Books were opened at the bank for subscription of three millions for the support of public credit, on the usual terms of 15 pounds per cent. deposit, 3 pounds per cent. premium, and 5 pounds per cent. interest. So great was the concourse of people in the early part of the morning, all eagerly bringing their money, that it was thought the subscription would be filled that day; but before noon the tide turned. In spite of all that could be done to prevent it, the South Sea Company's stock fell rapidly. Its bonds were in such discredit that a run commenced upon the most eminent goldsmiths and bankers, some of whom, having lent out great sums upon South Sea stock, were obliged to shut up their shops and abscond. The Sword-blade Company, which had hitherto been the chief casher of the South Sea Company, stopped payment. This, being looked upon as but the beginning of evil, occasioned a great run upon the bank, which was now obliged to pay out money much faster than it had received it upon the subscription in the morning. The day succeeding was a holiday (September 29th), and the bank had a little breathing-time. It bore up against the storm; but its former rival, the South Sea Company, was wrecked upon it. Its stock fell to 150, and gradually, after various fluctuations, to 135. The bank, finding it was not able to restore public confidence and stem the tide of ruin, without running the risk of being swept away, with those it intended to save, declined to carry out the agreement into which it had partially entered. "And thus," to use the words of the _Parliamentary History_, "were seen, in the space of eight months, the rise, progress, and fall of that mighty fabric, which, being wound up by mysterious springs to a wonderful height, had fixed the eyes and expectations of all Europe, but whose foundations, being fraud, illusion, credulity, and infatuation, fell to the ground as soon as the artful management of its directors was discovered." BACH LAYS THE FOUNDATION OF MODERN MUSIC A.D. 1723 HENRY TIPPER Our first recognized triumph in the marvellous modern development of music, the first great masterpiece which taught the world the beauty of which the art is capable, was Bach's _Das Wohltemperirte Clavier_. The production marks, therefore, "the first great climax of musical art."