Letter from Thomas Gibson to William Cavendish, 2nd Duke of Devonshire

The author writes concerning money related to the South Sea company. He writes that he waited on Mr Walpole and received his discourses about his own annuities. He mentions the Duchess of Devonshire, Lady Godolphin and the stocks. Written from London. Signed 'Mo Gibson'.

The South Sea Bubble Bill was passed by the House of Lords in 1720. This allowed the South Sea Company to monopolize trade with South America. The company underwrote the English National Debt which promised 5% interest from the government. As shares rose exponentially, many companies were created and many fortunes were made. The stocks crashed and many people lost their money which caused them to become destitute overnight and suicide was common. Robert Walpole took charge of the South Sea Bubble Financial Crisis by dividing the national debt between the Bank of England, the Treasury, and the Sinking Fund.