Memoirs Of Extraordinary Popular Delusions And The Madness Of C
Chapter 1
LONDON:
OFFICE OF THE NATIONAL ILLUSTRATED LIBRARY,
227 STRAND.
1852.
MEMOIRS
OF
EXTRAORDINARY POPULAR DELUSIONS
AND THE
MADNESS OF CROWDS.
BY CHARLES MACKAY, LL.D.
AUTHOR OF "EGERIA," "THE SALAMANDRINE," ETC.
ILLUSTRATED WITH NUMEROUS ENGRAVINGS.
VOL. I.
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.
LONDON:
OFFICE OF THE NATIONAL ILLUSTRATED LIBRARY,
227 STRAND.
1852.
LONDON:
PRINTED BY ROBSON, LEVEY, AND FRANKLYN,
Great New Street, Fetter Lane.
CONTENTS.
THE MISSISSIPPI SCHEME.
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
THE SOUTH-SEA BUBBLE.
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
THE TULIPOMANIA.
Conrad Gesner--Tulips brought from Vienna to England--Rage for the tulip among the Dutch--Its great value--Curious anecdote of a sailor and a tulip--Regular marts for tulips--Tulips employed as a means of speculation--Great depreciation in their value--End of the mania
THE ALCHYMISTS.
Introductory remarks--Pretended antiquity of the art--Geber--Alfarabi--Avicenna--Albertus Magnus--Thomas Aquinas--Artephius--Alain de Lisle--Arnold de Villeneuve--Pietro d'Apone--Raymond Lulli--Roger Bacon--Pope John XXII.--Jean de Meung--Nicholas Flamel--George Ripley--Basil Valentine--Bernard of Trèves--Trithemius--The Maréchal de Rays--Jacques Coeur--Inferior adepts--Progress of the infatuation during the sixteenth and seventeenth centuries--Augurello--Cornelius Agrippa--Paracelsus--George Agricola--Denys Zachaire--Dr. Dee and Edward Kelly--The Cosmopolite--Sendivogius--The Rosicrucians--Michael Mayer--Robert Fludd--Jacob Böhmen--John Heydon--Joseph Francis Borri--Alchymical writers of the seventeenth century--Delisle--Albert Aluys--Count de St. Germain--Cagliostro--Present state of the science
MODERN PROPHECIES.
Terror of the approaching day of judgment--A comet the signal of that day--The prophecy of Whiston--The people of Leeds greatly alarmed at that event--The plague in Milan--Fortune-tellers and Astrologers--Prophecy concerning the overflow of the Thames--Mother Shipton--Merlin--Heywood--Peter of Pontefract--Robert Nixon--Almanac-makers
FORTUNE-TELLING.
Presumption and weakness of man--Union of Fortune-tellers and Alchymists--Judicial astrology encouraged in England from the time of Elizabeth to William and Mary--Lilly the astrologer consulted by the House of Commons as to the cause of the Fire of London--Encouragement of the art in France and Germany--Nostradamus--Basil of Florence--Antiochus Tibertus--Kepler--Necromancy--Roger Bacon, Albertus Magnus, Arnold Villeneuve--Geomancy--Augury--Divination: list of various species of divination--Oneiro-criticism (interpretation of dreams)--Omens
THE MAGNETISERS.
The influence of imagination in curing diseases--Mineral magnetisers--Paracelsus--Kircher the Jesuit--Sebastian Wirdig--William Maxwell--The Convulsionaries of St. Medard--Father Hell--Mesmer, the founder of Animal Magnetism--D'Eslon, his disciple--M. de Puysegur--Dr. Mainauduc's success in London--Holloway, Loutherbourg, Mary Pratt, &c.--Perkins's "Metallic Tractors"--Decline of the science
INFLUENCE OF POLITICS AND RELIGION ON THE HAIR AND BEARD.
Early modes of wearing the hair and beard--Excommunication and outlawry decreed against curls--Louis VII.'s submission thereto the cause of the long wars between England and France--Charles V. of Spain and his courtiers--Peter the Great--His tax upon beards--Revival of beards and moustaches after the French Revolution of 1830--The King of Bavaria (1838) orders all civilians wearing moustaches to be arrested and shaved--Examples from Bayeux tapestry
LIST OF ENGRAVINGS IN VOL. I.
Frontispiece--Gardens of the Hotel de Soissons. (From a print in Mr. Hawkins' collection.)
Vignette--The Bubblers' Arms, Prosperity. (_Bubblers' Mirror, or England's Folly_.)
John Law. (From a rare print by Leon Schenk. 1720)
The Regent D'Orleans
Old Palais Royal from the Garden. (From a scarce print, _circa_ 1720)
Law's House; Rue de Quincampoix. (From Nodier's _Paris_)
Humpbacked Man hiring himself as a Table
Hôtel de Soissons. (From Nodier's _Paris_)
The Coach upset
Murder of a Broker by Count D'Horn
John Law as Atlas. (From _England under the House of Hanover_)
Caricature--Lucifer's new Row Barge
Procession of Miners for the Mississippi
The Chancellor D'Aguesseau
Caricature--Law in a Car drawn by Cocks
M. D'Argenson
Caricature--Neck or Nothing, or Downfall of the Mississippi Company
The South-Sea House. (From a print, _circa_ 1750)
Harley Earl of Oxford
Sir Robert Walpole
Cornhill. (Print, _circa_ 1720)
Stock-jobbing Card, or the Humours of Change Alley. 1720. (From the _Bubblers' Medley_)
Caricature--People climbing the Tree of Fortune. (From the _Bubblers' Medley_)
The Gateway to Merchant Tailors' Hall. (Gateway from old print)
Mr. Secretary Craggs
Caricature--Beggars on Horseback. (From the _Bubblers' Medley_)
Caricature--Britannia stript by a South-Sea Director
Caricature--The Brabant Screen. (Copied from a rare print of the time, in the collection of E. Hawkins, Esq., F.S.A.)
Bonfires on Tower Hill
The Earl of Sunderland
Caricature--Emblematic Print of the South-Sea Scheme. (From a print by Hogarth)
Caricature--Bubblers' Arms: Despair. (From _Bubblers' Mirror, or England's Glory_)
Conrad Gesner
The Alchymist. (From print after Teniers)
Albertus Magnus
Arnold de Villeneuve
Raymond Lulli
House of Jacques Coeur at Bourges. (From _Sommerard's Album_)
Cornelius Agrippa
Paracelsus
Dr. Dee
Dr. Dee's Show-stone and Magic Crystal. (Originals in the possession of Lord Londesborough and British Museum)
Innspruck. (From Nodier's _Paris_)
House of Cagliostro (Rue de Clery, No. 278), Paris
Mother Shipton's House
Henry Andrews, the original "Francis Moore, physician"
Nostradamus. (From the frontispiece to a collection of his Prophecies, published at Amsterdam A.D. 1666)
Serlo clipping Henry I.'s hair
Peter the Great
Bayeux Tapestry
PREFACE.
In reading the history of nations, we find that, like individuals, they have their whims and their peculiarities; their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first. We see one nation suddenly seized, from its highest to its lowest members, with a fierce desire of military glory; another as suddenly becoming crazed upon a religious scruple; and neither of them recovering its senses until it has shed rivers of blood and sowed a harvest of groans and tears, to be reaped by its posterity. At an early age in the annals of Europe its population lost their wits about the sepulchre of Jesus, and crowded in frenzied multitudes to the Holy Land; another age went mad for fear of the devil, and offered up hundreds of thousands of victims to the delusion of witchcraft. At another time, the many became crazed on the subject of the philosopher's stone, and committed follies till then unheard of in the pursuit. It was once thought a venial offence, in very many countries of Europe, to destroy an enemy by slow poison. Persons who would have revolted at the idea of stabbing a man to the heart, drugged his pottage without scruple. Ladies of gentle birth and manners caught the contagion of murder, until poisoning, under their auspices, became quite fashionable. Some delusions, though notorious to all the world, have subsisted for ages, flourishing as widely among civilised and polished nations as among the early barbarians with whom they originated,--that of duelling, for instance, and the belief in omens and divination of the future, which seem to defy the progress of knowledge to eradicate them entirely from the popular mind. Money, again, has often been a cause of the delusion of multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper. To trace the history of the most prominent of these delusions is the object of the present pages. Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
Some of the subjects introduced may be familiar to the reader; but the Author hopes that sufficient novelty of detail will be found even in these, to render them acceptable, while they could not be wholly omitted in justice to the subject of which it was proposed to treat. The memoirs of the South-Sea madness and the Mississippi delusion are more complete and copious than are to be found elsewhere; and the same may be said of the history of the Witch Mania, which contains an account of its terrific progress in Germany, a part of the subject which has been left comparatively untouched by Sir Walter Scott in his _Letters on Demonology and Witchcraft_, the most important that have yet appeared on this fearful but most interesting subject.
Popular delusions began so early, spread so widely, and have lasted so long, that instead of two or three volumes, fifty would scarcely suffice to detail their history. The present may be considered more of a miscellany of delusions than a history--a chapter only in the great and awful book of human folly which yet remains to be written, and which Porson once jestingly said he would write in five hundred volumes! Interspersed are sketches of some lighter matters,--amusing instances of the imitativeness and wrongheadedness of the people, rather than examples of folly and delusion.
Religious matters have been purposely excluded as incompatible with the limits prescribed to the present work; a mere list of them would alone be sufficient to occupy a volume.
MONEY MANIA.--THE MISSISSIPPI SCHEME.
Some in clandestine companies combine; Erect new stocks to trade beyond the line; With air and empty names beguile the town, And raise new credits first, then cry 'em down; Divide the empty nothing into shares, And set the crowd together by the ears.--_Defoe_.
The personal character and career of one man are so intimately connected with the great scheme of the years 1719 and 1720, that a history of the Mississippi madness can have no fitter introduction than a sketch of the life of its great author John Law. Historians are divided in opinion as to whether they should designate him a knave or a madman. Both epithets were unsparingly applied to him in his lifetime, and while the unhappy consequences of his projects were still deeply felt. Posterity, however, has found reason to doubt the justice of the accusation, and to confess that John Law was neither knave nor madman, but one more deceived than deceiving, more sinned against than sinning. He was thoroughly acquainted with the philosophy and true principles of credit. He understood the monetary question better than any man of his day; and if his system fell with a crash so tremendous, it was not so much his fault as that of the people amongst whom he had erected it. He did not calculate upon the avaricious frenzy of a whole nation; he did not see that confidence, like mistrust, could be increased almost _ad infinitum_, and that hope was as extravagant as fear. How was he to foretell that the French people, like the man in the fable, would kill, in their frantic eagerness, the fine goose he had brought to lay them so many golden eggs? His fate was like that which may be supposed to have overtaken the first adventurous boatman who rowed from Erie to Ontario. Broad and smooth was the river on which he embarked; rapid and pleasant was his progress; and who was to stay him in his career? Alas for him! the cataract was nigh. He saw, when it was too late, that the tide which wafted him so joyously along was a tide of destruction; and when he endeavoured to retrace his way, he found that the current was too strong for his weak efforts to stem, and that he drew nearer every instant to the tremendous falls. Down he went over the sharp rocks, and the waters with him. _He_ was dashed to pieces with his bark, but the waters, maddened and turned to foam by the rough descent, only boiled and bubbled for a time, and then flowed on again as smoothly as ever. Just so it was with Law and the French people. He was the boatman, and they were the waters.
John Law was born at Edinburgh in the year 1671. His father was the younger son of an ancient family in Fife, and carried on the business of a goldsmith and banker. He amassed considerable wealth in his trade, sufficient to enable him to gratify the wish, so common among his countrymen, of adding a territorial designation to his name. He purchased with this view the estates of Lauriston and Randleston, on the Firth of Forth, on the borders of West and Mid Lothian, and was thenceforth known as Law of Lauriston. The subject of our memoir, being the eldest son, was received into his father's counting-house at the age of fourteen, and for three years laboured hard to acquire an insight into the principles of banking as then carried on in Scotland. He had always manifested great love for the study of numbers, and his proficiency in the mathematics was considered extraordinary in one of his tender years. At the age of seventeen he was tall, strong, and well made; and his face, although deeply scarred with the small-pox, was agreeable in its expression, and full of intelligence. At this time he began to neglect his business, and becoming vain of his person, indulged in considerable extravagance of attire. He was a great favourite with the ladies, by whom he was called Beau Law; while the other sex, despising his foppery, nicknamed him Jessamy John. At the death of his father, which happened in 1688, he withdrew entirely from the desk, which had become so irksome, and being possessed of the revenues of the paternal estate of Lauriston, he proceeded to London, to see the world.
He was now very young, very vain, good-looking, tolerably rich, and quite uncontrolled. It is no wonder that, on his arrival in the capital, he should launch out into extravagance. He soon became a regular frequenter of the gaming-houses, and by pursuing a certain plan, based upon some abstruse calculation of chances, he contrived to gain considerable sums. All the gamblers envied him his luck, and many made it a point to watch his play, and stake their money on the same chances. In affairs of gallantry he was equally fortunate; ladies of the first rank smiled graciously upon the handsome Scotchman--the young, the rich, the witty, and the obliging. But all these successes only paved the way for reverses. After he had been for nine years exposed to the dangerous attractions of the gay life he was leading, he became an irrecoverable gambler. As his love of play increased in violence, it diminished in prudence. Great losses were only to be repaired by still greater ventures, and one unhappy day he lost more than he could repay without mortgaging his family estate. To that step he was driven at last. At the same time his gallantry brought him into trouble. A love affair, or slight flirtation, with a lady of the name of Villiers,[1] exposed him to the resentment of a Mr. Wilson, by whom he was challenged to fight a duel. Law accepted, and had the ill fortune to shoot his antagonist dead upon the spot. He was arrested the same day, and brought to trial for murder by the relatives of Mr. Wilson. He was afterwards found guilty, and sentenced to death. The sentence was commuted to a fine, upon the ground that the offence only amounted to manslaughter. An appeal being lodged by a brother of the deceased, Law was detained in the King's Bench, whence, by some means or other, which he never explained, he contrived to escape; and an action being instituted against the sheriffs, he was advertised in the Gazette, and a reward offered for his apprehension. He was described as "Captain John Law, a Scotchman, aged twenty-six; a very tall, black, lean man; well shaped, above six feet high, with large pock-holes in his face; big nosed, and speaking broad and loud." As this was rather a caricature than a description of him, it has been supposed that it was drawn up with a view to favour his escape. He succeeded in reaching the Continent, where he travelled for three years, and devoted much of his attention to the monetary and banking affairs of the countries through which he passed. He stayed a few months in Amsterdam, and speculated to some extent in the funds. His mornings were devoted to the study of finance and the principles of trade, and his evenings to the gaming-house. It is generally believed that he returned to Edinburgh in the year 1700. It is certain that he published in that city his _Proposals and Reasons for constituting a Council of Trade_. This pamphlet did not excite much attention.
[1] Miss Elizabeth Villiers, afterwards Countess of Orkney.
In a short time afterwards he published a project for establishing what he called a Land-bank,[2] the notes issued by which were never to exceed the value of the entire lands of the state, upon ordinary interest, or were to be equal in value to the land, with the right to enter into possession at a certain time. The project excited a good deal of discussion in the Scottish Parliament, and a motion for the establishment of such a bank was brought forward by a neutral party, called the Squadrone, whom Law had interested in his favour. The Parliament ultimately passed a resolution to the effect, that, to establish any kind of paper credit, so as to force it to pass, was an improper expedient for the nation.
[2] The wits of the day called it a _sand-bank_, which would wreck the vessel of the state.
Upon the failure of this project, and of his efforts to procure a pardon for the murder of Mr. Wilson, Law withdrew to the Continent, and resumed his old habits of gaming. For fourteen years he continued to roam about, in Flanders, Holland, Germany, Hungary, Italy, and France. He soon became intimately acquainted with the extent of the trade and resources of each, and daily more confirmed in his opinion that no country could prosper without a paper currency. During the whole of this time he appears to have chiefly supported himself by successful play. At every gambling-house of note in the capitals of Europe he was known and appreciated as one better skilled in the intricacies of chance than any other man of the day. It is stated in the _Biographie Universelle_ that he was expelled, first from Venice, and afterwards from Genoa, by the magistrates, who thought him a visitor too dangerous for the youth of those cities. During his residence in Paris he rendered himself obnoxious to D'Argenson, the lieutenant-general of the police, by whom he was ordered to quit the capital. This did not take place, however, before he had made the acquaintance, in the saloons, of the Duke de Vendôme, the Prince de Conti, and of the gay Duke of Orleans, the latter of whom was destined afterwards to exercise so much influence over his fate. The Duke of Orleans was pleased with the vivacity and good sense of the Scottish adventurer, while the latter was no less pleased with the wit and amiability of a prince who promised to become his patron. They were often thrown into each other's society, and Law seized every opportunity to instil his financial doctrines into the mind of one whose proximity to the throne pointed him out as destined, at no very distant date, to play an important part in the government.
Shortly before the death of Louis XIV., or, as some say, in 1708, Law proposed a scheme of finance to Desmarets, the comptroller. Louis is reported to have inquired whether the projector were a Catholic, and on being answered in the negative, to have declined having any thing to do with him.[3]
[3] This anecdote, which is related in the correspondence of Madame de Bavière, Duchess of Orleans and mother of the Regent, is discredited by Lord John Russell in his _History of the principal States of Europe from the Peace of Utrecht_; for what reason he does not inform us. There is no doubt that Law proposed his scheme to Desmarets, and that Louis refused to hear of it. The reason given for the refusal is quite consistent with the character of that bigoted and tyrannical monarch.
It was after this repulse that he visited Italy. His mind being still occupied with schemes of finance, he proposed to Victor Amadeus, duke of Savoy, to establish his land-bank in that country. The duke replied that his dominions were too circumscribed for the execution of so great a project, and that he was by far too poor a potentate to be ruined. He advised him, however, to try the king of France once more; for he was sure, if he knew any thing of the French character, that the people would be delighted with a plan, not only so new, but so plausible.
Louis XIV. died in 1715, and the heir to the throne being an infant only seven years of age, the Duke of Orleans assumed the reins of government, as regent, during his minority. Law now found himself in a more favourable position. The tide in his affairs had come, which, taken at the flood, was to waft him on to fortune. The regent was his friend, already acquainted with his theory and pretensions, and inclined, moreover, to aid him in any efforts to restore the wounded credit of France, bowed down to the earth by the extravagance of the long reign of Louis XIV.
Hardly was that monarch laid in his grave ere the popular hatred, suppressed so long, burst forth against his memory. He who, during his life, had been flattered with an excess of adulation, to which history scarcely offers a parallel, was now cursed as a tyrant, a bigot, and a plunderer. His statues were pelted and disfigured; his effigies torn down, amid the execrations of the populace, and his name rendered synonymous with selfishness and oppression. The glory of his arms was forgotten, and nothing was remembered but his reverses, his extravagance, and his cruelty.
The finances of the country were in a state of the utmost disorder. A profuse and corrupt monarch, whose profuseness and corruption were imitated by almost every functionary, from the highest to the lowest grade, had brought France to the verge of ruin. The national debt amounted to 3000 millions of livres, the revenue to 145 millions, and the expenses of government to 142 millions per annum; leaving only three millions to pay the interest upon 3000 millions. The first care of the regent was to discover a remedy for an evil of such magnitude, and a council was early summoned to take the matter into consideration. The Duke de St. Simon was of opinion that nothing could save the country from revolution but a remedy at once bold and dangerous. He advised the regent to convoke the states-general, and declare a national bankruptcy. The Duke de Noailles, a man of accommodating principles, an accomplished courtier, and totally averse from giving himself any trouble or annoyance that ingenuity could escape from, opposed the project of St. Simon with all his influence. He represented the expedient as alike dishonest and ruinous. The regent was of the same opinion, and this desperate remedy fell to the ground.
The measures ultimately adopted, though they promised fair, only aggravated the evil. The first, and most dishonest measure was of no advantage to the state. A recoinage was ordered, by which the currency was depreciated one-fifth; those who took a thousand pieces of gold or silver to the mint received back an amount of coin of the same nominal value, but only four-fifths of the weight of metal. By this contrivance the treasury gained seventy-two millions of livres, and all the commercial operations of the country were disordered. A trifling diminution of the taxes silenced the clamours of the people, and for the slight present advantage the great prospective evil was forgotten.
A Chamber of Justice was next instituted to inquire into the malversations of the loan-contractors and the farmers of the revenues. Tax-collectors are never very popular in any country, but those of France at this period deserved all the odium with which they were loaded. As soon as these farmers-general, with all their hosts of subordinate agents, called _maltôtiers_,[4] were called to account for their misdeeds, the most extravagant joy took possession of the nation. The Chamber of Justice, instituted chiefly for this purpose, was endowed with very extensive powers. It was composed of the presidents and councils of the parliament, the judges of the Courts of Aid and of Requests, and the officers of the Chamber of Account, under the general presidence of the minister of finance. Informers were encouraged to give evidence against the offenders by the promise of one-fifth part of the fines and confiscations. A tenth of all concealed effects belonging to the guilty was promised to such as should furnish the means of discovering them.
[4] From _maltôte_, an oppressive tax.
The promulgation of the edict constituting this court caused a degree of consternation among those principally concerned, which can only be accounted for on the supposition that their peculation had been enormous. But they met with no sympathy. The proceedings against them justified their terror. The Bastille was soon unable to contain the prisoners that were sent to it, and the gaols all over the country teemed with guilty or suspected persons. An order was issued to all innkeepers and postmasters to refuse horses to such as endeavoured to seek safety in flight; and all persons were forbidden, under heavy fines, to harbour them or favour their evasion. Some were condemned to the pillory, others to the galleys, and the least guilty to fine and imprisonment. One only, Samuel Bernard, a rich banker and farmer-general of a province remote from the capital, was sentenced to death. So great had been the illegal profits of this man,--looked upon as the tyrant and oppressor of his district,--that he offered six millions of livres, or 250,000l. sterling, to be allowed to escape.
His bribe was refused, and he suffered the penalty of death. Others, perhaps more guilty, were more fortunate. Confiscation, owing to the concealment of their treasures by the delinquents, often produced less money than a fine. The severity of the government relaxed, and fines, under the denomination of taxes, were indiscriminately levied upon all offenders; but so corrupt was every department of the administration, that the country benefited but little by the sums which thus flowed into the treasury. Courtiers and courtiers' wives and mistresses came in for the chief share of the spoils. One contractor had been taxed, in proportion to his wealth and guilt, at the sum of twelve millions of livres. The Count ----, a man of some weight in the government, called upon him, and offered to procure a remission of the fine if he would give him a hundred thousand crowns. "Vous êtes trop tard, mon ami," replied the financier; "I have already made a bargain with your wife for fifty thousand."[5]
[5] This anecdote is related by M. de la Hode, in his _Life of Philippe of Orleans_. It would have looked more authentic if he had given the names of the dishonest contractor and the still more dishonest minister. But M. de la Hode's book is liable to the same objection as most of the French memoirs of that and of subsequent periods. It is sufficient with most of them that an anecdote be _ben trovato_; the _vero_ is but matter of secondary consideration.
About a hundred and eighty millions of livres were levied in this manner, of which eighty were applied in payment of the debts contracted by the government. The remainder found its way into the pockets of the courtiers. Madame de Maintenon, writing on this subject, says,--"We hear every day of some new grant of the regent. The people murmur very much at this mode of employing the money taken from the peculators." The people, who, after the first burst of their resentment is over, generally express a sympathy for the weak, were indignant that so much severity should be used to so little purpose. They did not see the justice of robbing one set of rogues to fatten another. In a few months all the more guilty had been brought to punishment, and the Chamber of Justice looked for victims in humbler walks of life. Charges of fraud and extortion were brought against tradesmen of good character in consequence of the great inducements held out to common informers. They were compelled to lay open their affairs before this tribunal in order to establish their innocence. The voice of complaint resounded from every side; and at the expiration of a year the government found it advisable to discontinue further proceedings. The Chamber of Justice was suppressed, and a general amnesty granted to all against whom no charges had yet been preferred.
In the midst of this financial confusion Law appeared upon the scene. No man felt more deeply than the regent the deplorable state of the country, but no man could be more averse from putting his shoulders manfully to the wheel. He disliked business; he signed official documents without proper examination, and trusted to others what he should have undertaken himself. The cares inseparable from his high office were burdensome to him. He saw that something was necessary to be done; but he lacked the energy to do it, and had not virtue enough to sacrifice his ease and his pleasures in the attempt. No wonder that, with this character, he listened favourably to the mighty projects, so easy of execution, of the clever adventurer whom he had formerly known, and whose talents he appreciated.
