History of the Bank of England

Cover History of the Bank of England
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' Thiers, p. 107.
THE SOUTH SEA COMPANY. 133 day might mean a difference of ;^ioo, people often gave them a ;{^20 note to hasten the transaction. The profits which they made in this way were so great that they used to wear clothes trimmed with lace, and replied to those who criticised them that " if they did not put gold upon their clothes, they would not make away with half their earn- ings." It would have been fortunate if the evil had ended here.
But the success of the South Sea Scheme gave
...rise to all kinds of other projects. Some of these were serious and deserved to succeed,' but the absurdity of the others was such that according to Francis, their popularity "stamped the minds of those who entertained them with what may be truly termed a commercial lunacy."^ A few examples will illustrate this." One project was for the " discovery of perpetual motion," another to found a company " for importing a number of large jack-asses from Spain," a third " for building of hospitals for bastard children," a fourth "for extracting silver from lead," and, finally, the most remarkable of all was a project to found a company " for carrying on an undertaking of great advant- age, which shall in due time be revealed." Each sub- scriber was to deposit two guineas, in return for which he would subsequently receive a loo-guinea share, and would at the same time^ hear the nature of the scheme !

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