$10,000, being deposits on a thousand shares subscribed for. That night, the financier—a shrewd man!—modestly retired to an unknown place upon the Continent, and was never heard of again. Another humbug almost as preposterous, was that of the “Globe Permits.” These were square pieces of playing-cards with a seal on them, having the picture of the Globe Tavern, and with the words, “Sailcloth Permits.” What they “permitted” was a subscription at some future period to a sailcloth-factory, projected by a certain capitalist. These “permits” sold at one time for $300 each.
But the more sensible members of Government soon exerted their influence against these lesser and more palpable humbugs. Some accounts say that the South Sea Company itself grew jealous, for it was reckoned that these “side-shows” called for a total amount of $1,500,000,000, and itself took legal means against them. At any rate, an “order in council” was published, peremptorily dismissing and dissolving them all.
During August, it leaked out that Sir John Blunt and some other “insiders” had sold out their South Sea stock. There was also some charges of unfairness in managing subscriptions. After so long and so in tense an excitement, the time for reaction and collapse was come. The price of stock began to fall in spite of all that the directors could do. September 2, it was down to 700.
A general meeting of the company was held to try to whitewash matters, but in vain. The stock fell, fell, fell. The great humbug had received its death-blow. Thousands of families saw beggary staring them in the
