47“ BUB 
cent, in money fhouid be the dividend for the half year 
which would be due at Chriflinas follow ing: and that, 
for the next futceeding twelve years, not lefs than 50 per 
cent, in money fhouid be the annual dividend on their 
Ifock. ” How ever, even this pompous declaration was able 
on!)' for two days, viz. till the ill of September, to raife 
the flock from 780 to 8io, from which time it gradually 
funk to the’Sth of that month, when it was at 680: where¬ 
by it plainly appeared, that none believed thefe boafted 
dividends could rationally take [dace. Yet, on the 8th 
of September, a general court, crowded with perfons of 
diltindlion, pave thanks to the court of directors for their 
prudent and fkilful management ; and even fulfoine com¬ 
mendations were added by fome members of both hordes 
of parliament. Thofe panegyrifts told the directors, “ that 
they had lain afleep all our domeftic ariimofities, and had 
reconciled all parties in one common filtered,” i. e. mo¬ 
ney-getting; “that they.had increafed the fortunes of 
the monied men, whilft t.hey had been the means of dou¬ 
bling the value of land efiates.” It was indeed true, that 
for a few months, Inch as had fold out at high prices, 
eagerly coveting to purchafe land with the money, occa- 
fioned lands to be fold at from thirty-five to forty years 
purchafe; yet, in the fpace of a few weeks after, thofe 
very perfons w ere for hanging up all the court of direc¬ 
tors. On the 20th of September, the Hock was fallen to 
4 jio, when a general court agreed to reduce the term of 
the fall fubfcribers of the public debts to the price of 400 
per cent, as alfo of the third and fourth money fubfcrip- 
t ions from 1000, to 400 percent. It was a'lfo hinted, that 
the bank had agreed, or would agree, to take a~quantity 
of their fiock at 400 percent, in payment for 3,775,000b 
redeemable debt, for which the South-Sea company was 
to pay oft the bank. This was afterwards called the bank 
ccntraB, the very furmife of which had run up South-Sea 
flock on the 12th of that month to 675, which, however, 
fell the next day to 550. 
The frailty of the South-Sea fchetrte now appeared to 
all: the flock, on the 29th of September, had fallen to 
175 percent, and their bonds were at 25 percent, dif- 
eount ; whereupon the monied men became clamorous, 
which produced a great run for cafh at the bank, and a 
greater on the private bankers, who had generally lent 
out their cafh on South-Sea flock and fubfcriptions, in 
eonfequence of which feveral very fubflantial houfeswere 
obliged to flop payment. And now, when too late, people 
began ferionfly to reflect on the calamities brought on the 
people in France, but a few months before, by the famous 
Mifliliippi bubble, and to draw a melancholy parallel. At 
a general court, on the 30th of September, the fuppofed 
contract with the bank was again mentioned as a pofitive 
agreement, at 400 per cent, for South-Sea flock, which 
now therefore, from 130 rofe to 320, but could by no 
methods be kept fo high : the fafcination was over, and it 
fell daily; when it came to be known that the fuppofed 
bank contrail was no reality, but a mere temporary expe¬ 
dient to quiet the clamours of the people. And now, to¬ 
wards the clofe of this year of bubbles, were feed the 
great Ioffes of many families of rank, and the utter ruin 
of merchants of great fortune, and alfo of many eminent 
phyficians, clergy, &c. as well as of eminent tradefmen; 
fome of whom, after living in fplendour, and had borrow¬ 
ed great funis to adventure in thefe bubbles, were not 
able to (land the (fiock of poverty and contempt, and died 
of broken hearts; others withdrew to remote parts of the 
world, and never returned! 
