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。]