surprising to see the extraordinary panic which had seized upon the
people. Men were running to and fro in alarm and terror, their
imaginations filled with some great calamity, the form and dimensions
of which nobody knew.

"Black it stood as night--
Fierce as ten furies--terrible as hell."

At a general court of the Bank of England held two days
afterwards, the governor informed them of the several meetings that
had been held on the affairs of the South Sea Company, adding that the
directors had not yet thought fit to come to any decision upon the
matter. A resolution was then proposed, and carried without a
dissentient voice, empowering the directors to agree with those of the
South Sea to circulate their bonds, to what sum, and upon what terms,
and for what time, they might think proper.

Thus both parties were at liberty to act as they might judge best
for the public interest. Books were opened at the Bank for a
subscription of three millions for the support of public credit, on
the usual terms of 15 pounds per cent. deposit, per cent. premium, and
5 pounds per cent. interest. So great was the concourse of people in
the early part of the morning, all eagerly bringing their money, that
it was thought the subscription would be filled that day; but before
noon, the tide turned. In spite of all that could be done to prevent
it, the South Sea Company's stock fell rapidly. Their bonds were in
such discredit, that a run commenced upon the most eminent goldsmiths
and bankers, some of whom having lent out great sums upon South Sea
stock were obliged to shut up their shops and abscond. The Sword-blade
Company, who had hitherto been the chief cashiers of the South Sea