This necessary Act was faintly opposed in an attempt to evade its penalties, by the projectors terming themselves and their Subscribers co-partners; but the interposition of the Legislature stamped all their schemes with discredit, and the elopement of several principals utterly destroyed the contrivances of those who dared popular vengeance by keeping their posts.
"The destruction of the bubbles has been a very heavy blow to many families here, and some are entirely ruined by them. There appeared the utmost consternation in Exchange-alley, the
day the Act for suppressing them took place, which, because of the confusion and terror it struck among those brethren in iniquity, they called the day of judgment. It might be well indeed with many of them, if no future inquisition would be made into their conduct in this matter, though, if so, they would not wholly escape; for many of those who have been the most assiduous in drawing other poor wretches in to their ruin have, besides their wealth, acquired an infamy they can never wipe off; and as the rage of those who have drunk deep of the delusion is at this time pretty great, the others do not seem fond of appearing too much in public for the present; they being followed with the reproaches, threats, and bitterest curses, of the poor people they have deluded to their destruction. So that if all of them escape the resentment of the populace, it must be more owing to the care of the Magistracy, than the want of will or desperation in the injured." London Journal, July 2.
A waggish Scale-maker ventured, at the same time, into Exchange-alley, at the very height of business, with his right hand extended, holding a pair of scales, exclaiming, "Make room for Justice: I sell Justice, who buys Justice here?" And the butchers' boys, actuated by the same, though less civilized principle, made a tumultuous sham funeral for the entertainment of the vicinity.
Although this great point was accomplished, the grand fortress yet remained to be subdued.
Applebee's Journal of August 5, says, "Our South-sea equipages increase every day; the City ladies buy South-Sea jewels; hire South-Sea maids; and take new country South-Sea houses; the gentlemen set up South-Sea coaches, and buy South-Sea estates, that they neither examine the situation, the nature or quality of the soil, or price of the purchase, only the annual rent and the title: for the rest, they take all by the lump, and give 40 to 50 years' purchase. This has brought so many estates to market, that the number of land-jobbers begin to increase to a great degree, almost equal to the Stock-jobbers we had before."
On the 10th of August, the Lords Justices gave positive orders to the Attorney-General, to bring Writs of scire facias against the York-buildings Company, the Lustring, the English Copper, and Welsh Copper and Lead Companies, or any others that persisted in their endeavours to evade the Law; and the Royal proclamation issued in aid of it.
Government received numberless adventitious aids in their exertions. Pamphlets, paragraphs, and calculations, proving the losses that must follow from the monstrous price of 1000 per cent. for South-Sea Stock; issued in shoals from the
press; and, as usual, much malignity and some wit composed the ingredients. One scrap of doggrel may be worth inserting:
In London stands a famous pile,