FormakingManchesterstuffsofthreadandcotton。
FormakingJoppaandCastilesoap。
Forimprovingthewrought-ironandsteelmanufacturesofthiskingdom。Capital,fourmillions。
Fordealinginlace,Hollands,cambrics,lawns,&c。Capital,twomillions。
Fortradinginandimprovingcertaincommoditiesoftheproduceofthiskingdom,&c。Capital,threemillions。
ForsupplyingtheLondonmarketswithcattle。
Formakinglooking-glasses,coachglasses,&c。Capital,twomillions。
ForworkingthetinandleadminesinCornwallandDerbyshire。
Formakingrape-oil。
Forimportingbeaverfur。Capital,twomillions。
Formakingpasteboardandpacking-paper。
Forimportingofoilsandothermaterialsusedinthewoollenmanufacture。
Forimprovingandincreasingthesilkmanufactures。
Forlendingmoneyonstock,annuities,tallies,&c。
Forpayingpensionstowidowsandothers,atasmalldiscount。
Capital,twomillions。
Forimprovingmaltliquors。Capital,fourmillions。
ForagrandAmericanfishery。
ForpurchasingandimprovingthefennylandsinLincolnshire。
Capital,twomillions。
ForimprovingthepapermanufactureofGreatBritain。
TheBottomryCompany。
Fordryingmaltbyhotair。
ForcarryingonatradeintheriverOronooko。
Forthemoreeffectualmakingofbaize,inColchesterandotherpartsofGreatBritain。
Forbuyingofnavalstores,supplyingthevictualling,andpayingthewagesoftheworkmen。
Foremployingpoorartificers,andfurnishingmerchantsandotherswithwatches。
Forimprovementoftillageandthebreedofcattle。
Anotherfortheimprovementofourbreedofhorses。
Anotherforahorse-insurance。
ForcarryingonthecorntradeofGreatBritain。
Forinsuringtoallmastersandmistressesthelossestheymaysustainbyservants。Capital,threemillions。
Forerectinghousesorhospitals,fortakinginandmaintainingillegitimatechildren。Capital,twomillions。
Forbleachingcoarsesugars,withouttheuseoffireorlossofsubstance。
ForbuildingturnpikesandwharfsinGreatBritain。
Forinsuringfromtheftsandrobberies。
Forextractingsilverfromlead。
FormakingChinaandDelftware。Capital,onemillion。
Forimportingtobacco,andexportingitagaintoSwedenandthenorthofEurope。Capital,fourmillions。
Formakingironwithpitcoal。
ForfurnishingthecitiesofLondonandWestminsterwithhayandstraw。Capital,threemillions。
ForasailandpackingclothmanufactoryinIreland。
Fortakingupballast。
Forbuyingandfittingoutshipstosuppresspirates。
FortheimportationoftimberfromWales。Capital,twomillions。
Forrock-salt。
Forthetransmutationofquicksilverintoamalleablefinemetal。
Besidesthesebubbles,manyotherssprangupdaily,inspiteofthecondemnationoftheGovernmentandtheridiculeofthestillsaneportionofthepublic。Theprint-shopsteemedwithcaricatures,andthenewspaperswithepigramsandsatires,upontheprevalentfolly。Aningeniouscard-makerpublishedapackofSouthSeaplaying-cards,whicharenowextremelyrare,eachcardcontaining,besidestheusualfigures,ofaverysmallsize,inonecorner,acaricatureofabubblecompany,withappropriateversesunderneath。Oneofthemostfamousbubbleswas“Puckle’sMachineCompany,“fordischargingroundandsquarecannon-ballsandbullets,andmakingatotalrevolutionintheartofwar。Itspretensionstopublicfavourwerethussummedup,ontheeightofspades:——
ArareinventiontodestroythecrowdOffoolsathome,insteadoffoolsabroad。
Fearnot,myfriends,thisterriblemachine,They’reonlywoundedwhohavesharestherein。
ThenineofheartswasacaricatureoftheEnglishCopperandBrassCompany,withthefollowingepigram:——
TheheadlongfoolthatwantstobeaswopperOfgoldandsilvercoinforEnglishcopper,May,inChangeAlley,provehimselfanass,Andgiverichmetalforadulteratebrass。
TheeightofdiamondscelebratedtheCompanyfortheColonizationofAcadia,withthisdoggrel:——
HethatisrichandwantstofoolawayAgoodroundsuminNorthAmerica,Lethimsubscribehimselfaheadlongsharer,Andasses’earsshallhonourhimorbearer。
Andinasimilarstyleeverycardofthepackexposedsomeknavishscheme,andridiculedthepersonswhowereitsdupes。Itwascomputedthatthetotalamountofthesumsproposedforcarryingontheseprojectswasupwardsofthreehundredmillionssterling,asumsoimmensethatitexceededthevalueofallthelandsinEnglandattwentyyears’purchase。
