doubles its price. I know not how long it will hold. Have you seen the red stamp the papers are marked with? Methinks the stamping is worth a halfpenny." Thieves about this time seem to have had delicate susceptibilities, for it was the custom to advertise goods which were undoubtedly stolen as lost. Thus we see constantly in the reign of Queen Anne such notices as this: "Lost out of a room in Russell Street a number of valuable objects. . . .. Whoever brings them back shall have ten guineas reward, or in proportion for any part, and no questions asked." This style of advertising grew so that just about the middle of the century it was found necessary to put a stop to it by Act of Parliament, which took effect on the 21st of June 1752, the penalty being £50 for any one who advertised "no questions asked," and £50 for the publisher who inserted any such notice in his paper. Haydn gives this date as 1754, but a reference to the General Advertiser of February 21, 1752, in which the notice of the date on which the law is to come into effect appears, shows that it was two years earlier. Also a reference to any Parliamentary record of forty years before that will show that not in 1713, as Haydn has it, but on the 22nd April 1712, Mr Conyers reported from Committee of the whole House, who were considering further ways and means for raising the supply granted to her Majesty; when among other measures it was resolved that a duty of 12d. be charged for every advertisement in any printed paper, besides the stampduty which was at the same time imposed on the newspapers. This and other extra taxes were levied, because France having refused to acknowledge the title of Queen Anne till the peace should be signed, it was resolved to continue the war "till a safe and honourable peace could be obtained." For this purpose money was of course required; and if they never did good any other way, or at any other time, quacks and impostors, libertines and drunkards, did it now, as they mainly contributed all that

was gathered for some years by means of the advertisement tax. There seems to have been a good deal of drunkenness going on in the time of Queen Anne, and the tavern keepers contributed in many ways to swell the revenue. But even their advertisements drop off after the imposition of the tax, as do those of promoters of nostrums and lotteries, and the managers of theatres. These public benefactors are, however, not so blind to their own interests, but that they soon return.

Notwithstanding the many important events of the next few years, nothing worthy of chronicling in the way of advertisements is to be found till 1720, when we come upon the following, which is peculiar as being one of the earliest specimens of the ventilation of private quarrels by means of advertisements. It occurs in the Daily Post of January

16th:

WHE

WHEREAS an advertisement was lately put in Heathcote's Halfpenny Post, by way of challenge for me to meet a person (whose name to me is unknown) at Old Man's Coffeehouse near Charing Cross, the 28 instant in order to hear that said person make out his assertions in that Dialogue we had in Palace Yard, the 11th of November 1718, This will let that person know that as he would not then tell me his name, nor put it to his advertisement, I conclude he is ashamed to have it in print. When he sends me his name in writing, that I may know who to ask for, I shall be willing to meet him at any convenient time and place, either by ourselves or with two friends on each side, till then I shall have neither list nor leisure to obey his nameless summons. ROBERT CURTIS.

Southwark, Jan. 13th, 1719-20.

Certainly time enough seems to have elapsed between the dialogue and the publication of this advertisement to allow of all angry passions to have subsided; but Robert Curtis, whose name is thus preserved till now, would seem to have been a careful youth, picking his way clear of pitfalls, and with shrewdness sufficient to discover that anonymity but too often disguises foul intent. In that particular matters have not considerably improved even up to the present time

The year 1720 is memorable in the history of England, as seeing the abnormal growth and consequent explosion of the greatest swindle of comparatively modern times, and one of the most colossal frauds of any time, the South Sea Scheme, which has been best known since as the South Sea Bubble. Its story has been told so often, and in so many ways, that it is hardly necessary to dwell upon it here; but as, though nearly every one has heard of the scheme, there are but few who know anything about it, we may as well give once again a short résumé of its business operations. It was started by Harley in 1711, with the view of paying off the floating national debt, which at that time amounted to about £10,000,000. A contemporary writer says: "This debt was taken up by a number of eminent merchants, to whom the Government agreed to guarantee for a certain period the annual payment of £600,000 (being six per cent. interest), a sum which was to be obtained by rendering permanent a number of import duties. The monopoly of the trade to the South Seas was also secured to these merchants, who were accordingly incorporated as the South Sea Company,' and at once rose to a high position in the mercantile world. wondrously extravagant ideas then current respecting the riches of the South American continent were carefully fostered and encouraged by the Company, who also took care to spread the belief that Spain was prepared, on certain liberal conditions, to admit them to a considerable share of its South American trade; and as a necessary consequence, a general avidity to partake in the profits of this most lucrative speculation sprang up in the public mind. It may be well to remark in this place, that the Company's trading projects had no other result than a single voyage of one ship in 1717, and that its prominence in British history is due entirely to its existence as a purely monetary corporation. Notwithstanding the absence of any symptoms of its carrying out its great trading scheme,

