ich showed, more
completely than any other, the utter madness of the people, was one
started by an unknown adventurer, entitled "_A Company for carrying on
an Undertaking of Great Advantage, but Nobody to know What It Is_." Were
not the facts stated by scores of credible witnesses, it would be
impossible to believe that any person could have been duped by such a
project. The man of genius who essayed this bold and successful inroad
upon public credulity merely stated in his prospectus that the required
capital was half a million, in five thousand shares of one hundred
pounds each, deposit two pounds per share. Each subscriber paying his
deposit would be entitled to one hundred pounds per annum per share. How
this immense profit was to be obtained he did not condescend to inform
them at that time, but promised that in a month full particulars should
be duly announced, and a call made for the remaining ninety-eight pounds
of the subscription. Next morning, at nine o'clock, this great man
opened an office in Cornhill. Crowds of people beset his door, and when
he shut up, at three o'clock, he found that no less than one thousand
shares had been subscribed for and the deposits paid. He was thus, in
five hours, the winner of two thousand pounds. He was philosopher enough
to be contented with his venture, and set off the same evening for the
Continent. He was never heard of again.

It is time, however, to return to the great South Sea gulf, that
swallowed the fortunes of so many thousands of the avaricious and the
credulous. On May 29th the stock had risen as high as 500, and about
two-thirds of the government annuitants had exchanged the securities of
the state for those of the South Sea Company. During the whole of the
month of May the stock continued to rise, and on the 28th it was quoted
at 550. In four days after this it took a prodigious leap, rising
suddenly from 550 to 890. It was now the general opinion that the stock
could rise no higher, and many persons took that opportunity of selling
out, with a view of realizing their profits. Many noblemen and persons
in the train of the King, and about to accompany him to Hanover, were
also anxious to sell out. So many sellers and so few buyers appeared in
the alley on June 3d that the stock fell at once from 890 to 640. The
directors were alarmed and gave their agents orders to buy. Their
efforts succeeded. Toward evening confidence was restored, and the stock
advanced to 750