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。]
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