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Budgell, who was vain and vindictive, fell on evil days; he lost a fortune in the South Sea Bubble and was accused of forging the will of Dr Matthew Tindal at the expense of his nephew, Nicolas Tindal.
Hogarth regarded Fawkes' popularity as indicative of the mentality of the public; as part of his act Fawkes produced money from thin air by an act of sleight-of-hand, which Hogarth may have seen as analogous to the exceptions of the investors in the South Sea Bubble (whom Hogarth had mocked earlier in his Emblematical Print on the South Sea Scheme).