For a grand American fishery. 59. For purchasing and improving the fenny lands in Lincolnshire. Capital, two millions. 60. For improving the paper manufacture of Great Britain. 61. The Bottomry Company. 62. For drying malt by hot air. 63. For carrying on a trade in the river Oronooko. 64. For the more effectual making of baize, in Colchester and other parts of Great Britain. 65. For buying of naval stores, supplying the victualling, and paying the wages of the workmen. 66. For employing poor artificers, and furnishing merchants and others with watches. 67. For improvement of tillage and the breed of cattle. 91 68. Another for the improvement of our breed in horses. 69. Another for a horse-insurance. 70. For carrying on the corn trade of Great Britain. 71. For insuring to all masters and mistresses the losses they may sustain by servants. Capital, three millions. 72. For erecting houses or hospitals for taking in and maintaining illegitimate children. Capital, two millions. 73. For bleaching coarse sugars, without the use of fire or loss of substance. 74. For building turnpikes and wharfs in Great Britain. 75. For insuring from thefts and robberies. 76. For extracting silver from lead. 77. For making china and delft ware. Capital, one million. 78. For importing tobacco, and exporting it again to Sweden and the north of Europe. Capital, four millions. 79. For making iron with pit coal. 80. For furnishing the cities of London and Westminster with hay and 92 straw. Capital, three millions. 81. For a sail and packing-cloth manufactory in Ireland. 82. For taking up ballast. 83. For buying and fitting out ships to suppress pirates. 84. For the importation of timber from Wales. Capital, two millions. 85. For rock-salt. 86. For the transmutation of quicksilver into a malleable fine metal. [Illustration: CHANGE-ALLEY.[18]] [18] Stockjobbing Card, or the humours of Change Alley. Copied from a print called
Bubblers' Medley, published by Carrington Bowles. Besides these bubbles, many others sprang up daily, in-spite of the condemnation of the government and the ridicule of the still sane portion of the public. The print-shops teemed with caricatures, and the newspapers with epigrams and satires, upon the prevalent folly. An ingenious cardmaker published a pack of South-Sea playing-cards, which are now extremely rare, each card containing, besides the usual figures, of a very small size, in one corner, a caricature of a bubble-company, with appropriate verses underneath. One of the most famous bubbles was "Puckle's Machine Company," for discharging round and square cannon-balls 93 and bullets, and making a total revolution in the art of war. Its pretensions to public favour were thus summed up on the eight of spades: "A rare invention to destroy the crowd Of fools at home instead of fools abroad. Fear not, my friends, this terrible machine, They're only wounded who have shares therein." [Illustration: TREE CARICATURE[19]] [19] Tree, surrounded by water; people climbing up the tree. One of a series of bubble cards, copied from the
Bubblers' Medley, published by Carrington Bowles. The nine of hearts was a caricature of the English Copper and Brass Company, with the following epigram: "The headlong-fool that wants to be a swopper Of gold and silver coin for English copper, May, in Change Alley, prove himself an ass, And give rich metal for adultrate brass." The eight of diamonds celebrated the company for the colonisation of Acadia, with this doggrel: "He that is rich and wants to fool away A good round sum in North America, Let him subscribe himself a headlong sharer, And asses' ears shall honour him or bearer." 94 And in a similar style every card of the pack exposed some knavish scheme, and ridiculed the persons who were its dupes. It was computed that the total amount of the sums proposed for carrying on these projects was upwards of three hundred millions sterling. [Illustration: MERCHANT'S GATEWAY] It is time, however, to return to the great South-Sea gulf, that swallowed the fortunes of so many thousands of the avaricious and the credulous. On the 29th of May, the stock had risen as high as five hundred, and about two-thirds of the government annuitants had exchanged the securities of the state for those of the South-Sea company. During the whole of the month of May the stock continued to rise, and on the 28th it was quoted at five hundred and fifty. In four days after this it took a prodigious leap, rising suddenly from five hundred and fifty to eight hundred and ninety. It was now the general opinion that the stock could rise no higher, and many persons took that opportunity of selling out, with a view of realising their profits. Many noblemen and persons in the train of the king, and about to accompany him to Hanover, were also anxious to sell out. So many sellers, and so few buyers, appeared in the Alley on the 3d of June, that the stock fell at once from