The chronicle=news., 1914-01-22
THOUSANDS were
RUINED BY THE
SOUTH SEA BUBBLE

The south sea Bubble war u pro.
j,rt To gel rid OF the national debt
oI Great Britain. which our old-fash-
ione.i ancestors REGARDED ~ u bur
den rather than u biesslnE. writes
Sam COiVin In the National it.yiew.
London. They were the more In.
-iih-d Ia this view as the rate of in-
t~fesi ~as nnduiy bikh and large
part of the debt Invested in irre,i-els-
iu. Of pefoS proposed y seheme 10
get rid of this harden. which enter
prisiug ministers developed. Put
shortly. IL MAS to offer a company the
monopoly of trade in the spanish
America. in ss.hsax- for taking over
part of I'll. debt. There was AGAINST
il the trifiink Circumstance thar this
trade MAS The usoaopiy al spain. but
tn. british 6OS~Snm-at hoped lo get
this pun straight BY gay of treaty.
The .shsm. ~ss nrst fiosted in
i'm wh-s the company ioak over
ten million pound. of the debt IN
uso.l favorable terms in return Tor
certain privileges In iTi: tao MIL
iions more s-s~ converted. and BY
I:is The ideas of the directors had
80 much ssisss~d that In exchange
Tor certain further concessions 10 b~
~uus oal of Spsia they not oniS
offered To take over The whole Ut The
national debt. thss stnndtsH ~ -
siiiioe p.-ssds. bas 10 ray - saiiisos
for The privilege. although they
asked aaiy p-rfsss sn~ eighi year.
ard Z pss .ssl afser~srd on the
fund.- ihes proposed 10 eostrss
Nos IL maj liz asked. hos spsiia
the dif-sinss Less~. tissi. Ia isdsss
sh- asas,,aass - exchange sh~is
s.,-snmss, Iced. fss South S-s
sso,k. ssd. sseoediy. 10 askr . prof
IL .a ss~ irssssssios- The answer
q. that fss The fif.s thr, Departed
90 that speculative tsssisss shssh 10
sh- aa.s.te.s t'asssss. asd tos The
srs suaa th.s Proposed to offer sssii
lusstiiy sf ,h-ir ss~rx ., = Liss
ps-seiuu. il .~sssax- la. . lars.
rassliss of sshussi~s at par rhss
cfi~rrd . ss~ Ar~ lamps shst ~sss
Lt<hs sAa tisshs fos = large ssa-
l~r st old tssl ust~ safe asd ssssdf
bat iaii. ssi sssy read Sh~ 'Isrs 30
sell sks, ,s~ uhots suas ~ ssssi.
Issss ~-s~ eager S~ ssh~ she ~.
change nj an iss-ss~ssi for . sss~s.
tSiias.
Ts- psej-sss hAeArsi ss"as u-s~
- .<sTssaxAss ss sks srsasltsy
sst.s tss-ss-si 10 sA-m ~us aaks
ssss sssrs ss..h. rssf sashsss os a,i
fss.s. s.ai.e~.s ss~.'. f.f 90.
stsa.nusiss ss .seisksi's.f isso y
spsIIvshse ard sise neSs'.~ ras iaI
s.s~. tsens ss.ssr s'.s ssslias Ut
hog. ses ~tes a ss.., s-s = ses-
psesssI tass,i.s ''isat sh- ss-.i
s,ssss- .f ALL says Makes. ''ass
'rss ss .sa.sssktss -sich sssil ia
due sisas t.- revealed ''-sa spelSss.
,sos at ~. psoasss s-risssssi saA;ss.
Wait SD s-- Essh .ssss-sSbsf UAs
to 10y assa tee sutssss sad hrf..
after to receive = >hss- nt 10" stir
. as.e l.sass ~ the ebbesss sad sol
Sssspslas sss the offer shsl ! .ovs .f
these Subscriptions ~rts raid the
.sm. a.essihs. s,ts which the pss.
i~v,of essi Oft 10 the sfsrtsoeNs
Nuu. III. set,h sea Conpsuy. n.s
eoasrss wi'h ssyenpsIy ot the debt
and The -.S,is s~s itssv. desired y
a,osspely ia ''h-,bssiaa sp ,hey >.
piled to The t.ce,ss ju.l,sss fus = pro.
kthilsus sssisss snsae cf thrtt Isfs~.
sar rivals These came aoNs IN
consequence. hus their tail hsusxht
With i; the whole sir. fabric. II
vain tb. s,sssh Sea a,se~iefp Dr..
,;stcd = petmsa.as y-srsy aiv,aeai
ot not lees thsa 5" per cent" Nv
ct, eac vent nsj 10 sell as ihey had
formerly epa- @sd TO hwy. Walrole.
that pare ssd lofty spirit. Who Asd
protested against The ptpjcst. ksd
spld al t.ees. With which he modest.
~ dcvisrrd himself satsssieA--si.
lhoush his siss held wss toe a little
more: hut Sunderland ~as airpcd.
aud a srcat asMy others high asd
lp~. Thousand. ~ctr rcduced 10
h~sssr, aWi the whole fabric of cat
national finance shaken 10 its tossw.
da,ic~.
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I1s1ttsuta. tadsgestIpe OF dtstse.s