Thegreatprincipleoftheprojectwasaneviloffirst-ratemagnitude；itwastoraiseartificiallythevalueofthestock，byexcitingandkeepingupageneralinfatuation，andbypromisingdividendsoutoffundswhichcouldneverbeadequatetothepurpose。
　　Inapropheticspiritheadded，thatiftheplansucceeded，thedirectorswouldbecomemastersofthegovernment，formanewandabsolutearistocracyinthekingdom，andcontroltheresolutionsofthelegislature。Ifitfailed，whichhewasconvinceditwould，theresultwouldbringgeneraldiscontentandruinuponthecountry。Suchwouldbethedelusion，thatwhentheevildaycame，ascomeitwould，thepeoplewouldstartup，asfromadream，andaskthemselvesifthesethingscouldhavebeentrue。Allhiseloquencewasinvain。Hewaslookeduponasafalseprophet，orcomparedtothehoarseraven，croakingomensofevil。Hisfriends，however，comparedhimtoCassandra，predictingevilswhichwouldonlybebelievedwhentheycamehometomen’shearths，andstaredtheminthefaceattheirownboards。Although，informertimes，theHousehadlistenedwiththeutmostattentiontoeverywordthatfellfromhislips，thebenchesbecamedesertedwhenitwasknownthathewouldspeakontheSouthSeaquestion。
　　ThebillwastwomonthsinitsprogressthroughtheHouseofCommons。Duringthistimeeveryexertionwasmadebythedirectorsandtheirfriends，andmoreespeciallybytheChairman，thenotedSirJohnBlunt，toraisethepriceofthestock。Themostextravagantrumourswereincirculation。TreatiesbetweenEnglandandSpainwerespokenof，wherebythelatterwastograntafreetradetoallhercolonies；
　　andtherichproduceoftheminesofPotosi-la-PazwastobebroughttoEnglanduntilsilvershouldbecomealmostasplentifulasiron。Forcottonandwoollengoods，withwhichwecouldsupplytheminabundance，thedwellersinMexicoweretoemptytheirgoldenmines。
　　ThecompanyofmerchantstradingtotheSouthSeaswouldbetherichesttheworldeversaw，andeveryhundredpoundsinvestedinitwouldproducehundredsperannumtothestockholder。Atlastthestockwasraisedbythesemeanstonearfourhundred；but，afterfluctuatingagooddeal，settledatthreehundredandthirty，atwhichpriceitremainedwhenthebillpassedtheCommonsbyamajorityof172against55。
　　IntheHouseofLordsthebillwashurriedthroughallitsstageswithunexampledrapidity。Onthe4thofAprilitwasreadafirsttime；onthe5th，itwasreadasecondtime；onthe6th，itwascommitted；andonthe7th，wasreadathirdtime，andpassed。
　　Severalpeersspokewarmlyagainstthescheme；buttheirwarningsfellupondull，coldears。Aspeculatingfrenzyhadseizedthemaswellastheplebeians。LordNorthandGreysaidthebillwasunjustinitsnature，andmightprovefatalinitsconsequences，beingcalculatedtoenrichthefewandimpoverishthemany。TheDukeofWhartonfollowed；but，asheonlyretailedatsecond-handtheargumentssoeloquentlystatedbyWalpoleintheLowerHouse，hewasnotlistenedtowitheventhesameattentionthathadbeenbestoweduponLordNorthandGrey。EarlCowperfollowedonthesameside，andcomparedthebilltothefamoushorseofthesiegeofTroy。Likethat，itwasusheredinandreceivedwithgreatpompandacclamationsofjoy，butborewithinittreacheryanddestruction。TheEarlofSunderlandendeavouredtoanswerallobjections；and，onthequestionbeingput，thereappearedonlyseventeenpeersagainst，andeighty-threeinfavouroftheproject。TheverysamedayonwhichitpassedtheLords，itreceivedtheRoyalassent，andbecamethelawoftheland。
　　Itseemedatthattimeasifthewholenationhadturnedstockjobbers。ExchangeAlleywaseverydayblockedupbycrowds，andCornhillwasimpassableforthenumberofcarriages。Everybodycametopurchasestock。“Everyfoolaspiredtobeaknave。“Inthewordsofaballad，publishedatthetime，andsungaboutthestreets，[“ASouthSeaBallad；or，MerryRemarksuponExchangeAlleyBubbles。Toanewtune，called’TheGrandElixir；or，thePhilosopher’sStoneDiscovered。’“]
