Famous Givers and Their GiftsBolton, Sarah Knowles
History
Famous Givers and Their Gifts
Bolton, Sarah Knowles
Philanthropists
The South Sea stock rose in one day from 130 per cent to 300, and
finally to 1,000 per cent. It then became known that Sir John Blount,
the chairman, and some others had sold out, making vast fortunes. The
price of stock began to fall, and at last the crisis brought ruin to
thousands. The poet Gay, who had been given £20,000 of stock, and had
thought himself rich, lost all, and was so ill in consequence that his
life was in danger. Some men committed suicide on account of their
losses, and some became insane. Prior said, "I am lost in the South Sea.
The roaring of the waves and the madness of the people are justly put
together." The people were now as wild with anger as they had been
intoxicated with hope for gain. They demanded redress, and the
punishment of the directors of the South Sea Company. Men high in
position were thrown into the Tower after it was found that the books of
the company had been tampered with or destroyed, and large amounts of
stock used to bribe men in office. The directors were fined over ten
million dollars, and their fortunes distributed among the sufferers. Sir
John Blount was allowed but £5,000 out of a fortune of £183,000. The
fortune of another, a million and a half pounds, was given to the
losers. One man was treated with especial severity because he was
reported to have said that "he would feed his carriage horses off gold."
Mr. Guy, fearing that there was trickery when the stock rose so rapidly,
sold out when the prices were from three to six hundred, and thereby
saved himself from financial ruin. He was now very rich, having always
lived economically. When he was a bookseller it is said that he always
ate his dinner on his counter, using a newspaper for a tablecloth.
The following story is told by Walter Thornbury in his "Old and New
London:"--
"'Vulture' Hopkins, so called from his alleged desire to seize upon
gains, and who had become rich in South Sea stock, once called upon Mr.
Guy to learn a lesson, as he said, in the art of saving. Being
introduced into the parlor, Guy, not knowing his visitor, lighted a
candle; but when Hopkins said, 'Sir, I always thought myself perfect in
the art of getting and husbanding money, but being informed that you far
exceed me, I have taken the liberty of waiting upon you to be satisfied
on this subject.' Guy replied, 'If that is all your business, we can as
well talk it over in the dark,' and immediately put out the candle. This
was evidence sufficient for Hopkins, who acknowledged Guy to be his
master, and took his leave."
Public-domain text, read in full here on John Shaqi.
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