When Law presented himself at court he was most cordially received. He offered two memorials to the regent, in which he set forth the evils that had befallen France, owing to an insufficient currency, at different times depreciated. He asserted that a metallic currency, unaided by a paper money, was wholly inadequate to the wants of a commercial country, and particularly cited the examples of Great Britain and Holland to shew the advantages of paper. He used many sound arguments on the subject of credit, and proposed as a means of restoring that of France, then at so low an ebb among the nations, that he should be allowed to set up a bank, which should have the management of the royal revenues, and issue notes both on that and on landed security. He further proposed that this bank should be administered in the king's name, but subject to the control of commissioners to be named by the States-General.
While these memorials were under consideration, Law translated into French his essay on money and trade, and used every means to extend through the nation his renown as a financier. He soon became talked of. The confidants of the regent spread abroad his praise, and every one expected great things of Monsieur Lass.[6]
[6] The French pronounced his name in this manner to avoid the ungallic sound, _aw_. After the failure of his scheme, the wags said the nation was _lasse de lui_, and proposed that he should in future be known by the name of Monsieur He_las_!
On the 5th of May, 1716, a royal edict was published, by which Law was authorised, in conjunction with his brother, to establish a bank under the name of Law and Company, the notes of which should be received in payment of the taxes. The capital was fixed at six millions of livres, in twelve thousand shares of five hundred livres each, purchasable one fourth in specie, and the remainder in _billets d'état_. It was not thought expedient to grant him the whole of the privileges prayed for in his memorials until experience should have shewn their safety and advantage.
Law was now on the high road to fortune. The study of thirty years was brought to guide him in the management of his bank. He made all his notes payable at sight, and in the coin current at the time they were issued. This last was a master-stroke of policy, and immediately rendered his notes more valuable than the precious metals. The latter were constantly liable to depreciation by the unwise tampering of the government. A thousand livres of silver might be worth their nominal value one day, and be reduced one-sixth the next, but a note of Law's bank retained its original value. He publicly declared at the same time, that a banker deserved death if he made issues without having sufficient security to answer all demands. The consequence was, that his notes advanced rapidly in public estimation, and were received at one per cent more than specie. It was not long before the trade of the country felt the benefit. Languishing commerce began to lift up her head; the taxes were paid with greater regularity and less murmuring; and a degree of confidence was established that could not fail, if it continued, to become still more advantageous. In the course of a year, Law's notes rose to fifteen per cent premium, while the _billets d'état_, or notes issued by the government as security for the debts contracted by the extravagant Louis XIV., were at a discount of no less than seventy-eight and a half per cent. The comparison was too great in favour of Law not to attract the attention of the whole kingdom, and his credit extended itself day by day. Branches of his bank were almost simultaneously established at Lyons, Rochelle, Tours, Amiens, and Orleans.
The regent appears to have been utterly astonished at his success, and gradually to have conceived the idea that paper, which could so aid a metallic currency, could entirely supersede it. Upon this fundamental error he afterwards acted. In the mean time, Law commenced the famous project which has handed his name down to posterity. He proposed to the regent (who could refuse him nothing) to establish a company that should have the exclusive privilege of trading to the great river Mississippi and the province of Louisiana, on its western bank. The country was supposed to abound in the precious metals; and the company, supported by the profits of their exclusive commerce, were to be the sole farmers of the taxes and sole coiners of money. Letters patent were issued, incorporating the company, in August 1717. The capital was divided into two hundred thousand shares of five hundred livres each, the whole of which might be paid in _billets d'état_, at their nominal value, although worth no more than a hundred and sixty livres in the market.
It was now that the frenzy of speculating began to seize upon the nation. Law's bank had effected so much good, that any promises for the future which he thought proper to make were readily believed. The regent every day conferred new privileges upon the fortunate projector. The bank obtained the monopoly of the sale of tobacco, the sole right of refinage of gold and silver, and was finally erected into the Royal Bank of France. Amid the intoxication of success, both Law and the regent forgot the maxim so loudly proclaimed by the former, that a banker deserved death who made issues of paper without the necessary funds to provide for them. As soon as the bank, from a private, became a public institution, the regent caused a fabrication of notes to the amount of one thousand millions of livres. This was the first departure from sound principles, and one for which Law is not justly blameable. While the affairs of the bank were under his control, the issues had never exceeded sixty millions. Whether Law opposed the inordinate increase is not known; but as it took place as soon as the bank was made a royal establishment, it is but fair to lay the blame of the change of system upon the regent.
Law found that he lived under a despotic government; but he was not yet aware of the pernicious influence which such a government could exercise upon so delicate a framework as that of credit. He discovered it afterwards to his cost, but in the meantime suffered himself to be impelled by the regent into courses which his own reason must have disapproved. With a weakness most culpable, he lent his aid in inundating the country with paper money, which, based upon no solid foundation, was sure to fall, sooner or later. The extraordinary present fortune dazzled his eyes, and prevented him from seeing the evil day that would burst over his head, when once, from any cause or other, the alarm was sounded. The parliament were from the first jealous of his influence as a foreigner, and had, besides, their misgivings as to the safety of his projects. As his influence extended, their animosity increased. D'Aguesseau, the chancellor, was unceremoniously dismissed by the regent for his opposition to the vast increase of paper money, and the constant depreciation of the gold and silver coin of the realm. This only served to augment the enmity of the parliament, and when D'Argenson, a man devoted to the interests of the regent, was appointed to the vacant chancellorship, and made at the same time minister of finance, they became more violent than ever. The first measure of the new minister caused a further depreciation of the coin. In order to extinguish the _billets d'état_, it was ordered that persons bringing to the mint four thousand livres in specie and one thousand livres in _billets d'état_, should receive back coin to the amount of five thousand livres. D'Argenson plumed himself mightily upon thus creating five thousand new and smaller livres out of the four thousand old and larger ones, being too ignorant of the true principles of trade and credit to be aware of the immense injury he was inflicting upon both.
The parliament saw at once the impolicy and danger of such a system, and made repeated remonstrances to the regent. The latter refused to entertain their petitions, when the parliament, by a bold and very unusual stretch of authority, commanded that no money should be received in payment but that of the old standard. The regent summoned a _lit de justice_, and annulled the decree. The parliament resisted, and issued another. Again the regent exercised his privilege, and annulled it, till the parliament, stung to fiercer opposition, passed another decree, dated August 12th, 1718, by which they forbade the bank of Law to have any concern, either direct or indirect, in the administration of the revenue; and prohibited all foreigners, under heavy penalties, from interfering, either in their own names, or in that of others, in the management of the finances of the state. The parliament considered Law to be the author of all the evil, and some of the councillors, in the virulence of their enmity, proposed that he should be brought to trial, and, if found guilty, be hung at the gates of the Palais de Justice.
Law, in great alarm, fled to the Palais Royal, and threw himself on the protection of the regent, praying that measures might be taken to reduce the parliament to obedience. The regent had nothing so much at heart, both on that account and because of the disputes that had arisen relative to the legitimation of the Duke of Maine and the Count of Thoulouse, the sons of the late king. The parliament was ultimately overawed by the arrest of their president and two of the councillors, who were sent to distant prisons.
Thus the first cloud upon Law's prospects blew over: freed from apprehension of personal danger, he devoted his attention to his famous Mississippi project, the shares of which were rapidly rising, in spite of the parliament. At the commencement of the year 1719, an edict was published, granting to the Mississippi Company the exclusive privilege of trading to the East Indies, China, and the South Seas, and to all the possessions of the French East India Company, established by Colbert. The Company, in consequence of this great increase of their business, assumed, as more appropriate, the title of Company of the Indies, and created fifty thousand new shares. The prospects now held out by Law were most magnificent. He promised a yearly dividend of two hundred livres upon each share of five hundred, which, as the shares were paid for in _billets d'état_ at their nominal value, but worth only 100 livres, was at the rate of about 120 per cent profit.
The public enthusiasm, which had been so long rising, could not resist a vision so splendid. At least three hundred thousand applications were made for the fifty thousand new shares, and Law's house in the Rue de Quincampoix was beset from morning to night by the eager applicants. As it was impossible to satisfy them all, it was several weeks before a list of the fortunate new stockholders could be made out, during which time the public impatience rose to a pitch of frenzy. Dukes, marquises, counts, with their duchesses, marchionesses, and countesses, waited in the streets for hours every day before Mr. Law's door to know the result. At last, to avoid the jostling of the plebeian crowd, which, to the number of thousands, filled the whole thoroughfare, they took apartments in the adjoining houses, that they might be continually near the temple whence the new Plutus was diffusing wealth. Every day the value of the old shares increased, and the fresh applications, induced by the golden dreams of the whole nation, became so numerous that it was deemed advisable to create no less than three hundred thousand new shares, at five thousand livres each, in order that the regent might take advantage of the popular enthusiasm to pay off the national debt. For this purpose, the sum of fifteen hundred millions of livres was necessary. Such was the eagerness of the nation, that thrice the sum would have been subscribed if the government had authorised it.
Law was now at the zenith of his prosperity, and the people were rapidly approaching the zenith of their infatuation. The highest and the lowest classes were alike filled with a vision of boundless wealth. There was not a person of note among the aristocracy, with the exception of the Duke of St. Simon and Marshal Villars, who was not engaged in buying or selling stock. People of every age and sex and condition in life speculated in the rise and fall of the Mississippi bonds. The Rue de Quincampoix was the grand resort of the jobbers, and it being a narrow, inconvenient street, accidents continually occurred in it, from the tremendous pressure of the crowd. Houses in it, worth, in ordinary times, a thousand livres of yearly rent, yielded as much as twelve or sixteen thousand. A cobbler, who had a stall in it, gained about two hundred livres a day by letting it out, and furnishing writing materials to brokers and their clients. The story goes, that a hunchbacked man who stood in the street gained considerable sums by lending his hump as a writing-desk to the eager speculators! The great concourse of persons who assembled to do business brought a still greater concourse of spectators. These again drew all the thieves and immoral characters of Paris to the spot, and constant riots and disturbances took place. At nightfall, it was often found necessary to send a troop of soldiers to clear the street.
Law, finding the inconvenience of his residence, removed to the Place Vendôme, whither the crowd of _agioteurs_ followed him. That spacious square soon became as thronged as the Rue de Quincampoix: from morning to night it presented the appearance of a fair. Booths and tents were erected for the transaction of business and the sale of refreshments, and gamblers with their roulette tables stationed themselves in the very middle of the place, and reaped a golden, or rather a paper, harvest from the throng. The boulevards and public gardens were forsaken; parties of pleasure took their walks in preference in the Place Vendôme, which became the fashionable lounge of the idle, as well as the general rendezvous of the busy. The noise was so great all day, that the chancellor, whose court was situated in the square, complained to the regent and the municipality, that he could not hear the advocates. Law, when applied to, expressed his willingness to aid in the removal of the nuisance, and for this purpose entered into a treaty with the Prince de Carignan for the Hôtel de Soissons, which had a garden of several acres in the rear. A bargain was concluded, by which Law became the purchaser of the hotel at an enormous price, the prince reserving to himself the magnificent gardens as a new source of profit. They contained some fine statues and several fountains, and were altogether laid out with much taste. As soon as Law was installed in his new abode, an edict was published, forbidding all persons to buy or sell stock any where but in the gardens of the Hôtel de Soissons. In the midst, among the trees, about five hundred small tents and pavilions were erected, for the convenience of the stock-jobbers. Their various colours, the gay ribands and banners which floated from them, the busy crowds which passed continually in and out--the incessant hum of voices, the noise, the music, and the strange mixture of business and pleasure on the countenances of the throng, all combined to give the place an air of enchantment that quite enraptured the Parisians. The Prince de Carignan made enormous profits while the delusion lasted. Each tent was let at the rate of five hundred livres a month; and, as there were at least five hundred of them, his monthly revenue from this source alone must have amounted to 250,000 livres, or upwards of 10,000l. sterling.
The honest old soldier, Marshal Villars, was so vexed to see the folly which had smitten his countrymen, that he never could speak with temper on the subject. Passing one day through the Place Vendôme in his carriage, the choleric gentleman was so annoyed at the infatuation of the people, that he abruptly ordered his coachman to stop, and, putting his head out of the carriage window, harangued them for full half an hour on their "disgusting avarice." This was not a very wise proceeding on his part. Hisses and shouts of laughter resounded from every side, and jokes without number were aimed at him. There being at last strong symptoms that something more tangible was flying through the air in the direction of his head, the marshal was glad to drive on. He never again repeated the experiment.
Two sober, quiet, and philosophic men of letters, M. de la Motte and the Abbé Terrason, congratulated each other, that they, at least, were free from this strange infatuation. A few days afterwards, as the worthy abbé was coming out of the Hôtel de Soissons, whither he had gone to buy shares in the Mississippi, whom should he see but his friend La Motte entering for the same purpose. "Ha!" said the abbé smiling, "is that _you_?" "Yes," said La Motte, pushing past him as fast as he was able; "and can that be _you_?" The next time the two scholars met, they talked of philosophy, of science, and of religion, but neither had courage for a long time to breathe one syllable about the Mississippi. At last, when it was mentioned, they agreed that a man ought never to swear against his doing any one thing, and that there was no sort of extravagance of which even a wise man was not capable.
During this time, Law, the new Plutus, had become all at once the most important personage of the state. The ante-chambers of the regent were forsaken by the courtiers, Peers, judges, and bishops thronged to the Hôtel de Soissons; officers of the army and navy, ladies of title and fashion, and every one to whom hereditary rank or public employ gave a claim to precedence, were to be found waiting in his ante-chambers to beg for a portion of his India stock. Law was so pestered that he was unable to see one-tenth part of the applicants, and every manoeuvre that ingenuity could suggest was employed to gain access to him. Peers, whose dignity would have been outraged if the regent had made them wait half an hour for an interview, were content to wait six hours for the chance of seeing Monsieur Law. Enormous fees were paid to his servants, if they would merely announce their names. Ladies of rank employed the blandishments of their smiles for the same object; but many of them came day after day for a fortnight before they could obtain an audience. When Law accepted an invitation, he was sometimes so surrounded by ladies, all asking to have their names put down in his lists as shareholders in the new stock, that, in spite of his well-known and habitual gallantry, he was obliged to tear himself away _par force_. The most ludicrous stratagems were employed to have an opportunity of speaking to him. One lady, who had striven in vain during several days, gave up in despair all attempts to see him at his own house, but ordered her coachman to keep a strict watch whenever she was out in her carriage, and if he saw Mr. Law coming, to drive against a post and upset her. The coachman promised obedience, and for three days the lady was driven incessantly through the town, praying inwardly for the opportunity to be overturned. At last she espied Mr. Law, and, pulling the string, called out to the coachman, "Upset us now! for God's sake, upset us now!" The coachman drove against a post, the lady screamed, the coach was overturned, and Law, who had seen the _accident_, hastened to the spot to render assistance. The cunning dame was led into the Hôtel de Soissons, where she soon thought it advisable to recover from her fright, and, after apologising to Mr. Law, confessed her stratagem. Law smiled, and entered the lady in his books as the purchaser of a quantity of India stock. Another story is told of a Madame de Boucha, who, knowing that Mr. Law was at dinner at a certain house, proceeded thither in her carriage, and gave the alarm of fire. The company started from table, and Law among the rest; but, seeing one lady making all haste into the house towards him, while every body else was scampering away, he suspected the trick, and ran off in another direction.
Many other anecdotes are related, which even though they may be a little exaggerated, are nevertheless worth preserving, as shewing the spirit of that singular period.[7] The regent was one day mentioning, in the presence of D'Argenson, the Abbé Dubois, and some other persons, that he was desirous of deputing some lady, of the rank at least of a duchess, to attend upon his daughter at Modena; "but," added he, "I do not exactly know where to find one." "No!" replied one, in affected surprise; "I can tell you where to find every duchess in France: you have only to go to Mr. Law's; you will see them every one in his ante-chamber."
[7] The curious reader may find an anecdote of the eagerness of the French ladies to retain Law in their company, which will make him blush or smile according as he happens to be very modest or the reverse. It is related in the _Letters of Madame Charlotte Elizabeth de Bavière, Duchess of Orleans_, vol. ii. p. 274.
M. de Chirac, a celebrated physician, had bought stock at an unlucky period, and was very anxious to sell out. Stock, however, continued to fall for two or three days, much to his alarm. His mind was filled with the subject, when he was suddenly called upon to attend a lady who imagined herself unwell. He arrived, was shewn up stairs, and felt the lady's pulse. "It falls! it falls! good God! it falls continually!" said he musingly, while the lady looked up in his face all anxiety for his opinion. "Oh, M. de Chirac," said she, starting to her feet and ringing the bell for assistance; "I am dying! I am dying! it falls! it falls! it falls!" "What falls?" inquired the doctor in amazement. "My pulse! my pulse!" said the lady; "I must be dying." "Calm your apprehensions, my dear madam," said M. de Chirac; "I was speaking of the stocks. The truth is, I have been a great loser, and my mind is so disturbed, I hardly know what I have been saying."
The price of shares sometimes rose ten or twenty per cent in the course of a few hours, and many persons in the humbler walks of life, who had risen poor in the morning, went to bed in affluence. An extensive holder of stock, being taken ill, sent his servant to sell two hundred and fifty shares, at eight thousand livres each, the price at which they were then quoted. The servant went, and, on his arrival in the Jardin de Soissons, found that in the interval the price had risen to ten thousand livres. The difference of two thousand livres on the two hundred and fifty shares, amounting to 500,000 livres, or 20,000l. sterling, he very coolly transferred to his own use, and giving the remainder to his master, set out the same evening for another country. Law's coachman in a very short time made money enough to set up a carriage of his own, and requested permission to leave his service. Law, who esteemed the man, begged of him as a favour, that he would endeavour, before he went, to find a substitute as good as himself. The coachman consented, and in the evening brought two of his former comrades, telling Mr. Law to choose between them, and he would take the other. Cookmaids and footmen were now and then as lucky, and, in the full-blown pride of their easily-acquired wealth, made the most ridiculous mistakes. Preserving the language and manners of their old, with the finery of their new station, they afforded continual subjects for the pity of the sensible, the contempt of the sober, and the laughter of every body. But the folly and meanness of the higher ranks of society were still more disgusting. One instance alone, related by the Duke de St. Simon, will shew the unworthy avarice which infected the whole of society. A man of the name of André, without character or education, had, by a series of well-timed speculations in Mississippi bonds, gained enormous wealth in an incredibly short space of time. As St. Simon expresses it, "he had amassed mountains of gold." As he became rich, he grew ashamed of the lowness of his birth, and anxious above all things to be allied to nobility. He had a daughter, an infant only three years of age, and he opened a negotiation with the aristocratic and needy family of D'Oyse, that this child should, upon certain conditions, marry a member of that house. The Marquis D'Oyse, to his shame, consented, and promised to marry her himself on her attaining the age of twelve, if the father would pay him down the sum of a hundred thousand crowns, and twenty thousand livres every year until the celebration of the marriage. The marquis was himself in his thirty-third year. This scandalous bargain was duly signed and sealed, the stockjobber furthermore agreeing to settle upon his daughter, on the marriage-day, a fortune of several millions. The Duke of Brancas, the head of the family, was present throughout the negotiation, and shared in all the profits. St. Simon, who treats the matter with the levity becoming what he thought so good a joke, adds, "that people did not spare their animadversions on this beautiful marriage," and further informs us, "that the project fell to the ground some months afterwards by the overthrow of Law, and the ruin of the ambitious Monsieur André." It would appear, however, that the noble family never had the honesty to return the hundred thousand crowns.
Amid events like these, which, humiliating though they be, partake largely of the ludicrous, others occurred of a more serious nature. Robberies in the streets were of daily occurrence, in consequence of the immense sums, in paper, which people carried about with them. Assassinations were also frequent. One case in particular fixed the attention of the whole of France, not only on account of the enormity of the offence, but of the rank and high connexions of the criminal.
The Count d'Horn, a younger brother of the Prince d'Horn, and related to the noble families of D'Aremberg, De Ligne, and De Montmorency, was a young man of dissipated character, extravagant to a degree, and unprincipled as he was extravagant. In connexion with two other young men as reckless as himself, named Mille, a Piedmontese captain, and one Destampes, or Lestang, a Fleming, he formed a design to rob a very rich broker, who was known, unfortunately for himself, to carry great sums about his person. The count pretended a desire to purchase of him a number of shares in the Company of the Indies, and for that purpose appointed to meet him in a _cabaret_, or low public-house, in the neighbourhood of the Place Vendôme. The unsuspecting broker was punctual to his appointment; so were the Count d'Horn and his two associates, whom he introduced as his particular friends. After a few moments' conversation, the Count d'Horn suddenly sprang upon his victim, and stabbed him three times in the breast with a poniard. The man fell heavily to the ground, and, while the count was employed in rifling his portfolio of bonds in the Mississippi and Indian schemes to the amount of one hundred thousand crowns, Mille, the Piedmontese, stabbed the unfortunate broker again and again, to make sure of his death, But the broker did not fall without a struggle, and his cries brought the people of the _cabaret_ to his assistance. Lestang, the other assassin, who had been set to keep watch at a staircase, sprang from a window and escaped; but Mille and the Count d'Horn were seized in the very act.
This crime, committed in open day, and in so public a place as a _cabaret_, filled Paris with consternation. The trial of the assassins commenced on the following day; and the evidence being so clear, they were both found guilty, and condemned, to be broken alive on the wheel. The noble relatives of the Count d'Horn absolutely blocked up the ante-chambers of the regent, praying for mercy on the misguided youth, and alleging that he was insane. The regent avoided them as long as possible, being determined that, in a case so atrocious, justice should take its course. But the importunity of these influential suitors was not to be overcome so silently; and they at last forced themselves into the presence of the regent, and prayed him to save their house the shame of a public execution. They hinted that the Princes d'Horn were allied to the illustrious family of Orleans; and added, that the regent himself would be disgraced if a kinsman of his should die by the hands of a common executioner. The regent, to his credit, was proof against all their solicitations, and replied to their last argument in the words of Corneille:
"Le crime fait la honte, et non pas l'échafaud:"
adding, that whatever shame there might be in the punishment he would very willingly share with the other relatives. Day after day they renewed their entreaties, but always with the same result. At last they thought, that if they could interest the Duke de St. Simon in their favour--a man, for whom the regent felt sincere esteem--they might succeed in their object. The duke, a thorough aristocrat, was as shocked as they were that a noble assassin should die by the same death as a plebeian felon, and represented to the regent the impolicy of making enemies of so numerous, wealthy, and powerful a family. He urged, too, that in Germany, where the family of D'Aremberg had large possessions, it was the law, that no relative of a person broken on the wheel could succeed to any public office or employ until a whole generation had passed away. For this reason, he thought the punishment of the guilty count might be transmuted into beheading, which was considered all over Europe as much less infamous. The regent was moved by this argument, and was about to consent, when Law, who felt peculiarly interested in the fate of the murdered man, confirmed him in his former resolution to let the law take its course.
The relatives of D'Horn were now reduced to the last extremity. The Prince de Robec Montmorency, despairing of other methods, found means to penetrate into the dungeon of the criminal, and offering him a cup of poison, implored him to save them from disgrace. The Count d'Horn turned away his head, and refused to take it. Montmorency pressed him once more; and losing all patience at his continued refusal, turned on his heel, and exclaiming, "Die, then, as thou wilt, mean-spirited wretch! thou art fit only to perish by the hands of the hangman!" left him to his fate.
D'Horn himself petitioned the regent that he might be beheaded; but Law, who exercised more influence over his mind than any other person, with the exception of the notorious Abbé Dubois, his tutor, insisted that he could not in justice succumb to the self-interested views of the D'Horns. The regent had from the first been of the same opinion; and within six days after the commission of their crime, D'Horn and Mille were broken on the wheel in the Place de Grève. The other assassin, Lestang, was never apprehended.
This prompt and severe justice was highly pleasing to the populace of Paris. Even M. de Quincampoix, as they called Law, came in for a share of their approbation for having induced the regent to shew no favour to a patrician. But the number of robberies and assassinations did not diminish; no sympathy was shewn for rich jobbers when they were plundered. The general laxity of public morals, conspicuous enough before, was rendered still more so by its rapid pervasion of the middle classes, who had hitherto remained comparatively pure between the open vices of the class above and the hidden crimes of the class below them. The pernicious love of gambling diffused itself through society, and bore all public and nearly all private virtue before it.
