The scenes in 'Change Alley during the period of the rise and fall of South Sea Company shares have often been described. The mad spirit of speculation which seized all classes alike, the foolish and unreasoning belief in the possibility of realising fabulous wealth, the floating of innumerable companies, many of which were of a most absurd character, the panic which followed inevitably on the inflation of prices—all these things were witnessed in London, the centre of the financial affairs of the nation. There was great indignation against the Ministers and directors who had made large profits, and a parliamentary inquiry disclosed the fact that there had been bribery and corruption on an extensive scale. The distracting effect of events of this kind was extremely injurious to the City, and the attitude of the citizens is set forth in their petition to the House of Commons. =Source.=—_The Journal of Common Council_, quoted by Maitland, vol. i., p. 530. Your petitioners beg leave to return their most humble thanks to this honourable House for the great pains they have taken to relieve the unhappy sufferers, by compelling the offenders to make restitution; as likewise for their continued application to lay open this whole scene of guilt, notwithstanding the industrious artifices of such sharers in the common plunder, as have endeavoured to obstruct the detection of fraud and corruption. And your petitioners doubt not, but the same fortitude, impartiality and public spirit wherewith this Honourable House have hitherto acted, will still animate them in the pursuit of those truly great and noble ends. We are too sensible of the load of public debts, not to wish that all proper methods may be taken to lessen them: and it is an infinite concern to us, that the payment of a great sum towards them (which was expected from the late scheme) is now rendered extremely difficult, if not impracticable; and yet, as a cloud, hanging over the heads of the present unfortunate proprietors of the South-Sea Company, and a great damp to public credit. We will not presume to mention in what manner relief may be given in this arduous affair; but most humbly submit it to the consideration of this Honourable House. Your petitioners therefore most humbly pray this Honourable House will be pleased to take such farther measures as they, in their great wisdom, shall judge proper, that trade may flourish, public credit be restored, and justice done to an injured people. DEFOE'S DESCRIPTION OF LONDON (1725).