Severalresolutionswerepassedatthismeeting，buttheyhadnoeffectuponthepublic。Upontheverysameeveningthestockfelltosixhundredandforty，andonthemorrowtofivehundredandforty。
　　Dayafterdayitcontinuedtofall，untilitwasaslowasfourhundred。InaletterdatedSeptember13th，fromMr。Broderick，M。P。toLordChancellorMiddleton，andpublishedinCoxo’sWalpole，theformersays，——“VariousaretheconjectureswhytheSouthSeadirectorshavesufferedthecloudtobreaksoearly。Imadenodoubtbuttheywoulddosowhentheyfoundittotheiradvantage。Theyhavestretchedcreditsofarbeyondwhatitwouldbear，thatspecieprovesinsufficienttosupportit。Theirmostconsiderablemenhavedrawnout，securingthemselvesbythelossesofthedeluded，thoughtlessnumbers，whoseunderstandingshavebeenoverruledbyavariceandthehopeofmakingmountainsoutofmole-hills。Thousandsoffamilieswillbereducedtobeggary。Theconsternationisinexpressible——theragebeyonddescription，andthecasealtogethersodesperatethatIdonotseeanyplanorschemesomuchasthoughtofforavertingtheblow，sothatIcannotpretendtoguesswhatisnexttobedone。“Tendaysafterwards，thestockstillfalling，hewrites，——“TheCompanyhaveyetcometonodetermination，fortheyareinsuchawoodthattheyknownotwhichwaytoturn。Byseveralgentlemenlatelycometotown，IperceivetheverynameofaSouth-Sea-mangrowsabominableineverycountry。Agreatmanygoldsmithsarealreadyrunoff，andmorewilldaily。Iquestionwhetherone-third，nay，one-fourth，ofthemcanstandit。Fromtheverybeginning，Ifoundedmyjudgmentofthewholeaffairupontheunquestionablemaxim，thattenmillionswhichismorethanourrunningcashcouldnotcirculatetwohundredmillions，beyondwhichourpapercreditextended。That，therefore，wheneverthatshouldbecomedoubtful，bethecausewhatitwould，ournoblestatemachinemustinevitablyfalltotheground。“
　　Onthe12thofSeptember，attheearnestsolicitationofMr。
　　SecretaryCraggs，severalconferenceswereheldbetweenthedirectorsoftheSouthSeaandthedirectorsoftheBank。Areportwhichwascirculated，thatthelatterhadagreedtocirculatesixmillionsoftheSouthSeaCompany’sbonds，causedthestocktorisetosixhundredandseventy；butintheafternoon，assoonasthereportwasknowntobegroundless，thestockfellagaintofivehundredandeighty；thenextdaytofivehundredandseventy，andsograduallytofourhundred。[Gaythepoet，inthatdisastrousyear，hadapresentfromyoungCraggsofsomeSouthSeastock，andoncesupposedhimselftobemasteroftwentythousandpounds。Hisfriendspersuadedhimtosellhisshare，buthedreamedofdignityandsplendour，andcouldnotbeartoobstructhisownfortune。Hewasthenimportunedtosellasmuchaswouldpurchaseahundredayearforlife，“which，“saysFenton，“willmakeyousureofacleanshirtandashoulderofmuttoneveryday。“
　　Thiscounselwasrejected；theprofitandprincipalwerelost，andGaysunkunderthecalamitysolowthathislifebecameindanger——Johnson’sLivesofthePoets。]
　　Theministrywereseriouslyalarmedattheaspectofaffairs。Thedirectorscouldnotappearinthestreetswithoutbeinginsulted；
　　dangerousriotswereeverymomentapprehended。DespatchesweresentofftotheKingatHanover，prayinghisimmediatereturn。Mr。Walpole，whowasstayingathiscountry-seat，wassentfor，thathemightemployhisknowninfluencewiththedirectorsoftheBankofEnglandtoinducethemtoaccepttheproposalmadebytheSouthSeaCompanyforcirculatinganumberoftheirbonds。
　　TheBankwasveryunwillingtomixitselfupwiththeaffairsoftheCompany；itdreadedbeinginvolvedincalamitieswhichitcouldnotrelieve，andreceivedallovertureswithvisiblereluctance。Buttheuniversalvoiceofthenationcalleduponittocometotherescue。Everypersonofnoteincommercialpoliticswascalledintoadviseintheemergency。AroughdraftofacontractdrawnupbyMr。
