phrenzy, exclusive of the South-Sea scheme[118:A]. Such of the projects as have not mentioned millions, appear to have been forlorn wights, who were contented perforce to receive the few loose pounds left in the pockets of the subscribers, by those whose aggregate sums amount to one hundred and ten millions.
The sufferers in this monstrous scene of wickedness and folly could not plead ignorance or deception; the baits were so clumsily affixed to the hooks, that the Journalists were continually employed in warning the publick, sometimes seriously, and frequently piercing them with the keenest shafts of ridicule: Sir Richard Steele endeavoured to warn the maniacs of the South-Sea Stock, fruitlessly.
"Notwithstanding what has been published, that the annuitants would not subscribe their annuities in the South-Sea Stock, we find that they now run in crowds to subscribe them, though they know not how much Stock they are to have. Some people say as much as will make 30 years' purchase; but this is uncertain. It was, indeed, expected that before the Company would take those subscriptions, they would have given notice of it in the Gazette, and have put up advertisements at their house and at the Royal Exchange,
at least eight days before; but it seems the Annuitants have such a good opinion of the Directors of the South-Sea, that without this they come and surrender their ALL as it were, leaving it to the pleasure, discretion, and honour of the Directors, to give them as much Stock as they shall think fit. The like, we suppose, never was heard of before. It is said there has already been above 300,000l. per annum subscribed. The reason of people running to it in such haste is, that it has been whispered the first subscribers would receive a greater advantage than those that shall stay longer. A million has also been subscribed, at the rate of 400l. per cent. the money to be paid in three years' time, but they are to have the benefit of the next half year's dividend; by this last subscription the Company will get 3,000,000l. of money; and it is said they will shortly take another subscription at 500l. to pay in seven years, and to have the next half year's dividend; by which means they will get, together with those before, above 11 millions of money. In all appearance, the Company will carry every thing before them; for we see that, notwithstanding what has been said against their Stock by Sir Richard Steele and others, that people are as eager for it as if nothing had been said against it. Those fine writers might as well have attempted to stop the tide under London-bridge, as to stop the people from buying or subscribing in that Stock:
as to the first of these, they know something of what they do, but the Annuitants run blindfold into the hands of the Directors, as if they should say: 'Gentlemen, We have so many 1000l. or 100l. per annum in the annuities for 99 years; we know you to be both just and honourable, give us as much of your South-Sea Stock as you please, we oblige ourselves to be content with whatever you shall give us;' and this is, in short, the sum and substance of the case." London Journal, May 7, 1720.
The Weekly Packet of the same date adds: "The subscriptions that were lately carried on for raising more millions of money than all Europe can afford, are not as yet quite dead, but are very much withered by the breath of the Senate, or a nipping blast from Westminster. It is observed, that many of those projects are so ridiculous and chimerical, that it is hard to tell which is most to be wondered at, the impudence of those that make the proposals, or the stupid folly of those that subscribe to them; yet many a gudgeon hath been caught in the net, though one would think that, with half an eye, they might discern the cheat. When these bites can no longer go on with their bubbles, happy will be the consequence to many honest but unthinking men that stand in danger to be drawn in by them; but unhappy to themselves that they have been used to such dishonest ways of living, and hardly will
take up with any course of life that is not so; insomuch that it is feared, as one says, that many of them will go out a marauding; then stand clear the Bristol Mail."
On the 4th of June, the Newspapers intimated the intentions of Parliament, directed to the prevention of any farther mischief from Schemes and Stock-jobbing; and yet, so willing were people to be ruined, that the London Journal of the 11th declares: "The hurry of our Stock-jobbing bubblers, especially, has been so great this week, that it has even exceeded all that ever was known before. The subscriptions are innumerable; and so eager all sorts of people have been to engage in them, how improbable or ridiculous soever they have appeared, that there has been nothing but running about from one Coffee-house to another, and from one Tavern to another, to subscribe, and without examining what the proposals were. The general cry has been, 'For G—'s sake let us but subscribe to something, we do not care what it is!' So that, in short, many have taken them at their words, and entered them adventurers in some of the grossest cheats and improbable undertakings that ever the world heard of: and yet, by all these, the projectors have got money, and have had their subscriptions full as soon as desired."
The auspicious 24th of June at length arrived, which gave the force of law to the following
words: "And it is further enacted, by the authority aforesaid, that if any Merchant or Trader, after the 24th day of June 1720, shall suffer any particular damage in his, her, or their trade, commerce, or their lawful occasions, by occasion or means of any undertaking, or attempt, matter, or thing, by this Act declared to be unlawful as aforesaid, and will sue to be relieved therein: then, and in every such case, such Merchant or Trader shall and may have his remedy for the same, by an action or actions, to be grounded upon this Statute, against the persons, societies, or partnerships, or any of them, who, contrary to this Act, shall be engaged or interested in any such unlawful undertaking or attempt; and any such action and actions shall be heard and determined in any of His Majesty's Courts of Record, wherein no Essoign shall be allowed."