　　ThenstarsandgartersdidappearAmongthemeanerrabble；
　　Tobuyandsell，toseeandhear，TheJewsandGentilessquabble。
　　Thegreatestladiesthithercame，Andpliedinchariotsdaily，OrpawnedtheirjewelsforasumToventureintheAlley。
　　Theinordinatethirstofgainthathadafflictedallranksofsociety，wasnottobeslakedevenintheSouthSea。Otherschemes，ofthemostextravagantkind，werestarted。Theshare-listswerespeedilyfilledup，andanenormoustrafficcarriedoninshares，while，ofcourse，everymeanswereresortedto，toraisethemtoanartificialvalueinthemarket。
　　Contrarytoallexpectation，SouthSeastockfellwhenthebillreceivedtheRoyalassent。Onthe7thofApriltheshareswerequotedatthreehundredandten，and。onthefollowingday，attwohundredandninety。Alreadythedirectorshadtastedtheprofitsoftheirscheme，anditwasnotlikelythattheyshouldquietlyallowthestocktofinditsnaturallevel，withoutanefforttoraiseit。Immediatelytheirbusyemissariesweresettowork。Everypersoninterestedinthesuccessoftheprojectendeavouredtodrawaknotoflistenersaroundhim，towhomheexpatiatedonthetreasuresoftheSouthAmericanseas。ExchangeAlleywascrowdedwithattentivegroups。Onerumouralone，assertedwiththeutmostconfidence，hadanimmediateeffectuponthestock。Itwassaid，thatEarlStanhopehadreceivedoverturesinFrancefromtheSpanishGovernmenttoexchangeGibraltarandPortMahonforsomeplacesonthecoastofPeru，forthesecurityandenlargementofthetradeintheSouthSeas。Insteadofoneannualshiptradingtothoseports，andallowingtheKingofSpaintwenty-fivepercent。outoftheprofits，theCompanymightbuildandcharterasmanyshipsastheypleased，andpaynopercentagewhatevertoanyforeignpotentate。
　　Visionsofingotsdancedbeforetheireyes，andstockroserapidly。Onthe12thofApril，fivedaysafterthebillhadbecomelaw，thedirectorsopenedtheirbooksforasubscriptionofamillion，attherateof300poundsforevery100poundscapital。
　　Suchwastheconcourseofpersons，ofallranks，thatthisfirstsubscriptionwasfoundtoamounttoabovetwomillionsoforiginalstock。Itwastobepaidatfivepayments，of60poundseachforevery100pounds。Inafewdaysthestockadvancedtothreehundredandforty，andthesubscriptionsweresoldfordoublethepriceofthefirstpayment。Toraisethestockstillhigher，itwasdeclared，inageneralcourtofdirectors，onthe21stofApril，thatthemidsummerdividendshouldbetenpercent。，andthatallsubscriptionsshouldbeentitledtothesame。Theseresolutionsansweringtheenddesigned，thedirectors，toimprovetheinfatuationofthemoniedmen，openedtheirbooksforasecondsubscriptionofamillion，atfourhundredpercent。Suchwasthefranticeagernessofpeopleofeveryclasstospeculateinthesefunds，thatinthecourseofafewhoursnolessthanamillionandahalfwassubscribedatthatrate。
　　Inthemeantime，innumerablejoint-stockcompaniesstartedupeverywhere。TheysoonreceivedthenameofBubbles，themostappropriatethatimaginationcoulddevise。Thepopulaceareoftenmosthappyinthenicknamestheyemploy。NonecouldbemoreaptthanthatofBubbles。Someofthemlastedforaweek，orafortnight，andwerenomoreheardof，whileotherscouldnotevenliveoutthatshortspanofexistence。Everyeveningproducednewschemes，andeverymorningnewprojects。ThehighestofthearistocracywereaseagerinthishotpursuitofgainasthemostploddingjobberinCornhill。ThePrinceofWalesbecamegovernorofonecompany，andissaidtohavecleared40，000poundsbyhisspeculations。