To what purpose these Loans were opened by the _late Directors_, I need not mention: Every one knows, that without _them_ they could never have perfected _their Scheme_, as they used to term their _Villainy_. It was not enough for them to have raised their Stock to such a Price, as to have been _only_ able to have discharged their Agreement with the Government; they had larger Views, they were to satisfy their own Avarice, and could not therefore give too great an imaginary Value to their Stock. _These Managers_ (unhappily for us) set out with the good opinion of Mankind: they were esteemed too wise to be deceived themselves, and too honest to deceive their Friends. Thus qualified for Mischief, they soon began it: they soon intoxicated the Brains of all they talked with, gave them wild Notions of the rising Value of their Stock, and persuaded them at any rate to put themselves in Fortune's way: Having with great Art and Industry gained a _Credit_ to their Stock, they immediately upon it took in the first Subscriptions; but these Subscriptions having drawn a great Quantity of Money into their hands, they apprehended the rising Spirit of the Stock might soon be checked for want of Money, and their Project by it injured: For _even then_ the Species of our Nation was not infinite, it was therefore necessary to contrive some Means to carry on _quick Circulations_ of it: and the Means contrived was to issue Money on these Loans. The Success they had we all remember; the Price increased prodigiously, and, if I am not mistaken, above £100 _per Cent._ in a Day. And indeed this Success was very probable: for these Loans served two Ends at once of the greatest moment to their Schemes: While they furnished the unhappy Borrowers with Money to purchase Stock with, they gave fresh Credit to the Stock, and raised the Price: For when the _Directors_, who must be supposed to know what they were doing, had put so great a confidence in their Stock, as to lend such Sums upon the Security of _that alone_, others might with good reason take courage, and trust it too. And their Cunning upon this occasion was very extraordinary, for they were not contented with the Credit they gave to their Stock by this Act, which was a tacit Declaration that they knew it to be intrinsically worth as much or more than what they ventured to lend on it; but they were diligent in private Companies to confirm Men in such Opinion of it, by a constant Ridicule of the Bank for their pitiful and cautious Loan of £100 _per Cent._ To this Step are greatly owing all our Misfortunes: The most Prudent now began to blame themselves for the most unjust Suspicions they had entertain'd of so good a Project. A Man of moderate Fortune now seem'd poor by the Vast Riches all about him had so suddenly acquired. All grew impatient and uneasy, who were not in this Stock, the Managers were idolised, and only they were happy, who had Directors for their Friends.