For a time, while confidence lasted, an impetus was given to trade which could not fail to be beneficial. In Paris especially the good results were felt. Strangers flocked into the capital from every part, bent not only upon making money, but on spending it. The Duchess of Orleans, mother of the regent, computes the increase of the population during this time, from the great influx of strangers from all parts of the world, at 305,000 souls. The housekeepers were obliged to make up beds in garrets, kitchens, and even stables, for the accommodation of lodgers; and the town was so full of carriages and vehicles of every description, that they were obliged, in the principal streets, to drive at a foot-pace for fear of accidents. The looms of the country worked with unusual activity to supply rich laces, silks, broad-cloth, and velvets, which being paid for in abundant paper, increased in price four-fold. Provisions shared the general advance. Bread, meat, and vegetables were sold at prices greater than had ever before been known; while the wages of labour rose in exactly the same proportion. The artisan who formerly gained fifteen sous per diem now gained sixty. New houses were built in every direction; an illusory prosperity shone over the land, and so dazzled the eyes of the whole nation, that none could see the dark cloud on the horizon announcing the storm that was too rapidly approaching.
Law himself, the magician whose wand had wrought so surprising a change, shared, of course, in the general prosperity. His wife and daughter were courted by the highest nobility, and their alliance sought by the heirs of ducal and princely houses. He bought two splendid estates in different parts of France, and entered into a negotiation with the family of the Duke de Sully for the purchase of the marquisate of Rosny. His religion being an obstacle to his advancement, the regent promised, if he would publicly conform to the Catholic faith, to make him comptroller-general of the finances. Law, who had no more real religion than any other professed gambler, readily agreed, and was confirmed by the Abbé de Tencin in the cathedral of Melun, in presence of a great crowd of spectators[8]. On the following day he was elected honorary churchwarden of the parish of St. Roch, upon which occasion he made it a present of the sum of five hundred thousand livres. His charities, always magnificent, were not always so ostentatious. He gave away great sums privately, and no tale of real distress ever reached his ears in vain.
[8] The following squib was circulated on the occasion:
"Foin de ton zèle séraphique, Malheureux Abbé de Tencin, Depuis que Law est Catholique, Tout le royaume est Capucin!"
Thus somewhat weakly and paraphrastically rendered by Justandsond, in his translation of the _Memoirs of Louis XV._:
"Tencin, a curse on thy seraphic zeal, Which by persuasion hath contrived the means To make the Scotchman at our altars kneel, Since which we all are poor as Capucines!"
At this time he was by far the most influential person of the state. The Duke of Orleans had so much confidence in his sagacity and the success of his plans, that he always consulted him upon every matter of moment. He was by no means unduly elevated by his prosperity, but remained the same simple, affable, sensible man that he had shewn himself in adversity. His gallantry, which was always delightful to the fair objects of it, was of a nature so kind, so gentlemanly, and so respectful, that not even a lover could have taken offence at it. If upon any occasion he shewed any symptoms of haughtiness, it was to the cringing nobles who lavished their adulation upon him till it became fulsome. He often took pleasure in seeing how long he could make them dance attendance upon him for a single favour. To such of his own countrymen as by chance visited Paris, and sought an interview with him, he was, on the contrary, all politeness and attention. When Archibald Campbell, Earl of Islay, and afterwards Duke of Argyle, called upon him in the Place Vendôme, he had to pass through an ante-chamber crowded with persons of the first distinction, all anxious to see the great financier, and have their names put down as first on the list of some new subscription. Law himself was quietly sitting in his library, writing a letter to the gardener at his paternal estate of Lauriston about the planting of some cabbages! The earl stayed for a considerable time, played a game of piquet with his countryman, and left him, charmed with his ease, good sense, and good breeding.
[9] From a print in a Dutch collection of satirical prints relating to the Mississippi Mania, entitled "Het groote Tafereel der Dwaasheid;" or, The great picture of Folly. The print of Atlas is styled, "L'Atlas actieux de Papier." Law is calling in Hercules to aid him in supporting the globe. Quoted in Wright's _England under the House of Hanover_.
Among the nobles who, by means of the public credulity at this time, gained sums sufficient to repair their ruined fortunes, may be mentioned the names of the Dukes de Bourbon, de Guiche, de la Force,[10] de Chaulnes, and d'Antin; the Marechal d'Estrées; the Princes de Rohan, de Poix, and de Léon. The Duke de Bourbon, son of Louis XIV. by Madame de Montespan, was peculiarly fortunate in his speculations in Mississippi paper. He rebuilt the royal residence of Chantilly in a style of unwonted magnificence; and being passionately fond of horses, he erected a range of stables, which were long renowned throughout Europe, and imported a hundred and fifty of the finest racers from England to improve the breed in France. He bought a large extent of country in Picardy, and became possessed of nearly all the valuable lands lying between the Oise and the Somme.
[10] The Duke de la Force gained considerable sums, not only by jobbing in the stocks, but in dealing in porcelain, spices, &c. It was debated for a length of time in the parliament of Paris whether he had not, in his quality of spice-merchant, forfeited his rank in the peerage. It was decided in the negative. A caricature of him was made, dressed as a street-porter, carrying a large bale of spices on his back, with the inscription, "Admirez LA FORCE."
When fortunes such as these were gained, it is no wonder that Law should have been almost worshipped by the mercurial population. Never was monarch more flattered than he was. All the small poets and _littérateurs_ of the day poured floods of adulation upon him. According to them, he was the saviour of the country, the tutelary divinity of France; wit was in all his words, goodness in all his looks, and wisdom in all his actions. So great a crowd followed his carriage whenever he went abroad, that the regent sent him a troop of horse as his permanent escort to clear the streets before him.
It was remarked at this time that Paris had never before been so full of objects of elegance and luxury. Statues, pictures, and tapestries were imported in great quantities from foreign countries, and found a ready market. All those pretty trifles in the way of furniture and ornament which the French excel in manufacturing were no longer the exclusive playthings of the aristocracy, but were to be found in abundance in the houses of traders and the middle classes in general. Jewellery of the most costly description was brought to Paris as the most favourable mart; among the rest, the famous diamond bought by the regent, and called by his name, and which long adorned the crown of France. It was purchased for the sum of two millions of livres, under circumstances which shew that the regent was not so great a gainer as some of his subjects by the impetus which trade had received. When the diamond was first offered to him, he refused to buy it, although he desired above all things to possess it, alleging as his reason, that his duty to the country he governed would not allow him to spend so large a sum of the public money for a mere jewel. This valid and honourable excuse threw all the ladies of the court into alarm, and nothing was heard for some days but expressions of regret that so rare a gem should be allowed to go out of France, no private individual being rich enough to buy it. The regent was continually importuned about it, but all in vain, until the Duke de St. Simon, who with all his ability was something of a twaddler, undertook the weighty business. His entreaties being seconded by Law, the good-natured regent gave his consent, leaving to Law's ingenuity to find the means to pay for it. The owner took security for the payment of the sum of two millions of livres within a stated period, receiving in the mean time the interest of five per cent upon that amount, and being allowed, besides, all the valuable clippings of the gem. St. Simon, in his _Memoirs_, relates with no little complacency his share in this transaction. After describing the diamond to be as large as a greengage, of a form nearly round, perfectly white, and without flaw, and weighing more than five hundred grains, he concludes with a chuckle, by telling the world "that he takes great credit to himself for having induced the regent to make so illustrious a purchase." In other words, he was proud that he had induced him to sacrifice his duty, and buy a bauble for himself at an extravagant price out of the public money.
Thus the system continued to flourish till the commencement of the year 1720. The warnings of the parliament, that too great a creation of paper money would, sooner or later, bring the country to bankruptcy, were disregarded. The regent, who knew nothing whatever of the philosophy of finance, thought that a system which had produced such good effects could never be carried to excess. If five hundred millions of paper had been of such advantage, five hundred millions additional would be of still greater advantage. This was the grand error of the regent, and which Law did not attempt to dispel. The extraordinary avidity of the people kept up the delusion; and the higher the price of Indian and Mississippi stock, the more _billets de banque_ were issued to keep pace with it. The edifice thus reared might not unaptly be compared to the gorgeous palace erected by Potemkin, that princely barbarian of Russia, to surprise and please his imperial mistress: huge blocks of ice were piled one upon another; ionic pillars, of chastest workmanship, in ice, formed a noble portico; and a dome, of the same material, shone in the sun, which had just strength enough to gild, but not to melt it. It glittered afar, like a palace of crystals and diamonds; but there came one warm breeze from the south, and the stately building dissolved away, till none were able even to gather up the fragments. So with Law and his paper system. No sooner did the breath of popular mistrust blow steadily upon it, than it fell to ruins, and none could raise it up again.
The first slight alarm that was occasioned was early in 1720. The Prince de Conti, offended that Law should have denied him fresh shares in India stock, at his own price, sent to his bank to demand payment in specie of so enormous a quantity of notes, that three wagons were required for its transport. Law complained to the regent, and urged on his attention the mischief that would be done, if such an example found many imitators. The regent was but too well aware of it, and, sending for the Prince de Conti, ordered him, under penalty of his high displeasure, to refund to the bank two-thirds of the specie which he had withdrawn from it. The prince was forced to obey the despotic mandate. Happily for Law's credit, De Conti was an unpopular man: every body condemned his meanness and cupidity, and agreed that Law had been hardly treated. It is strange, however, that so narrow an escape should not have made both Law and the regent more anxious to restrict their issues. Others were soon found who imitated, from motives of distrust, the example which had been set by De Conti in revenge. The more acute stockjobbers imagined justly that prices could not continue to rise for ever. Bourdon and La Richardière, renowned for their extensive operations in the funds, quietly and in small quantities at a time, converted their notes into specie, and sent it away to foreign countries. They also bought as much as they could conveniently carry of plate and expensive jewellery, and sent it secretly away to England or to Holland. Vermalet, a jobber, who sniffed the coming storm, procured gold and silver coin to the amount of nearly a million of livres, which he packed in a farmer's cart, and covered over with hay and cow-dung. He then disguised himself in the dirty smock-frock, or _blouse_, of a peasant, and drove his precious load in safety into Belgium. From thence he soon found means to transport it to Amsterdam.
Hitherto no difficulty had been experienced by any class in procuring specie for their wants. But this system could not long be carried on without causing a scarcity. The voice of complaint was heard on every side, and inquiries being instituted, the cause was soon discovered. The council debated long on the remedies to be taken, and Law, being called on for his advice, was of opinion, that an edict should be published, depreciating the value of coin five per cent below that of paper. The edict was published accordingly; but failing of its intended effect, was followed by another, in which the depreciation was increased to ten per cent. The payments of the bank were at the same time restricted to one hundred livres in gold, and ten in silver. All these measures were nugatory to restore confidence in the paper, though the restriction of cash payments within limits so extremely narrow kept up the credit of the bank.
[11] "Lucifer's New Row-Barge" exhibits Law in a barge, with a host of emblematic figures representing the Mississippi follies.--_From a Print in Mr. Hawkins' Collection_.
Notwithstanding every effort to the contrary, the precious metals continued to be conveyed to England and Holland. The little coin that was left in the country was carefully treasured, or hidden until the scarcity became so great, that the operations of trade could no longer be carried on. In this emergency, Law hazarded the bold experiment of forbidding the use of specie altogether. In February 1720 an edict was published, which, instead of restoring the credit of the paper, as was intended, destroyed it irrecoverably, and drove the country to the very brink of revolution. By this famous edict it was forbidden to any person whatever to have more than five hundred livres (20l.) of coin in his possession, under pain of a heavy fine, and confiscation of the sums found. It was also forbidden to buy up jewellery, plate, and precious stones, and informers were encouraged to make search for offenders, by the promise of one-half the amount they might discover. The whole country sent up a cry of distress at this unheard-of tyranny. The most odious persecution daily took place. The privacy of families was violated by the intrusion of informers and their agents. The most virtuous and honest were denounced for the crime of having been seen with a _louis d'or_ in their possession. Servants betrayed their masters, one citizen became a spy upon his neighbour, and arrests and confiscations so multiplied, that the courts found a difficulty in getting through the immense increase of business thus occasioned. It was sufficient for an informer to say that he suspected any person of concealing money in his house, and immediately a search-warrant was granted. Lord Stair, the English ambassador, said, that it was now impossible to doubt of the sincerity of Law's conversion to the Catholic religion; he had established the _inquisition_, after having given abundant evidence of his faith in _transubstantiation_, by turning so much gold into paper.
Every epithet that popular hatred could suggest was showered upon the regent and the unhappy Law. Coin, to any amount above five hundred livres, was an illegal tender, and nobody would take paper if he could help it. No one knew to-day what his notes would be worth to-morrow. "Never," says Duclos, in his _Secret Memoirs of the Regency_, "was seen a more capricious government--never was a more frantic tyranny exercised by hands less firm. It is inconceivable to those who were witnesses of the horrors of those times, and who look back upon them now as on a dream, that a sudden revolution did not break out--that Law and the regent did not perish by a tragical death. They were both held in horror, but the people confined themselves to complaints; a sombre and timid despair, a stupid consternation, had seized upon all, and men's minds were too vile even to be capable of a courageous crime." It would appear that, a one time, a movement of the people was organised. Seditious writings were posted up against the walls, and were sent, in hand-bills, to the houses of the most conspicuous people. One of them, given in the _Mémoires de la Régence_, was to the following effect:--"Sir and madam,--This is to give you notice that a St. Bartholomew's Day will be enacted again on Saturday and Sunday, if affairs do not alter. You are desired not to stir out, nor you, nor your servants. God preserve you from the flames! Give notice to your neighbours. Dated, Saturday, May 25th, 1720." The immense number of spies with which the city was infested rendered the people mistrustful of one another, and beyond some trifling disturbances made in the evening by an insignificant group, which was soon dispersed, the peace of the capital was not compromised.
The value of shares in the Louisiana, or Mississippi stock, had fallen very rapidly, and few indeed were found to believe the tales that had once been told of the immense wealth of that region. A last effort was therefore tried to restore the public confidence in the Mississippi project. For this purpose, a general conscription of all the poor wretches in Paris was made by order of government. Upwards of six thousand of the very refuse of the population were impressed, as if in time of war, and were provided with clothes and tools to be embarked for New Orleans, to work in the gold mines alleged to abound there. They were paraded day after day through the streets with their pikes and shovels, and then sent off in small detachments to the out-ports to be shipped for America. Two-thirds of them never reached their destination, but dispersed themselves over the country, sold their tools for what they could get, and returned to their old course of life. In less than three weeks afterwards, one-half of them were to be found again in Paris. The manoeuvre, however, caused a trifling advance in Mississippi stock. Many persons of superabundant gullibility believed that operations had begun in earnest in the new Golconda, and that gold and silver ingots would again be found in France.
In a constitutional monarchy some surer means would have been found for the restoration of public credit. In England, at a subsequent period, when a similar delusion had brought on similar distress, how different were the measures taken to repair the evil; but in France, unfortunately, the remedy was left to the authors of the mischief. The arbitrary will of the regent, which endeavoured to extricate the country, only plunged it deeper into the mire. All payments were ordered to be made in paper, and between the 1st of February and the end of May, notes were fabricated to the amount of upwards of 1500 millions of livres, or 60,000,000l. sterling. But the alarm once sounded, no art could make the people feel the slightest confidence in paper which was not exchangeable into metal. M. Lambert, the president of the parliament of Paris, told the regent to his face that he would rather have a hundred thousand livres in gold or silver than five millions in the notes of his bank. When such was the general feeling, the superabundant issues of paper but increased the evil, by rendering still more enormous the disparity between the amount of specie and notes in circulation. Coin, which it was the object of the regent to depreciate, rose in value on every fresh attempt to diminish it. In February, it was judged advisable that the Royal Bank should be incorporated with the Company of the Indies. An edict to that effect was published and registered by the parliament. The state remained the guarantee for the notes of the bank, and no more were to be issued without an order in council. All the profits of the bank, since the time it had been taken out of Law's hands and made a national institution, were given over by the regent to the Company of the Indies. This measure had the effect of raising for a short time the value of the Louisiana and other shares of the company, but it failed in placing public credit on any permanent basis.
A council of state was held in the beginning of May, at which Law, D'Argenson (his colleague in the administration of the finances), and all the ministers were present. It was then computed that the total amount of notes in circulation was 2600 millions of livres, while the coin in the country was not quite equal to half that amount. It was evident to the majority of the council that some plan must be adopted to equalise the currency. Some proposed that the notes should be reduced to the value of the specie, while others proposed that the nominal value of the specie should be raised till it was on an equality with the paper. Law is said to have opposed both these projects, but failing in suggesting any other, it was agreed that the notes should be depreciated one half. On the 21st of May, an edict was accordingly issued, by which it was decreed that the shares of the Company of the Indies, and the notes of the bank, should gradually diminish in value, till at the end of a year they should only pass current for one-half of their nominal worth. The parliament refused to register the edict--the greatest outcry was excited, and the state of the country became so alarming, that, as the only means of preserving tranquillity, the council of the regency was obliged to stultify its own proceedings, by publishing within seven days another edict, restoring the notes to their original value.
On the same day (the 27th of May) the bank stopped payment in specie. Law and D'Argenson were both dismissed from the ministry. The weak, vacillating, and cowardly regent threw the blame of all the mischief upon Law, who, upon presenting himself at the Palais Royal, was refused admittance. At nightfall, however, he was sent for, and admitted into the palace by a secret door,[12] when the regent endeavoured to console him, and made all manner of excuses for the severity with which in public he had been compelled to treat him. So capricious was his conduct, that, two days afterwards, he took him publicly to the opera, where he sat in the royal box alongside of the regent, who treated him with marked consideration in face of all the people. But such was the hatred against Law that the experiment had well nigh proved fatal to him. The mob assailed his carriage with stones just as he was entering his own door; and if the coachman had not made a sudden jerk into the court-yard, and the domestics closed the gate immediately, he would, in all probability, have been dragged out and torn to pieces. On the following day, his wife and daughter were also assailed by the mob as they were returning in their carriage from the races. When the regent was informed of these occurrences he sent Law a strong detachment of Swiss guards, who were stationed night and day in the court of his residence. The public indignation at last increased so much, that Law, finding his own house, even with this guard, insecure, took refuge in the Palais Royal, in the apartments of the regent.
[12] Duclos, _Memoires Secrets de la Régence_.
The Chancellor, D'Aguesseau, who had been dismissed in 1718 for his opposition to the projects of Law, was now recalled to aid in the restoration of credit. The regent acknowledged too late, that he had treated with unjustifiable harshness and mistrust one of the ablest, and perhaps the sole honest public man of that corrupt period. He had retired ever since his disgrace to his country house at Fresnes, where, in the midst of severe but delightful philosophic studies, he had forgotten the intrigues of an unworthy court. Law himself, and the Chevalier de Conflans, a gentleman of the regent's household, were despatched in a post-chaise with orders to bring the ex-chancellor to Paris along with them. D'Aguesseau consented to render what assistance he could, contrary to the advice of his friends, who did not approve that he should accept any recal to office of which Law was the bearer. On his arrival in Paris, five counsellors of the parliament were admitted to confer with the Commissary of Finance; and on the 1st of June an order was published abolishing the law which made it criminal to amass coin to the amount of more than five hundred livres. Every one was permitted to have as much specie as he pleased. In order that the bank-notes might be withdrawn, twenty-five millions of new notes were created, on the security of the revenues of the city of Paris, at two-and-a-half per cent. The bank-notes withdrawn were publicly burned in front of the Hôtel de Ville. The new notes were principally of the value of ten livres each; and on the 10th of June the bank was re-opened, with a sufficiency of silver coin to give in change for them.
These measures were productive of considerable advantage. All the population of Paris hastened to the bank to get coin for their small notes; and silver becoming scarce, they were paid in copper. Very few complained that this was too heavy, although poor fellows might be continually seen toiling and sweating along the streets, laden with more than they could comfortably carry, in the shape of change for fifty livres. The crowds around the bank were so great, that hardly a day passed that some one was not pressed to death. On the 9th of July, the multitude was so dense and clamorous that the guards stationed at the entrance of the Mazarin Gardens closed the gate and refused to admit any more. The crowd became incensed, and flung stones through the railings upon the soldiers. The latter, incensed in their turn, threatened to fire upon the people. At that instant one of them was hit by a stone, and, taking up his piece, he fired into the crowd. One man fell dead immediately, and another was severely wounded. It was every instant expected that a general attack would have been commenced upon the bank; but the gates of the Mazarin Gardens being opened to the crowd, who saw a whole troop of soldiers, with their bayonets fixed ready to receive them, they contented themselves by giving vent to their indignation in groans and hisses.
Eight days afterwards the concourse of people was so tremendous that fifteen persons were squeezed to death at the doors of the bank. The people were so indignant that they took three of the bodies on stretchers before them, and proceeded, to the number of seven or eight thousand, to the gardens of the Palais Royal, that they might shew the regent the misfortunes that he and Law had brought upon the country. Law's coachman, who was sitting at the box of his master's carriage, in the court-yard of the palace, happened to have more zeal than discretion, and, not liking that the mob should abuse his master, he said, loud enough to be overheard by several persons, that they were all blackguards, and deserved to be hanged. The mob immediately set upon him, and thinking that Law was in the carriage, broke it to pieces. The imprudent coachman narrowly escaped with his life. No further mischief was done; a body of troops making their appearance, the crowd quietly dispersed, after an assurance had been given by the regent that the three bodies they had brought to shew him should be decently buried at his own expense. The parliament was sitting at the time of this uproar, and the president took upon himself to go out and see what was the matter. On his return he informed the councillors that Law's carriage had been broken by the mob. All the members rose simultaneously, and expressed their joy by a loud shout, while one man, more zealous in his hatred than the rest, exclaimed, "_And Law himself, is_ he _torn to pieces?_"[13]
[13] The Duchess of Orleans gives a different version of this story; but whichever be the true one, the manifestation of such feeling in a legislative assembly was not very creditable. She says that the president was so transported with joy, that he was seized with a rhyming fit, and, returning into the hall, exclaimed to the members:
"_Messieurs! Messieurs! bonne nouvelle! Le carrosse de Lass est reduit en cannelle!_"
Much, undoubtedly, depended on the credit of the Company of the Indies, which was answerable for so great a sum to the nation. It was therefore suggested in the council of the ministry, that any privileges which could be granted to enable it to fulfil its engagements, would be productive of the best results. With this end in view, it was proposed that the exclusive privilege of all maritime commerce should be secured to it, and an edict to that effect was published. But it was unfortunately forgotten that by such a measure all the merchants of the country would be ruined. The idea of such an immense privilege was generally scouted by the nation, and petition on petition was presented to the parliament that they would refuse to register the decree. They refused accordingly, and the regent, remarking that they did nothing but fan the flame of sedition, exiled them to Blois. At the intercession of D'Aguesseau, the place of banishment was changed to Pontoise, and thither accordingly the councillors repaired, determined to set the regent at defiance. They made every arrangement for rendering their temporary exile as agreeable as possible. The president gave the most elegant suppers, to which he invited all the gayest and wittiest company of Paris. Every night there was a concert and ball for the ladies. The usually grave and solemn judges and councillors joined in cards and other diversions, leading for several weeks a life of the most extravagant pleasure, for no other purpose than to shew the regent of how little consequence they deemed their banishment, and that, when they willed it, they could make Pontoise a pleasanter residence than Paris.
Of all the nations in the world the French are the most renowned for singing over their grievances. Of that country it has been remarked with some truth, that its whole history may be traced in its songs. When Law, by the utter failure of his best-laid plans, rendered himself obnoxious, satire of course seized hold upon him; and while caricatures of his person appeared in all the shops, the streets resounded with songs, in which neither he nor the regent was spared. Many of these songs were far from decent; and one of them in particular counselled the application of all his notes to the most ignoble use to which paper can be applied. But the following, preserved in the letters of the Duchess of Orleans, was the best and the most popular, and was to be heard for months in all the _carrefours_ in Paris. The application of the chorus is happy enough:
Aussitôt que Lass arriva Dans notre bonne ville, Monsieur le Régent publia Que Lass serait utile Pour rétablir la nation. _La faridondaine! la faridondon!_ Mais il nous a tous enrichi, _Biribi!_ _A la façon de Barbari,_ _Mon ami!_
Ce parpaillot, pour attirer Tout l'argent de la France, Songea d'abord à s'assurer De notre confiance. Il fit son abjuration, _La faridondaine! la faridondon!_ Mais le fourbe s'est converti, _Biribi!_ _A la façon de Barbari,_ _Mon ami!_
Lass, le fils aîné de Satan Nous met tous à l'aumône, Il nous a pris tout notre argent Et n'en rend à personne. Mais le Régent, humain et bon, _La faridondaine! la faridondon!_ Nous rendra ce qu'on nous a pris, _Biribi!_ _A la façon de Barbari,_ _Mon ami!_
The following epigram is of the same date:
_Lundi_, j'achetai des actions; _Mardi_, je gagnai des millions; _Mercredi_, j'arrangeai mon ménage, _Jeudi_, je pris un équipage, _Vendredi_, je m'en fus au bal, _Et Samedi_, à l'hôpital.
