The Pleasure of Business and the Business of Pleasure: Gender, Credit, and the South Sea Bubble

ThePleasureofBusinessandthe BusinessofPleasure: Gender,Credit,andtheSouthSeaBubbleCATHERINEINGRASSIA DefendinghisinvolvementintheSouthSeaBubblebeforetheHouseof Lordsin1721,ChancelloroftheExchequerJohnAislabiedeniedthatthe preferentialtreatmenthegavetheSouthSeaCompanywascriminal.He saidthedecisiontoallowthecompanytoassumethenationaldebt(some50millionpounds)andtorepaylendersinstockratherthanbanknotes—a decisionwhichcontributedtotheoversellingofthestockandtoitsrapid riseandfallinvalue—hadnotbeenmadedeceptively.Rather,Aislabie claimedhewas"visiblycarriedonwithaSpiritverydifferentfrom[his own]...suitedtotheFrenzyoftheTimes."1Withtheuseoftheterm "frenzy,"Aislabieattributedresponsibilityforhisactions,andthatof hundredsofspeculators,toamomentoftemporaryinsanity,analternative stateofmind."Frenzy"associatesspeculativeinvestment—financial venturesthatdependonstocks,creditandthefluctuationsofthe marketplace—withhysteria,disorderandenthusiasm,distinctlytransgressive impulsestypicallyassociatedwithfemales.InAislabie'srecountingof events,investors'excitement,indeedtitillation,stemmedinpartfroma fascinationwiththemysteriouspossibilitiesofcredit.Therelativelynew property,thoughintangible(forinvestorsreceivedonlyasymbolic representationofvalueintheformofstockcertificates),laidthefoundation fortheirwillingnesstobelieveincontinuing,seeminglyendless,future financialrewards.Theuntoldpossibilitiesofcreditprecipitatedthe formationofdozensofotherjoint-stockcompaniesinearly1720,aswellas therapidriseinthevalue(andsale)oftheSouthSeaCompanystock.In January1720,thestockstoodat£178,androsesteadilyuntilitpeakedat £1100inAugust.2Butwithinlessthanamonththepriceofthestock plummetedto£190.Eagerspeculatorswhoboughtwhenthestockprice wasrisingsuddenlypossessednearlyworthlesspiecesofpaper. 191 192/INGRASSIA TheburstingoftheSouthSeaBubbleconfirmedthedirepredictionsofa varietyofcriticswho,beforeandafterthecollapse,generatedadiscourse withconstructionsofgenderandpropertythatcomplicatedthecultural implicationsoftheSouthSeaBubbleandtheactivitiesofExchangeAlley. TheverbalandvisualrepresentationsoftheSouthSeaBubbleportray participantseitheras"feminized"men,orassubversivelyempoweredand sexuallyandfinanciallyrapaciouswomen,allguidedbyficklefemale goddesseswhosymbolicallycontroltheneweconomicworld.Theseepage ofgenderedoppositionsintotheworldofstockjobbingandcreditrevealthe affinitiesbetweentheculturalconstructionoffineladiesandthenew economicman. TheapprehensioncreatedbytheSouthSeaBubblestemmedinpartfrom thehighlysuspectnatureofnewtypesofincreasinglydematerialized property.Investorshadtoconstructimaginativelytherelationshipbetween sign,thestockcertificate,andsignified,itspresentandfuturemonetary value;theyessentiallyhadtofantasizeaboutthereturnontheirinvestment. InALettertoaConscientiousMan(1720),theauthordescribedspeculative investmentas"aBusinessfoundeduponnothingthatissolid,rational,or honest,butmeerlyuponArtifice,TrickandCatch."3Thesymbolicand materialroleofwomenintheactivitiesofExchangeAlleyalsofueled apprehensionaboutthedirectionofthenewfinancialworld.Satiric representationsemphasizedtheparticipationof"fineladies"ofthemiddling andupperclasseswhospenttheirpinmoneyinthefrenziedpursuitofa profitableinvestmentandpersonalpleasure.Criticismofwomen'sfinancial interests,likecontemporaneouscriticismoftheirfascinationwithpopular fiction,confrontedthespellthesenewimaginativelybasedpursuitscast overwomen'semotionsanddesires.Whilescholarshaveexploredtherole ofwomeninthemercantilecapitalistideology,mostrecentlyLauraBrown withEndsofEmpire,theyhavenotaddressedtheirequallyimportantrolein therepresentationsofspeculativeinvestmentandcommercialcapitalism.4 