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Document 81467

1722: JOHN CAMPBELL, DUKE OF ARGYLL
Stock in a company monopolizing British trade with the islands in the South Seas and the Americas.
Signature: "Argyll & Greenwich", 3¼x1 cut from partly printed document, a portion of which is present. No place, but dated "1722" in lower left corner (unknown hand). The document, in full with original spelling: "Know all Men by these Presents that I The most Noble John Duke of Argyle & Greenwich Do hereby Authorize and Impower James Cockburn of St James's Westminr Esq To Sell Assigne and Transfer unto any Person or Persons whatsoever And for any Consideration Sum or Sums of Money whatsoever One thousand pounds Stock of and in the Capital or Principal Stock of the Governor and Company of Merchants of Great Britain Trading to the South Seas and other Parts of America and for Encouraging the Fishery". JOHN CAMPBELL (1678-1743) was a Scottish supporter of the union with England. He served under the Duke of Marlborough from 1706 in the War of the Spanish Succession. ARGYLL acted as Commander in Chief in Spain and as Ambassador to the Archduke Charles in 1711. As Commander in Chief of the forces in north Britain during the Jacobite rebellion of 1715, he managed to suppress the rising in Scotland with very little bloodshed. He was created Duke of Greenwich in 1719. Argyll held various offices, including one authorizing sale of stock in the South Seas Company after its reorganization, and in 1736 was made a Field Marshal. This document concerns the sale of stock in the South Seas Company, which was formed in 1711. Britain needed funds and credit to finance the War of Spanish Succession. It allowed the company to assume the national debt of over £9 million in return for an annual payment by the government equal to 6% interest on the stock plus a monopoly of British trade with the islands of the South Seas and the Americas. In 1720, the stock collapsed and banks failed when they could not collect loans on inflated stock. Prices of stock fell, thousands were ruined, including government officials, and fraud in the South Sea Company was exposed. Sir Robert Walpole, appointed Chancellor of the Exchequer, immediately started a series of measures to restore the credit of the company and to reorganize it. This document was issued after the company's reorganization. The signature, document fragment, printed biography and information about the South Seas Company and a portrait of Argyll have all been affixed to one 14¼x7½ sheet. Document page has show through of mounting remnants at corners. Slightly soiled and stained. Signature has show through at blank corners from mounting remnants.

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