Among the caricatures that were abundantly published, and that shewed as plainly as graver matters, that the nation had awakened to a sense of its folly, was one, a fac-simile of which is preserved in the _Mémoires de la Régence_. It was thus described by its author: "The 'Goddess of Shares,' in her triumphal car, driven by the Goddess of Folly. Those who are drawing the car are impersonations of the Mississippi, with his wooden leg, the South Sea, the Bank of England, the Company of the West of Senegal, and of various assurances. Lest the car should not roll fast enough, the agents of these companies, known by their long fox-tails and their cunning looks, turn round the spokes of the wheels, upon which are marked the names of the several stocks and their value, sometimes high and sometimes low, according to the turns of the wheel. Upon the ground are the merchandise, day-books and ledgers of legitimate commerce, crushed under the chariot of Folly. Behind is an immense crowd of persons, of all ages, sexes, and conditions, clamoring after Fortune, and fighting with each other to get a portion of the shares which she distributes so bountifully among them. In the clouds sits a demon, blowing bubbles of soap, which are also the objects of the admiration and cupidity of the crowd, who jump upon one another's backs to reach them ere they burst. Right in the pathway of the car, and blocking up the passage, stands a large building, with three doors, through one of which it must pass, if it proceeds farther, and all the crowd along with it. Over the first door are the words, '_Hôpital des Foux_,' over the second, '_Hôpital des Malades_,' and over the third, '_Hôpital des Gueux_.'" Another caricature represented Law sitting in a large cauldron, boiling over the flames of popular madness, surrounded by an impetuous multitude, who were pouring all their gold and silver into it, and receiving gladly in exchange the bits of paper which he distributed among them by handfuls.
While this excitement lasted, Law took good care not to expose himself unguarded in the streets. Shut up in the apartments of the regent, he was secure from all attack; and whenever he ventured abroad, it was either _incognito_, or in one of the royal carriages, with a powerful escort. An amusing anecdote is recorded of the detestation in which he was held by the people, and the ill-treatment he would have met had he fallen into their hands. A gentleman of the name of Boursel was passing in his carriage down the Rue St. Antoine, when his farther progress was stayed by a hackney-coach that had blocked up the road. M. Boursel's servant called impatiently to the hackney-coachman to get out of the way, and, on his refusal, struck him a blow on the face. A crowd was soon drawn together by the disturbance, and M. Boursel got out of the carriage to restore order. The hackney-coachman, imagining that he had now another assailant, bethought him of an expedient to rid himself of both, and called out as loudly as he was able, "Help! help! murder! murder! Here are Law and his servant going to kill me! Help! help!" At this cry the people came out of their shops, armed with sticks and other weapons, while the mob gathered stones to inflict summary vengeance upon the supposed financier. Happily for M. Boursel and his servant, the door of the church of the Jesuits stood wide open, and, seeing the fearful odds against them, they rushed towards it with all speed. They reached the altar, pursued by the people, and would have been ill-treated even there, if, finding the door open leading to the sacristy, they had not sprang through, and closed it after them. The mob were then persuaded to leave the church by the alarmed and indignant priests, and finding M. Boursel's carriage still in the streets, they vented their ill-will against it, and did it considerable damage.
The twenty-five millions secured on the municipal revenues of the city of Paris, bearing so low an interest as two and a half per cent, were not very popular among the large holders of Mississippi stock. The conversion of the securities was, therefore, a work of considerable difficulty; for many preferred to retain the falling paper of Law's Company, in the hope that a favourable turn might take place. On the 15th of August, with a view to hasten the conversion, an edict was passed, declaring that all notes for sums between one thousand and ten thousand livres, should not pass current, except for the purchase of annuities and bank accounts, or for the payment of instalments still due on the shares of the company.
In October following another edict was passed, depriving these notes of all value whatever after the month of November next ensuing. The management of the mint, the farming of the revenue, and all the other advantages and privileges of the India, or Mississippi Company, were taken from them, and they were reduced to a mere private company. This was the death-blow to the whole system, which had now got into the hands of its enemies. Law had lost all influence in the Council of Finance, and the company, being despoiled of its immunities, could no longer hold out the shadow of a prospect of being able to fulfil its engagements. All those suspected of illegal profits at the time the public delusion was at its height, were sought out and amerced in heavy fines. It was previously ordered that a list of the original proprietors should be made out, and that such persons as still retained their shares should place them in deposit with the company, and that those who had neglected to complete the shares for which they had put down their names, should now purchase them of the company, at the rate of 13,500 livres for each share of 500 livres. Rather than submit to pay this enormous sum for stock which was actually at a discount, the shareholders packed up all their portable effects, and endeavoured to find a refuge in foreign countries. Orders were immediately issued to the authorities at the ports and frontiers, to apprehend all travellers who sought to leave the kingdom, and keep them in custody, until it was ascertained whether they had any plate or jewellery with them, or were concerned in the late stock-jobbing. Against such few as escaped, the punishment of death was recorded, while the most arbitrary proceedings were instituted against those who remained.
Law himself, in a moment of despair, determined to leave a country where his life was no longer secure. He at first only demanded permission to retire from Paris to one of his country-seats--a permission which the regent cheerfully granted. The latter was much affected at the unhappy turn affairs had taken, but his faith continued unmoved in the truth and efficacy of Law's financial system. His eyes were opened to his own errors; and during the few remaining years of his life he constantly longed for an opportunity of again establishing the system upon a securer basis. At Law's last interview with the prince, he is reported to have said,--"I confess that I have committed many faults. I committed them because I am a man, and all men are liable to error; but I declare to you most solemnly that none of them proceeded from wicked or dishonest motives, and that nothing of the kind will be found in the whole course of my conduct."
[14] Law in a car drawn by cocks; from _Het groote Tofereel der Dwaasheid_.
Two or three days after his departure the regent sent him a very kind letter, permitting him to leave the kingdom whenever he pleased, and stating that he had ordered his passports to be made ready. He at the same time offered him any sum of money he might require. Law respectfully declined the money, and set out for Brussels in a post-chaise belonging to Madame de Prie, the mistress of the Duke of Bourbon, escorted by six horse-guards. From thence he proceeded to Venice, where he remained for some months, the object of the greatest curiosity to the people, who believed him to be the possessor of enormous wealth. No opinion, however, could be more erroneous. With more generosity than could have been expected from a man who during the greatest part of his life had been a professed gambler, he had refused to enrich himself at the expense of a ruined nation. During the height of the popular frenzy for Mississippi stock, he had never doubted of the final success of his projects in making France the richest and most powerful nation of Europe. He invested all his gains in the purchase of landed property in France--a sure proof of his own belief in the stability of his schemes. He had hoarded no plate or jewellery, and sent no money, like the dishonest jobbers, to foreign countries. His all, with the exception of one diamond, worth about five or six thousand pounds sterling, was invested in the French soil; and when he left that country, he left it almost a beggar. This fact alone ought to rescue his memory from the charge of knavery, so often and so unjustly brought against him.
As soon as his departure was known, all his estates and his valuable library were confiscated. Among the rest, an annuity of 200,000 livres (8000l. sterling) on the lives of his wife and children, which had been purchased for five millions of livres, was forfeited, notwithstanding that a special edict, drawn up for the purpose in the days of his prosperity, had expressly declared that it should never be confiscated for any cause whatever. Great discontent existed among the people that Law had been suffered to escape. The mob and the parliament would have been pleased to have seen him hanged. The few who had not suffered by the commercial revolution rejoiced that the _quack_ had left the country; but all those (and they were by far the most numerous class) whose fortunes were implicated regretted that his intimate knowledge of the distress of the country, and of the causes that had led to it, had not been rendered more available in discovering a remedy.
At a meeting of the Council of Finance and the General Council of the Regency, documents were laid upon the table, from which it appeared that the amount of notes in circulation was 2700 millions. The regent was called upon to explain how it happened that there was a discrepancy between the dates at which these issues were made and those of the edicts by which they were authorised. He might have safely taken the whole blame upon himself, but he preferred that an absent man should bear a share of it; and he therefore stated that Law, upon his own authority, had issued 1200 millions of notes at different times, and that he (the regent), seeing that the thing had been irrevocably done, had screened Law by antedating the decrees of the council which authorised the augmentation. It would have been more to his credit if he had told the whole truth while he was about it, and acknowledged that it was mainly through his extravagance and impatience that Law had been induced to overstep the bounds of safe speculation. It was also ascertained that the national debt, on the 1st of January 1721, amounted to upwards of 3100 millions of livres, or more than 124,000,000l. sterling, the interest upon which was 3,196,000l. A commission, or _visa_, was forthwith appointed to examine into all the securities of the state creditors, who were to be divided into five classes; the first four comprising those who had purchased their securities with real effects, and, the latter comprising those who could give no proofs that the transactions they had entered into were real and _bonâ fide_. The securities of the latter were ordered to be destroyed, while those of the first four classes were subjected to a most rigid and jealous scrutiny. The result of the labours of the _visa_, was a report, in which they counselled the reduction of the interest upon these securities to fifty-six millions of livres. They justified, this, advice by a statement of the various acts of peculation and extortion which they had discovered; and an edict to that effect was accordingly published and duly registered by the parliaments of the kingdom.
Another tribunal was afterwards established, under the title of the _Chambre de l'Arsenal_, which took cognisance of all the malversations committed in the financial departments of the government, during the late unhappy period. A Master of Requests, named Falhonet, together with the Abbé Clement, and two clerks in their employ, had been concerned in divers acts of peculation to the amount of upwards of a million of livres. The first two were sentenced to be beheaded, and the latter to be hanged; but their punishment was afterwards commuted into imprisonment for life in the Bastille. Numerous other acts of dishonesty were discovered, and punished, by fine and imprisonment.
D'Argenson shared with Law and the regent the unpopularity which had alighted upon all those concerned in the Mississippi madness. He was dismissed from his post of Chancellor to make room for D'Aguesseau; but he retained the title of Keeper of the Seals, and was allowed to attend the councils whenever he pleased. He thought it better, however, to withdraw from Paris, and live for a time a life of seclusion at his country-seat. But he was not formed for retirement; and becoming moody and discontented, he aggravated a disease under which he had long laboured, and died in less than a twelve-month. The populace of Paris so detested him, that they carried their hatred even to his grave. As his funeral procession passed to the church of St. Nicholas du Chardonneret, the burying-place of his family, it was beset by a riotous mob, and his two sons, who were following as chief mourners, were obliged to drive as fast as they were able down a by-street to escape personal violence.
As regards Law, he for some time entertained a hope that he should be recalled to France, to aid in establishing its credit upon a firmer basis. The death of the regent in 1723, who expired suddenly as he was sitting by the fireside conversing with his mistress, the Duchess de Phalaris, deprived him of that hope, and he was reduced to lead his former life of gambling. He was more than once obliged to pawn his diamond, the sole remnant of his vast wealth, but successful play generally enabled him to redeem it. Being persecuted by his creditors at Rome, he proceeded to Copenhagen, where he received permission from the English ministry to reside in his native country, his pardon for the murder of Mr. Wilson having been sent over to him in 1719. He was brought over in the admiral's ship--a circumstance which gave occasion for a short debate in the House of Lords. Earl Coningsby complained that a man who had renounced both his country and his religion, should have been treated with such honour, and expressed his belief that his presence in England, at a time when the people were so bewildered by the nefarious practices of the South-Sea directors, would be attended with no little danger. He gave notice of a motion on the subject; but it was allowed to drop, no other member of the House having the slightest participation in his lordship's fears. Law remained for about four years in England, and then proceeded to Venice, where he died in 1729, in very embarrassed circumstances. The following epitaph was written at the time:
"Ci gît cet Ecossais célébre, Ce calculateur sans égal, Qui, par les régles de l'algébre, A mis la France à l'hôpital."
His brother, William Law, who had been concerned with him in the administration both of the bank and the Louisiana Company, was imprisoned in the Bastille for alleged malversation, but no guilt was ever proved against him. He was liberated after fifteen months, and became the founder of a family, which is still known in France under the title of Marquises of Lauriston.
[15] Neck or nothing, or downfall of the Mississippi Company.--_From a Print in Mr. Hawkins' Collection_.
In the next chapter will be found an account of the madness which infected the people of England at the same time, and under very similar circumstances, but which, thanks to the energies and good sense of a constitutional government, was attended with results far less disastrous than those which were seen in France.
THE SOUTH-SEA BUBBLE.
At length corruption, like a general flood, Did deluge all; and avarice creeping on, Spread, like a low-born mist, and hid the sun. Statesmen and patriots plied alike the stocks, Peeress and butler shared alike the box; And judges jobbed, and bishops bit the town, And mighty dukes packed cards for half-a-crown: Britain was sunk in lucre's sordid charms.--_Pope_.
The South-Sea Company was originated by the celebrated Harley Earl of Oxford, in the year 1711, with the view of restoring public credit, which had suffered by the dismissal of the Whig ministry, and of providing for the discharge of the army and navy debentures, and other parts of the floating debt, amounting to nearly ten millions sterling. A company of merchants, at that time without a name, took this debt upon themselves, and the government agreed to secure them for a certain period the interest of six per cent. To provide for this interest, amounting to 600,000l. per annum, the duties upon wines, vinegar, India goods, wrought silks, tobacco, whale-fins, and some other articles, were rendered permanent. The monopoly of the trade to the South Seas was granted, and the company, being incorporated by act of parliament, assumed the title by which it has ever since been known. The minister took great credit to himself for his share in this transaction, and the scheme was always called by his flatterers "the Earl of Oxford's masterpiece."
Even at this early period of its history the most visionary ideas were formed by the company and the public of the immense riches of the eastern coast of South America. Every body had heard of the gold and silver mines of Peru and Mexico; every one believed them to be inexhaustible, and that it was only necessary to send the manufactures of England to the coast to be repaid a hundred fold in gold and silver ingots by the natives. A report, industriously spread, that Spain was willing to concede four ports on the coasts of Chili and Peru for the purposes of traffic, increased the general confidence, and for many years the South-Sea Company's stock was in high favour.
Philip V. of Spain, however, never had any intention of admitting the English to a free trade in the ports of Spanish America. Negotiations were set on foot, but their only result was the _assiento_ contract, or the privilege of supplying the colonies with negroes for thirty years, and of sending once a year a vessel, limited both as to tonnage and value of cargo, to trade with Mexico, Peru, or Chili. The latter permission was only granted upon the hard condition, that the King of Spain should enjoy one-fourth of the profits, and a tax of five per cent on the remainder. This was a great disappointment to the Earl of Oxford and his party, who were reminded much oftener than they found agreeable of the
"_Parturiunt montes, nascitur ridiculus mus_."
But the public confidence in the South-Sea Company was not shaken. The Earl of Oxford declared that Spain would permit two ships, in addition to the annual ship, to carry out merchandise during the first year; and a list was published, in which all the ports and harbours of these coasts were pompously set forth as open to the trade of Great Britain. The first voyage of the annual ship was not made till the year 1717, and in the following year the trade was suppressed by the rupture with Spain.
The king's speech, at the opening of the session of 1717, made pointed allusion to the state of public credit, and recommended that proper measures should be taken to reduce the national debt. The two great monetary corporations, the South-Sea Company and the Bank of England, made proposals to parliament on the 20th of May ensuing. The South-Sea Company prayed that their capital stock of ten millions might be increased to twelve, by subscription or otherwise, and offered to accept five per cent instead of six upon the whole amount. The bank made proposals equally advantageous. The house debated for some time, and finally three acts were passed, called the South-Sea Act, the Bank Act, and the General Fund Act. By the first, the proposals of the South-Sea Company were accepted, and that body held itself ready to advance the sum of two millions towards discharging the principal and interest of the debt due by the state for the four lottery funds, of the ninth and tenth years of Queen Anne. By the second act, the bank received a lower rate of interest for the sum of 1,775,027l. 15s. due to it by the state, and agreed to deliver up to be cancelled as many exchequer bills as amounted to two millions sterling, and to accept of an annuity of one hundred thousand pounds, being after the rate of five per cent, the whole redeemable at one year's notice. They were further required to be ready to advance, in case of need, a sum not exceeding 2,500,000l. upon the same terms of five per cent interest, redeemable by parliament. The General Fund Act recited the various deficiencies, which were to be made good by the aids derived from the foregoing sources.
The name of the South-Sea Company was thus continually before the public. Though their trade with the South American States produced little or no augmentation of their revenues, they continued to flourish as a monetary corporation. Their stock was in high request, and the directors, buoyed up with success, began to think of new means for extending their influence. The Mississippi scheme of John Law, which so dazzled and captivated the French people, inspired them with an idea that they could carry on the same game in England. The anticipated failure of his plans did not divert them from their intention. Wise in their own conceit, they imagined they could avoid his faults, carry on their schemes for ever, and stretch the cord of credit to its extremest tension, without causing it to snap asunder.
It was while Law's plan was at its greatest height of popularity, while people were crowding in thousands to the Rue Quincampoix, and ruining themselves with frantic eagerness, that the South-Sea directors laid before parliament their famous plan for paying off the national debt. Visions of boundless wealth floated before the fascinated eyes of the people in the two most celebrated countries of Europe. The English commenced their career of extravagance somewhat later than the French; but as soon as the delirium seized them, they were determined not to be outdone. Upon the 22d of January, 1720, the House of Commons resolved itself into a committee of the whole house, to take into consideration that part of the king's speech at the opening of the session which related to the public debts, and the proposal of the South-Sea Company towards the redemption and sinking of the same. The proposal set forth at great length, and under several heads, the debts of the state, amounting to 30,981,712l., which the company were anxious to take upon themselves, upon consideration of five per cent per annum, secured to them until Midsummer 1727; after which time, the whole was to become redeemable at the pleasure of the legislature, and the interest to be reduced to four per cent. The proposal was received with great favour; but the Bank of England had many friends in the House of Commons, who were desirous that that body should share in the advantages that were likely to accrue. On behalf of this corporation it was represented, that they had performed great and eminent services to the state in the most difficult times, and deserved, at least, that if any advantage was to be made by public bargains of this nature, they should be preferred before a company that had never done any thing for the nation. The further consideration of the matter was accordingly postponed for five days. In the mean time, a plan was drawn up by the governors of the bank. The South-Sea Company, afraid that the bank might offer still more advantageous terms to the government than themselves, reconsidered their former proposal, and made some alterations in it, which they hoped would render it more acceptable. The principal change was a stipulation that the government might redeem these debts at the expiration of four years, instead of seven, as at first suggested. The bank resolved not to be outbidden in this singular auction, and the governors also reconsidered their first proposal, and sent in a new one.
Thus, each corporation having made two proposals, the house began to deliberate. Mr. Robert Walpole was the chief speaker in favour of the bank, and Mr. Aislabie, the Chancellor of the Exchequer, the principal advocate on behalf of the South-Sea Company. It was resolved, on the 2d of February, that the proposals of the latter were most advantageous to the country. They were accordingly received, and leave was given to bring in a bill to that effect.
Exchange Alley was in a fever of excitement. The company's stock, which had been at a hundred and thirty the previous day, gradually rose to three hundred, and continued to rise with the most astonishing rapidity during the whole time that the bill in its several stages was under discussion. Mr. Walpole was almost the only statesman in the House who spoke out boldly against it. He warned them, in eloquent and solemn language, of the evils that would ensue. It countenanced, he said, "the dangerous practice of stock-jobbing, and would divert the genius of the nation from trade and industry. It would hold out a dangerous lure to decoy the unwary to their ruin, by making them part with the earnings of their labour for a prospect of imaginary wealth. The great principle of the project was an evil of first-rate magnitude; it was to raise artificially the value of the stock, by exciting and keeping up a general infatuation, and by promising dividends out of funds which could never be adequate to the purpose." In a prophetic spirit he added, that if the plan succeeded, the directors would become masters of the government, form a new and absolute aristocracy in the kingdom, and control the resolutions of the legislature. If it failed, which he was convinced it would, the result would bring general discontent and ruin upon the country. Such would be the delusion, that when the evil day came, as come it would, the people would start up, as from a dream, and ask themselves if these things could have been true. All his eloquence was in vain. He was looked upon as a false prophet, or compared to the hoarse raven, croaking omens of evil. His friends, however, compared him to Cassandra, predicting evils which would only be believed when they came home to men's hearths, and stared them in the face at their own boards. Although, in former times, the house had listened with the utmost attention to every word that fell from his lips, the benches became deserted when it was known that he would speak on the South-Sea question.
The bill was two months in its progress through the House of Commons. During this time every exertion was made by the directors and their friends, and more especially by the chairman, the noted Sir John Blunt, to raise the price of the stock. The most extravagant rumours were in circulation. Treaties between England and Spain were spoken of, whereby the latter was to grant a free trade to all her colonies; and the rich produce of the mines of Potosi-la-Paz was to be brought to England until silver should become almost as plentiful as iron. For cotton and woollen goods, with which we could supply them in abundance, the dwellers in Mexico were to empty their golden mines. The company of merchants trading to the South Seas would be the richest the world ever saw, and every hundred pounds invested in it would produce hundreds per annum to the stockholder. At last the stock was raised by these means to near four hundred; but, after fluctuating a good deal, settled at three hundred and thirty, at which price it remained when the bill passed the Commons by a majority of 172 against 55.
In the House of Lords the bill was hurried through all its stages with unexampled rapidity. On the 4th of April it was read a first time; on the 5th, it was read a second time; on the 6th, it was committed; and on the 7th, was read a third time and passed.
Several peers spoke warmly against the scheme; but their warnings fell upon dull, cold ears. A speculating frenzy had seized them as well as the plebeians. Lord North and Grey said the bill was unjust in its nature, and might prove fatal in its consequences, being calculated to enrich the few and impoverish the many. The Duke of Wharton followed; but, as he only retailed at second-hand the arguments so eloquently stated by Walpole in the Lower House, he was not listened to with even the same attention that had been bestowed upon Lord North and Grey. Earl Cowper followed on the same side, and compared the bill to the famous horse of the siege of Troy. Like that, it was ushered in and received with great pomp and acclamations of joy, but bore within it treachery and destruction. The Earl of Sunderland endeavoured to answer all objections; and on the question being put, there appeared only seventeen peers against, and eighty-three in favour of the project. The very same day on which it passed the Lords, it received the royal assent, and became the law of the land.
It seemed at that time as if the whole nation had turned stockjobbers. Exchange Alley was every day blocked up by crowds, and Cornhill was impassable for the number of carriages. Every body came to purchase stock. "Every fool aspired to be a knave." In the words of a ballad published at the time, and sung about the streets,[16]
"Then stars and garters did appear Among the meaner rabble; To buy and sell, to see and hear The Jews and Gentiles squabble.
The greatest ladies thither came, And plied in chariots daily, Or pawned their jewels for a sum To venture in the Alley."
[16] _A South-Sea Ballad; or, Merry Remarks upon Exchange-Alley Bubbles. To a new Tune called "The Grand Elixir; or, the Philosopher's Stone discovered."_
The inordinate thirst of gain that had afflicted all ranks of society was not to be slaked even in the South Sea. Other schemes, of the most extravagant kind, were started. The share-lists were speedily filled up, and an enormous traffic carried on in shares, while, of course, every means were resorted to to raise them to an artificial value in the market.
Contrary to all expectation, South-Sea stock fell when the bill received the royal assent. On the 7th of April the shares were quoted at three hundred and ten, and on the following day at two hundred and ninety. Already the directors had tasted the profits of their scheme, and it was not likely that they should quietly allow the stock to find its natural level without an effort to raise it. Immediately their busy emissaries were set to work. Every person interested in the success of the project endeavoured to draw a knot of listeners around him, to whom he expatiated on the treasures of the South American seas. Exchange Alley was crowded with attentive groups. One rumour alone, asserted with the utmost confidence, had an immediate effect upon the stock. It was said that Earl Stanhope had received overtures in France from the Spanish government to exchange Gibraltar and Port Mahon for some places on the coast of Peru, for the security and enlargement of the trade in the South Seas. Instead of one annual ship trading to those ports, and allowing the king of Spain twenty-five per cent out of the profits, the company might build and charter as many ships as they pleased, and pay no per centage whatever to any foreign potentate.
