Though thou art tempted by the link-man's call,
Yet trust him not along the lonely wall;
In the mid-way he'll quench the flaming brand,
And share the booty with the pilfering band.
Still keep the public streets, where oily rays,
Shot from the crystal lamp, o'erspread the ways.
THE SOUTH SEA BUBBLE (1720).
The scenes in 'Change Alley during the period of the rise and fall of South Sea Company shares have often been described. The mad spirit of speculation which seized all classes alike, the foolish and unreasoning belief in the possibility of realising fabulous wealth, the floating of innumerable companies, many of which were of a most absurd character, the panic which followed inevitably on the inflation of prices—all these things were witnessed in London, the centre of the financial affairs of the nation. There was great indignation against the Ministers and directors who had made large profits, and a parliamentary inquiry disclosed the fact that there had been bribery and corruption on an extensive scale. The distracting effect of events of this kind was extremely injurious to the City, and the attitude of the citizens is set forth in their petition to the House of Commons.
Source.—The Journal of Common Council, quoted by Maitland,
vol. i., p. 530.
Your petitioners beg leave to return their most humble thanks to this honourable House for the great pains they have taken to relieve the unhappy sufferers, by compelling the offenders to make restitution; as likewise for their continued application to lay open this whole scene of guilt, notwithstanding the industrious artifices of such sharers in the common plunder, as have endeavoured to obstruct the detection of fraud and corruption. And your petitioners doubt not, but the same fortitude, impartiality and public spirit wherewith this Honourable House have hitherto acted, will still animate them in the pursuit of those truly great and noble ends.