, as a kind hearted man would naturally do. But the
Dutch commander, on meeting him at the quarter-deck, and learning his
errand, at once put all his kindly intentions completely one side,
saying in imperfect English:

"It'sh no matter, it'sh no matter--_dere's blaanty more Tutchmen in
Holland_!"

CHAPTER XXVI.

JOHN BULL'S GREAT MONEY HUMBUG.--THE SOUTH SEA BUBBLE IN 1720.

The "South Sea Bubble" is one of the most startling lessons which
history gives us of the ease with which the most monstrous, and absurd,
and wicked humbugs can be crammed down the throat of poor human nature.
It ought also to be a useful warning of the folly of mere "speculation,"
as compared with real "business undertakings." The history of the South
Sea Bubble has been told, before, but it is too prominent a case to be
entirely passed over. It occupied a period of about eight months, from
February 1, 1720, to the end of the following September. It was an
unreasonable expansion of the value of the stock of the "South Sea
Company." This Company was formed in 1711; its stock was at first about
$30,000,000, subscribed by the public and handed over by the corporators
to Government to meet certain troublesome public debts. In return,
Government guaranteed the stockholders a dividend of six per cent., and
gave the Company sundry permanent important duties and a monopoly of all
trade to the South Pacific, or "South Sea." This matter went on with
fair success as a money enterprise, until the birth of the "Bubble,"
which was as follows:--In the end of January, 1720, probably in
consequence of catching infection from "Law's Mississippi Scheme" in
France, the South Sea Company and the Bank of England made competing
propositions to the English Government, to repeat the original South Sea
Company financiering plan on a larger scale. The proposition of the
Company, which was accepted by Government, was: to assume as before the
whole public debt, now amounting to over one hundred and fifty millions
of dollars; and to be guaranteed at first a five per cent. dividend, and
afterward a four per cent. one, to the stockholders by Government. For
this privilege, the Company agreed to pay outright a bonus of more than
seventeen million dollars. This plan is said to have been originated and
principally carried through by Sir John Blunt, one of the Company's
directors. Parliament adopted it after two months' discussion--the
Bubble having, however, been swellin