g monstrously all the time.

It must be remembered that the wonderful profits expected from the
Company were to come from their monopoly of the South Sea trade.
Tremendous stories were told by Blunt and his friends, who can hardly
have believed more than one half of their own talk, about a free trade
with all the Spanish Pacific colonies, the importation of silver and
gold from Peru and Mexico in return for dry goods, etc., etc.; all which
fine things were going to produce two or three times the amount of the
Company's stock every year. When the bill authorizing the arrangement
passed, South Sea stock had already reached a price of four hundred per
cent. The bill was stoutly opposed in Parliament by Mr.--afterwards
Sir--Robert Walpole, and a few others but in vain. Under the operation
of the beautiful stories of the speculative Blunt and his friends, South
Sea stock, after a short lull in April, began to rise again, and the
bubble swelled and swelled to a size so monstrous, and with colors so
gay, that it filled the whole horizon of poor foolish John
Bull:--perfectly turned his bull-headed brain, and made him for the time
absolutely crazy. The directors opened books on April 12th for
L5,000,000 new stock, charging, however, L300 for each share of L100,
or three hundred per cent. to begin with. Double the amount was
subscribed in a few days; that is, John Bull subscribed thirty million
dollars for ten millions of stock, where only five millions were to be
had. In a few days more, these subscribers were selling at double what
they paid. April 21st, a ten per cent. dividend was voted for midsummer.
In a day or two, another five million subscription was opened at four
hundred per cent. to begin with. The whole, and half as much more, was
taken in a few hours. In the end of May, South Sea stock was worth five
hundred to one. On the 28th, it was five hundred and fifty. In four days
more, for some reason or other, it jumped up to eight hundred and
ninety. The speculating Blunt kept all this time blowing and blowing at
his bubble. All summer, he and his friends blew and blew; and all summer
the bubble swelled and floated, and shone; and high and low, men and
women, lords and ladies, clergymen, princesses and duchesses, merchants,
gamblers, tradesmen, dressmakers, footmen, bought and sold. In the
beginning of August, South Sea stock stood at one thousand per cent! It
was really worth about twenty-five per cent. The crowding in Ex