heir stock rose
to 890; it quickly reached 1,000, and several of the principal managers
were dubbed baronets for their "great services." Mysterious rumours of
vast treasures to be acquired in the South Seas got abroad, and 50 per
cent. was boldly promised.

"The scheme," says Smollett, "was first projected by Sir John Blount,
who had been bred a scrivener, and was possessed of all the cunning,
plausibility, and boldness requisite for such an undertaking. He
communicated his plan to Mr. Aislabie, the Chancellor of the Exchequer,
and a Secretary of State. He answered every objection, and the project
was adopted."

Sir Robert Walpole alone opposed the bill in the House, and with
clear-sighted sense (though the stock had risen from 130 to 300 in one
day) denounced "the dangerous practice of stock-jobbing, and the general
infatuation, which must," he said, "end in general ruin." Rumours of
free trade with Spain pushed the shares up to 400, and the bill passed
the Commons by a majority of 172 against 55. In the other House, 17
peers were against it, and 83 for it. Then the madness fairly began.
Stars and garters mingled with squabbling Jews, and great ladies pawned
their jewels in order to gamble in the Alley. The shares sinking a
little, they were revived by lying rumours that Gibraltar and Port Mahon
were going to be exchanged for Peruvian sea-ports, so that the Company
would be allowed to send out whole fleets of ships.

Government, at last alarmed, began too late to act. On July 18 the King
published a proclamation denouncing eighteen petitions for letters
patent and eighty-six bubble companies, of which the following are
samples:--

For sinking pits and smelting lead ore in Derbyshire.
For making glass bottles and other glass.
For a wheel for perpetual motion. Capital L1,000,000.
For improving of gardens.
For insuring and increasing children's fortunes.
For entering and loading goods at the Custom House; and for
negotiating business for merchants.
For carrying on a woollen manufacture in the North of England.
For importing walnut-trees from Virginia. Capital L2,000,000.
For making Manchester stuffs of thread and cotton.
For making Joppa and Castile soap.
For improving the wrought iron and steel manufactures of this kingdom.
Capital L4,000,000.
For dealing in lace, Hollands, cambrics, lawns, &c. Capital L2,000,000.
For trading in and improving certain com