　　Walpolewasultimatelyadoptedasthebasisoffurthernegotiations，andthepublicalarmabatedalittle。
　　Onthefollowingday，the20thofSeptember，ageneralcourtoftheSouthSeaCompanywasheldatMerchantTailors’Hall，inwhichresolutionswerecarried，empoweringthedirectorstoagreewiththeBankofEngland，oranyotherpersons，tocirculatetheCompany’sbonds，ormakeanyotheragreementwiththeBankwhichtheyshouldthinkproper。Oneofthespeakers，aMr。Pulteney，saiditwasmostsurprisingtoseetheextraordinarypanicwhichhadseizeduponthepeople。Menwererunningtoandfroinalarmandterror，theirimaginationsfilledwithsomegreatcalamity，theformanddimensionsofwhichnobodyknew。
　　“Blackitstoodasnight——
　　Fierceastenfuries——terribleashell。“
　　AtageneralcourtoftheBankofEnglandheldtwodaysafterwards，thegovernorinformedthemoftheseveralmeetingsthathadbeenheldontheaffairsoftheSouthSeaCompany，addingthatthedirectorshadnotyetthoughtfittocometoanydecisionuponthematter。Aresolutionwasthenproposed，andcarriedwithoutadissentientvoice，empoweringthedirectorstoagreewiththoseoftheSouthSeatocirculatetheirbonds，towhatsum，anduponwhatterms，andforwhattime，theymightthinkproper。
　　Thusbothpartieswereatlibertytoactastheymightjudgebestforthepublicinterest。BookswereopenedattheBankforasubscriptionofthreemillionsforthesupportofpubliccredit，ontheusualtermsof15poundspercent。deposit，percent。premium，and5pounds。percent。interest。Sogreatwastheconcourseofpeopleintheearlypartofthemorning，alleagerlybringingtheirmoney，thatitwasthoughtthesubscriptionwouldbefilledthatday；butbeforenoon，thetideturned。Inspiteofallthatcouldbedonetopreventit，theSouthSeaCompany’sstockfellrapidly。Theirbondswereinsuchdiscredit，thataruncommenceduponthemosteminentgoldsmithsandbankers，someofwhomhavinglentoutgreatsumsuponSouthSeastockwereobligedtoshutuptheirshopsandabscond。TheSword-bladeCompany，whohadhithertobeenthechiefcashiersoftheSouthSeaCompany，stoppedpayment。Thisbeinglookeduponasbutthebeginningofevil，occasionedagreatrunupontheBank，whowerenowobligedtopayoutmoneymuchfasterthantheyhadreceivedituponthesubscriptioninthemorning。Thedaysucceedingwasaholidaythe29thofSeptember，andtheBankhadalittlebreathingtime。Theyboreupagainstthestorm；buttheirformerrivals，theSouthSeaCompany，werewreckeduponit。Theirstockfelltoonehundredandfifty，andgradually，aftervariousfluctuations，toonehundredandthirty-five。
　　TheBank，findingtheywerenotabletorestorepublicconfidence，andstemthetideofruin，withoutrunningtheriskofbeingsweptawaywiththosetheyintendedtosave，declinedtocarryouttheagreementintowhichtheyhadpartiallyentered。Theywereundernoobligationwhatevertocontinue；forthesocalledBankcontractwasnothingmorethantheroughdraughtofanagreement，inwhichblankshadbeenleftforseveralimportantparticulars，andwhichcontainednopenaltyfortheirsecession。“Andthus，“tousethewordsoftheParliamentaryHistory，“wereseen，inthespaceofeightmonths，therise，progress，andfallofthatmightyfabric，which，beingwoundupbymysteriousspringstoawonderfulheight，hadfixedtheeyesandexpectationsofallEurope，butwhosefoundation，beingfraud，illusion，credulity，andinfatuation，felltothegroundassoonastheartfulmanagementofitsdirectorswasdiscovered。“
　　Inthehey-dayofitsblood，duringtheprogressofthisdangerousdelusion，themannersofthenationbecamesensiblycorrupted。TheParliamentaryinquiry，setonfoottodiscoverthedelinquents，disclosedscenesofinfamy，disgracefulaliketothemoralsoftheoffendersandtheintellectsofthepeopleamongwhomtheyhadarisen。
