The Fall of Wall Pole

The south sea act of 1720 was a measure for enabling the south sea company to absorb in their stock a quantity of irredeemable annuities consolidate various branches of the public debt. Wall pole had at a very early stage exposed the fallacies on which the plan of the directors rested though he remained an inactive colleague of ministers who were its zealous supporters thousands of bubble projects have been launched since that memorable mania. The secretary of state and his father the postmaster general were both implicated in the receipt of enormous sums as part of the scheme.

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