabeth and James I. 
for mines, &c. for a like patent to inline (hips and mer¬ 
chandize, for which 1,152,0001. had been fubfcribed. 
Tiiefe were, in reality, the fame perfons as thofe in the 
firft petition: they petitioned a third time, on the 8th of 
January, 1720, only as fo many private gentlemen and 
merchants, dropping their claim by the 6b'folete charters, 
and were in the end fucrefsful by their prefent name of 
the Royal Exchange A durance Company; its capital con¬ 
fiding of 500,0001. That fame day, another body of pe¬ 
titioners applied for a patent for infuring (hips and mer¬ 
chandize, with a fubfcription of two millions, and were 
incorporated by the name of the London Affurance Cpm- 
pany. This company had at firft two feparate fublerip- 
tions, which were afterwards united. This was the ori¬ 
ginal rife of thefc two very ufeful and flowrifhing infuraiice 
corporations ; and each of them afterwards obtained char¬ 
ters for infuring from lofs by fire. The aft for incorporation 
was accompanied by a proclamation, ftriftly forbidding 
all fuch fchemes or projefts for railing money, in confe- 
quence of which it might have been expefted that they 
would all have ceafed. For a few days, indeed, fome 
check was given to them ; yet, in the face of all authority, 
it foon revived, and even increafed more than ever, and 
whilft they daily advanced in price every one was a gainer. 
From morning till evening the dealers in them, as well as 
in South-Sea (lock, appeared in continual crowds all over 
Exchange-alley, fo as to choak up the palfage through it. 
Not a day palfed without frefh projefts recommended by 
pompous advertifements in all the newfpapers, directing 
where to fubferibe to them. On fome, fix-pence percent, 
was paid down; on others, one Ihilling percent, and fome 
came fo low as one (hilling per thoufand, at the time of 
fubferibing. Some of the obfeure keepers of thofe books 
of fubfcription, contenting themfelves with what they had 
got in the forenoon by the fubfcriptions of one or two 
millions, were not to be found in the afternoon of the fame 
day, the room they had hired being fhut up, and they and 
their fubfeription-books never heard of more : very fimi- 
lar to the lottery chances and infurances of the prefent 
time. On others of thofe projefts, zs. 6d. per cent, was 
paid down ; and on fome few 10s. per cent, was depofited ; 
being fuch as hud fome perfons of known credit to uflier 
them into the alley. Some were divided into fhares, in- 
ftead of hundreds and thoufands, upon each of which fo 
much was paid down, and for them there were printed 
receipts iigned by perfons utterly unknown. 
Perfons of quality of both fexes were deeply engaged in 
thefe bubbles, avarice prevailing over all confiderations 
of either dignity or equity ; the males coming to taverns 
and coffee-lioufes to meet their brokers, and the ladies to 
the (hops of milliners and haberdafhers for the fame ends. 
Any impudent impoftpr, whilft the delufion was at its 
height, needed only to hire a room at fome coffee-houfe, 
or other houfe near the alley, for a few hours, and open 
a fubfeription-book, for fomewhat relative to commerce, 
Vol. III. No, T 4 z. 
B L E. 4.69 
manufacture, plantation, or of fome fuppofed invention, 
having firft advertifed it in the newfpapers the preceding 
day, and he might, in a few hours, find fubfenbers for 
one or two millions of imaginary ftock. Yet many of 
thofe very fubferibers were far from believing thefe pro¬ 
jefts feaiible: it was enough for their purpofe that there 
would very foon be a premium on the receipts for thofe 
fubfcriptions ; when they generally got rid of them in the 
crowded alley to others more credulous than themfelves. 
And in all events, the projector was Cure of the depofit- 
money. The firft purchafers of thofe receipts foon found 
fecond purchafers, and fo on, at ftill higher prices, com¬ 
ing from ail parts of the town, and even many from the 
country ; and fo great was the confulion in the crowd in 
Exchange-alley, that the fame projeft, or bubble, has 
been known to be fold, at the fame inftant of time 10 per 
cent, higher at one end of the alley than at the other end. 
Amongft many bubbles, there were fome fo bare-faced 
and palpably grofs, as not to have fo much as the fnadow 
of any thing like feafibility. The infatuation was at length 
fo ftrong, that one projeft was, in the newfpapers, adver¬ 
tifed thus: “For fubferibing two millions to a certain 
promifing or profitable defign, which will hereafter be 
promulgated.” There was alfo a fpecies named Globe 
Permits, which came to be currently fold each for fixty 
guineas and upwards in the alley, which neverthelefs was 
only a fquare bit of a playing-card, on which was the im- 
preflion of a feal in wax, bearing the figti of the Globe 
tavern in the neighbourhood, with the motto or inferip- 
tion ot fail-cloth permits, without any name figned thereon, 
the poHeIfors being to be hereafter permitted to fubferibe 
to a new fail-cloth manufactory, projected by one who 
was then known to be a man of fortune, though after¬ 
wards involved in great calamities and difgrace. Thefe 
inftances, out of hundreds more that might be produced, 
are fufficient to difplay the frenzy of the time ; when the 
taverns, coffee-hot: les, "and victualling-hot: fes, near the 
Exchange, were conftantly crowded, and became the feenes 
of incredible chicanery. The very advertifeinenfs of thole 
bubbles were fo many as to fill up two or three Iheets of 
paper in the daily newfpapers for fome months. Yet, all 
men were not infatuated: and one advertifement in a 
weekly newfpaper well enough burlefqued the prevailing 
madnefs of men in the following (train : “ At a certain 
(fham) place, on Tuefday next, books will be opened for 
a fubfcription of two millions, for the invention of melt¬ 
ing down faw-duft and chips, and calling them into clean 
deal boards, without cracks or knots!” 
It was apprehended that this general infatuation might 
laft till winter, when it was imagined it would infenfibly 
fubfide of itfelf. But the earneftnefs of the South-Sea 
junto to obtain the feirefacias, brought it fooner to an 
ifliie. The publication of it in the London Gazette, in- 
ftantly ftruck fo general a panic among!! the conduftors of 
all the different bubbles, that the fuddennefs of their fail 
was amazing. The projectors fhut up their offices, and 
fuddenly difappeared ; and Exchange-alley, with its cof- 
fee-houfes, were no longer crowded with adventurers, 
many of whom, having laid out their whole jubilance in 
thefe airy purchafes, now found themfelves utterly un¬ 
done; whilft, on tlie other hand, fuch as had dealt in 
them to advantage, became extremely fhy of owning their 
gains. This ftate of tilings was but a prelude to the grand 
calamity which foon enfued by the fall of South-Sea (lock 
and fubfcriptions: for, when the feire facias came abroad, 
that ftock was at 850 per cent, for the opening of the 
books in Auguft, including the Midfummer dividend; 
but, from that time forward, it gradually declined in 
price, though with many great fluctuations, occafioned by 
the various arts and endeavours of the junto to keep it 
up. The court of direftors now favv their miflake, but 
too late, in procuring the feire facias againfl the inferior 
bubbles; and, inflead of healing and moderate meafures, 
they, on the 30th of Auguft, in order to raile the expecta¬ 
tions 0 j men to the highefl pitch, declared, That 30 per 
6 D cent. 