Itistime,however,toreturntothegreatSouthSeagulf,thatswallowedthefortunesofsomanythousandsoftheavariciousandthecredulous。Onthe29thofMay,thestockhadrisenashighasfivehundred,andabouttwo-thirdsofthegovernmentannuitantshadexchangedthesecuritiesofthestateforthoseoftheSouthSeaCompany。DuringthewholeofthemonthofMaythestockcontinuedtorise,andonthe28thitwasquotedatfivehundredandfifty。Infourdaysafterthisittookaprodigiousleap,risingsuddenlyfromfivehundredandfiftytoeighthundredandninety。Itwasnowthegeneralopinionthatthestockcouldrisenohigher,andmanypersonstookthatopportunityofsellingout,withaviewofrealisingtheirprofits。ManynoblemenandpersonsinthetrainoftheKing,andabouttoaccompanyhimtoHanover,werealsoanxioustosellout。Somanysellers,andsofewbuyers,appearedintheAlleyonthe3rdofJune,thatthestockfellatoncefromeighthundredandninetytosixhundredandforty。Thedirectorswerealarmed,andgavetheiragentsorderstobuy。Theireffortssucceeded。Towardseveningconfidencewasrestored,andthestockadvancedtosevenhundredandfifty。Itcontinuedatthisprice,withsomeslightfluctuation,untilthecompanyclosedtheirbooksonthe22ndofJune。
Itwouldbeneedlessanduninterestingtodetailthevariousartsemployedbythedirectorstokeepupthepriceofstock。Itwillbesufficienttostatethatitfinallyrosetoonethousandpercent。ItwasquotedatthispriceinthecommencementofAugust。Thebubblewasthenfull-blown,andbegantoquiverandshake,preparatorytoitsbursting。
Manyofthegovernmentannuitantsexpresseddissatisfactionagainstthedirectors。Theyaccusedthemofpartialityinmakingoutthelistsforsharesineachsubscription。FurtheruneasinesswasoccasionedbyitsbeinggenerallyknownthatSirJohnBlunt,thechairman,andsomeothers,hadsoldout。DuringthewholeofthemonthofAugustthestockfell,andonthe2ndofSeptemberitwasquotedatsevenhundredonly。
Thestateofthingsnowbecamealarming。Toprevent,ifpossible,theutterextinctionofpublicconfidenceintheirproceedings,thedirectorssummonedageneralcourtofthewholecorporation,tomeetinMerchantTailors’Hall,onthe8thofSeptember。Bynineo’clockinthemorning,theroomwasfilledtosuffocation;Cheapsidewasblockedupbyacrowdunabletogainadmittance,andthegreatestexcitementprevailed。Thedirectorsandtheirfriendsmusteredingreat。numbers。SirJohnFellowes,thesub-governor,wascalledtothechair。Heacquaintedtheassemblywiththecauseoftheirmeeting,readtothemtheseveralresolutionsofthecourtofdirectors,andgavethemanaccountoftheirproceedings;ofthetakingintheredeemableandunredeemablefunds,andofthesubscriptionsinmoney。
Mr。SecretaryCraggsthenmadeashortspeech,whereinhecommendedtheconductofthedirectors,andurgedthatnothingcouldmoreeffectuallycontributetothebringingthisschemetoperfectionthanunionamongthemselves。Heconcludedwithamotionforthankingthecourtofdirectorsfortheirprudentandskilfulmanagement,andfordesiringthemtoproceedinsuchmannerastheyshouldthinkmostproperfortheinterestandadvantageofthecorporation。Mr。
Hungerford,whohadrenderedhimselfveryconspicuousintheHouseofCommonsforhiszealinbehalfoftheSouthSeaCompany,andwhowasshrewdlysuspectedtohavebeenaconsiderablegainerbyknowingtherighttimetosellout,wasverymagniloquentonthisoccasion。Hesaidthathehadseentheriseandfall,thedecayandresurrectionofmanycommunitiesofthisnature,butthat,inhisopinion,nonehadeverperformedsuchwonderfulthingsinsoshortatimeastheSouthSeaCompany。Theyhaddonemorethanthecrown,thepulpit,orthebenchcoulddo。Theyhadreconciledallpartiesinonecommoninterest;theyhadlaidasleep,ifnotwhollyextinguished,allthedomesticjarsandanimositiesofthenation。Bytheriseoftheirstock,moniedmenhadvastlyincreasedtheirfortunes;
country-gentlemenhadseenthevalueoftheirlandsdoubledandtrebledintheirhands。TheyhadatthesametimedonegoodtotheChurch,notafewofthereverendclergyhavinggotgreatsumsbytheproject。Inshort,theyhadenrichedthewholenation,andhehopedtheyhadnotforgottenthemselves。Therewassomehissingatthelatterpartofthisspeech,whichfortheextravaganceofitseulogywasnotfarremovedfromsatire;butthedirectorsandtheirfriends,andallthewinnersintheroom,applaudedvehemently。TheDukeofPortlandspokeinasimilarstrain,andexpressedhisgreatwonderwhyanybodyshouldbedissatisfied:ofcourse,hewasawinnerbyhisspeculations,andinaconditionsimilartothatofthefataldermaninJoeMiller’sJests,who,wheneverhehadeatenagooddinner,foldedhishandsuponhispaunch,andexpressedhisdoubtswhethertherecouldbeahungrymanintheworld。