Many expedients were now darted for the relief of the 
fufferers by South-Sea dock ; amongft others, an ingraft- 
ment of eighteen millions of that dock into the other two 
great companies, nine millions into the bank, and nine 
millions into the Ead-India dock; which occafioned warm 
debates in the general courts of thofe two companies, who 
at length agreed to it: yet, although an a6t of parliament 
of the (event h of George 1 . confirmed it, it was never car¬ 
ried into execution. The South-Sea company alfo, in 
B L £. 
their dillrefs, petitioned the king for a grant of that part 
of the idand of St. Chridopher, in the Well Indies, which 
France had yielded up to us by the treaty of Utrecht;. as 
alfo of the country of Nova Scotia, which, they alleged, 
would be very much to the advantage of their trade, and 
to the king’s revenue: but, although they did not fuc- 
ceed therein, they proved fuccefsful in their applications 
to have a remiffion of the entire Cum they were bound to 
pay for taking in the national debts; whereby the public 
was deprived of all the benefits hoped from that fcheme, 
except the reducing the irredeemable debts into a! date of 
redemption. This remidion, however, was granted ; with 
a provifo, that from Midfuminer 1722, two millions of 
the company’s capital dock fhouid be annihilated, for the 
benefit of the public : yet, by an aft palled the next year, 
which divided their capital into two equal moieties, thefe 
two millions capital dock were again redored to the com¬ 
pany. We ffiall conclude this narrative of the SoutluSea* 
bubble, by a fenfible, familiar, and plain, fSmile, written 
at the time, by Archibald Hutchefon, Efq. which is as 
follows : “ A, having fool, dock in trade, though pretty 
much in debt, gives it out to be worth 300I. on account 
of many privileges and advantages to which he is to be 
entitled. B , relying on A ’s great wifdom and integrity, 
fues to be admitted partner on thofe terms, and accord¬ 
ingly brings 300I. into the partnerffiip. The trade being 
afterwards given out or dilcovered to be very improving, 
C comes in at 500I. and afterwards D, at 1 tool. And the 
capital is then completed to 2000I. If the partnerffiip had 
gone no farther than A and B, then A had gained, and B 
had lod, one hundred pounds ; if it had flopped at C, then 
A had gained, and Chad loft, two hundred pounds, and B 
had been as be was before ; but, D alfacoming in, A gains 
four hundred pounds, and 5 two hundred, and C neither 
gains nor lofes; but D lofes fix hundred pounds. Indeed, 
if A could (hew that the faid-capital was intrinflcally worth 
4400I. there would be no harm done to 23 ; and B and C 
would have been obliged to him. But if the capital at 
fir ft was worth but iool. and increafed only by the fubfe- 
quent partnerfhips, it muft then be acknowledged, that B 
and C have been impofed on in- their turns, and that un¬ 
fortunate thoughtlefs D paid the piper.” This frmile is 
too obvious to need explanation: A plainly reprefeating 
the original South-Sea capital, as B and C do the fir ft and 
fecond fifbfcriptions for flock, and D the third and fourth 
fubfcriptions. This came not out till the clofe of the 
year 1720, when every one too late faw the general de¬ 
ception: but many were then of opinion, that, had it been 
publifhed before the two fhameful fubfcriptions at each 
one thoufand pounds per cent, had been refolved on, it 
might have prevented fo wild a meafure. This infeftion 
of new projefts communicated itfelf in that fame year of 
bubbles into the cool and phlegmatic country of Holland, 
where feveral new fubfcriptions for infurances of fhips, 
-merchandize, &c. were fet on foot, not only in their great¬ 
er cities, but even in fome inconfiderable ones. Thofe 
idle fubfcriptions, however, were not carried to any great 
height amongft lo wary a people, who foon returned to 
their natural employments; For further, fee the article 
Company. 
To BUB'BLE, v. n. To rife in bubbles.-—The fame 
fpring fuffers at fome times a very manifeft remiffion of its 
heat; at others, as manifeft an increafe of it; yea, fome- 
times to that exeefs, as to make it boil and bubble with 
extreme heat. Woodward,.- —To run with a gentle noife : 
For thee the bubbling fprings appear’d to mourn, 
And whifp’ring pines made vows for thy return. Dry den* 
To BUB'BLE, v. a. To cheat: a cant word. —He tells 
me, with great paftion, that ffie has bubbled him out of his 
youth, and has drilled him on to five and fifry. Addifon. 
BUB'BLER, J. A cheat.—What words can fuffice to 
exprefs, how infinitely I efteem you, above all the great 
ones in this part of the world ; above all the Jews, job¬ 
bers, and bubblers! Digby to Pope. 
BUB'BY, 
