A very interesting statement of one of our contemporaries is that any person, to one degree or another, is both a psychologist and a philosopher - they say, life forces him to. On the one hand, the main driving force of every person is the craving for knowledge, the desire to reach certain social heights, the desire to be wise in any everyday situations - and this is the philosophy of life. Memoirs of Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay (read book txt) đź“–
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“10. Petition of Thomas Boyd and several hundred merchants, owners and masters of ships, sail-makers, weavers, and other traders, praying a charter of incorporation, empowering them to borrow money for purchasing lands, in order to the manufacturing sail-cloth and fine holland.
“11. Petition on behalf of several persons interested in a patent granted by the late King William and Queen Mary for the making of linen and sail-cloth, praying that no charter may be granted to any persons whatsoever for making sail-cloth, but that the privilege now enjoyed by them may be confirmed, and likewise an additional power to carry on the cotton and cotton-silk manufactures.
“12. Petition of several citizens, merchants, and traders in London, and others, subscribers to a British stock for a general insurance from fire in any part of England, praying to be incorporated for carrying on the said undertaking.
“13. Petition of several of his majesty’s loyal subjects of the city of London and other parts of Great Britain, praying to be incorporated for carrying on a general insurance from losses by fire within the kingdom of England.
“14. Petition of Thomas Surges and others his majesty’s subjects thereto subscribing, in behalf of themselves and others, subscribers to a fund of 1,200,000l. for carrying on a trade to his majesty’s German dominions, praying to be incorporated by the name of the Harburg Company.
“15. Petition of Edward Jones, a dealer in timber, on behalf of himself and others, praying to be incorporated for the importation of timber from Germany.
“16. Petition of several merchants of London, praying a charter of incorporation for carrying on a salt-work.
“17. Petition of Captain Macphedris of London, merchant, on behalf of himself and several merchants, clothiers, hatters, dyers, and other traders, praying a charter of incorporation empowering them to raise a sufficient sum of money to purchase lands for planting and rearing a wood called madder, for the use of dyers.
“18. Petition of Joseph Galendo of London, snuff-maker, praying a patent for his invention to prepare and cure Virginia tobacco for snuff in Virginia, and making it into the same in all his majesty’s dominions.”
List of Bubbles.The following Bubble-Companies were by the same order declared to be illegal, and abolished accordingly:
For the importation of Swedish iron. For supplying London with sea-coal. Capital, three millions. For building and rebuilding houses throughout all England Capital, three millions. For making of muslin. For carrying on and improving the British alum-works. For effectually settling the island of Blanco and Sal Tartagus. For supplying the town of Deal with fresh water. For the importation of Flanders lace. For improvement of lands in Great Britain. Capital, four millions. For encouraging the breed of horses in England, and improving of glebe and church lands, and for repairing and rebuilding parsonage and vicarage houses. For making of iron and steel in Great Britain, For improving the land in the county of Flint. Capital, one million. For purchasing lands to build on. Capital, two millions. For trading in hair. For erecting salt-works in Holy Island. Capital, two millions. For buying and selling estates, and lending money on mortgage. For carrying on an undertaking of great advantage; but nobody to know what it is. For paving the streets of London. Capital, two millions. For furnishing funerals to any part of Great Britain. For buying and selling lands and lending money at interest. Capital, five millions. For carrying on the royal fishery of Great Britain. Capital, ten millions. For assuring of seamen’s wages. For erecting loan-offices for the assistance and encouragement of the industrious. Capital, two millions. For purchasing and improving leaseable lands. Capital, four millions. For importing pitch and tar, and other naval stores, from North Britain and America. For the clothing, felt, and pantile trade. For purchasing and improving a manor and royalty in Essex. For insuring of horses. Capital, two millions. For exporting the woollen manufacture, and importing copper, brass, and iron. Capital, four millions. For a grand dispensary. Capital, three millions. For erecting mills and purchasing lead-mines. Capital, two millions. For improving the art of making soap. For a settlement on the island of Santa Cruz. For sinking pits and smelting lead ore in Derbyshire. For making glass bottles and other glass. For a wheel for perpetual motion. Capital, one million. 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, two millions. 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 four millions. For dealing in lace, hollands, cambrics, lawns, &c. Capital, two millions. For trading in and improving certain commodities of the produce of this kingdom, &c. Capital three millions. For supplying the London markets with cattle. For making looking-glasses, coach-glasses, &c. Capital, two millions. For working the tin and lead mines in Cornwall and Derbyshire. For making rape-oil. For importing beaver fur. Capital, two millions. For making pasteboard and packing-paper. For importing of oils and other materials used in the woollen manufacture. For improving and increasing the silk manufactures. For lending money on stock, annuities, tallies, &c. For paying pensions to widows and others, at a small discount. Capital, two millions. For improving malt liquors. Capital, four millions. For a grand American fishery. For purchasing and improving the fenny lands in Lincolnshire. Capital, two millions. For improving the paper manufacture of Great Britain. The