This plan is said to have been originated and principally carried through by Sir John Blunt, one of the Company's directors. Parliament adopted it after two months' discussion--the Bubble having, however, been swelling monstrously all the time. It must be remembered that the wonderful profits expected from the Company were to come from their monopoly of the South Sea trade. Tremendous stories were told by Blunt and his friends, who can hardly have believed more than one half of their own talk, about a free trade with all the Spanish Pacific colonies, the importation of silver and gold from Peru and Mexico in return for dry goods, etc., etc.; all which fine things were going to produce two or three times the amount of the Company's stock every year. When the bill authorizing the arrangement passed, South Sea stock had already reached a price of four hundred per cent. The bill was stoutly opposed in Parliament by Mr.--afterwards Sir--Robert Walpole, and a few others but in vain. Under the operation of the beautiful stories of the speculative Blunt and his friends, South Sea stock, after a short lull in April, began to rise again, and the bubble swelled and swelled to a size so monstrous, and with colors so gay, that it filled the whole horizon of poor foolish John Bull:--perfectly turned his bull-headed brain, and made him for the time absolutely crazy. The directors opened books on April 12th for L5,000,000 new stock, charging, however, L300 for each share of L100, or three hundred per cent. to begin with. Double the amount was subscribed in a few days; that is, John Bull subscribed thirty million dollars for ten millions of stock, where only five millions were to be had. In a few days more, these subscribers were selling at double what they paid. April 21st, a ten per cent. dividend was voted for midsummer. In a day or two, another five million subscription was opened at four hundred per cent. to begin with. The whole, and half as much more, was taken in a few hours. In the end of May, South Sea stock was worth five hundred to one. On the 28th, it was five hundred and fifty. In four days more, for some reason or other, it jumped up to eight hundred and ninety. The speculating Blunt kept all this time blowing and blowing at his bubble. All summer, he and his friends blew and blew; and all summer the bubble swelled and floated, and shone; and high and low, men and women, lords and ladies, clergymen, princesses and duchesses, merchants, gamblers, tradesmen, dressmakers, footmen, bought and sold. In the beginning of August, South Sea stock stood at one thousand per cent! It was really worth about twenty-five per cent. The crowding in Exchange Alley, the Wall street of the day, was tremendous. So noisy, and unmanageable and excited was this mob of greedy fools, that the very same stock was sometimes selling ten per cent. higher at one end of the Alley than at the other.