dships by the South Sea's mismanagement; but it is
a constant {201} maxim with us Protestants to undergo a great deal for
the security of our religion, which we could not depend upon under a
Romish Government.'" This speech, not over-polite, the Prince took in
good part, and entered upon an argument so skilfully, "that I am
apprehensive I should become half a Jacobite if I should continue
following these discourses any longer." "Therefore," says the writer, "I
will give you my word I will enter no more upon arguments of this kind
with him." The Prince and his visitor were perhaps both playing a part
to some extent, and the whole discourse was probably a good deal less
theatric in style than the English traveller has reported. But there can
be no doubt that the letter fairly illustrates the spirit in which the
leading Jacobites watched over the financial troubles in England, and the
new hopes with which they were inspired--hopes destined to be translated
into new action before very long. Nor can it be denied that the speech
of the English visitor correctly represented the feeling which was
growing stronger day after day in the minds of prudent people at home in
England. The time was coming--had almost come--when a political
disturbance or a financial panic in these kingdoms was to be accounted
sufficient occasion for a change of Ministers, but not for a revolution.

{202}

CHAPTER XII.

AFTER THE STORM.

[Sidenote: 1721--South Sea victims]

Swift wrote more than one poem on the South Sea mania. That which was
written in 1721, and is called "South Sea," is a wonder of wit and
wisdom. It shows the hollowness of the scheme in some new, odd, and
striking light in every metaphor and every verse. "A guinea," Swift
reminds his readers, "will not pass at market for a farthing more,
shown through a multiplying glass, than what it always did before."

"So cast it in the Southern Seas,
And view it through a jobber's bill,
Put on what spectacles you please,
Your guinea's but a guinea still."

Other poets had not as much prudence and sound sense as Swift. Pope
put some of his money, a good deal of it, into South Sea stock,
contrary to the earnest advice of Atterbury, and lost it. Swift
reflected faithfully the temper of the time in savage verses, which
call out for the punishment by death of the fraudulent directors of the
Company. Antaeus, Swift tells us, was always restored to fresh
strengt