TherepresentationsoftheSouthSeaBubbleplacedwomensymbolically andmateriallyatthecenterofthecrisis,astheywarnofspeculative investment'sfeminizinginfluenceoncultureasawhole. J.G.A.Pocockhaspersuasivelyarguedthatinearlyeighteenth-century England,an"economic"mandevotedtospeculativefinancialactivitieswas perceivedasafeminizedorevenan"effeminate"being"stillwrestlingwith hisownpassionsandhysteriasandwithinteriorandexteriorforcesletloose byhisfantasiesandappetites.""Tradingonexpectations,"economicman mustrelyontheimaginativeforcesnecessaryforfinancialinvestmentina fluctuatingmarket,anenvironmentwhere"productionandexchangeare regularlyequatedwiththeascendancyofthepassionsandthefemale principle."5Unliketheessentiallypaternalandstablefigureofthelanded PleasureofBusiness/193 citizen,theeconomicmansymbolicallygivesfreereintohispassionsandbecomessusceptibleto"frenzied"activities.Bygivingwaytohis appetites,theneweconomicmanrepresentedastarkdeparturefromthe Harringtonianmodelofcivichumanism.Withinthehighlyidealizedand nostalgicdiscourseofcivichumanism,themalecitizenis"rendered independentbyhispropertyandpermittedanautonomousengagementin publicaffairs."6Byowningland,thecitizenavoidsacompromisedorself- interestedrelationshipwithgovernment,andcontributestothethemoral economyandthepoliticalstabilityofthenation.Incontrasttothis idealizedcitizenmotivatedbyvirtueandrationality,theself-interested stockjobberabandonsthelandandtheimplicittraditionofcivichumanism foradisorderedandunstableworldofpapercreditandincreasingly immaterialformsofproperty. TheauthorofSomeConsiderationsonthelateMismanagementofthe South-SeaStocks(1721)condemnsthisdisregardfortradition,honor, serviceandhospitality.HeponderswhatBritain'sancestorswouldthinkif they now saw theirDescendants,insteadofspendingtheirFortunesastheyhaddone intheserviceoftheirCountry,andinsteadofkeepingupthatantient HospitalityforwhichthisNationhasbeensofamous;toseethose,I say,whoinherittheirHonoursandEstates,stockjobbingtheirestates inthatInfamousPlacecalledExchange-Alley,anddebasingtheHonour oftheirBirth,inbeggingtheFavourofaSubscription(totheirown undoing)ofsuchwhowerehardlycompanyfortheirFootmen.7 Theancientlawsofhospitalitywhichstrategicallyreassertthepowerand statusofthelandedcitizenhavebeenforsakensymbolicallyandliterally. "Descendants"notonlyleavetheirtraditionalfamilyestatesbutpotentially gambleor"job"themawayinthecrowdedconfinesofExchangeAlley. Thegeographicandideologicalshiftconstrictsanddiminishesthemale descendantbyreplacingtheauthorityandidentityoflandedwealthwiththe anonymityofpapercredit.Thelossofstatusiscompoundedbythe descendants'subordinaterelationshiptosocialinferiorstowhomtheydebase themselvesby"begging"favours.Suchmen,drivenbythe"itchof stockjobbing,"abandontheirtraditionalpositiontopursueaquickprofitand theimmediatepleasuresof"sanctifiedgaming." This"itch"notonlydivertslandedcitizensfromtheirtraditionalrole,but italsodistractsmerchantsfromthestablevaluesoftrade,responsibility,and industry.8AsdescribedinAnExaminationandExplanationoftheSouth SeaCompany'sScheme(1720),stockjobbingconstitutesamorallapse thatnotonlydepraves,anddebauchestheMoralsandMannersof Mankind,butturnsthemasidefrompursuingtheirproperBusinessand Callingswherebytheymightmaintainandenrichthemselvesandtheir families,aswellastheMeansofbringingTreasureintotheKingdom, 194/INGRASSIA andencouragingoftheManufacturesofGreatBritain,theDecay whereofismoreowingtotheItchthePeoplearefallintoof StockjobbingthantoanyotherCausewhatsoever.9 Inthisrepresentation,stockjobbingservesneitherthekingdom'spublicnor thefamily'sdomesticgood—itonlysatisfiestheindividual's"itch." Theshiftfromaworldoftangiblegoodsandproperty("Treasures")toan invisibleuniverseofpapercredit,stockschemes,andintangibleforcesof