The

the Company had obtained a firm hold on popular favour, and its shares rose day by day; and even when the outbreak of war with Spain in 1718 deprived the most sanguine of the slightest hope of sharing in the treasures of the South Seas, the Company continued to flourish. Far from being alarmed at the expected and impending failure of a similar project-the Mississippi Scheme-the South Sea Company believed sincerely in the feasibility of Law's Scheme, and resolved to avoid what they considered as his errors. Trusting to the possibility of pushing credit to its utmost extent without danger, they proposed, in the spring of 1720, to take upon themselves the whole national debt (at that time £30,981,712) on being guaranteed 5 per cent. per annum for seven and a half years, at the end of which time the debt might be redeemed if the Government chose, and the interest reduced to 4 per cent. The directors of the Bank of England, jealous of the prospective benefit and influence which would thus accrue to the South Sea Company, submitted to Government a counter-proposal; but the more dazzling nature of their rival's offer secured its acceptance by Parliament—in the Commons by 172 to 55, and (April 7) in the Lords by 83 to 17; Sir Robert Walpole in the former, and Lords North and Grey, the Duke of Wharton and Earl Cowper in the latter, in vain protesting against it as involving inevitable ruin. During the passing of their bill, the Company's stock rose steadily to 330 on April 7,* falling to 290 on the following day.

to 200.

* On January 1, 1720, the Daily Courant, and other papers, quote South Sea Stock at 127, 128, to 128. Bank 150. India 200, 2001, The quotation for Thursday, April 7 (in Daily Post, Friday, April 8), is, "Yesterday South Sea Stock was 314, 310, 311, 309, 309, to 310. Bank 145. India 223." On the 27th May it was 555, and Bank was 205 (Post Boy, May 28). It then fell a little, but in the Daily Courant of June 2 it is quoted at 610 to 760, Bank 210 to 220, India 290 to 300. The Daily Post of Wednesday, June 8, contains the following puff for the scheme: ""Tis said that the South Sea Company being willing to have all the Annuities subscribed to their

Up till this date the scheme had been honestly promoted; but now, seeing before them the prospect of speedily amassing abundant wealth, the directors threw aside all scruples, and made use of every effective means at their command, honest or dishonest, to keep up the factitious. value of the stock. Their zealous endeavours were crowned with success; the shares were quoted at 550 on May 28, and 890 on June 1. A general impression having by this time gained ground that the stock had reached its maximum, so many holders rushed to realise that the price fell to 630 on June 3. As this decline did not suit the personal interests of the directors, they sent agents to buy up eagerly; and on the evening of June 3, 750 was the quoted price. This and similar artifices were employed as required, and had the effect of ultimately raising the shares to 1000 in the beginning of August, when the chairman of the Company and some of the principal directors sold out. On this becoming known, a widespread uneasiness seized the holders of stock; every one was eager to part with his shares, and on September 12 they fell to 400, in spite of all the attempts of the directors to bolster up the Company's credit. The consternation of those who had been either unable or unwilling to part with their scrip was now extreme; many capitalists absconded, either to avoid Stock, now offer forty-five years' purchase for those which have not yet been bought in." And again: "The Annuities which have been subscribed into the South Sea Stock are risen to a very great height, so that what would formerly sell but for £1500, is now worth £8000.” In the Post Boy of June 23-25, we find this: Yesterday South Sea Stock was for the opening of the Book 1100. Ist Subscr. 565, 2d Subscr. 610, 3rd Subscr. 200. Bank 265. East India 440." On Friday, June 24, the Daily Post says, "We hear that South Sea Stock was sold yesterday at 1000 per cent., and great wagers are laid that it will be currently sold before the opening of the Books at 1200 per cent. exclusive of the Dividend." It is several times after this quoted at 1100, but never over. These compilations show that a higher rate was attained by the stock than is given in the article quoted above, or is generally believed.

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