Gay spoke his mind about the “Bubble” in “A Panegyrical Epistle to Mr. Thomas Snow, Goldsmith, near Temple Bar:  Occasioned by his Buying and Selling of the Third Subscriptions, taken in by the Directors of the South Sea Company, at a thousand per cent,” which was published by Lintott in 1721:—­

    O thou, whose penetrative wisdom found
  The South-Sea rocks and shelves, where thousands drown’d,
  When credit sunk, and commerce gasping lay,
  Thou stood’st; nor sent one bill unpaid away. 
  When not a guinea chink’d on Martin’s boards,
  And Atwill’s self was drain’d of all his hoards,
  Thou stood’st (an Indian king in size and hue)
  Thy unexhausted shop was our Peru.

    Why did ’Change-Alley waste thy precious hours,
  Among the fools who gaped for golden showers? 
  No wonder if we found some poets there,
  Who live on fancy, and can feed on air;
  No wonder they were caught by South-Sea schemes
  Who ne’er enjoy’d a guinea but in dreams;
  No wonder they their third subscription sold,
  For millions of imaginary gold: 
  No wonder that their fancies wild can frame }
  Strange reasons, that a thing is still the same, }
  Tho’ changed throughout in substance and in name. }
  But you (whose judgment scorns poetic flights)
  With contracts furnish boys for paper kites.

One of the immediate results of the disaster was Gay’s inability to fulfil his obligations to one of the publishers of his “Poems on Several Occasions":—­

JOHN GAY TO JACOB TONSON.

  Friday morning [circa October, 1720].

“Sir,—­I received your letter with the accounts of the books you had delivered.  I have not seen Mr. Lintott’s account, but shall take the first opportunity to call on him.  I cannot think your letter consists of the utmost civility, in five lines to press me twice to make up my account just at a time when it is impracticable to sell out of the stocks in which my fortune is engaged.  Between Mr. Lintott and you the greatest part of the money is received, and I imagine you have a sufficient number of books in your hands for the security of the rest.  To go to the strictness of the matter, I own my note engages me to make the whole payment in the beginning of September.  Had it been in my power, I had not given you occasion to send to me, for I can assure you I am as impatient and uneasy to pay the money I owe, as some men are to receive it, and it is no small mortification to refuse you so reasonable a request, which is that I may no longer be obliged to you."[3]

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