themarketplacepromotesthenation'sdecay.Stockjobbingalsoaltersthe termsofevaluativediscourse;luxurygoods,oftenregardedasthecauseof morallapseintheirownright,gainnewacceptanceinthefaceofcom- pletelyintangiblekindsofproperty.Stockjobbingthreatenstodissolvethe socialdistinctionsintegraltosociety—footmenassociatewithlandowners— andtodivertindividualsofallranksfromtheirappropriateandproductive activities.Thesocialandpersonaldisordercreatedwhenspecula-torspursue passion,pleasure,andself-interestratherthantheuniversalgoodthreatens thesocialfabricandgenderconstructs.InADissertationonOldWomen (1720),ThomasGordonemphasizestheperceptionthattraditionalpatri- archalvalueshavebeenabandoned,andstockjobbinghasturnedGreat Britainintoanationof"oldwomen":"Letus,myBrethrenandCountry- men,eitherproperlyandpatientlyputonPetticoats;orresumeour Manhood,andshakeoffthisshamefulDelusion,thisfilthyyoke,putupon ourNecksbydullRoguesfromJonathan's;ploddingdunces!"10His languagelocates"manhood"inthepast,priortothefeminizing"delusion" ofaworldofspeculativeinvestment.Toweartheyoke—andpresumably thepetticoat—ofinvolvementinanintangiblefinancialsystemistoreject thepastandtoinvolveone'sselfina"upsidedownworld"populatedby emasculatedmenand"plodding"economicdunces.Theliteraryduncesof GrubStreet"espousedthepresentandsoughtthevaluesofthefuture," observesJ.PaulHunter,butthemetaphorappliesequallywellinthiseco- nomicenvironment.11Stockjobbers,likehackwriters,franticallypursue futureprofitandpowerbasedalmostexclusivelyontheproliferationand manipulationofpaper. Inthisenvironment,virtuebecomeslocatedinthepast,andcommerce, inPocock'swords,emergesas"theactiveformofcultureitself."12The patriarchalvirtuesassociatedwithcivichumanismandtheclassiccitizen— duty,hospitality,loyalty,heroism—givewaytosuperficialvaluessuchas worth,opinion,andcredit,soimportanttotheneweconomicman;as Steeleobserves,creditistotheTrader"whatHonour,...FameorGloryis tootherSortofMen."13Significantly,thenewqualitiesdesirablefora stockjobberoramanofcreditmirrorthosecovetedbyawomanofquality inthemarriagemarket;bothmustrelyonreputation(creditorvirginity), assets(networthordowry),andpotentialforfuturegain(regulardividends orchildren).Astockjobber'ssuccessinthemarketplacedependslargelyon publicestimationofhisvalueandcredibility,for"creditisundonein whispers"justasawoman'sreputationcanbeeasilyundonebygossip. PleasureofBusinessI195 JohnDennis,inAnEssayuponPublicSpirit,alsoclaimsthatsuchincreasedparticipationinfinancialspeculationhasdestabilizedthe characterizationsofbothgenders,"transformedoursexes":"WehaveMen thataremoresoft,morelanguid,andmorepassivethanwomen;Men,who likewomen,arecometouseRedandWhite....Ontheothersidewehave Women,who...inRevengeareMasculineintheirDesires,andMasculine intheirPractices."14Stockjobbingplacesmeninasubmissive,culturally feminineposition,becauseitforcesthemtodependonopinion,reputation, andtheapprovalofothers. Simultaneously,theeconomicmandisplaysawillingnesstobe controlledbytheallegoricalfemalefiguresofdisorderthatsimilarlyplaces himinasubmissive,potentiallyemasculatedpositionandmakeshim subjecttothewhimsofunstablefemalefigureslikeCredit,Fortune,and Luxury.Thesefemalegoddessescontinuealongmisogynisttradition,and, inthewordsofMichaelMcKeon,"retainthatassociationwiththevolatility ofexchangewhichtheypossessunderolder,patrilinealassumptions."15 Forexample,ina1706representationbyDefoeinTheReview,Credit appearsasavacillatingyoungwomanundulyinfluencedbytheforces aroundher;shesimultaneouslyreactstoandshapesthecommercialworld aroundher.16Addisoncontinuesthisimagewhen,inSpectatorno.3,he describesCreditas"abeautifulVirgin,seatedonaThroneofGold."An "infinitelytimorous"youngladyfrequently"troubledwithVapours,"Credit hasatendencyto"changecolour,andstartateverything"shehears."Inthe