Extraordinary Popular Delusions and the Madness of Crowds

N'en déplaise à ces fous nommés sages de Grèce, En ce monde il n'est point de parfaite sagesse; Tous les hommes sont fous, et malgré tous leurs soîns Ne diffèrent entre eux que du plus ou du moins. BOILEAU.

John Law; his birth and youthful career—Duel between Law and Wilson—Law's escape from the King's Bench—The "Land-bank"—Law's gambling propensities on the continent, and acquaintance with the Duke of Orleans—State of France after the reign of Louis XIV.—Paper money instituted in that country by Law—Enthusiasm of the French people at the Mississippi Scheme—Marshal Villars—Stratagems employed and bribes given for an interview with Law—Great fluctuations in Mississippi stock—Dreadful murders—Law created comptroller-general of finances—Great sale for all kinds of ornaments in Paris—Financial difficulties commence—Men sent out to work the mines on the Mississippi, as a blind—Payment stopped at the bank—Law dismissed from the ministry—Payments made in specie—Law and the Regent satirised in song—Dreadful crisis of the Mississippi Scheme—Law, almost a ruined man, flies to Venice—Death of the Regent—Law obliged to resort again to gambling—His death at Venice

Originated by Harley Earl of Oxford—Exchange Alley a scene of great excitement—Mr. Walpole—Sir John Blunt—Great demand for shares—Innumerable "Bubbles"—List of nefarious projects and bubbles—Great rise in South-sea stock—Sudden fall—General meeting of the directors—Fearful climax of the South-sea expedition—Its effects on society—Uproar in the House of Commons—Escape of Knight—Apprehension of Sir John Blunt—Recapture of Knight at Tirlemont—His second escape—Persons connected with the scheme examined—Their respective punishments—Concluding remarks