"Visions of ingots danced before their eyes,"
and stock rose rapidly. On the 12th of April, five days after the bill had become law, the directors opened their books for a subscription of a million, at the rate of 300l. for every 100l. capital. Such was the concourse of persons of all ranks, that this first subscription was found to amount to above two millions of original stock. It was to be paid at five payments, of 60l. each for every 100l. In a few days the stock advanced to three hundred and forty, and the subscriptions were sold for double the price of the first payment. To raise the stock still higher, it was declared, in a general court of directors, on the 21st of April, that the midsummer dividend should be ten per cent, and that all subscriptions should be entitled to the same. These resolutions answering the end designed, the directors, to improve the infatuation of the monied men, opened their books for a second subscription of a million, at four hundred per cent. Such was the frantic eagerness of people of every class to speculate in these funds, that in the course of a few hours no less than a million and a half was subscribed at that rate.
In the mean time, innumerable joint-stock companies started up every where. They soon received the name of Bubbles, the most appropriate that imagination could devise. The populace are often most happy in the nicknames they employ. None could be more apt than that of Bubbles. Some of them lasted for a week or a fortnight, and were no more heard of, while others could not even live out that short span of existence. Every evening produced new schemes, and every morning new projects. The highest of the aristocracy were as eager in this hot pursuit of gain as the most plodding jobber in Cornhill. The Prince of Wales became governor of one company, and is said to have cleared 40,000l. by his speculations.[17] The Duke of Bridgewater started a scheme for the improvement of London and Westminster, and the Duke of Chandos another. There were nearly a hundred different projects, each more extravagant and deceptive than the other, To use the words of the _Political State_, they were "set on foot and promoted by crafty knaves, then pursued by multitudes of covetous fools, and at last appeared to be, in effect, what their vulgar appellation denoted them to be--bubbles and mere cheats." It was computed that near one million and a half sterling was won and lost by these unwarrantable practices, to the impoverishment of many a fool, and the enriching of many a rogue.
[17] Coxe's _Walpole_, Correspondence between Mr. Secretary Craggs and Earl Stanhope.
Some of these schemes were plausible enough, and, had they been undertaken at a time when the public mind was unexcited, might have been pursued with advantage to all concerned. But they were established merely with the view of raising the shares in the market. The projectors took the first opportunity of a rise to sell out, and next morning the scheme was at an end. Maitland, in his _History of London_, gravely informs us, that one of the projects which received great encouragement, was for the establishment of a company "to make deal boards out of saw-dust." This is no doubt intended as a joke; but there is abundance of evidence to shew that dozens of schemes, hardly a whit more reasonable, lived their little day, ruining hundreds ere they fell. One of them was for a wheel for perpetual motion--capital one million; another was "for encouraging the breed of horses in England, and improving of glebe and church lands, and repairing and rebuilding parsonage and vicarage houses." Why the clergy, who were so mainly interested in the latter clause, should have taken so much interest in the first, is only to be explained on the supposition that the scheme was projected by a knot of the fox-hunting parsons, once so common in England. The shares of this company were rapidly subscribed for. But the most absurd and preposterous of all, and which shewed, more completely than any other, the utter madness of the people, was one started by an unknown adventurer, entitled "_A company for carrying on an undertaking of great advantage, but nobody to know what it is_." Were not the fact stated by scores of credible witnesses, it would be impossible to believe that any person could have been duped by such a project. The man of genius who essayed this bold and successful inroad upon public credulity, merely stated in his prospectus that the required capital was half a million, in five thousand shares of 100l. each, deposit 2l. per share. Each subscriber, paying his deposit, would be entitled to 100l. per annum per share. How this immense profit was to be obtained, he did not condescend to inform them at that time, but promised that in a month full particulars should be duly announced, and a call made for the remaining 98l. of the subscription. Next morning, at nine o'clock, this great man opened an office in Cornhill. Crowds of people beset his door, and when he shut up at three o'clock, he found that no less than one thousand shares had been subscribed for, and the deposits paid. He was thus, in five hours, the winner of 2000l. He was philosopher enough to be contented with his venture, and set off the same evening for the Continent. He was never heard of again.
Well might Swift exclaim, comparing Change Alley to a gulf in the South Sea:
"Subscribers here by thousands float, And jostle one another down, Each paddling in his leaky boat, And here they fish for gold and drown.
Now buried in the depths below, Now mounted up to heaven again, They reel and stagger to and fro, At their wit's end, like drunken men.
Meantime, secure on Garraway cliffs, A savage race, by shipwrecks fed, Lie waiting for the foundered skiffs, And strip the bodies of the dead."
Another fraud that was very successful was that of the "Globe _Permits_," as they were called. They were nothing more than square pieces of playing-cards, on which was the impression of a seal, in wax, bearing the sign of the Globe Tavern, in the neighbourhood of Exchange Alley, with the inscription of "Sail-Cloth Permits." The possessors enjoyed no other advantage from them than permission to subscribe at some future time to a new sail-cloth manufactory, projected by one who was then known to be a man of fortune, but who was afterwards involved in the peculation and punishment of the South-Sea directors. These permits sold for as much as sixty guineas in the Alley.
Persons of distinction, of both sexes, were deeply engaged in all these bubbles; those of the male sex going to taverns and coffee-houses to meet their brokers, and the ladies resorting for the same purpose to the shops of milliners and haberdashers. But it did not follow that all these people believed in the feasibility of the schemes to which they subscribed; it was enough for their purpose that their shares would, by stock-jobbing arts, be soon raised to a premium, when they got rid of them with all expedition to the really credulous. So great was the confusion of the crowd in the alley, that shares in the same bubble were known to have been sold at the same instant ten per cent higher at one end of the alley than at the other. Sensible men beheld the extraordinary infatuation of the people with sorrow and alarm. There were some both in and out of parliament who foresaw clearly the ruin that was impending. Mr. Walpole did not cease his gloomy forebodings. His fears were shared by all the thinking few, and impressed most forcibly upon the government. On the 11th of June, the day the parliament rose, the king published a proclamation, declaring that all these unlawful projects should be deemed public nuisances, and prosecuted accordingly, and forbidding any broker, under a penalty of five hundred pounds, from buying or selling any shares in them. Notwithstanding this proclamation, roguish speculators still carried them on, and the deluded people still encouraged them. On the 12th of July, an order of the Lords Justices assembled in privy council was published, dismissing all the petitions that had been presented for patents and charters, and dissolving all the bubble companies. The following copy of their lordships' order, containing a list of all these nefarious projects, will not be deemed uninteresting at the present time, when, at periodic intervals, there is but too much tendency in the public mind to indulge in similar practices:
"At the Council Chamber, Whitehall, the 12th day of July, 1720. Present, their Excellencies the Lords Justices in Council.
"Their Excellencies the Lords Justices, in council, taking into consideration the many inconveniences arising to the public from several projects set on foot for raising of joint-stock for various purposes, and that a great many of his majesty's subjects have been drawn in to part with their money on pretence of assurances that their petitions for patents and charters to enable them to carry on the same would be granted: to prevent such impositions, their excellencies this day ordered the said several petitions, together with such reports from the Board of Trade, and from his majesty's attorney and solicitor-general, as had been obtained thereon, to be laid before them; and after mature consideration thereof, were pleased, by advice of his majesty's privy council, to order that the said petitions be dismissed, which are as follow:
"1. Petition of several persons, praying letters patent for carrying on a fishing trade by the name of the Grand Fishery of Great Britain.
"2. Petition of the Company of the Royal Fishery of England, praying letters patent for such further powers as will effectually contribute to carry on the said fishery.
"3. Petition of George James, on behalf of himself and divers persons of distinction concerned in a national fishery, praying letters patent of incorporation, to enable them to carry on the same.
"4. Petition of several merchants, traders, and others, whose names are thereunto subscribed, praying to be incorporated for reviving and carrying on a whale fishery to Greenland and elsewhere.
"5. Petition of Sir John Lambert and others thereto subscribing, on behalf of themselves and a great number of merchants, praying to be incorporated for carrying on a Greenland trade, and particularly a whale fishery in Davis's Straits.
"6. Another petition for a Greenland trade.
"7. Petition of several merchants, gentlemen, and citizens, praying to be incorporated for buying and building of ships to let or freight.
"8. Petition of Samuel Antrim and others, praying for letters patent for sowing hemp and flax.
"9. Petition of several merchants, masters of ships, sail-makers, and manufacturers of sail-cloth, praying a charter of incorporation, to enable them to carry on and promote the said manufactory by a joint-stock.
"10. Petition of Thomas Boyd and several hundred merchants, owners and masters of ships, sail-makers, weavers, and other traders, praying a charter of incorporation, empowering them to borrow money for purchasing lands, in order to the manufacturing sail-cloth and fine holland.
"11. Petition on behalf of several persons interested in a patent granted by the late King William and Queen Mary for the making of linen and sail-cloth, praying that no charter may be granted to any persons whatsoever for making sail-cloth, but that the privilege now enjoyed by them may be confirmed, and likewise an additional power to carry on the cotton and cotton-silk manufactures.
"12. Petition of several citizens, merchants, and traders in London, and others, subscribers to a British stock for a general insurance from fire in any part of England, praying to be incorporated for carrying on the said undertaking.
"13. Petition of several of his majesty's loyal subjects of the city of London and other parts of Great Britain, praying to be incorporated for carrying on a general insurance from losses by fire within the kingdom of England.
"14. Petition of Thomas Surges and others his majesty's subjects thereto subscribing, in behalf of themselves and others, subscribers to a fund of 1,200,000l. for carrying on a trade to his majesty's German dominions, praying to be incorporated by the name of the Harburg Company.
"15. Petition of Edward Jones, a dealer in timber, on behalf of himself and others, praying to be incorporated for the importation of timber from Germany.
"16. Petition of several merchants of London, praying a charter of incorporation for carrying on a salt-work.
"17. Petition of Captain Macphedris of London, merchant, on behalf of himself and several merchants, clothiers, hatters, dyers, and other traders, praying a charter of incorporation empowering them to raise a sufficient sum of money to purchase lands for planting and rearing a wood called madder, for the use of dyers.
"18. Petition of Joseph Galendo of London, snuff-maker, praying a patent for his invention to prepare and cure Virginia tobacco for snuff in Virginia, and making it into the same in all his majesty's dominions."
LIST OF BUBBLES.
The following Bubble-Companies were by the same order declared to be illegal, and abolished accordingly:
1. For the importation of Swedish iron.
2. For supplying London with sea-coal. Capital, three millions.
3. For building and rebuilding houses throughout all England Capital, three millions.
4. For making of muslin.
5. For carrying on and improving the British alum-works.
6. For effectually settling the island of Blanco and Sal Tartagus.
7. For supplying the town of Deal with fresh water.
8. For the importation of Flanders lace.
9. For improvement of lands in Great Britain. Capital, four millions.
10. For encouraging the breed of horses in England, and improving of glebe and church lands, and for repairing and rebuilding parsonage and vicarage houses.
11. For making of iron and steel in Great Britain,
12. For improving the land in the county of Flint. Capital, one million.
13. For purchasing lands to build on. Capital, two millions.
14. For trading in hair.
15. For erecting salt-works in Holy Island. Capital, two millions.
16. For buying and selling estates, and lending money on mortgage.
17. For carrying on an undertaking of great advantage; but nobody to know what it is.
18. For paving the streets of London. Capital, two millions.
19. For furnishing funerals to any part of Great Britain.
20. For buying and selling lands and lending money at interest. Capital, five millions.
21. For carrying on the royal fishery of Great Britain. Capital, ten millions.
22. For assuring of seamen's wages.
23. For erecting loan-offices for the assistance and encouragement of the industrious. Capital, two millions.
24. For purchasing and improving leaseable lands. Capital, four millions.
25. For importing pitch and tar, and other naval stores, from North Britain and America.
26. For the clothing, felt, and pantile trade.
27. For purchasing and improving a manor and royalty in Essex.
28. For insuring of horses. Capital, two millions.
29. For exporting the woollen manufacture, and importing copper, brass, and iron. Capital, four millions.
30. For a grand dispensary. Capital, three millions.
31. For erecting mills and purchasing lead-mines. Capital, two millions.
32. For improving the art of making soap.
33. For a settlement on the island of Santa Cruz.
34. For sinking pits and smelting lead ore in Derbyshire.
35. For making glass bottles and other glass.
36. For a wheel for perpetual motion. Capital, one million.
37. For improving of gardens.
38. For insuring and increasing children's fortunes.
39. For entering and loading goods at the Custom-house, and for negotiating business for merchants.
40. For carrying on a woollen manufacture in the North of England.
41. For importing walnut-trees from Virginia, Capital, two millions.
42. For making Manchester stuffs of thread and cotton.
43. For making Joppa and Castile soap.
44. For improving the wrought-iron and steel manufactures of this kingdom. Capital four millions.
45. For dealing in lace, hollands, cambrics, lawns, &c. Capital, two millions.
46. For trading in and improving certain commodities of the produce of this kingdom, &c. Capital three millions.
47. For supplying the London markets with cattle.
48. For making looking-glasses, coach-glasses, &c. Capital, two millions.
49. For working the tin and lead mines in Cornwall and Derbyshire.
50. For making rape-oil.
51. For importing beaver fur. Capital, two millions.
52. For making pasteboard and packing-paper.
53. For importing of oils and other materials used in the woollen manufacture.
54. For improving and increasing the silk manufactures.
55. For lending money on stock, annuities, tallies, &c.
56. For paying pensions to widows and others, at a small discount. Capital, two millions.
57. For improving malt liquors. Capital, four millions.
58. For a grand American fishery.
59. For purchasing and improving the fenny lands in Lincolnshire. Capital, two millions.
60. For improving the paper manufacture of Great Britain.
61. The Bottomry Company.
62. For drying malt by hot air.
63. For carrying on a trade in the river Oronooko.
64. For the more effectual making of baize, in Colchester and other parts of Great Britain.
65. For buying of naval stores, supplying the victualling, and paying the wages of the workmen.
66. For employing poor artificers, and furnishing merchants and others with watches.
67. For improvement of tillage and the breed of cattle.
68. Another for the improvement of our breed in horses.
69. Another for a horse-insurance.
70. For carrying on the corn trade of Great Britain.
71. For insuring to all masters and mistresses the losses they may sustain by servants. Capital, three millions.
72. For erecting houses or hospitals for taking in and maintaining illegitimate children. Capital, two millions.
73. For bleaching coarse sugars, without the use of fire or loss of substance.
74. For building turnpikes and wharfs in Great Britain.
75. For insuring from thefts and robberies.
76. For extracting silver from lead.
77. For making china and delft ware. Capital, one million.
78. For importing tobacco, and exporting it again to Sweden and the north of Europe. Capital, four millions.
79. For making iron with pit coal.
80. For furnishing the cities of London and Westminster with hay and straw. Capital, three millions.
81. For a sail and packing-cloth manufactory in Ireland.
82. For taking up ballast.
83. For buying and fitting out ships to suppress pirates.
84. For the importation of timber from Wales. Capital, two millions.
85. For rock-salt.
86. For the transmutation of quicksilver into a malleable fine metal.
[18] Stock-jobbing Card, or the humours of Change Alley. Copied from a print called _Bubblers' Medley_, published by Carrington Bowles.
Besides these bubbles, many others sprang up daily, in-spite of the condemnation of the government and the ridicule of the still sane portion of the public. The print-shops teemed with caricatures, and the newspapers with epigrams and satires, upon the prevalent folly. An ingenious cardmaker published a pack of South-Sea playing-cards, which are now extremely rare, each card containing, besides the usual figures, of a very small size, in one corner, a caricature of a bubble-company, with appropriate verses underneath. One of the most famous bubbles was "Puckle's Machine Company," for discharging round and square cannon-balls and bullets, and making a total revolution in the art of war. Its pretensions to public favour were thus summed up on the eight of spades:
"A rare invention to destroy the crowd Of fools at home instead of fools abroad. Fear not, my friends, this terrible machine, They're only wounded who have shares therein."
[19] Tree, surrounded by water; people climbing up the tree. One of a series of bubble cards, copied from the _Bubblers' Medley_, published by Carrington Bowles.
The nine of hearts was a caricature of the English Copper and Brass Company, with the following epigram:
"The headlong-fool that wants to be a swopper Of gold and silver coin for English copper, May, in Change Alley, prove himself an ass, And give rich metal for adultrate brass."
The eight of diamonds celebrated the company for the colonisation of Acadia, with this doggrel:
"He that is rich and wants to fool away A good round sum in North America, Let him subscribe himself a headlong sharer, And asses' ears shall honour him or bearer."
And in a similar style every card of the pack exposed some knavish scheme, and ridiculed the persons who were its dupes. It was computed that the total amount of the sums proposed for carrying on these projects was upwards of three hundred millions sterling.
It is time, however, to return to the great South-Sea gulf, that swallowed the fortunes of so many thousands of the avaricious and the credulous. On the 29th of May, the stock had risen as high as five hundred, and about two-thirds of the government annuitants had exchanged the securities of the state for those of the South-Sea company. During the whole of the month of May the stock continued to rise, and on the 28th it was quoted at five hundred and fifty. In four days after this it took a prodigious leap, rising suddenly from five hundred and fifty to eight hundred and ninety. It was now the general opinion that the stock could rise no higher, and many persons took that opportunity of selling out, with a view of realising their profits. Many noblemen and persons in the train of the king, and about to accompany him to Hanover, were also anxious to sell out. So many sellers, and so few buyers, appeared in the Alley on the 3d of June, that the stock fell at once from eight hundred and ninety to six hundred and forty. The directors were alarmed, and gave their agents orders to buy. Their efforts succeeded. Towards evening, confidence was restored, and the stock advanced to seven hundred and fifty. It continued at this price, with some slight fluctuation, until the company closed their books on the 22d of June.
It would be needless and uninteresting to detail the various arts employed by the directors to keep up the price of stock. It will be sufficient to state that it finally rose to one thousand per cent. It was quoted at this price in, the commencement of August. The bubble was then full-blown, and began to quiver and shake preparatory to its bursting.
Many of the government annuitants expressed dissatisfaction against the directors. They accused them of partiality in making out the lists for shares in each subscription. Further uneasiness was occasioned by its being generally known that Sir John Blunt the chairman, and some others, had sold out. During the whole of the month of August the stock fell, and on the 2d of September it was quoted at seven hundred only.
The state of things now became alarming. To prevent, if possible, the utter extinction of public confidence in their proceedings, the directors summoned a general court of the whole corporation, to meet in Merchant Tailors' Hall on the 8th of September. By nine o'clock in the morning, the room was filled to suffocation; Cheapside was blocked up by a crowd unable to gain admittance, and the greatest excitement prevailed. The directors and their friends mustered in great numbers. Sir John Fellowes, the sub-governor, was called to the chair. He acquainted the assembly with the cause of their meeting; read to them the several resolutions of the court of directors, and gave them an account of their proceedings; of the taking in the redeemable and unredeemable funds, and of the subscriptions in money. Mr. Secretary Craggs then made a short speech, wherein he commended the conduct of the directors, and urged that nothing could more effectually contribute to the bringing this scheme to perfection than union among themselves. He concluded with a motion for thanking the court of directors for their prudent and skilful management, and for desiring them to proceed in such manner as they should think most proper for the interest and advantage of the corporation. Mr. Hungerford, who had rendered himself very conspicuous in the House of Commons for his zeal in behalf of the South-Sea company, and who was shrewdly suspected to have been a considerable gainer by knowing the right time to sell out, was very magniloquent on this occasion. He said that he had seen the rise and fall, the decay and resurrection of many communities of this nature, but that, in his opinion, none had ever performed such wonderful things in so short a time as the South-Sea company. They had done more than the crown, the pulpit, or the bench could do. They had reconciled all parties in one common interest; they had laid asleep, if not wholly extinguished, all the domestic jars and animosities of the nation. By the rise of their stock, monied men had vastly increased their fortunes; country gentlemen had seen the value of their lands doubled and trebled in their hands. They had at the same time done good to the Church, not a few of the reverend clergy having got great sums by the project. In short, they had enriched the whole nation, and he hoped they had not forgotten themselves. There was some hissing at the latter part of this speech, which for the extravagance of its eulogy was not far removed from satire; but the directors and their friends, and all the winners in the room, applauded vehemently. The Duke of Portland spoke in a similar strain, and expressed his great wonder why any body should be dissatisfied; of course, he was a winner by his speculations, and in a condition similar to that of the fat alderman in _Joe Miller's Jests_, who, whenever he had eaten a good dinner, folded his hands upon his paunch, and expressed his doubts whether there could be a hungry man in the world.
Several resolutions were passed at this meeting, but they had no effect upon the public. Upon the very same evening the stock fell to six hundred and forty, and on the morrow to five hundred and forty. Day after day it continued to fall, until it was as low as four hundred. In a letter dated September 13th, from Mr. Broderick, M.P., to Lord Chancellor Middleton, and published in Coxe's _Walpole_, the former says: "Various are the conjectures why the South-Sea directors have suffered the cloud to break so early. I made no doubt but they would do so when they found it to their advantage. They have stretched credit so far beyond what it would bear, that specie proves insufficient to support it. Their most considerable men have drawn out, securing themselves by the losses of the deluded, thoughtless numbers, whose understandings have been overruled by avarice and the hope of making mountains out of mole-hills. Thousands of families will be reduced to beggary. The consternation is inexpressible--the rage beyond description, and the case altogether so desperate, that I do not see any plan or scheme so much as thought of for averting the blow, so that I cannot pretend to guess what is next to be done." Ten days afterwards, the stock still falling, he writes: "The company have yet come to no determination, for they are in such a wood that they know not which way to turn. By several gentlemen lately come to town, I perceive the very name of a South-Sea-man grows abominable in every country. A great many goldsmiths are already run off, and more will daily. I question whether one-third, nay, one-fourth of them can stand it. From the very beginning, I founded my judgment of the whole affair upon the unquestionable maxim, that ten millions (which is more than our running cash) could not circulate two hundred millions, beyond which our paper credit extended. That, therefore, whenever that should become doubtful, be the cause what it would, our noble state machine must inevitably fall to the ground."
On the 12th of September, at the earnest solicitation of Mr. Secretary Craggs, several conferences were held between the directors of the South Sea and the directors of the Bank. A report which was circulated, that the latter had agreed to circulate six millions of the South-Sea company's bonds, caused the stock to rise to six hundred and seventy; but in the afternoon, as soon as the report was known to be groundless, the stock fell again to five hundred and eighty; the next day to five hundred and seventy, and so gradually to four hundred.[20]
[20] Gay (the poet), in that disastrous year, had a present from young Craggs of some South-Sea stock, and once supposed himself to be master of twenty thousand pounds. His friends persuaded him to sell his share, but he dreamed of dignity and splendour, and could not hear to obstruct his own fortune. He was then importuned to sell as much as would purchase a hundred a year for life, "which," says Fenton, "will make you sure of a clean shirt and a shoulder of mutton every day." This counsel was rejected; the profit and principal were lost, and Gay sunk under the calamity so low that his life became in danger.--_Johnson's Lives of the Poets_
The ministry were seriously alarmed at the aspect of affairs. The directors could not appear in the streets without being insulted; dangerous riots were every moment apprehended. Despatches were sent off to the king at Hanover, praying his immediate return. Mr. Walpole, who was staying at his country seat, was sent for, that he might employ his known influence with the directors of the Bank of England to induce them to accept the proposal made by the South-Sea company for circulating a number of their bonds.
The Bank was very unwilling to mix itself up with the affairs of the company; it dreaded being involved in calamities which it could not relieve, and received all overtures with visible reluctance. But the universal voice of the nation called upon it to come to the rescue. Every person of note in commercial politics was called in to advise in the emergency. A rough draft of a contract drawn up by Mr. Walpole was ultimately adopted as the basis of further negotiations, and the public alarm abated a little.
On the following day, the 20th of September, a general court of the South-Sea company was held at Merchant Tailors' Hall, in which resolutions were carried, empowering the directors to agree with the Bank of England, or any other persons, to circulate the company's bonds, or make any other agreement with the Bank which they should think proper. One of the speakers, a Mr. Pulteney, said it was most surprising to see the extraordinary panic which had seized upon the people. Men were running to and fro in alarm and terror, their imaginations filled with some great calamity, the form and dimensions of which nobody knew:
"Black it stood as night-- Fierce as ten furies--terrible as hell."
At a general court of the Bank of England held two days afterwards, the governor informed them of the several meetings that had been held on the affairs of the South-Sea company, adding that the directors had not yet thought fit to come to any decision upon the matter. A resolution was then proposed, and carried without a dissentient voice, empowering the directors to agree with those of the South Sea to circulate their bonds, to what sum, and upon what terms, and for what time, they might think proper.
