hips, in addition
to the annual ship, to carry out merchandise during the first year; and
a list was published in which all the ports and harbors of these coasts
were pompously set forth as open to the trade of Great Britain. The
first voyage of the annual ship was not made till the year 1717, and in
the following year the trade was suppressed by the rupture with Spain.

The name of the South Sea Company was thus continually before the
public. Though their trade with the South American states produced
little or no augmentation of their revenues, they continued to flourish
as a monetary corporation. Their stock was in high request, and the
directors, buoyed up with success, began to think of new means for
extending their influence. The Mississippi scheme of John Law, which so
dazzled and captivated the French people, inspired them with an idea
that they could carry on the same game in England. The anticipated
failure of his plans did not divert them from their intention. Wise in
their own conceit, they imagined they could avoid his faults, carry on
their schemes forever, and stretch the cord of credit to its extremest
tension without causing it to snap asunder.

It was while Law's plan was at its greatest height of popularity, while
people were crowding in thousands to the Rue Quincampoix, and ruining
themselves with frantic eagerness, that the South Sea directors laid
before Parliament their famous plan for paying off the national debt.
Visions of boundless wealth floated before the fascinated eyes of the
people in the two most celebrated countries of Europe. The English
commenced their career of extravagance somewhat later than the French;
but as soon as the delirium seized them they were determined not to be
outdone.

Upon January 22, 1720, the House of Commons resolved itself into a
committee of the whole house to take into consideration that part of the
King's speech at the opening of the session which related to the public
debts, and the proposal of the South Sea Company toward the redemption
and sinking of the same. The proposal set forth at great length, and
under several heads, the debts of the state, amounting to thirty million
nine hundred eighty-one thousand seven hundred twelve pounds, which the
company was anxious to take upon itself, upon consideration of 5 per
cent. per annum, secured to it until midsummer, 1727; after which time
the whole was to become redeemable at the pleasure of the legislature,
an