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A PANEGYRICAL Epistle to Mr. THOMA's Snow, goldsmith, near Temple-bar; occasioned by his buying and felling the third South-sea subscriptions, taken in by the directors at a thousand
per cent. t.
DISDAIN not, Snow, my humble verse to hear ;
Stick thy black pen a while behind thy ear. Whether thy compter shine with sums untold, And thy wide grasping hand grows black with gold : Whether thy mien erect, and fable locks,
5 In crouds of brokers overawe the stocks ; Suspend the worldly bus’ness of the day, And, to enrich thy mind, attend my lay.
O thou, whose penetrative wisdom found The South-sea rocks and shelves, where thousands
drown'd! When credit sunk, and commerce gasping lay, Thou stood'ft: no bill was sent unpaid away. When not á guinea chink'd on | Martin's boards, And I Atwill's self was drain'd of all his hoards, Thou stood'it; an Indian king in size and hue ! 15 Thy unexhausted Mop was our Peru.
+ In the year 1720, the South-sea company, under pretence of paying the public debt, obtained an act of parliament for enlarging their capital, by taking into it all the debts of the nation incurred before the year 1716, amounting to 31,664,5511. Part of this sum was subscribed into their capital at three subscriptions; the first at 300 l. per cent. the second at 400 1. and a third at 1000l. Such was the infatuation of the time, that these subscriptions were bought and fold at exorbitant premiums; so that 100 l, South-sea stock subscribed at 1000 l. was sold for 1200 1. in Exchange aliey. Hawkes.
# Names of eminent goldsmiths.
Why did 'Change alley waste thy precious hours Among the fools who gap'd for golden show'rs? No wonder, if we find some poets there; Who live on fancy, and can feed on air ; No wonder they were caught by South-sea schemes, Who ne'er enjoy'd a guinea, but in dreams; No wonder they their third subscriptions fold For millions of imaginary gold; No wonder that their fancies wild can frame 257 Strange reasons, that a thing is still the same, Tho'chang'd' throughout in substance and in name. But you (whose judgment scorns poetic flights) With contracts furnish boys for paper-kites.
Let vulture Hopkins ftretch his rusty throat, 30 Who ruins thousands for a single groat: I know thou fcorn'ft his mean, his sordid mind; Nor with ideal debts would plague mankind. Madmen alone their empty dreams pursue, And still believe the fleeting vision true ;
Thro’ fam'd Moorfields extends a spacious seat,
As on a time he pass’d the vacant hours
55 “ With land of more than twenty acres round! “ All these I sell thee for ten thousand pound.” The bard with wonder the cheap purchase faw, So fign'd the contract (as ordains the law). The banker's brain was coold; the mist grew clear; The visionary scene was loft in air.
61 He now the vanith'd prospect understood, And feard the fancy'd bargain was not good : Yet loath the sum entire should be destroy'd, “Give me a penny, and thy contract's void.” 65 The startled bard with eye indignant frown'd: - “ Shall I, ye gods (he cries) my debts compound !" So saying, from his rug the skew'r he takes, And on the stick ten equal notches makes ; With just resentment Alings it on the ground; 70 • There, take my tally * of ten thousand pound.”
The SOUTH-SE A, 1721.
What magic makes our money rise,
Or do these jugglers cheat our eyes ?
_'Tis here agen; Ladies and gentlemen, behold,
Here's ev'ry piece as big as ten.
Charles II. having borrowed a considerable fumi, gave tallics as a security for the re-paynient; but toon after, shutting up the exchequer, these tallies were as much reduced from their original valuc, as the South-sea had exceeded it. Hawkes.
Thus in a bason drop a shilling,
Then fill the vessel, to the brim;
The pond'rous metal feems to swim.
It rises both in bulk and height;
Behold it swelling like a sop !
Behold it mounted to the top !
In stock three hundred thousand pound;
I have in view a Lord's estate ;
A coach and fix, and serv'd in plate.
Puts all upon a desp'rate bet ;
Dipt over head and ears—in debt.
The mariner with rapture sees
Enamel'd fields, and verdant trees.
hafte he longs to rove
And in he leaps, and down he finks.
Are funk in these devouring waves,
And here the owners find their graves.
Like Pharaoh, by directors led,
They with their spoils went safe before ;
Rais'd up on Hope's aspiring plumes,
advent'rer o'er the deep An eagle's flight and state assumes, And scorns the middle
way to keep. On paper wings he takes his flight;
With wax the father bound them faft; The wax is melted by the height,
And down the tow'ring boy is caft.
A moralist might here explain
The rashness of the Cretan youth; Describe his fall into the main,
And from a fable form a truth.
His wings are his paternal rent ;
He melts his wax at ev'ry flame; His credit funk, his money spent,
In Soutbern feas he leaves bis name.
Inform us, you that best can tell,
Why in your dang’rous gulf profound, Where hundreds and where thousands fell,
Fools chiefly float, the wife are drown'd?
So have I seen from Severn's brink
"A flock of geese jump down together, Swim where the bird of Jove would fink,
And swimming never wet a feather.
from another win, And then get off with money ftor’d: But if a sharper' once come in,
He throws at all, and sweeps the board.
As fifhes on each other prey,
The great ones fwall'wing up the small; So fares it in the Southern sea ;
The whale directors eat up all;