eight hundred and ninety to six hundred and forty. The directors were alarmed, and gave their agents orders to buy. Their efforts succeeded. Towards evening, confidence was restored, and the stock advanced to seven hundred and fifty. It continued at this price, with some slight fluctuation, until the company closed their books on the 22d of June. It would be needless and uninteresting to detail the various arts employed 95 by the directors to keep up the price of stock. It will be sufficient to state that it finally rose to one thousand per cent. It was quoted at this price in, the commencement of August. The bubble was then full-blown, and began to quiver and shake preparatory to its bursting. Many of the government, annuitants expressed dissatisfaction against the directors. They accused them of partiality in making out the lists for shares in each subscription. Further uneasiness was occasioned by its being generally known that Sir John Blunt the chairman, and some others, had sold out. During the whole of the month of August the stock fell, and on the 2d of September it was quoted at seven hundred only. The state of things now became alarming. To prevent, if possible, the utter extinction of public confidence in their proceedings, the directors summoned a general court of the whole corporation, to meet in Merchant Tailors' Hall on the 8th of September. By nine o'clock in the morning, the room was filled to suffocation; Cheapside was blocked up by a crowd unable to gain admittance, and the greatest excitement prevailed. The directors and their friends mustered in great numbers. Sir John Fellowes, the sub-governor, was called to the chair. He acquainted the assembly with the cause of their meeting; read to them the several resolutions of the court of directors, and gave them an account of their proceedings; of the taking in the redeemable and unredeemable funds, and of the subscriptions in money. Mr. Secretary Craggs then made a short speech, wherein he commended the conduct of the directors, and urged that nothing could more effectually contribute to the bringing this scheme to perfection than union among themselves. He concluded with a motion for thanking the court of directors for their prudent and skilful management, and for desiring them to proceed in such manner as they should think most proper for the 96 interest and advantage of the corporation. Mr. Hungerford, who had rendered himself very conspicuous in the House of Commons for his zeal in behalf of the South-Sea company, and who was shrewdly suspected to have been a considerable gainer by knowing the right time to sell out, was very magniloquent on this occasion. He said that he had seen the rise and fall, the decay and resurrection of many communities of this nature, but that, in his opinion, none had ever performed such wonderful things in so short a time as the South-Sea company. They had done more than the crown, the pulpit, or the bench could do. They had reconciled all parties in one common interest; they had laid asleep, if not wholly extinguished, all the domestic jars and animosities of the nation. By the rise of their stock, monied men had vastly increased their fortunes; country gentlemen had seen the value of their lands doubled and trebled in their hands. They had at the same time done good to the Church, not a few of the reverend clergy having got great sums by the project. In short, they had enriched the whole nation, and he hoped they had not forgotten themselves. There was some hissing at the latter part of this speech, which for the extravagance of its eulogy was not far removed from satire; but the directors and their friends, and all the winners in the room, applauded vehemently. The Duke of Portland spoke in a similar strain, and expressed his great wonder why any body should be dissatisfied; of course, he was a winner by his speculations, and in a condition similar to that of the fat alderman in _Joe Miller's Jests_, who, whenever he had eaten a good dinner, folded his hands upon his paunch, and expressed his doubts whether there could be a hungry man in the world. [Illustration: MR. SECRETARY CRAGGS.] Several resolutions were passed at this meeting, but they had no effect 97 upon the public. Upon the very same evening the stock fell to six hundred and forty, and on the morrow to five hundred and forty. Day after day it continued to fall, until it was as low as four hundred. In a letter dated September 13th, from Mr. Broderick, M.P., to Lord Chancellor Middleton, and published in Coxe's
Walpole, the former says: "Various are the conjectures why the South-Sea directors have suffered the cloud to break so early. I made no doubt but they would do so when they found it to their advantage. They have stretched credit so far beyond what it would bear, that specie proves insufficient to support it. Their most considerable men have drawn out, securing themselves by the losses