Thus both parties were at liberty to act as they might judge best for the public interest. Books were opened at the Bank for a subscription of three millions for the support of public credit, on the usual terms of 15l. per cent deposit, 3l. per cent premium, and 5l. per cent interest. So great was the concourse of people in the early part of the morning, all eagerly bringing their money, that it was thought the subscription would be filled that day; but before noon, the tide turned. In spite of all that could be done to prevent it, the South-Sea company's stock fell rapidly. Their bonds were in such discredit, that a run commenced upon the most eminent goldsmiths and bankers, some of whom, having lent out great sums upon South-Sea stock, were obliged to shut up their shops and abscond. The Sword-blade company, who had hitherto been the chief cashiers of the South-Sea company, stopped payment. This being looked upon as but the beginning of evil, occasioned a great run upon the Bank, who were now obliged to pay out money much faster than they had received it upon the subscription in the morning. The day succeeding was a holiday (the 29th of September), and the Bank had a little breathing time. They bore up against the storm; but their former rivals, the South-Sea company, were wrecked upon it. Their stock fell to one hundred and fifty, and gradually, after various fluctuations, to one hundred and thirty-five.
The Bank, finding they were not able to restore public confidence, and stem the tide of ruin, without running the risk of being swept away with those they intended to save, declined to carry out the agreement into which they had partially entered. They were under no obligation whatever to continue; for the so-called Bank contract was nothing more than the rough draught of an agreement, in which blanks had been left for several important particulars, and which contained no penalty for their secession. "And thus," to use the words of the Parliamentary History, "were seen, in the space of eight months, the rise, progress, and fall of that mighty fabric, which, being wound up by mysterious springs to a wonderful height, had fixed the eyes and expectations of all Europe, but whose foundation, being fraud, illusion, credulity, and infatuation, fell to the ground as soon as the artful management of its directors was discovered."
In the hey-day of its blood, during the progress of this dangerous delusion, the manners of the nation became sensibly corrupted. The parliamentary inquiry, set on foot to discover the delinquents, disclosed scenes of infamy, disgraceful alike to the morals of the offenders and the intellects of the people among whom they had arisen. It is a deeply interesting study to investigate all the evils that were the result. Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later. A celebrated writer[21] is quite wrong when he says, "that such an era as this is the most unfavourable for a historian; that no reader of sentiment and imagination can be entertained or interested by a detail of transactions such as these, which admit of no warmth, no colouring, no embellishment; a detail of which only serves to exhibit an inanimate picture of tasteless vice and mean degeneracy." On the contrary,--and Smollett might have discovered it, if he had been in the humour,--the subject is capable of inspiring as much interest as even a novellist can desire. Is there no warmth in the despair of a plundered people?--no life and animation in the picture which might be drawn of the woes of hundreds of impoverished and ruined families? of the wealthy of yesterday become the beggars of to-day? of the powerful and influential changed into exiles and outcasts, and the voice of self-reproach and imprecation resounding from every corner of the land? Is it a dull or uninstructive picture to see a whole people shaking suddenly off the trammels of reason, and running wild after a golden vision, refusing obstinately to believe that it is not real, till, like a deluded hind running after an _ignis fatuus_, they are plunged into a quagmire? But in this false spirit has history too often been written. The intrigues of unworthy courtiers to gain the favour of still more unworthy kings, or the records of murderous battles and sieges, have been dilated on, and told over and over again, with all the eloquence of style and all the charms of fancy; while the circumstances which have most deeply affected the morals and welfare of the people have been passed over with but slight notice, as dry and dull, and capable of neither warmth nor colouring.
[21] Smollett.
[22] Caricature, copied from _Bubblers' Medley_, published by Carrington Bowles.
During the progress of this famous bubble, England presented a singular spectacle. The public mind was in a state of unwholesome fermentation. Men were no longer satisfied with the slow but sure profits of cautious industry. The hope of boundless wealth for the morrow made them heedless and extravagant for to-day. A luxury, till then unheard-of, was introduced, bringing in its train a corresponding laxity of morals. The over-bearing insolence of ignorant men, who had arisen to sudden wealth by successful gambling, made men of true gentility of mind and manners blush that gold should have power to raise the unworthy in the scale of society. The haughtiness of some of these "cyphering cits," as they were termed by Sir Richard Steele, was remembered against them in the day of their adversity. In the parliamentary inquiry, many of the directors suffered more for their insolence than for their peculation. One of them, who, in the full-blown pride of an ignorant rich man, had said that he would feed his horse upon gold, was reduced almost to bread and water for himself; every haughty look, every overbearing speech, was set down, and repaid them a hundredfold in poverty and humiliation.
The state of matters all over the country was so alarming, that George I. shortened his intended stay in Hanover, and returned in all haste to England. He arrived on the 11th of November, and parliament was summoned to meet on the 8th of December. In the mean time, public meetings were held in every considerable town of the empire, at which petitions were adopted, praying the vengeance of the legislature upon the South-Sea directors, who, by their fraudulent practices, had brought the nation to the brink of ruin. Nobody seemed to imagine that the nation itself was as culpable as the South-Sea company. Nobody blamed the credulity and avarice of the people,--the degrading lust of gain, which had swallowed up every nobler quality in the national character, or the infatuation which had made the multitude run their heads with such frantic eagerness into the net held out for them by scheming projectors. These things were never mentioned. The people were a simple, honest, hard-working people, ruined by a gang of robbers, who were to be hanged, drawn, and quartered without mercy.
This was the almost unanimous feeling of the country. The two Houses of Parliament were not more reasonable. Before the guilt of the South-Sea directors was known, punishment was the only cry. The king, in his speech from the throne, expressed his hope that they would remember that all their prudence, temper, and resolution were necessary to find out and apply the proper remedy for their misfortunes. In the debate on the answer to the address, several speakers indulged in the most violent invectives against the directors of the South-Sea project. The Lord Molesworth was particularly vehement. "It had been said by some, that there was no law to punish the directors of the South-Sea company, who were justly looked upon as the authors of the present misfortunes of the state. In his opinion, they ought upon this occasion to follow the example of the ancient Romans, who, having no law against parricide, because their legislators supposed no son could be so unnaturally wicked as to embrue his hands in his father's blood, made a law to punish this heinous crime as soon as it was committed. They adjudged the guilty wretch to be sown in a sack, and thrown alive into the Tiber. He looked upon the contrivers and executors of the villanous South-Sea scheme as the parricides of their country, and should be satisfied to see them tied in like manner in sacks, and thrown into the Thames." Other members spoke with as much want of temper and discretion. Mr. Walpole was more moderate. He recommended that their first care should be to restore public credit. "If the city of London were on fire, all wise men would aid in extinguishing the flames, and preventing the spread of the conflagration, before they inquired after the incendiaries. Public credit had received a dangerous wound, and lay bleeding, and they ought to apply a speedy remedy to it. It was time enough to punish the assassin afterwards." On the 9th of December an address, in answer to his majesty's speech, was agreed upon, after an amendment, which was carried without a division, that words should be added expressive of the determination of the house not only to seek a remedy for the national distresses, but to punish the authors of them.
[23] Britannia stript by a South-Sea Director. From _Het groote Tafereel der Dwaasheid_.
The inquiry proceeded rapidly. The directors were ordered to lay before the house a full account of all their proceedings. Resolutions were passed to the effect that the calamity was mainly owing to the vile arts of stock-jobbers, and that nothing could tend more to the reestablishment of public credit than a law to prevent this infamous practice. Mr. Walpole then rose, and said, that "as he had previously hinted, he had spent some time upon a scheme for restoring public credit, but that the execution of it depending upon a position which had been laid down as fundamental, he thought it proper, before he opened out his scheme, to be informed whether he might rely upon that foundation. It was, whether the subscription of public debts and encumbrances, money subscriptions, and other contracts, made with the South-Sea company, should remain in the present state?" This question occasioned an animated debate. It was finally agreed, by a majority of 259 against 117, that all these contracts should remain in their present state, unless altered for the relief of the proprietors by a general court of the South-Sea company, or set aside by due course of law. On the following day, Mr. Walpole laid before a committee of the whole house his scheme for the restoration of public credit, which was, in substance, to engraft nine millions of South-Sea stock into the Bank of England, and the same sum into the East India company, upon certain conditions. The plan was favourably received by the house. After some few objections, it was ordered that proposals should be received from the two great corporations. They were both unwilling to lend their aid, and the plan met with a warm but fruitless opposition at the general courts summoned for the purpose of deliberating upon it. They, however, ultimately agreed upon the terms on which they would consent to circulate the South-Sea bonds, and their report being presented to the committee, a bill was brought in under the superintendence of Mr. Walpole, and safely carried through both Houses of Parliament.
A bill was at the same time brought in for restraining the South-Sea directors, governor, sub-governor, treasurer, cashier, and clerks from leaving the kingdom for a twelvemonth, and for discovering their estates and effects, and preventing them from transporting or alienating the same. All the most influential members of the House supported the bill. Mr. Shippen, seeing Mr. Secretary Craggs in his place, and believing the injurious rumours that were afloat of that minister's conduct in the South-Sea business, determined to touch him to the quick. He said, he was glad to see a British House of Commons resuming its pristine vigour and spirit, and acting with so much unanimity for the public good. It was necessary to secure the persons and estates of the South-Sea directors and their officers; "but," he added, looking fixedly at Mr. Craggs as he spoke, "there were other men in high station, whom, in time, he would not be afraid to name, who were no less guilty than the directors." Mr. Craggs arose in great wrath, and said, that if the innuendo were directed against him, he was ready to give satisfaction to any man who questioned him, either in the House or out of it. Loud cries of order immediately arose on every side. In the midst of the uproar, Lord Molesworth got up, and expressed his wonder at the boldness of Mr. Craggs in challenging the whole House of Commons. He, Lord Molesworth, though somewhat old, past sixty, would answer Mr. Craggs whatever he had to say in the House, and he trusted there were plenty of young men beside him, who would not be afraid to look Mr. Craggs in the face out of the House. The cries of order again resounded from every side; the members arose simultaneously; every body seemed to be vociferating at once. The speaker in vain called order. The confusion lasted several minutes, during which Lord Molesworth and Mr. Craggs were almost the only members who kept their seats. At last, the call for Mr. Craggs became so violent, that he thought proper to submit to the universal feeling of the House, and explain his unparliamentary expression. He said, that by giving satisfaction to the impugners of his conduct in that House, he did not mean that he would fight, but that he would explain his conduct. Here the matter ended, and the House proceeded to debate in what manner they should conduct their inquiry into the affairs of the South-Sea company, whether in a grand or a select committee. Ultimately, a secret committee of thirteen was appointed, with power to send for persons, papers, and records.
The Lords were as zealous and as hasty as the Commons. The Bishop of Rochester said the scheme had been like a pestilence. The Duke of Wharton said the House ought to shew no respect of persons; that, for his part, he would give up the dearest friend he had, if he had been engaged in the project. The nation had been plundered in a most shameful and flagrant manner, and he would go as far as any body in the punishment of the offenders. Lord Stanhope said, that every farthing possessed by the criminals, whether directors or not directors, ought to be confiscated, to make good the public losses.
During all this time the public excitement was extreme. We learn from Coxe's _Walpole_, that the very name of a South-Sea director was thought to be synonymous with every species of fraud and villany. Petitions from counties, cities, and boroughs, in all parts of the kingdom, were presented, crying for the justice due to an injured nation and the punishment of the villanous peculators. Those moderate men, who would not go to extreme lengths, even in the punishment of the guilty, were accused of being accomplices, were exposed to repeated insults and virulent invectives, and devoted, both in anonymous letters and public writings, to the speedy vengeance of an injured people. The accusations against Mr. Aislabie, Chancellor of the Exchequer, and Mr. Craggs, another member of the ministry, were so loud, that the House of Lords resolved to proceed at once into the investigation concerning them. It was ordered, on the 21st of January, that all brokers concerned in the South-Sea scheme should lay before the House an account of the stock or subscriptions bought or sold by them for any of the officers of the Treasury or Exchequer, or in trust for any of them, since Michaelmas 1719. When this account was delivered, it appeared that large quantities of stock had been transferred to the use of Mr. Aislabie. Five of the South-Sea directors, including Mr. Edward Gibbon, the grandfather of the celebrated historian, were ordered into the custody of the black rod. Upon a motion made by Earl Stanhope, it was unanimously resolved, that the taking in or giving credit for stock without a valuable consideration actually paid or sufficiently secured; or the purchasing stock by any director or agent of the South-Sea company, for the use or benefit of any member of the administration, or any member of either House of Parliament, during such time as the South-Sea bill was yet pending in parliament, was a notorious and dangerous corruption. Another resolution was passed a few days afterwards, to the effect that several of the directors and officers of the company having, in a clandestine manner, sold their own stock to the company, had been guilty of a notorious fraud and breach of trust, and had thereby mainly caused the unhappy turn of affairs that had so much affected public credit. Mr. Aislabie resigned his office as Chancellor of the Exchequer, and absented himself from parliament, until the formal inquiry into his individual guilt was brought under the consideration of the legislature.
In the mean time, Knight, the treasurer of the company, and who was entrusted with all the dangerous secrets of the dishonest directors, packed up his books and documents, and made his escape from the country. He embarked in disguise, in a small boat on the river, and proceeding to a vessel hired for the purpose, was safely conveyed to Calais. The Committee of Secrecy informed the House of the circumstance, when it was resolved unanimously that two addresses should be presented to the king; the first praying that he would issue a proclamation offering a reward for the apprehension of Knight; and the second, that he would give immediate orders to stop the ports, and to take effectual care of the coasts, to prevent the said Knight, or any other officers of the South-Sea company, from escaping out of the kingdom. The ink was hardly dry upon these addresses before they were carried to the king by Mr. Methuen, deputed by the House for that purpose. The same evening a royal proclamation was issued, offering a reward of two thousand pounds for the apprehension of Knight. The Commons ordered the doors of the House to be locked, and the keys to be placed on the table. General Ross, one of the members of the Committee of Secrecy, acquainted them that they had already discovered a train of the deepest villany and fraud that hell had ever contrived to ruin a nation, which in due time they would lay before the House. In the mean time, in order to a further discovery, the Committee thought it highly necessary to secure the persons of some of the directors and principal South-Sea officers, and to seize their papers. A motion to this effect having been made, was carried unanimously. Sir Robert Chaplin, Sir Theodore Janssen, Mr. Sawbridge, and Mr. F. Eyles, members of the House, and directors of the South-Sea company, were summoned to appear in their places, and answer for their corrupt practices. Sir Theodore Janssen and Mr. Sawbridge answered to their names, and endeavoured to exculpate themselves. The House heard them patiently, and then ordered them to withdraw. A motion was then made, and carried _nemine contradicente_, that they had been guilty of a notorious breach of trust--had occasioned much loss to great numbers of his majesty's subjects, and had highly prejudiced the public credit. It was then ordered that, for their offence, they should be expelled the House, and taken into the custody of the sergeant-at-arms. Sir Robert Chaplin and Mr. Eyles, attending in their places four days afterwards, were also expelled the House. It was resolved at the same time to address the king to give directions to his ministers at foreign courts to make application for Knight, that he might be delivered up to the English authorities, in case he took refuge in any of their dominions. The king at once agreed, and messengers were despatched to all parts of the continent the same night.
Among the directors taken into custody was Sir John Blunt, the man whom popular opinion has generally accused of having been the original author and father of the scheme. This man, we are informed by Pope, in his epistle to Allen Lord Bathurst, was a dissenter, of a most religious deportment, and professed to be a great believer.[24] He constantly declaimed against the luxury and corruption of the age, the partiality of parliaments, and the misery of party spirit. He was particularly eloquent against avarice in great and noble persons. He was originally a scrivener, and afterwards became, not only a director, but the most active manager of the South-Sea company. Whether it was during his career in this capacity that he first began to declaim against the avarice of the great, we are not informed. He certainly must have seen enough of it to justify his severest anathema; but if the preacher had himself been free from the vice he condemned, his declamations would have had a better effect. He was brought up in custody to the bar of the House of Lords, and underwent a long examination. He refused to answer several important questions. He said he had been examined already by a committee of the House of Commons, and as he did not remember his answers, and might contradict himself, he refused to answer before another tribunal. This declaration, in itself an indirect proof of guilt, occasioned some commotion in the House. He was again asked peremptorily whether he had ever sold any portion of the stock to any member of the administration, or any member of either House of Parliament, to facilitate the passing of the bill. He again declined to answer. He was anxious, he said, to treat the House with all possible respect, but he thought it hard to be compelled to accuse himself. After several ineffectual attempts to refresh his memory, he was directed to withdraw. A violent discussion ensued between the friends and opponents of the ministry. It was asserted that the administration were no strangers to the convenient taciturnity of Sir John Blunt. The Duke of Wharton made a reflection upon the Earl Stanhope, which the latter warmly resented. He spoke under great excitement, and with such vehemence as to cause a sudden determination of blood to the head. He felt himself so ill that he was obliged to leave the House and retire to his chamber. He was cupped immediately, and also let blood on the following morning, but with slight relief. The fatal result was not anticipated. Towards evening he became drowsy, and turning himself on his face, expired. The sudden death of this statesman caused great grief to the nation. George I. was exceedingly affected, and shut himself up for some hours in his closet, inconsolable for his loss.
[24] "'God cannot love,' says Blunt, with tearless eyes, 'The wretch he starves, and piously denies.' . . . Much-injur'd Blunt! why bears he Britain's hate? A wizard told him in these words our fate: 'At length corruption, like a gen'ral flood, So long by watchful ministers withstood, Shall deluge all; and av'rice, creeping on, Spread like a low-born mist, and blot the sun; Statesman and patriot ply alike the stocks, Peeress and butler share alike the box, And judges job, and bishops bite the Town, And mighty dukes pack cards for half-a-crown: See Britain sunk in Lucre's forbid charms, And France reveng'd of Ann's and Edward's arms!' 'Twas no court-badge, great Scriv'ner! fir'd thy brain, Nor lordly luxury, nor city gain: No, 'twas thy righteous end, asham'd to see Senates degen'rate, patriots disagree, And nobly wishing party-rage to cease, To buy both sides, and give thy country peace." _Pope's Epistle to Allen Lord Bathurst_.
Knight, the treasurer of the company, was apprehended at Tirlemont, near Liege, by one of the secretaries of Mr. Leathes, the British resident at Brussels, and lodged in the citadel of Antwerp. Repeated applications were made to the court of Austria to deliver him up, but in vain. Knight threw himself upon the protection of the states of Brabant, and demanded to be tried in that country. It was a privilege granted to the states of Brabant by one of the articles of the _Joyeuse Entrée_, that every criminal apprehended in that country should be tried in that country. The states insisted on their privilege, and refused to deliver Knight to the British authorities. The latter did not cease their solicitations; but in the mean time, Knight escaped from the citadel.
[25] The Brabant Screen. This caricature represents the Duchess of Kendal behind the "Brabant Screen," supplying Mr. Knight with money to facilitate his escape; and is copied from a rare print of the time, in the collection of E. Hawkins, Esq. F.S.A.
On the 16th of February the Committee of Secrecy made their first report to the House. They stated that their inquiry had been attended with numerous difficulties and embarrassments; every one they had examined had endeavoured, as far as in him lay, to defeat the ends of justice. In some of the books produced before them, false and fictitious entries had been made; in others, there were entries of money with blanks for the name of the stockholders. There were frequent erasures and alterations, and in some of the books leaves were torn out. They also found that some books of great importance had been destroyed altogether, and that some had been taken away or secreted. At the very entrance into their inquiry, they had observed that the matters referred to them were of great variety and extent. Many persons had been entrusted with various parts in the execution of the law, and under colour thereof had acted in an unwarrantable manner, in disposing of the properties of many thousands of persons amounting to many millions of money. They discovered that, before the South-Sea Act was passed, there was an entry in the company's books of the sum of 1,259,325l., upon account of stock stated to have been sold to the amount of 574,500l. This stock was all fictitious, and had been disposed of with a view to promote the passing of the bill. It was noted as sold on various days, and at various prices, from 150 to 325 per cent. Being surprised to see so large an account disposed of at a time when the company were not empowered to increase their capital, the Committee determined to investigate most carefully the whole transaction. The governor, sub-governor, and several directors were brought before them, and examined rigidly. They found that, at the time these entries were made, the company was not in possession of such a quantity of stock, having in their own right only a small quantity, not exceeding thirty thousand pounds at the utmost. Pursuing the inquiry, they found that this amount of stock was to be esteemed as taken in or holden by the company for the benefit of the pretended purchasers, although no mutual agreement was made for its delivery or acceptance at any certain time. No money was paid down, nor any deposit or security whatever given to the company by the supposed purchasers; so that if the stock had fallen, as might have been expected had the act not passed, they would have sustained no loss. If, on the contrary, the price of stock advanced (as it actually did by the success of the scheme), the difference by the advanced price was to be made good to them. Accordingly, after the passing of the act, the account of stock was made up and adjusted with Mr. Knight, and the pretended purchasers were paid the difference out of the company's cash. This fictitious stock, which had been chiefly at the disposal of Sir John Blunt, Mr. Gibbon, and Mr. Knight, was distributed among several members of the government and their connexions, by way of bribe, to facilitate the passing of the bill. To the Earl of Sunderland was assigned 50,000l. of this stock; to the Duchess of Kendal, 10,000l.; to the Countess of Platen, 10,000l.; to her two nieces, 10,000l.; to Mr. Secretary Craggs, 30,000l.; to Mr. Charles Stanhope (one of the secretaries of the Treasury), 10,000l.; to the Sword-blade company, 50,000l. It also appeared that Mr. Stanhope had received the enormous sum of 250,000l. as the difference in the price of some stock, through the hands of Turner, Caswall, and Co., but that his name had been partly erased from their books, and altered to Stangape. Aislabie, the Chancellor of the Exchequer, had made profits still more abominable. He had an account with the same firm, who were also South-Sea directors, to the amount of 794,451l. He had, besides, advised the company to make their second subscription one million and a half, instead of a million, by their own authority, and without any warrant. The third subscription had been conducted in a manner as disgraceful. Mr. Aislabie's name was down for 70,000l.; Mr. Craggs, senior, for 659,000l.; the Earl of Sunderland's for 160,000l.; and Mr. Stanhope for 47,000l. This report was succeeded by six others, less important. At the end of the last, the committee declared, that the absence of Knight, who had been principally entrusted, prevented them from carrying on their inquiries.
The first report was ordered to be printed, and taken into consideration on the next day but one succeeding. After a very angry and animated debate, a series of resolutions were agreed to, condemnatory of the conduct of the directors, of the members of the parliament and of the administration concerned with them; and declaring that they ought, each and all, to make satisfaction out of their own estates for the injury they had done the public. Their practices were declared to be corrupt, infamous, and dangerous; and a bill was ordered to be brought in for the relief of the unhappy sufferers.
Mr. Charles Stanhope was the first person brought to account for his share in these transactions. He urged in his defence that, for some years past, he had lodged all the money he was possessed of in Mr. Knight's hands, and whatever stock Mr. Knight had taken in for him, he had paid a valuable consideration for it. As for the stock that had been bought for him by Turner, Caswall, and Co., he knew nothing about it. Whatever had been done in that matter was done without his authority, and he could not be responsible for it. Turner and Co. took the latter charge upon themselves; but it was notorious to every unbiassed and unprejudiced person that Mr. Stanhope was a gainer of the 250,000l. which lay in the hands of that firm to his credit. He was, however, acquitted by a majority of three only. The greatest exertions were made to screen him. Lord Stanhope, the son of the Earl of Chesterfield, went round to the wavering members, using all the eloquence he was possessed of to induce them either to vote for the acquittal, or to absent themselves from the House. Many weak-headed country gentlemen were led astray by his persuasions, and the result was as already stated. The acquittal caused the greatest discontent throughout the country. Mobs of a menacing character assembled in different parts of London; fears of riots were generally entertained, especially as the examination of a still greater delinquent was expected by many to have a similar termination. Mr. Aislabie, whose high office and deep responsibilities should have kept him honest, even had native principle been insufficient, was very justly regarded as perhaps the greatest criminal of all. His case was entered into on the day succeeding the acquittal of Mr. Stanhope. Great excitement prevailed, and the lobbies and avenues of the House were beset by crowds, impatient to know the result. The debate lasted the whole day. Mr. Aislabie found few friends: his guilt was so apparent and so heinous that nobody had courage to stand up in his favour. It was finally resolved, without a dissentient voice, that Mr. Aislabie had encouraged and promoted the destructive execution of the South-Sea scheme with a view to his own exorbitant profit, and had combined with the directors in their pernicious practices, to the ruin of the public trade and credit of the kingdom: that he should for his offences be ignominiously expelled from the House of Commons, and committed a close prisoner to the Tower of London; that he should be restrained from going out of the kingdom for a whole year, or till the end of the next session of Parliament; and that he should make out a correct account of all his estate, in order that it might be applied to the relief of those who had suffered by his mal-practices.
