SOUTH SEA BUBBLE

Eng. scheme liquidating national debt. Harley, for opposed by Walpole, advocated incorporation of South Sea Company, which, in return for monopoly of 1711, to Span. America, took over float trade debt of $50,000,000; and_ later national debt of over $150,000,000. one voyage was made to South Only public, encouraged by govern Seas, but eagerly took up shares, which rose ment, $500 to $5,000; crash came at from of 1720, when. chief shareholders close promoters sold out; widespread and followed; members of government ruin guilty in inquiry that followe d; found Walpole attained chief power, result, and restored country’s credit.