London in Modern Times: or, Sketches of the English Metropolis during the Seventeenth and Eighteenth Centuries.Unknown
History
London in Modern Times: or, Sketches of the English Metropolis during the Seventeenth and Eighteenth Centuries.
Unknown
London (England) -- History -- 17th century; London (England) -- History -- 18th century
Some of them were surely mere satires on the rest; yet Maitland says,
after giving his long list, "Besides these bubbles, there were
innumerable more that perished in embryo; however, the sums intended to
be raised by the above airy projects amounted to about three hundred
million pounds. Yet the lowest of the shares in any of them advanced
above cent. per cent., most above four hundred per cent., and some to
twenty times the price of subscription." The bulk of these speculators
must clearly have been bereft of their senses, and the madness was too
violent to last long. The evil worked its own cure. The golden bubble
was blown larger, and larger, till it burst. Then came indescribable
misery. Thousands were ruined. Revenge against the inventors now took
the place of cupidity, and indignation aroused those who had looked
patiently on during the rage of the _money_ mania. One nobleman in
parliament proposed that the contrivers of the South Sea scheme should,
after the manner of the Roman parricide, be sown up alive in sacks, and
flung into the Thames. A more moderate punishment was inflicted in the
confiscation of all the estates belonging to the directors of the
company, amounting to above two millions, which sum was divided among
the sufferers. The railway speculation in our own time was a display
of avarice of the same order; and all such indulgence in the inordinate
lust of gain is sure to be overtaken, in the end, by its righteous
penalty. The laws of Divine providence provide for the punishment of
those who thus, under the influence of an impetuous selfishness, grasp
at immoderate possessions. Covetousness overreaches itself in such
cases, and misses its mark. How many instances have occurred in the
present day illustrative of that wise saying in Holy Scripture: "As the
partridge sitteth on eggs and hatcheth them not, so he that getteth
riches and not by right, shall leave them in the midst of his days, and
at the end shall be a fool!" The solemn lessons thus suggested should
be practically studied by the man of business, and while he is taught
to moderate his desires after the things of this world, he is also
instructed to turn the main current of his thoughts and feelings into a
far different channel, to seek durable riches and righteousness--bags
which wax not old--treasures which thieves cannot break through and
steal; and to "so pass through things temporal, as not to lose the
things which are eternal."
Public-domain text, read in full here on John Shaqi.
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