This verdict caused the greatest joy. Though it was delivered at half-past twelve at night, it soon spread over the city. Several persons illuminated their houses in token of their joy. On the following day, when Mr. Aislabie was conveyed to the Tower, the mob assembled on Tower-hill with the intention of hooting and pelting him. Not succeeding in this, they kindled a large bonfire, and danced around it in the exuberance of their delight. Several bonfires were made in other places; London presented the appearance of a holiday, and people congratulated one another as if they had just escaped from some great calamity. The rage upon the acquittal of Mr. Stanhope had grown to such a height that none could tell where it would have ended, had Mr. Aislabie met with the like indulgence.
To increase the public satisfaction, Sir George Caswall, of the firm of Turner, Caswall, and Co., was expelled from the House on the following day, committed to the Tower, and ordered to refund the sum of 250,000l.
That part of the report of the Committee of Secrecy which related to the Earl of Sunderland was next taken into consideration. Every effort was made to clear his lordship from the imputation. As the case against him rested chiefly on the evidence extorted from Sir John Blunt, great pains were taken to make it appear that Sir John's word was not to be believed, especially in a matter affecting the honour of a peer and privy councillor. All the friends of the ministry rallied around the earl, it being generally reported that a verdict of guilty against him would bring a Tory ministry into power. He was eventually acquitted by a majority of 233 against 172; but the country was convinced of his guilt. The greatest indignation was every where expressed, and menacing mobs again assembled in London. Happily no disturbance took place.
This was the day on which Mr. Craggs the elder expired. The morrow had been appointed for the consideration of his case. It was very generally believed that he had poisoned himself. It appeared, however, that grief for the loss of his son, one of the secretaries of the Treasury, who had died five weeks previously of the small-pox, preyed much on his mind. For this son, dearly beloved, he had been amassing vast heaps of riches: he had been getting money, but not honestly; and he for whose sake he had bartered his honour and sullied his fame was now no more. The dread of further exposure increased his trouble of mind, and ultimately brought on an apoplectic fit, in which he expired. He left a fortune of a million and a half, which was afterwards confiscated for the benefit of the sufferers by the unhappy delusion he had been so mainly instrumental in raising.
One by one the case of every director of the company was taken into consideration. A sum amounting to two millions and fourteen thousand pounds was confiscated from their estates towards repairing the mischief they had done, each man being allowed a certain residue in proportion to his conduct and circumstances, with which he might begin the world anew. Sir John Blunt was only allowed 5,000l. out of his fortune of upwards of 183,000l.; Sir John Fellows was allowed 10,000l. out of 243,000l.; Sir Theodore Janssen, 50,000l. out of 243,000l.; Mr. Edward Gibbon, 10,000l. out of 106,000l.; Sir John Lambert, 5000l. out of 72,000l. Others, less deeply involved, were treated with greater liberality. Gibbon, the historian, whose grandfather was the Mr. Edward Gibbon so severely mulcted, has given, in the _Memoirs of his Life and Writings_, an interesting account of the proceedings in parliament at this time. He owns that he is not an unprejudiced witness; but, as all the writers from which it is possible to extract any notice of the proceedings of these disastrous years were prejudiced on the other side, the statements of the great historian become of additional value. If only on the principle _audi alteram partem_, his opinion is entitled to consideration. "In the year 1716," he says, "my grandfather was elected one of the directors of the South-Sea company, and his books exhibited the proof that before his acceptance of that fatal office, he had acquired an independent fortune of 60,000l. But his fortune was overwhelmed in the shipwreck of the year 1720, and the labours of thirty years were blasted in a single day. Of the use or abuse of the South-Sea scheme, of the guilt or innocence of my grandfather and his brother directors, I am neither a competent nor a disinterested judge. Yet the equity of modern times must condemn the violent and arbitrary proceedings, which would have disgraced the cause of justice, and rendered injustice still more odious. No sooner had the nation awakened from its golden dream, than a popular and even a parliamentary clamour demanded its victims; but it was acknowledged on all sides, that the directors, however guilty, could not be touched by any known laws of the land. The intemperate notions of Lord Molesworth were not literally acted on; but a bill of pains and penalties was introduced--a retro-active statute, to punish the offences which did not exist at the time they were committed. The legislature restrained the persons of the directors, imposed an exorbitant security for their appearance, and marked their character with a previous note of ignominy. They were compelled to deliver, upon oath, the strict value of their estates, and were disabled from making any transfer or alienation of any part of their property. Against a bill of pains and penalties, it is the common right of every subject to be heard by his counsel at the bar. They prayed to be heard. Their prayer was refused, and their oppressors, who required no evidence, would listen to no defence. It had been at first proposed, that one-eighth of their respective estates should be allowed for the future support of the directors; but it was especially urged that, in the various shades of opulence and guilt, such a proportion would be too light for many, and for some might possibly be too heavy. The character and conduct of each man were separately weighed; but, instead of the calm solemnity of a judicial inquiry, the fortune and honour of thirty-three Englishmen were made the topics of hasty conversation, the sport of a lawless majority; and the basest member of the committee, by a malicious word or a silent vote, might indulge his general spleen or personal animosity. Injury was aggravated by insult, and insult was embittered by pleasantry. Allowances of 20l. or 1s. were facetiously moved. A vague report that a director had formerly been concerned in another project, by which some unknown persons had lost their money, was admitted as a proof of his actual guilt. One man was ruined because he had dropped a foolish speech, that his horses should feed upon gold; another, because he was grown so proud, that one day, at the Treasury, he had refused a civil answer to persons much above him. All were condemned, absent and unheard, in arbitrary fines and forfeitures, which swept away the greatest part of their substance. Such bold oppression can scarcely be shielded by the omnipotence of parliament. My grandfather could not expect to be treated with more lenity than his companions. His Tory principles and connexions rendered him obnoxious to the ruling powers. His name was reported in a suspicious secret. His well-known abilities could not plead the excuse of ignorance or error. In the first proceedings against the South-Sea directors, Mr. Gibbon was one of the first taken into custody, and in the final sentence the measure of his fine proclaimed him eminently guilty. The total estimate, which he delivered on oath to the House of Commons, amounted to 106,543l. 5s. 6d., exclusive of antecedent settlements. Two different allowances of 15,000l. and of 10,000l. were moved for Mr. Gibbon; but on the question being put, it was carried without a division for the smaller sum. On these ruins, with the skill and credit of which parliament had not been able to despoil him, my grandfather, at a mature age, erected the edifice of a new fortune. The labours of sixteen years were amply rewarded; and I have reason to believe that the second structure was not much inferior to the first."
[26] Emblematic print of the South-Sea Scheme. By W. Hogarth.
The next consideration of the legislature, after the punishment of the directors, was to restore public credit. The scheme of Walpole had been found insufficient, and had fallen into disrepute. A computation was made of the whole capital stock of the South-Sea company at the end of the year 1720. It was found to amount to thirty-seven millions eight hundred thousand pounds, of which the stock allotted to all the proprietors only amounted to twenty-four millions five hundred thousand pounds. The remainder of thirteen millions three hundred thousand pounds belonged to the company in their corporate capacity, and was the profit they had made by the national delusion. Upwards of eight millions of this were taken from the company, and divided among the proprietors and subscribers generally, making a dividend of about 33l. 6s. 8d. per cent. This was a great relief. It was further ordered, that such persons as had borrowed money from the South-Sea company upon stock actually transferred and pledged at the time of borrowing to or for the use of the company, should be free from all demands, upon payment of ten per cent of the sums so borrowed. They had lent about eleven millions in this manner, at a time when prices were unnaturally raised; and they now received back one million one hundred thousand, when prices had sunk to their ordinary level.
But it was a long time before public credit was thoroughly restored. Enterprise, like Icarus, had soared too high, and melted the wax of her wings; like Icarus, she had fallen into a sea, and learned, while floundering in its waves, that her proper element was the solid ground. She has never since attempted so high a flight.
In times of great commercial prosperity there has been a tendency to over-speculation on several occasions since then. The success of one project generally produces others of a similar kind. Popular imitativeness will always, in a trading nation, seize hold of such successes, and drag a community too anxious for profits into an abyss from which extrication is difficult. Bubble companies, of a kind similar to those engendered by the South-Sea project, lived their little day in the famous year of the panic, 1825. On that occasion, as in 1720, knavery gathered a rich harvest from cupidity, but both suffered when the day of reckoning came. The schemes of the year 1836 threatened, at one time, results as disastrous; but they were happily averted before it was too late.[27]
[27] The South-Sea project remained until 1845 the greatest example in British history of the infatuation of the people for commercial gambling. The first edition of these volumes was published some time before the outbreak of the Great Railway Mania of that and the following year.
THE TULIPOMANIA.
Quis furor, ô cives!--_Lucan_.
The tulip,--so named, it is said, from a Turkish word, signifying a turban,--was introduced into western Europe about the middle of the sixteenth century. Conrad Gesner, who claims the merit of having brought it into repute,--little dreaming of the commotion it was shortly afterwards to make in the world,--says that he first saw it in the year 1559, in a garden at Augsburg, belonging to the learned Counsellor Herwart, a man very famous in his day for his collection of rare exotics. The bulbs were sent to this gentleman by a friend at Constantinople, where the flower had long been a favourite. In the course of ten or eleven years after this period, tulips were much sought after by the wealthy, especially in Holland and Germany. Rich people at Amsterdam sent for the bulbs direct to Constantinople, and paid the most extravagant prices for them. The first roots planted in England were brought from Vienna in 1600. Until the year 1634 the tulip annually increased in reputation, until it was deemed a proof of bad taste in any man of fortune to be without a collection of them. Many learned men, including Pompeius de Angelis and the celebrated Lipsius of Leyden, the author of the treatise "De Constantia," were passionately fond of tulips. The rage for possessing them soon caught the middle classes of society, and merchants and shopkeepers, even of moderate means, began to vie with each other in the rarity of these flowers and the preposterous prices they paid for them. A trader at Harlaem was known to pay one-half of his fortune for a single root, not with the design of selling it again at a profit, but to keep in his own conservatory for the admiration of his acquaintance.
One would suppose that there must have been some great virtue in this flower to have made it so valuable in the eyes of so prudent a people as the Dutch; but it has neither the beauty nor the perfume of the rose--hardly the beauty of the "sweet, sweet-pea;" neither is it as enduring as either. Cowley, it is true, is loud in its praise. He says--
"The tulip next appeared, all over gay, But wanton, full of pride, and full of play; The world can't shew a dye but here has place; Nay, by new mixtures, she can change her face; Purple and gold are both beneath her care, The richest needlework she loves to wear; Her only study is to please the eye, And to outshine the rest in finery."
This, though not very poetical, is the description of a poet. Beckmann, in his _History of Inventions_, paints it with more fidelity, and in prose more pleasing than Cowley's poetry. He says, "There are few plants which acquire, through accident, weakness, or disease, so many variegations as the tulip. When uncultivated, and in its natural state, it is almost of one colour, has large leaves, and an extraordinarily long stem. When it has been weakened by cultivation, it becomes more agreeable in the eyes of the florist. The petals are then paler, smaller, and more diversified in hue; and the leaves acquire a softer green colour. Thus this masterpiece of culture, the more beautiful it turns, grows so much the weaker, so that, with the greatest skill and most careful attention, it can scarcely be transplanted, or even kept alive."
Many persons grow insensibly attached to that which gives them a great deal of trouble, as a mother often loves her sick and ever-ailing child better than her more healthy offspring. Upon the same principle we must account for the unmerited encomia lavished upon these fragile blossoms. In 1634, the rage among the Dutch to possess them was so great that the ordinary industry of the country was neglected, and the population, even to its lowest dregs, embarked in the tulip trade. As the mania increased, prices augmented, until, in the year 1635, many persons were known to invest a fortune of 100,000 florins in the purchase of forty roots. It then became necessary to sell them by their weight in _perits_, a small weight less than a grain. A tulip of the species called _Admiral Liefken_, weighing 400 _perits_, was worth 4400 florins; an _Admiral Van der Eyck_, weighing 446 _perits_, was worth 1260 florins; a _Childer_ of 106 _perits_ was worth 1615 florins; a _Viceroy_ of 400 _perits_, 3000 florins, and, most precious of all, a _Semper Augustus_, weighing 200 _perits_, was thought to be very cheap at 5500 florins. The latter was much sought after, and even an inferior bulb might command a price of 2000 florins. It is related that, at one time, early in 1636, there were only two roots of this description to be had in all Holland, and those not of the best. One was in the possession of a dealer in Amsterdam, and the other in Harlaem. So anxious were the speculators to obtain them, that one person offered the fee-simple of twelve acres of building-ground for the Harlaem tulip. That of Amsterdam was bought for 4600 florins, a new carriage, two grey horses, and a complete suit of harness. Hunting, an industrious author of that day, who wrote a folio volume of one thousand pages upon the tulipomania, has preserved the folio wing list of the various articles, and their value, which were delivered for one single root of the rare species called the _Viceroy_:
florins. Two lasts of wheat 448 Four lasts of rye 558 Four fat oxen 480 Eight fat swine 240 Twelve fat sheep 120 Two hogsheads of wine 70 Four tuns of beer 32 Two tuns of butter 192 One thousand lbs. of cheese 120 A complete bed 100 A suit of clothes 80 A silver drinking-cup 60 ------ 2500
People who had been absent from Holland, and whose chance it was to return when this folly was at its maximum, were sometimes led into awkward dilemmas by their ignorance. There is an amusing instance of the kind related in Blainville's _Travels_. A wealthy merchant, who prided himself not a little on his rare tulips, received upon one occasion a very valuable consignment of merchandise from the Levant. Intelligence of its arrival was brought him by a sailor, who presented himself for that purpose at the counting-house, among bales of goods of every description. The merchant, to reward him for his news, munificently made him a present of a fine red herring for his breakfast. The sailor had, it appears, a great partiality for onions, and seeing a bulb very like an onion lying upon the counter of this liberal trader, and thinking it, no doubt, very much out of its place among silks and velvets, he slily seized an opportunity and slipped it into his pocket, as a relish for his herring. He got clear off with his prize, and proceeded to the quay to eat his breakfast. Hardly was his back turned when the merchant missed his valuable _Semper Augustus_, worth three thousand florins, or about 280l. sterling. The whole establishment was instantly in an uproar; search was every where made for the precious root, but it was not to be found. Great was the merchant's distress of mind. The search was renewed, but again without success. At last some one thought of the sailor.
The unhappy merchant sprang into the street at the bare suggestion. His alarmed household followed him. The sailor, simple soul! had not thought of concealment. He was found quietly sitting on a coil of ropes, masticating the last morsel of his "_onion_". Little did he dream that he had been eating a breakfast whose cost might have regaled a whole ship's crew for a twelvemonth; or, as the plundered merchant himself expressed it, "might have sumptuously feasted the Prince of Orange and the whole court of the Stadtholder." Anthony caused pearls to be dissolved in wine to drink the health of Cleopatra; Sir Richard Whittington was as foolishly magnificent in an entertainment to King Henry V.; and Sir Thomas Gresham drank a diamond dissolved in wine to the health of Queen Elizabeth, when she opened the Royal Exchange; but the breakfast of this roguish Dutchman was as splendid as either. He had an advantage, too, over his wasteful predecessors: _their_ gems did not improve the taste or the wholesomeness of _their_ wine, while _his_ tulip was quite delicious with his red herring. The most unfortunate part of the business for him was, that he remained in prison for some months on a charge of felony preferred against him by the merchant.
Another story is told of an English traveller, which is scarcely less ludicrous. This gentleman, an amateur botanist, happened to see a tulip-root lying in the conservatory of a wealthy Dutchman. Being ignorant of its quality, he took out his penknife, and peeled off its coats, with the view of making experiments upon it. When it was by this means reduced to half its size, he cut it into two equal sections, making all the time many learned remarks on the singular appearances of the unknown bulb. Suddenly, the owner pounced upon him, and, with fury in his eyes, asked him if he knew what he had been doing? "Peeling a most extraordinary onion," replied the philosopher. "_Hundert tausend duyvel!_" said the Duchman; "it's an _Admiral Van der Eyck_." "Thank you," replied the traveller, taking out his note-book to make a memorandum of the same; "are these admirals common in your country?" "Death and the devil!" said the Dutchman, seizing the astonished man of science by the collar; "come before the syndic, and you shall see." In spite of his remonstrances, the traveller was led through the streets followed by a mob of persons. When brought into the presence of the magistrate, he learned, to his consternation, that the root upon which he had been experimentalising was worth four thousand florins; and, notwithstanding all he could urge in extenuation, he was lodged in prison until he found securities for the payment of this sum.
The demand for tulips of a rare species increased so much in the year 1636, that regular marts for their sale were established on the Stock Exchange of Amsterdam, in Rotterdam, Harlaem, Leyden, Alkmar, Hoorn, and other towns. Symptoms of gambling now became, for the first time, apparent. The stock-jobbers, ever on the alert for a new speculation, dealt largely in tulips, making use of all the means they so well knew how to employ, to cause fluctuations in prices. At first, as in all these gambling mania, confidence was at its height, and every body gained. The tulip-jobbers speculated in the rise and fall of the tulip stocks, and made large profits by buying when prices fell, and selling out when they rose. Many individuals grew suddenly rich. A golden bait hung temptingly out before the people, and one after the other, they rushed to the tulip-marts, like flies around a honey-pot. Every one imagined that the passion for tulips would last for ever, and that the wealthy from every part of the world would send to Holland, and pay whatever prices were asked for them. The riches of Europe would be concentrated on the shores of the Zuyder Zee, and poverty banished from the favoured clime of Holland. Nobles, citizens, farmers, mechanics, sea-men, footmen, maid-servants, even chimney-sweeps and old clothes-women, dabbled in tulips. People of all grades converted their property into cash, and invested it in flowers. Houses and lands were offered for sale at ruinously low prices, or assigned in payment of bargains made at the tulip-mart. Foreigners became smitten with the same frenzy, and money poured into Holland from all directions. The prices of the necessaries of life rose again by degrees: houses and lands, horses and carriages, and luxuries of every sort, rose in value with them, and for some months Holland seemed the very antechamber of Plutus. The operations of the trade became so extensive and so intricate, that it was found necessary to draw up a code of laws for the guidance of the dealers. Notaries and clerks were also appointed, who devoted themselves exclusively to the interests of the trade. The designation of public notary was hardly known in some towns, that of tulip-notary usurping its place. In the smaller towns, where there was no exchange, the principal tavern was usually selected as the "show-place," where high and low traded in tulips, and confirmed their bargains over sumptuous entertainments. These dinners were sometimes attended by two or three hundred persons, and large vases of tulips, in full bloom, were placed at regular intervals upon the tables and sideboards for their gratification during the repast.
At last, however, the more prudent began to see that this folly could not last for ever. Rich people no longer bought the flowers to keep them in their gardens, but to sell them again at cent per cent profit. It was seen that somebody must lose fearfully in the end. As this conviction spread, prices fell, and never rose again. Confidence was destroyed, and a universal panic seized upon the dealers. _A_ had agreed to purchase ten _Semper Augustines_ from _B_, at four thousand florins each, at six weeks after the signing of the contract. _B_ was ready with the flowers at the appointed time; but the price had fallen to three or four hundred florins, and _A_ refused either to pay the difference or receive the tulips. Defaulters were announced day after day in all the towns of Holland. Hundreds who, a few months previously, had begun to doubt that there was such a thing as poverty in the land, suddenly found themselves the possessors of a few bulbs, which nobody would buy, even though they offered them at one quarter of the sums they had paid for them. The cry of distress resounded every where, and each man accused his neighbour. The few who had contrived to enrich themselves hid their wealth from the knowledge of their fellow-citizens, and invested it in the English or other funds. Many who, for a brief season, had emerged from the humbler walks of life, were cast back into their original obscurity. Substantial merchants were reduced almost to beggary, and many a representative of a noble line saw the fortunes of his house ruined beyond redemption.
When the first alarm subsided, the tulip-holders in the several towns held public meetings to devise what measures, were best to be taken to restore public credit. It was generally agreed, that deputies should be sent from all parts to Amsterdam, to consult with the government upon some remedy for the evil. The government at first refused to interfere, but advised the tulip-holders to agree to some plan among themselves. Several meetings were held for this purpose; but no measure could be devised likely to give satisfaction to the deluded people, or repair even a slight portion of the mischief that had been done. The language of complaint and reproach was in every body's mouth, and all the meetings were of the most stormy character. At last, however, after much bickering and ill-will, it was agreed, at Amsterdam, by the assembled deputies, that all contracts made in the height of the mania, or prior to the month of November 1636, should be declared null and void, and that, in those made after that date, purchasers should be freed from their engagements, on paying ten per cent to the vendor. This decision gave no satisfaction. The vendors who had their tulips on hand were, of course, discontented, and those who had pledged themselves to purchase, thought themselves hardly treated. Tulips which had, at one time, been worth six thousand florins, were now to be procured for five hundred; so that the composition of ten per cent was one hundred florins more than the actual value. Actions for breach of contract were threatened in all the courts of the country; but the latter refused to take cognisance of gambling transactions.
The matter was finally referred to the Provincial Council at the Hague, and it was confidently expected that the wisdom of this body would invent some measure by which credit should be restored. Expectation was on the stretch for its decision, but it never came. The members continued to deliberate week after week, and at last, after thinking about it for three months, declared that they could offer no final decision until they had more information. They advised, however, that, in the mean time, every vendor should, in the presence of witnesses, offer the tulips _in natura_ to the purchaser for the sums agreed upon. If the latter refused to take them, they might be put up for sale by public auction, and the original contractor held responsible for the difference between the actual and the stipulated price. This was exactly the plan recommended by the deputies, and which was already shewn to be of no avail. There was no court in Holland which would enforce payment. The question was raised in Amsterdam, but the judges unanimously refused to interfere, on the ground that debts contracted in gambling were no debts in law.
Thus the matter rested. To find a remedy was beyond the power of the government. Those who were unlucky enough to have had stores of tulips on hand at the time of the sudden reaction were left to bear their ruin as philosophically as they could; those who had made profits were allowed to keep them; but the commerce of the country suffered a severe shock, from which it was many years ere it recovered.
The example of the Dutch was imitated to some extent in England. In the year 1636 tulips were publicly sold in the Exchange of London, and the jobbers exerted themselves to the utmost to raise them to the fictitious value they had acquired in Amsterdam. In Paris also the jobbers strove to create a tulipomania. In both cities they only partially succeeded. However, the force of example brought the flowers into great favour, and amongst a certain class of people tulips have ever since been prized more highly than any other flowers of the field. The Dutch are still notorious for their partiality to them, and continue to pay higher prices for them than any other people. As the rich Englishman boasts of his fine race-horses or his old pictures, so does the wealthy Dutchman vaunt him of his tulips.
In England, in our day, strange as it may appear, a tulip will produce more money than an oak. If one could be found, _rara in terris_, and black as the black swan of Juvenal, its price would equal that of a dozen acres of standing corn. In Scotland, towards the close of the seventeenth century, the highest price for tulips, according to the authority of a writer in the supplement to the third edition of the _Encyclopedia Britannica_, was ten guineas. Their value appears to have diminished from that time till the year 1769, when the two most valuable species in England were the _Don Quevedo_ and the _Valentinier_, the former of which was worth two guineas and the latter two guineas and a half. These prices appear to have been the minimum. In the year 1800, a common price was fifteen guineas for a single bulb. In 1835, a bulb of the species called the Miss Fanny Kemble was sold by public auction in London for seventy-five pounds. Still more remarkable was the price of a tulip in the possession of a gardener in the King's Road, Chelsea;--in his catalogues it was labelled at two hundred guineas.
THE ALCHYMISTS;
or
Searchers for the Philosopher's Stone and the Water of Life.
_Mercury_ (_loquitur_). The mischief a secret any of them know, above the consuming of coals and drawing of usquebaugh! howsoever they may pretend, under the specious names of Geber, Arnold, Lulli, or bombast of Hohenheim, to commit miracles in art, and treason against nature! As if the title of philosopher, that creature of glory, were to be fetched out of a furnace! I am their crude and their sublimate, their precipitate and their unctions; their male and their female, sometimes their hermaphrodite--what they list to style me! They will calcine you a grave matron, as it might be a mother of the maids, and spring up a young virgin out of her ashes, as fresh as a phoenix; lay you an old courtier on the coals, like a sausage or a bloat-herring, and, after they have broiled him enough, blow a soul into him with a pair of bellows! See, they begin to muster again, and draw their forces out against me! The genius of the place defend me!--BEN JONSON'S _Masque: Mercury vindicated from the Alchymists_.