　　Itisadeeplyinterestingstudytoinvestigatealltheevilsthatweretheresult。Nations，likeindividuals，cannotbecomedesperategamblerswithimpunity。Punishmentissuretoovertakethemsoonerorlater。Acelebratedwriter[Smollett。]isquitewrong，whenhesays，“thatsuchaneraasthisisthemostunfavourableforahistorian；thatnoreaderofsentimentandimaginationcanbeentertainedorinterestedbyadetailoftransactionssuchasthese，whichadmitofnowarmth，nocolouring，noembellishment；adetailofwhichonlyservestoexhibitaninanimatepictureoftastelessviceandmeandegeneracy。“Onthecontrary，andSmollettmighthavediscoveredit，ifhehadbeeninthehumour——thesubjectiscapableofinspiringasmuchinterestasevenanovelistcandesire。Istherenowarmthinthedespairofaplunderedpeople？——nolifeandanimationinthepicturewhichmightbedrawnofthewoesofhundredsofimpoverishedandruinedfamilies？ofthewealthyofyesterdaybecomethebeggarsofto-day？ofthepowerfulandinfluentialchangedintoexilesandoutcasts，andthevoiceofself-reproachandimprecationresoundingfromeverycorneroftheland？Isitadulloruninstructivepicturetoseeawholepeopleshakingsuddenlyoffthetrammelsofreason，andrunningwildafteragoldenvision，refusingobstinatelytobelievethatitisnotreal，till，likeadeludedhindrunningafteranignisfatuus，theyareplungedintoaquagmire？Butinthisfalsespirithashistorytoooftenbeenwritten。Theintriguesofunworthycourtierstogainthefavourofstillmoreunworthykings；
　　ortherecordsofmurderousbattlesandsiegeshavebeendilatedon，andtoldoverandoveragain，withalltheeloquenceofstyleandallthecharmsoffancy；whilethecircumstanceswhichhavemostdeeplyaffectedthemoralsandwelfareofthepeople，havebeenpassedoverwithbutslightnoticeasdryanddull，andcapableofneitherwarmthnorcolouring。
　　Duringtheprogressofthisfamousbubble，Englandpresentedasingularspectacle。Thepublicmindwasinastateofunwholesomefermentation。Menwerenolongersatisfiedwiththeslowbutsureprofitsofcautiousindustry。Thehopeofboundlesswealthforthemorrowmadethemheedlessandextravagantforto-day。Aluxury，tillthenunheard-of，wasintroduced，bringinginitstrainacorrespondinglaxityofmorals。Theoverbearinginsolenceofignorantmen，whohadarisentosuddenwealthbysuccessfulgambling，mademenoftruegentilityofmindandmanners，blushthatgoldshouldhavepowertoraisetheunworthyinthescaleofsociety。Thehaughtinessofsomeofthese“cypheringcits，“astheyweretermedbySirRichardSteele，wasrememberedagainsttheminthedayoftheiradversity。IntheParliamentaryinquiry，manyofthedirectorssufferedmorefortheirinsolencethanfortheirpeculation。Oneofthem，who，inthefull-blownprideofanignorantrichman，hadsaidthathewouldfeedhishorseupongold，wasreducedalmosttobreadandwaterforhimself；everyhaughtylook，everyoverbearingspeech，wassetdown，andrepaidthemahundredfoldinpovertyandhumiliation。
　　Thestateofmattersalloverthecountrywassoalarming，thatGeorgeIshortenedhisintendedstayinHanover，andreturnedinallhastetoEngland。Hearrivedonthe11thofNovember，andParliamentwassummonedtomeetonthe8thofDecember。Inthemeantime，publicmeetingswereheldineveryconsiderabletownoftheempire，atwhichpetitionswereadopted，prayingthevengeanceoftheLegislatureupontheSouthSeadirectors，who，bytheirfraudulentpractices，hadbroughtthenationtothebrinkofruin。NobodyseemedtoimaginethatthenationitselfwasasculpableastheSouthSeaCompany。Nobodyblamedthecredulityandavariceofthepeople，——thedegradinglustofgain，whichhadswallowedupeverynoblerqualityinthenationalcharacter，ortheinfatuationwhichhadmadethemultituderuntheirheadswithsuchfranticeagernessintothenetheldoutforthembyschemingprojectors。Thesethingswerenevermentioned。Thepeoplewereasimple，honest，hard-workingpeople，ruinedbyagangofrobbers，whoweretobehanged，drawn，andquarteredwithoutmercy。