Those who subscribed in money, paid down no more than 10 _per cent._ at subscribing; but became bound to pay up the remainder. But when the stock tumbled, people were better pleased to lose the 10 _per cent._ they had paid, than to pay up the remaining 90 _per cent._ according to the terms at subscribing. Those indeed who subscribed their former capitals at a vast discount, did not labour under the same inconvenience of want of money; but that discount became as real a loss to _them_, as the cash subscribed became a loss to the money subscribers, the moment that those who were in the secret, and who, by the most infamous chain of artifices, had blown up the public frenzy, began to realize and sell out, and that the whole was discovered to be a cheat. So that upon the whole, the English scheme had much less foundation than the French. The first blew up from an absolute necessity, and for want of any bottom at all; the last from misconduct, and rather from folly than knavery. I return to an account of the scheme. The original capital of the South Sea company, was 11 750 000_l._: the redeemable debts they were to purchase in, amounted to 16 750 000_l._; and the value of the irredeemable, or what were called the _absolute terms_, was computed at 15 058 000_l._ together 31 808 000_l._ sterling. The proprietors of this original capital of 11 750 000_l._ consulted their own advantage only, in purchasing in this large sum of debts, which were to be converted into additional stock; and therefore sounded very high the great advantages of such a transformation of them; 1_mo_, From the profits of the trade, which they were to enjoy exclusively. And, 2_do_, From the great addition to their wealth, from the constant rising in the price of their stock. They carried their views to nothing less than obtaining a majority in the house of commons, by the weight of their wealth, and of becoming the absolute rulers of the nation. The public being from the beginning intoxicated with such ideas, subscriptions for stock were opened at 200 _per cent._ above par; and some of the proprietors of the 31 808 000_l._ subscribed at first their capitals at a proportional discount; that is, they made over a debt of 100_l._ for 33⅓ in South Sea stock; and successively, the subscription rose to 1000 _per cent._ These immense profits being incorporated into the gains of the general stock, were proportionally shared by the subscribers themselves, who became proprietors; and the higher the stock rose, the more these gains augmented. This influenced the infatuation; and the dividends augmenting in proportion to the price of subscription, there appeared no end of the rising of the stock.