twinklingofanEye,"Creditwould fallawayfromthemostfloridComplexion,andthemosthealthful StateofBody,andwitherintoaSkeleton.HerRecoverieswereoftenas suddenasherDecays,insomuchthatshewouldreviveinaMomentout ofwastingDistemper,intoaHabitofthehighestHealthandVigour.17 ThephysicalandemotionalvacillationofCreditsuggeststhedelicacyand sensibilitycultivatedbyladiesofqualitytoincreasetheirsexualcharmsand desirability.SimilarlyOpinion,whodoesnothaveCredit'simmediatefi- nancialinfluence,hasaseductivequalityandsheappearstoofferendless sexualpleasures:"HerVoicewaspleasing...sheseemedtohaveatongue foreveryone;everyonethoughtheheardofsomethingthatwasvaluablein himself,andexpectedaParadisewhichshepromisedastheRewardofhis Merit.Thuswerewedrawntofollowher,tillsheshou'dbringuswhereit wastobebestow'd."18Opinionislittlemorethanpopularperceptionofa speculatororstock'sworth,animaginaryconstruction,whichexplainswhy shecandistractandarouseeveryone.Herabilitytolead(perhapsmislead) andseducespeculatorsaccountsfortheirwillingnesstoinvest,for Aislabie's"frenzy." Theseallegoricalfemalefiguresassumeamuchmorespecificformduring theSouthSeaCrisiswhenJamesMilnerillustratesthesituationinThree Letters,RelatingtotheSouth-SeaCompanyandTheBank(1720).19 196/INGRASSIA MilnerrepresentsthetwomostimportantfinancialinstitutionsinEngland aswomen—theLadyoftheSouthSeaandtheLadyoftheBank.Milner's lettersdepictthechangingfortunesofthetwocompaniesfollowingthe government'stransferofitsdebtfromtheBankofEnglandtotheSouthSea Company,rapidlyincreasingthestockpriceofthelatterasaresult.The firstletter,writtenMarch1719/20,portraystheLadyoftheBank"indeep mourning"(5)afterthedecisionfavoringtheSouthSeaCompany:"the objectwastoomelancholytobeentertaining,whenIconsider'dherformer glories,andhowoftenIhadseenherwallowinginherMillions....Itgave meamelancholyIdeaoftheVicissitudeofhumanaffairs"(6).TheLadyof theSouthSea,"nowworthasmanyMillionsastheotherwouldbe thousandsinalittletime"(5),sits"onherthroneinamostmagnificent manner."Likeanimperiousruler,sheissurroundedbyhersycophantsand thosewishingadmission,"allpayinghertheutmostAdoration"(22),andshespurnsthemlikeacoquetterejectingpeskysuitors:OnherRighthandwas,inFiguresCapital,Twenty-sevenMillions; onherleftHandwas,AMillionThreeHundredandFiftyThousanda yearIncome;andoverherHead,was,stockatTwoHundredperCent, rising. AtherFeetwerethepoorAnnuitantsinmourning,petitioningtobe admittedSharersinthegloriousHarvest:Butshespurnedthemfrom herwiththesewords,NolongAnnuities!(5) Theimageispartofaconsistentpatternthatportraysinvestorsassuitors, suppliantsbeforetheunpredictablefemalefigureoftheSouthSea Company. Otherrepresentationsincreasethedangeroussexualityofthatimage. AislabiecharacterizestheSouthSeaCompanyasaprostituteseducingmen, as"aschememoreVoraciousanddestructivethanaLadythatpassesherTimeintheHundredsofDrury."20TheBattleoftheBubbles(1720),bya "Stander-by,"usesthefemalefigureOceana,daughterof"Avaritia,aDutch woman,"toillustratetheeviloftheSouthSeastockscheme.21An economic"Jezebel,"Oceanabewitchesmenbycastingaspellthatputs theminanalternativestateofmind.Hersuccessinluringinvestorsis comparedtoasexuallyinsatiablewoman'ssuccessinseducingand unmanningmalelovers: Shebewitch'dthousandstofallinLovewithher,andtospendtheir wholefortunesuponher:Andwhatismonstrousinher,is,thattho' shehasreduc'd'emalltoskinandBone,yetherLustisnotonebit abated;andSherunsawhoringafternewLoverseveryDay. AnothermonstrouswomaninAugustansatire,Oceana,completelydevours herloverstosatisfyherowndesire.22Thisdescription,liketheprevious ones,embodiesmanyassociationsofstereotypicallynegativefemale P l a t e 1 . A M o n u m e n t d e d i c a t e d t o P o s t e r i t y ( H e t G r o ó t e T a f e r e e l d e r D w a a s h e i d...