One consequence of the prosperous appearance that the South Sea scheme
bore, till within a short period before its failure, was a variety of
equally promising and delusive projects. These were denominated
_bubbles_. Alarmed at the destructive issue of the master-bubble,
government issued the following manifesto: “The lords justices in
council, taking into consideration the many inconveniences arising to
the public, from several projects set on foot for raising of
joint-stocks for various purposes; and that a great many of his
majesty’s subjects have been drawn in to part with their money, on
pretence of assurances that their petitions, for patents and charters to
enable them to carry on the same, would be granted: to prevent such
impositions, their excellencies ordered the said several petitions,
together with such reports from the Board of Trade, and from his
majesty’s attorney and solicitor general, as had been obtained thereon,
to be laid before them; and, after mature consideration thereof, were
pleased, by advice of his majesty’s privy-council, to order that the
said petitions be dismissed.” The applications thus rejected prayed
patents for various fisheries, for building ships to let or freight, for
raising hemp, flax, and madder, for making of sail-cloth, for
fire-assurances, for salt-works, for the making of snuff in Virginia,
&c.
In defiance of this salutary order, the herd of projectors, with an
audacity that passed on the credulous for well-grounded confidence,
continued their nefarious traffic. Proclamations from the king, and even
acts of parliament, were utterly disregarded; and companies which had
been established by charter increased the evil, by imitating the South
Sea company’s fatal management, and taking in subscriptions. This
occasioned the lords justices to issue another order, wherein they
declared that, having been attended by Mr. attorney-general, they gave
him express orders to bring writs of scire facias against the charters
or patents of the York-building’s company, Lustring company, English
copper, Welsh copper, and lead, and also against other charters or
patents which had been, or should be made use of, or acted under,
contrary to the intent or meaning of an act passed the last session of
parliament, &c.
They likewise instructed the attorney-general to prosecute, with the
utmost severity, all persons opening books for public subscriptions; or
receiving money upon such subscriptions; or making or accepting
transfers of, or shares upon, such subscriptions; of which they gave
public notice in the Gazette, as “a farther caution to prevent the
drawing of unwary persons, for the future, into practices contrary to
law.” This effectually frustrated the plans of plunder, exercised or
contemplated at that period. How necessary so vigorous a resistance was
must be obvious from this fact, that innumerable bubbles perished in
embryo; besides an incredible number which could be named that were
actually set in motion, and to support which the sums intended to be
raised amounted to about 300,000,000_l._ The lowest advance of the
shares in any of these speculations was above cent. per cent., most of
them above 400_l._ per cent.; and some were raised to twenty times the
price of the subscription. Taking these circumstances into account, the
scandalous projects would have required seven hundred millions sterling,
if such a sum could have been realized in the shape of capital. To such
a height of madness had the public mind been excited, that even shares
were eagerly coveted, and bargained for, in shameless schemes which were
not worth the paper whereon their proposals were printed, at treble the
price they nominally bore. From a list of only a part of those that the
air of ’Change-alley teemed with, the names of a few are here set forth:
_Projects_
For supplying London with cattle.
For supplying London with hay.
For breeding and feeding cattle.
For making pasteboards.
For improving the paper manufacture.
For dealing in lace, hollands, &c.
For a grand dispensary.
For a royal fishery.
For a fish pool.
For making glass-bottles.
For encouraging the breed of horses.
For discovering gold mines.
For an assurance against thieves.
For trading in hair.
For loan offices.
For dealing in hops.
For making of china ware.
For furnishing funerals.
For a coral fishery.
For a flying machine.
For insuring of horses.
For making of looking-glasses.
For feeding of hogs.
For buying and selling estates.
For purchasing and letting lands.
For supplying London with provisions.
For curing the gout and stone.
For making oil of poppies.
For bleaching coarse sugar.
For making of stockings.
For an air-pump for the brain.
For insurance against divorces.
For making butter from beech-trees.
For paving London streets.
For extracting silver from lead.
For making of radish oil.
For a perpetual motion.
For japanning of shoes.
For making deal boards of sawdust.
For a scheme to teach the casting of nativities.