Thegreatprincipleoftheprojectwasaneviloffirst-ratemagnitude；itwastoraiseartificiallythevalueofthestock，byexcitingandkeepingupageneralinfatuation，andbypromisingdividendsoutoffundswhichcouldneverbeadequatetothepurpose。
Inapropheticspiritheadded，thatiftheplansucceeded，thedirectorswouldbecomemastersofthegovernment，formanewandabsolutearistocracyinthekingdom，andcontroltheresolutionsofthelegislature。Ifitfailed，whichhewasconvinceditwould，theresultwouldbringgeneraldiscontentandruinuponthecountry。Suchwouldbethedelusion，thatwhentheevildaycame，ascomeitwould，thepeoplewouldstartup，asfromadream，andaskthemselvesifthesethingscouldhavebeentrue。Allhiseloquencewasinvain。Hewaslookeduponasafalseprophet，orcomparedtothehoarseraven，croakingomensofevil。Hisfriends，however，comparedhimtoCassandra，predictingevilswhichwouldonlybebelievedwhentheycamehometomen’shearths，andstaredtheminthefaceattheirownboards。Although，informertimes，theHousehadlistenedwiththeutmostattentiontoeverywordthatfellfromhislips，thebenchesbecamedesertedwhenitwasknownthathewouldspeakontheSouthSeaquestion。
ThebillwastwomonthsinitsprogressthroughtheHouseofCommons。Duringthistimeeveryexertionwasmadebythedirectorsandtheirfriends，andmoreespeciallybytheChairman，thenotedSirJohnBlunt，toraisethepriceofthestock。Themostextravagantrumourswereincirculation。TreatiesbetweenEnglandandSpainwerespokenof，wherebythelatterwastograntafreetradetoallhercolonies；
andtherichproduceoftheminesofPotosi-la-PazwastobebroughttoEnglanduntilsilvershouldbecomealmostasplentifulasiron。Forcottonandwoollengoods，withwhichwecouldsupplytheminabundance，thedwellersinMexicoweretoemptytheirgoldenmines。
ThecompanyofmerchantstradingtotheSouthSeaswouldbetherichesttheworldeversaw，andeveryhundredpoundsinvestedinitwouldproducehundredsperannumtothestockholder。Atlastthestockwasraisedbythesemeanstonearfourhundred；but，afterfluctuatingagooddeal，settledatthreehundredandthirty，atwhichpriceitremainedwhenthebillpassedtheCommonsbyamajorityof172against55。