Government Debt After The Bubble
The company continued its trade (when not interrupted by war) until the end of the Seven Years' War (1756–1763). However, its main function was always managing government debt, rather than trading with the Spanish colonies. The South Sea Company continued its management of the part of the National Debt until it was abolished in the 1850s.
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Famous quotes containing the words government, debt and/or bubble:
“You and I ... are convinced of the fact that if our Government in Washington and in a majority of the States should revert to the control of those who frankly put property ahead of human beings instead of working for human beings under a system of government which recognizes property, the nation as a whole would again be in a bad situation.”
—Franklin D. Roosevelt (1882–1945)
“A good debt is not as good as no debt.”
—Chinese proverb.
“No bubble is so iridescent or floats longer than that blown by the successful teacher.”
—Sir William Osler (1849–1919)