[Coxe’sWalpole，CorrespondencebetweenMr。SecretaryCraggsandEarlStanhope。]TheDukeofBridgewaterstartedaschemefortheimprovementofLondonandWestminster，andtheDukeofChandosanother。Therewerenearlyahundreddifferentprojects，eachmoreextravagantanddeceptivethantheother。Tousethewordsofthe“PoliticalState，“theywere“setonfootandpromotedbycraftyknaves，thenpursuedbymultitudesofcovetousfools，andatlastappearedtobe，ineffect，whattheirvulgarappellationdenotedthemtobe——bubblesandmerecheats。“Itwascomputedthatnearonemillionandahalfsterlingwaswonandlostbytheseunwarrantablepractices，totheimpoverishmentofmanyafool，andtheenrichingofmanyarogue。
　　Someoftheseschemeswereplausibleenough，and，hadtheybeenundertakenatatimewhenthepublicmindwasunexcited，mighthavebeenpursuedwithadvantagetoallconcerned。Buttheywereestablishedmerelywiththeviewofraisingthesharesinthemarket。
　　Theprojectorstookthefirstopportunityofarisetosellout，andnextmorningtheschemewasatanend。Maitland，inhisHistoryofLondon，gravelyinformsus，thatoneoftheprojectswhichreceivedgreatencouragement，wasfortheestablishmentofacompany“tomakedeal-boardsoutofsaw-dust。“Thisis，nodoubt，intendedasajoke；
　　butthereisabundanceofevidencetoshowthatdozensofschemeshardlyawhirmorereasonable，livedtheirlittleday，ruininghundredseretheyfell。Oneofthemwasforawheelforperpetualmotion——capital，onemillion；anotherwas“forencouragingthebreedofhorsesinEngland，andimprovingofglebeandchurchlands，andrepairingandrebuildingparsonageandvicaragehouses。“Whytheclergy，whoweresomainlyinterestedinthelatterclause，shouldhavetakensomuchinterestinthefirst，isonlytobeexplainedonthesuppositionthattheschemewasprojectedbyaknotofthefoxhuntingparsons，oncesocommoninEngland。Thesharesofthiscompanywererapidlysubscribedfor。Butthemostabsurdandpreposterousofall，andwhichshowed，morecompletelythananyother，theuttermadnessofthepeople，wasone，startedbyanunknownadventurer，entitled“companyforcarryingonanundertakingofgreatadvantage，butnobodytoknowwhatitis。“Werenotthefactstatedbyscoresofcrediblewitnesses，itwouldbeimpossibletobelievethatanypersoncouldhavebeendupedbysuchaproject。Themanofgeniuswhoessayedthisboldandsuccessfulinroaduponpubliccredulity，merelystatedinhisprospectusthattherequiredcapitalwashalfamillion，infivethousandsharesof100poundseach，deposit2poundspershare。Eachsubscriber，payinghisdeposit，wouldbeentitledto100poundsperannumpershare。Howthisimmenseprofitwastobeobtained，hedidnotcondescendtoinformthematthattime，butpromised，thatinamonthfullparticularsshouldbedulyannounced，andacallmadefortheremaining98poundsofthesubscription。Nextmorning，atnineo’clock，thisgreatmanopenedanofficeinCornhill。
　　Crowdsofpeoplebesethisdoor，andwhenheshutupatthreeo’clock，hefoundthatnolessthanonethousandshareshadbeensubscribedfor，andthedepositspaid。Hewasthus，infivehours，thewinnerof2，000pounds。Hewasphilosopherenoughtobecontentedwithhisventure，andsetoffthesameeveningfortheContinent。Hewasneverheardofagain。
　　WellmightSwiftexclaim，comparingChangeAlleytoagulfintheSouthSea，——
　　Subscribersherebythousandsfloat，Andjostleoneanotherdown，Eachpaddlinginhisleakyboat，Andheretheyfishforgold，anddrown。
　　Nowburiedinthedepthsbelow，Nowmounteduptoheavenagain，Theyreelandstaggertoandfro，Attheirwit’send，likedrunkenmenMeantime，secureonGarrawaycliffs，Asavagerace，byshipwrecksfed，Liewaitingforthefounderedskiffs，Andstripthebodiesofthedead。