Bottomry Company. For drying malt by hot air. For carrying on a trade in the river Oronooko. For the more effectual making of baize, in Colchester and other parts of Great Britain. For buying of naval stores, supplying the victualling, and paying the wages of the workmen. For employing poor artificers, and furnishing merchants and others with watches. For improvement of tillage and the breed of cattle. Another for the improvement of our breed in horses. Another for a horse-insurance. For carrying on the corn trade of Great Britain. For insuring to all masters and mistresses the losses they may sustain by servants. Capital, three millions. For erecting houses or hospitals for taking in and maintaining illegitimate children. Capital, two millions. For bleaching coarse sugars, without the use of fire or loss of substance. For building turnpikes and wharfs in Great Britain. For insuring from thefts and robberies. For extracting silver from lead. For making china and delft ware. Capital, one million. For importing tobacco, and exporting it again to Sweden and the north of Europe. Capital, four millions. For making iron with pit coal. For furnishing the cities of London and Westminster with hay and straw. Capital, three millions. For a sail and packing-cloth manufactory in Ireland. For taking up ballast. For buying and fitting out ships to suppress pirates. For the importation of timber from Wales. Capital, two millions. For rock-salt. For the transmutation of quicksilver into a malleable fine metal.CHANGE-ALLEY.18
Besides these bubbles, many others sprang up daily, in-spite of the condemnation of the government and the ridicule of the still sane portion of the public. The print-shops teemed with caricatures, and the newspapers with epigrams and satires, upon the prevalent folly. An ingenious cardmaker published a pack of South-Sea playing-cards, which are now extremely rare, each card containing, besides the usual figures, of a very small size, in one corner, a caricature of a bubble-company, with appropriate verses underneath. One of the most famous bubbles was “Puckle’s Machine Company,” for discharging round and square cannon-balls and bullets, and making a total revolution in the art of war. Its pretensions to public favour were thus summed up on the eight of spades:
“A rare invention to destroy the crowd
Of fools at home instead of fools abroad.
Fear not, my friends, this terrible machine,
They’re only wounded who have shares therein.”
TREE CARICATURE19
The nine of hearts was a caricature of the English Copper and Brass Company, with the following epigram:
“The headlong-fool that wants to be a swopper
Of gold and silver coin for English copper,
May, in Change Alley, prove himself an ass,
And give rich metal for adultrate brass.”
The eight of diamonds celebrated the company for the colonisation of Acadia, with this doggrel:
“He that is rich and wants to fool away
A good round sum in North America,
Let him subscribe himself a headlong sharer,
And asses’ ears shall honour him or bearer.”
And in a similar style every card of the pack exposed some knavish scheme, and ridiculed the persons who were its dupes. It was computed that the total amount of the sums proposed for carrying on these projects was upwards of three hundred millions sterling.
MERCHANT’S GATEWAY
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 the 29th of May, the stock had risen as high as five hundred, 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 five hundred and fifty. In four days after this it took a prodigious leap, rising suddenly from five hundred and fifty to eight hundred and ninety. 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 realising 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 the 3d of June, that the stock fell at once from eight hundred and ninety to six hundred and forty. The directors were alarmed, and gave their agents orders to buy. Their efforts succeeded. Towards evening, confidence was restored, and the stock advanced to seven hundred and fifty. It continued at this price, with some slight fluctuation, until the company closed their books on the 22d of June.
It would be needless and uninteresting to detail the various arts employed by the directors to keep up the price of stock. It will be sufficient to state that it finally rose to one thousand per cent. It was quoted at this price in, the commencement of August. The bubble was then full-blown, and began to quiver and shake preparatory to its bursting.
Many of the government annuitants expressed dissatisfaction against the directors. They accused them of partiality in making out the lists for shares in each subscription. Further uneasiness was occasioned by its being generally known that Sir John Blunt the chairman, and some others, had sold out. During the whole of the month of August the stock fell, and on the 2d of September it was quoted at seven hundred only.
The state of things now became alarming. To prevent, if possible, the utter extinction of public confidence in their proceedings, the directors summoned a general court of the whole corporation, to meet in Merchant Tailors’ Hall on the 8th of September. By nine o’clock in the morning, the room was filled to suffocation; Cheapside was blocked up by a crowd unable to gain admittance, and the greatest excitement prevailed. The directors and their friends mustered in great numbers. Sir John Fellowes, the sub-governor, was called to the chair. He acquainted the assembly with the cause of their meeting; read to them the several resolutions of the court of directors, and gave them an account of their proceedings; of the taking in the redeemable and unredeemable funds, and of the subscriptions in money. Mr. Secretary Craggs then made a short speech, wherein he commended the conduct of the directors, and urged that nothing could more effectually contribute to the bringing this scheme to perfection than union among themselves. He concluded with a motion for thanking the court of directors for their prudent and skilful management, and for desiring them to proceed in such
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