ts, carry on their schemes for ever, 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 the 22d of January, 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 towards 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
30,981,712l., which the company were anxious to take upon themselves, upon
consideration of five per cent per annum, secured to them until Midsummer
1727; after which time, the whole was to become redeemable at the pleasure
of the legislature, and the interest to be reduced to four per cent. The
proposal was received with great favour; but the Bank of England had many
friends in the House of Commons, who were desirous that that body should
share in the advantages that were likely to accrue. On behalf of this
corporation it was represented, that they had performed great and eminent
services to the state in the most difficult times, and deserved, at least,
that if any advantage was to be made by public bargains of this nature,
they should be preferred before a company that had never done any thing
for the nation. The further consideration of the matter was accordingly
postponed for five days. In the mean time, a plan was drawn up by the
governors of the bank. The South-Sea Company, afraid that the bank might
offer still more advantageous terms to the government than themselves,
reconsidered their former proposal, and made some alterations in it, which
they hoped would render it more acceptable. The principal change was a
stipulation that the government might redeem these debts at the expiration
of four years, instead of sev