The wild spirit of speculation--that spirit which at various periods has created fearful crises in the commercial world--commenced in 1694. The fever which from time to time has flushed the mind of the moneyed man, and given a fierce excitement to the almost penniless adventurer, was then and in the following year in full operation. The great South Sea scheme in 1720 is ordinarily considered the earliest display of this reckless spirit. But a quarter of a century before, equal ingenuity and equal villany were exercised. Obscure men, whose sole capital was their enormous impudence, invented similar schemes, promised similar advantages, and used similar arts to entice the capitalists, which were employed with so much success at a later period. The want of a great banking association was sure to be made a pretext. Two "land banks," and a "London bank" to be managed by the magistrates, with several other proposals, were therefore put promisingly forward. One of these was for another "bank of credit"; and a pamphlet published in 1694, under the title of _England's Glory_, will give some idea of its nature: "If a person desires money to be returned at Coventry or York he pays it at the office in London, and receives a bill of credit after their form written upon marble paper, indenturewise, or on other as may be contrived to prevent counterfeiting." It was also proposed that the Government should share the profits; but neither of the projects was carried out. The people neglected their calling. The legitimate desire of money grew into a fierce and fatal spirit of avarice. The arts so common at a later day were had recourse to. Project begat project, copper was to be turned into brass. Fortunes were to be realized by lotteries. The sea was to yield the treasures it had engulfed. Pearl-fisheries were to pay impossible percentages. "Lottery on lottery," says a writer of the day, "engine on engine, multiplied wonderfully. If any person got considerably by a happy and useful invention, others followed in spite of the patent, and published printed proposals, filling the daily newspapers therewith, thus going on to jostle one another, and abuse the credulity of the people."