The New York Public Library is now offering grab-and-go service at 50 locations as part of our gradual reopening. Inspired by Law's scheme, John Blunt, a shady character who was the dominant figure on the board of directors of the South Sea Company, obtained the right from the government to convert a large portion of the government debt into shares of the South Sea Company in return for the promise to pay the government £7.5 million. To the right is the base of the Monument to the rebuilding of London after the 1666 fire. This could be done by creating a new company called the South Sea company. Find a location near you, and learn about our remote resources. The South Sea Scheme. https://www.artsy.net/artwork/william-hogarth-the-south-sea-scheme South Sea Bubble, the speculation mania that ruined many British investors in 1720. To help eliminate the national debt, the government had sponsored the South Sea company, which put investors' funds into such dubious projects as a gold mine in Spanish-ruled Peru. The South Sea Scheme: speculators ruined by the collapse of the South Sea Company. It will stretch for 4.5km from Old Portsmouth to Eastney, and help to reduce the risk of flooding to more than 10,000 homes and 700 businesses. A satirical engraving imagining the downfall of London in the wake of the collapse of the South Sea Company in 1720. The South Sea Scheme This early print by Hogarth was an allegorical attack on a wave of disastrous financial speculation that had just swept England. In 1721, William Hogarth published the elaborate graphic satire The South Sea Scheme, depicting the baleful effects of ‘monys magick power’ on public finance (Fig. 'The South Sea Scheme' by William Hogarth etching and engraving, circa 1721 10 1/8 in. Engraving by W. Hogarth after himself, 1721. He basically offered the chancellor of English treasury an option to get rid of all the debt at once and overnight! The bubble, or hoax, centred on the fortunes of the South Sea Company, founded in 1711 to trade (mainly in slaves) with Spanish America, on the assumption that the War of the Spanish Succession, then drawing to a close, would end with a treaty permitting such trade.. The South Sea Company Directors were arrested and their estates forfeited. Before it Hogarth shows a carousel and scenes of gambling theft and torture. In France, the unwinding of the Mississippi scheme led to the reinstatement of debt at its pre-1720 level (Velde, 2006). 1).Hogarth's print offered a satirical commentary not only on the disastrously mismanaged eponymous scheme, intended to pay off the national debt, but the wider series of financial innovations of which this was a part. 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