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 began, for the first time these many months, to show their heads, and talked of Nemesis and Newgate. Aislabie resigned. The end of the Craggses you have heard. Parliament-men were impeached and expelled the House Patriots inveighed against the injuries which corrupt ministers may inflict on the sovereigns they serve, and quoted the history of Claudian and Sejanus. The directors—such as had not vanished—were examined by secret committees, and what effects of theirs could be laid hold of were confiscated for the benefit of the thousands of innocent sufferers. I have waded through many hundred pages of the parliamentary reports of the period, and have remarked, with a grim chuckle, the similarities of swindling between this fraud and later ones. Cooked accounts, torn-out leaves, erasures, and a small green ledger with a brass lock—these are among the flowers of evidence strewn on the heads of the secret committees. Knight took the key away with him, forgetting the ledger, I presume. The lock was forced, and there came floating out a bubble of fictitious stock. The old story, gentles and simples. "Comme Charles Dix, comme Charles Dix," muttered wretched, wigless, Smithified old Louis Philippe, as he fled in a fiacre from the Tuileries in '48; and this S.S. swindle of 1720 was only "Comme Charles Dix,"—the elder brother of 1825 and 1845 manias, of Milk Companies, Washing Companies, Poyais Loans, Ball's Pond Railways, Great Diddlesex Junctions, Borough, British, and Eastern Banks, and other thieveries which this age has seen.

Did William Hogarth hold any stock? Did he ever bid for a "Globe permit?" Did he hanker after human hair? Did he cast covetous eyes towards the gigantic jack-asses of Iberia? Ignoramus: but we know at least that he made a dash at the bubble with his sharp pencil. In 1721 appeared an etching of The South Sea, an Allegory. It was sold at the price of one shilling by Mrs. Chilcot, in Westminster Hall, and B. Caldwell, in Newgate Street. The allegory is laboured, but there is a humorous element diffused throughout the work. The comparatively mechanical nature of the pursuits from which Hogarth was but just emancipated shows itself in the careful drawing of the architecture and the comparative insignificance of the figures. The Enemy of mankind is cutting Fortune into collops before a craving audience of rich and poor speculators. There is a huge "roundabout," with "who'll ride?" as a legend, and a throng of people of all degrees revolving on their wooden hobbies. In the foreground a wretch is being broken on the wheel—perhaps a reminiscence of the terrible fate of Count Horn, in Paris. L. H., a ruffian, is scourging a poor fellow who is turning his great toes up in agony. These are to represent Honour and Honesty punished by Interest and Villany. In the background widows and spinsters are crowding up a staircase to a "raffle for husbands," and in the right-hand corner a Jewish high-priest, a Catholic priest, and a Dissenting minister, are gambling with frenzied avidity. Near them a poor, miserable starveling lies a-dying, and to the left there looms a huge pillar, with this inscription on the base—"This monument was erected in memory of the destruction of the city by South