Dissatisfaction with his lot seems to be the characteristic of man in all ages and climates. So far, however, from being an evil, as at first might be supposed, it has been the great civiliser of our race; and has tended, more than any thing else, to raise us above the condition of the brutes. But the same discontent which has been the source of all improvement, has been the parent of no small progeny of follies and absurdities; to trace these latter is our present object. Vast as the subject appears, it is easily reducible within such limits as will make it comprehensive without being wearisome, and render its study both instructive and amusing.
Three causes especially have excited the discontent of mankind; and, by impelling us to seek for remedies for the irremediable, have bewildered us in a maze of madness and error. These are death, toil, and ignorance of the future--the doom of man upon this sphere, and for which he shews his antipathy by his love of life, his longing for abundance, and his craving curiosity to pierce the secrets of the days to come. The first has led many to imagine that they might find means to avoid death, or failing in this, that they might, nevertheless, so prolong existence as to reckon it by centuries instead of units. From this sprang the search, so long continued and still pursued, for the _elixir vitæ_, or _water of life_, which has led thousands to pretend to it and millions to believe in it. From the second sprang the search for the philosopher's stone, which was to create plenty by changing all metals into gold; and from the third, the false sciences of astrology, divination, and their divisions of necromancy, chiromancy, augury, with all their train of signs, portents, and omens.
In tracing the career of the erring philosophers, or the wilful cheats, who have encouraged or preyed upon the credulity of mankind, it will simplify and elucidate the subject, if we divide it into three classes: the first comprising alchymists, or those in general who have devoted themselves to the discovering of the philosopher's stone and the water of life; the second comprising astrologers, necromancers, sorcerers, geomancers, and all those who pretended to discover futurity; and the third consisting of the dealers in charms, amulets, philters, universal-panacea mongers, touchers for the evil, seventh sons of a seventh son, sympathetic powder compounders, homoeopathists, animal magnetisers, and all the motley tribe of quacks, empirics, and charlatans.
But in narrating the career of such men, it will be found that many of them united several or all of the functions just mentioned; that the alchymist was a fortune-teller, or a necromancer--that he pretended to cure all maladies by touch or charm, and to work miracles of every kind. In the dark and early ages of European history this is more especially the case. Even as we advance to more recent periods, we shall find great difficulty in separating the characters. The alchymist seldom confined himself strictly to his pretended science--the sorcerer and necromancer to theirs, or the medical charlatan to his. Beginning with alchymy, some confusion of these classes is unavoidable; but the ground will clear for us as we advance.
Let us not, in the pride of our superior knowledge, turn with contempt from the follies of our predecessors. The study of the errors into which great minds have fallen in the pursuit of truth can never be uninstructive. As the man looks back to the days of his childhood and his youth, and recalls to his mind the strange notions and false opinions that swayed his actions at that time, that he may wonder at them; so should society, for its edification, look back to the opinions which governed the ages fled. He is but a superficial thinker who would despise and refuse to hear of them merely because they are absurd. No man is so wise but that he may learn some wisdom from his past errors, either of thought or action; and no society has made such advances as to be capable of no improvement from the retrospect of its past folly and credulity. And not only is such a study instructive: he who reads for amusement only will find no chapter in the annals of the human mind more amusing than this. It opens out the whole realm of fiction--the wild, the fantastic, and the wonderful, and all the immense variety of things "that are not, and cannot be; but that have been imagined and believed."
* * * * *
For more than a thousand years the art of alchymy captivated many noble spirits, and was believed in by millions. Its origin is involved in obscurity. Some of its devotees have claimed for it an antiquity coeval with the creation of man himself, others, again, would trace it no further back than the time of Noah. Vincent de Beauvais argues, indeed, that all the antediluvians must have possessed a knowledge of alchymy; and particularly cites Noah as having been acquainted with the _elixir vitæ_, or he could not have lived to so prodigious an age, and have begotten children when upwards of five hundred. Lenglet du Fresnoy, in his _History of the Hermetic Philosophy_, says, "Most of them pretended that Shem, or Chem, the son of Noah, was an adept in the art, and thought it highly probable that the words _chemistry_ and _alchymy_ are both derived from his name." Others say, the art was derived from the Egyptians, amongst whom it was first founded by Hermes Trismegistus. Moses, who is looked upon as a first-rate alchymist, gained his knowledge in Egypt; but he kept it all to himself, and would not instruct the children of Israel in its mysteries. All the writers upon alchymy triumphantly cite the story of the golden calf, in the 32d chapter of Exodus, to prove that this great lawgiver was an adept, and could make or unmake gold at his pleasure. It is recorded, that Moses was so wrath with the Israelites for their idolatry, "that he took the calf which they had made, and burned it in the fire, and ground it to powder, and strewed it upon the water, and made the children of Israel drink of it." This, say the alchymists, he never could have done had he not been in possession of the philosopher's stone; by no other means could he have made the powder of gold float upon the water. But we must leave this knotty point for the consideration of the adepts in the art, if any such there be, and come to more modern periods of its history. The Jesuit, Father Martini, in his _Historia Sinica_, says, it was practised by the Chinese two thousand five hundred years before the birth of Christ; but his assertion, being unsupported, is worth nothing. It would appear, however, that pretenders to the art of making gold and silver existed in Rome in the first centuries after the Christian era, and that, when discovered, they were liable to punishment as knaves and impostors. At Constantinople, in the fourth century, the transmutation of metals was very generally believed in, and many of the Greek ecclesiastics wrote treatises upon the subject. Their names are preserved, and some notice of their works given, in the third volume of Langlet du Fresnoy's _History of the Hermetic Philosophy_. Their notion appears to have been, that all metals were composed of two substances; the one, metallic earth; and the other, a red inflammable matter, which they called sulphur. The pure union of these substances formed gold; but other metals were mixed with and contaminated by various foreign ingredients. The object of the philosopher's stone was to dissolve or neutralise all these ingredients, by which iron, lead, copper, and all metals would be transmuted into the original gold. Many learned and clever men wasted their time, their health, and their energies, in this vain pursuit; but for several centuries it took no great hold upon the imagination of the people. The history of the delusion appears, in a manner, lost from this time till the eighth century, when it appeared amongst the Arabians. From this period it becomes easier to trace its progress. A master then appeared, who was long looked upon as the father of the science, and whose name is indissolubly connected with it.
GEBER.
Of this philosopher, who devoted his life to the study of alchymy, but few particulars are known. He is thought to have lived in the year 730. His true name was Abou Moussah Djafar, to which was added Al Sofi, or "The Wise," and he was born at Houran, in Mesopotamia.[28] Some have thought he was a Greek, others a Spaniard, and others a prince of Hindostan; but of all the mistakes which have been made respecting him, the most ludicrous was that made by the French translator of Sprenger's _History of Medicine_, who thought, from the sound of his name, that he was a German, and rendered it as the "Donnateur," or Giver. No details of his life are known; but it is asserted, that he wrote more than five hundred works upon the philosopher's stone and the water of life. He was a great enthusiast in his art, and compared the incredulous to little children shut up in a narrow room, without windows or aperture, who, because they saw nothing beyond, denied the existence of the great globe itself. He thought that a preparation of gold would cure all maladies, not only in man, but in the inferior animals and plants. He also imagined that all the metals laboured under disease, with the exception of gold, which was the only one in perfect health. He affirmed, that the secret of the philosopher's stone had been more than once discovered; but that the ancient and wise men who had hit upon it would never, by word or writing, communicate it to men, because of their unworthiness and incredulity.[29] But the life of Geber, though spent in the pursuit of this vain chimera, was not altogether useless. He stumbled upon discoveries which he did not seek; and science is indebted to him for the first mention of corrosive sublimate, the red oxide of mercury, nitric acid, and the nitrate of silver.[30]
[28] _Biographie Universelle_.
[29] His sum "of perfection," or instructions to students to aid them in the laborious search for the stone and elixir, has been translated into most of the languages of Europe. An English translation, by a great enthusiast in alchymy, one Richard Russell, was published in London in 1686. The preface is dated eight years previously from the house of the alchymist, "at the Star, in Newmarket, in Wapping, near the Dock." His design in undertaking the translation was, as he informs us, to expose the false pretences of the many ignorant pretenders to the science who abounded in his day.
[30] Article, Geber, _Biographie Universelle_.
For more than two hundred years after the death of Geber, the Arabian philosophers devoted themselves to the study of alchymy, joining with it that of astrology. Of these the most celebrated was
ALFARABI.
Alfarabi flourished at the commencement of the tenth century, and enjoyed the reputation of being one of the most learned men of his age. He spent his life in travelling from country to country, that he might gather the opinions of philosophers upon the great secrets of nature. No danger dismayed him; no toil wearied him of the pursuit. Many sovereigns endeavoured to retain him at their courts; but he refused to rest until he had discovered the great object of his life--the art of preserving it for centuries, and of making gold as much as he needed. This wandering mode of life at last proved fatal to him. He had been on a visit to Mecca, not so much for religious as for philosophical purposes, when, returning through Syria, he stopped at the court of the Sultan Seifeddoulet, who was renowned as the patron of learning. He presented himself in his travelling attire in the presence of that monarch and his courtiers; and, without invitation, coolly sat himself down on the sofa beside the prince. The courtiers and wise men were indignant; and the sultan, who did not know the intruder, was at first inclined to follow their example. He turned to one of his officers, and ordered him to eject the presumptuous stranger from the room; but Alfarabi, without moving, dared them to lay hands upon him; and, turning himself calmly to the prince, remarked, that he did not know who was his guest, or he would treat him with honour, not with violence. The sultan, instead of being still further incensed, as many potentates would have been, admired his coolness; and, requesting him to sit still closer to him on the sofa, entered into a long conversation with him upon science and divine philosophy. All the court were charmed with the stranger. Questions for discussion were propounded, on all of which he shewed superior knowledge. He convinced every one who ventured to dispute with him; and spoke so eloquently upon the science of alchymy, that he was at once recognised as only second to the great Geber himself. One of the doctors present inquired whether a man who knew so many sciences was acquainted with music? Alfarabi made no reply, but merely requested that a lute should be brought him. The lute was brought; and he played such ravishing and tender melodies, that all the court were melted into tears. He then changed his theme, and played airs so sprightly, that he set the grave philosophers, sultan and all, dancing as fast as their legs could carry them. He then sobered them again by a mournful strain, and made them sob and sigh as if broken-hearted. The sultan, highly delighted with his powers, entreated him to stay, offering him every inducement that wealth, power, and dignity could supply; but the alchymist resolutely refused, it being decreed, he said, that he should never repose till he had discovered the philosopher's stone. He set out accordingly the same evening, and was murdered by some thieves in the deserts of Syria. His biographers give no further particulars of his life beyond mentioning that he wrote several valuable treatises on his art, all of which, however, have been lost. His death happened in the year 954.
AVICENNA.
Avicenna, whose real name was Ebn Cinna, another great alchymist, was born at Bokhara in 980. His reputation as a physician and a man skilled in all sciences was so great, that the Sultan Magdal Douleth resolved to try his powers in the great science of government. He was accordingly made Grand Vizier of that prince, and ruled the state with some advantage; but in a science still more difficult, he failed completely. He could not rule his own passions, but gave himself up to wine and women, and led a life of shameless debauchery. Amid the multifarious pursuits of business and pleasure, he nevertheless found time to write seven treatises upon the philosopher's stone, which were for many ages looked upon as of great value by pretenders to the art. It is rare that an eminent physician as Avicenna appears to have been, abandons himself to sensual gratification; but so completely did he become enthralled in the course of a few years, that he was dismissed from his high office, and died shortly afterwards of premature old age and a complication of maladies, brought on by debauchery. His death took place in the year 1036. After his time few philosophers of any note in Arabia are heard of as devoting themselves to the study of alchymy; but it began shortly afterwards to attract greater attention in Europe. Learned men in France, England, Spain, and Italy, expressed their belief in the science, and many devoted their whole energies to it. In the twelfth and thirteenth centuries especially, it was extensively pursued, and some of the brightest names of that age are connected with it. Among the most eminent of them are
ALBERTUS MAGNUS AND THOMAS AQUINAS.
The first of these philosophers was born in the year 1193, of a noble family at Lawingen, in the Duchy of Neuburg, on the Danube. For the first thirty years of his life he appeared remarkably dull and stupid, and it was feared by every one that no good could come of him. He entered a Dominican monastery at an early age; but made so little progress in his studies, that he was more than once upon the point of abandoning them in despair, but he was endowed with extraordinary perseverance. As he advanced to middle age, his mind expanded, and he learned whatever he applied himself to with extreme facility. So remarkable a change was not in that age to be accounted for but by a miracle. It was asserted and believed that the Holy Virgin, touched with his great desire to become learned and famous, took pity upon his incapacity, and appeared to him in the cloister where he sat almost despairing, and asked him whether he wished to excel in philosophy or divinity. He chose philosophy, to the chagrin of the Virgin, who reproached him in mild and sorrowful accents that he had not made a better choice. She, however, granted his request, that he should become the most excellent philosopher of the age; but set this drawback to his pleasure, that he should relapse, when at the height of his fame, into his former incapacity and stupidity. Albertus never took the trouble to contradict the story, but prosecuted his studies with such unremitting zeal, that his reputation speedily spread over all Europe. In the year 1244, the celebrated Thomas Aquinas placed himself under his tuition. Many extraordinary stories are told of the master and his pupil. While they paid all due attention to other branches of science, they never neglected the pursuit of the philosopher's stone and the _elixir vitæ_. Although they discovered neither, it was believed that Albert had seized some portion of the secret of life, and found means to animate a brazen statue, upon the formation of which, under proper conjunctions of the planets, he had been occupied many years of his life. He and Thomas Aquinas completed it together, endowed it with the faculty of speech, and made it perform the functions of a domestic servant. In this capacity it was exceedingly useful; but, through some defect in the machinery, it chattered much more than was agreeable to either philosopher. Various remedies were tried to cure it of its garrulity, but in vain; and one day, Thomas Aquinas was so enraged at the noise it made when he was in the midst of a mathematical problem, that he seized a ponderous hammer and smashed it to pieces.[31] He was sorry afterwards for what he had done, and was reproved by his master for giving way to his anger, so unbecoming in a philosopher. They made no attempt to re-animate the statue.
[31] Naudé, _Apologie des Grands Hommes accusés de Magie_, chap. xviii.
Such stories as these shew the spirit of the age. Every great man who attempted to study the secrets of nature was thought a magician; and it is not to be wondered at that, when philosophers themselves pretended to discover an elixir for conferring immortality, or a red stone which was to create boundless wealth, that popular opinion should have enhanced upon their pretensions, and have endowed them with powers still more miraculous. It was believed of Albertus Magnus that he could even change the course of the seasons, a feat which the many thought less difficult than the discovery of the grand elixir. Albertus was desirous of obtaining a piece of ground on which to build a monastery in the neighbourhood of Cologne. The ground belonged to William Count of Holland and King of the Romans, who for some reason or other did not wish to part with it. Albertus is reported to have gained it by the following extraordinary method: He invited the prince as he was passing through Cologne to a magnificent entertainment prepared for him and all his court. The prince accepted it, and repaired with a lordly retinue to the residence of the sage. It was in the midst of winter, the Rhine was frozen over, and the cold was so bitter, that the knights could not sit on horseback without running the risk of losing their toes by the frost. Great, therefore, was their surprise, on arriving at Albert's house, to find that the repast was spread in his garden, in which the snow had drifted to the depth of several feet. The earl in high dudgeon remounted his steed, but Albert at last prevailed upon him to take his seat at the table. He had no sooner done so, than the dark clouds rolled away from the sky--a warm sun shone forth--the cold north wind veered suddenly round and blew a mild breeze from the south--the snows melted away--the ice was unbound upon the streams, and the trees put forth their green leaves and their fruit--flowers sprang up beneath their feet, while larks, nightingales, blackbirds, cuckoos, thrushes, and every sweet song-bird sang hymns from every tree. The earl and his attendants wondered greatly; but they ate their dinner, and in recompense for it, Albert got his piece of ground to build a convent on. He had not, however, shewn them all his power. Immediately that the repast was over, he gave the word, and dark clouds obscured the sun--the snow fell in large flakes--the singing-birds fell dead--the leaves dropped from the trees, and the winds blew so cold and howled so mournfully, that the guests wrapped themselves up in their thick cloaks, and retreated into the house to warm themselves at the blazing fire in Albert's kitchen.[32]
[32] Lenglet, _Histoire de la Philosophie Hermétique_. See also Godwin's _Lives of the Necromancers_.
Thomas Aquinas also could work wonders as well as his master. It is related of him that he lodged in a street at Cologne, where he was much annoyed by the incessant clatter made by the horses' hoofs, as they were led through it daily to exercise by their grooms. He had entreated the latter to select some other spot, where they might not disturb a philosopher; but the grooms turned a deaf ear to all his solicitations. In this emergency he had recourse to the aid of magic. He constructed a small horse of bronze, upon which he inscribed certain cabalistic characters, and buried it at midnight in the midst of the highway. The next morning a troop of grooms came riding along as usual; but the horses, as they arrived at the spot where the magic horse was buried, reared and plunged violently--their nostrils distended with terror--their manes grew erect, and the perspiration ran down their sides in streams. In vain the riders applied the spur--in vain they coaxed or threatened, the animals would not pass the spot. On the following day their success was no better. They were at length compelled to seek another spot for their exercise, and Thomas Aquinas was left in peace.[33]
[33] Naudé, _Apologie des Grands Hommes accusés de Magie_, chap. xvii.
Albertus Magnus was made Bishop of Ratisbon in 1259; but he occupied the see only four years, when he resigned, on the ground that its duties occupied too much of the time which he was anxious to devote to philosophy. He died in Cologne in 1280, at the advanced age of eighty-seven. The Dominican writers deny that he ever sought the philosopher's stone, but his treatise upon minerals sufficiently proves that he did.
ARTEPHIUS.
Artephius, a name noted in the annals of alchymy, was born in the early part of the twelfth century. He wrote two famous treatises; the one upon the philosopher's stone, and the other on the art of prolonging human life. In the latter he vaunts his great qualifications for instructing mankind on such a matter, as he was at that time in the thousand and twenty-fifth year of his age! He had many disciples who believed in his extreme age, and who attempted to prove that he was Apollonius of Tyana, who lived soon after the advent of Jesus Christ, and the particulars of whose life and pretended miracles have been so fully described by Philostratus. He took good care never to contradict a story which so much increased the power he was desirous of wielding over his fellow-mortals. On all convenient occasions, he boasted of it; and having an excellent memory, a fertile imagination, and a thorough knowledge of all existing history, he was never at a loss for an answer when questioned as to the personal appearance, the manners, or the character of the great men of antiquity. He also pretended to have found the philosopher's stone; and said that, in search of it, he had descended to hell, and seen the devil sitting on a throne of gold, with a legion of imps and fiends around him. His works on alchymy have been translated into French, and were published in Paris in 1609 or 1610.
ALAIN DE LISLE.
Contemporary with Albertus Magnus was Alain de Lisle of Flanders, who was named, from his great learning, the "universal doctor." He was thought to possess a knowledge of all the sciences, and, like Artephius, to have discovered the _elixir vitæ_. He became one of the friars of the abbey of Citeaux, and died in 1298, aged about one hundred and ten years. It was said of him that he was at the point of death when in his fiftieth year, but that the fortunate discovery of the elixir enabled him to add sixty years to his existence. He wrote a commentary on the prophecies of Merlin.
ARNOLD DE VILLENEUVE.
This philosopher has left a much greater reputation. He was born in the year 1245, and studied medicine with great success in the university of Paris. He afterwards travelled for twenty years in Italy and Germany, where he made acquaintance with Pietro d'Apone, a man of a character akin to his own, and addicted to the same pursuits. As a physician, he was thought, in his own lifetime, to be the most able the world had ever seen. Like all the learned men of that day, he dabbled in astrology and alchymy, and was thought to have made immense quantities of gold from lead and copper. When Pietro d'Apone was arrested in Italy, and brought to trial as a sorcerer, a similar accusation was made against Arnold; but he managed to leave the country in time, and escape the fate of his unfortunate friend. He lost some credit by predicting the end of the world, but afterwards regained it. The time of his death is not exactly known; but it must have been prior to the year 1311, when Pope Clement V. wrote a circular letter to all the clergy of Europe who lived under his obedience, praying them to use their utmost efforts to discover the famous treatise of Arnold on _The Practice of Medicine_. The author had promised, during his lifetime, to make a present of the work to the Holy See, but died without fulfilling it.
In a very curious work by Monsieur Longeville Harcouet, entitled _The History of the Persons who have lived several centuries and then grown young again_, there is a receipt, said to have been given by Arnold de Villeneuve, by means of which any one might prolong his life for a few hundred years or so. In the first place, say Arnold and Monsieur Harcouet, "the person intending so to prolong his life must rub himself well, two or three times a week, with the juice or marrow of cassia (_moëlle de la casse_). Every night, upon going to bed, he must put upon his heart a plaster, composed of a certain quantity of oriental saffron, red rose-leaves, sandal-wood, aloes, and amber, liquified in oil of roses and the best white wax. In the morning, he must take it off, and enclose it carefully in a leaden box till the next night, when it must be again applied. If he be of a sanguine temperament, he shall take sixteen chickens; if phlegmatic, twenty-five; and if melancholy, thirty, which he shall put into a yard where the air and the water are pure. Upon these he is to feed, eating one a day; but previously the chickens are to be fattened by a peculiar method, which will impregnate their flesh with the qualities that are to produce longevity in the eater. Being deprived of all other nourishment till they are almost dying of hunger, they are to be fed upon broth made of serpents and vinegar, which broth is to be thickened with wheat and bran." Various ceremonies are to be performed in the cooking of this mess, which those may see in the book of M. Harcouet who are at all interested in the matter; and the chickens are to be fed upon it for two months. They are then fit for table, and are to be washed down with moderate quantities of good white wine or claret. This regimen is to be followed regularly every seven years, and any one may live to be as old as Methuselah! It is right to state that M. Harcouet has but little authority for attributing this precious composition to Arnold of Villeneuve. It is not found in the collected works of that philosopher; but was first brought to light by a M. Poirier, at the commencement of the sixteenth century, who asserted that he had discovered it in MS. in the undoubted writing of Arnold.
PIETRO D'APONE.
This unlucky sage was born at Apone, near Padua, in the year 1250. Like his friend Arnold de Villeneuve, he was an eminent physician, and a pretender to the arts of astrology and alchymy. He practised for many years in Paris, and made great wealth by killing and curing, and telling fortunes. In an evil day for him, he returned to his own country, with the reputation of being a magician of the first order. It was universally believed that he had drawn seven evil spirits from the infernal regions, whom he kept enclosed in seven crystal vases until he required their services, when he sent them forth to the ends of the earth to execute his pleasure. One spirit excelled in philosophy; a second, in alchymy; a third, in astrology; a fourth, in physic; a fifth, in poetry; a sixth, in music; and the seventh, in painting: and whenever Pietro wished for information or instruction in any of these arts, he had only to go to his crystal vase and liberate the presiding spirit. Immediately all the secrets of the art were revealed to him; and he might, if it pleased him, excel Homer in poetry, Apelles in painting, or Pythagoras himself in philosophy. Although he could make gold out of brass, it was said of him that he was very sparing of his powers in that respect, and kept himself constantly supplied with money by other and less creditable means. Whenever he disbursed gold, he muttered a certain charm, known only to himself, and next morning the gold was safe again in his own possession. The trader to whom he gave it might lock it in his strong box and have it guarded by a troop of soldiers, but the charmed metal flew back to its old master. Even if it were buried in the earth, or thrown into the sea, the dawn of the next morning would behold it in the pockets of Pietro. Few people, in consequence, liked to have dealings with such a personage, especially for gold. Some, bolder than the rest, thought that his power did not extend over silver; but, when they made the experiment, they found themselves mistaken. Bolts and bars could not restrain it, and it sometimes became invisible in their very hands, and was whisked through the air to the purse of the magician. He necessarily acquired a very bad character; and, having given utterance to some sentiments regarding religion which were the very reverse of orthodox, he was summoned before the tribunals of the Inquisition to answer for his crimes as a heretic and a sorcerer. He loudly protested his innocence, even upon the rack, where he suffered more torture than nature could support. He died in prison ere his trial was concluded, but was afterwards found guilty. His bones were ordered to be dug up and publicly burned. He was also burned in effigy in the streets of Padua.
RAYMOND LULLI.
While Arnold de Villeneuve and Pietro d'Apone flourished in France and Italy, a more celebrated adept than either appeared in Spain. This was Raymond Lulli, a name which stands in the first rank among the alchymists. Unlike many of his predecessors, he made no pretensions to astrology or necromancy; but, taking Geber for his model, studied intently the nature and composition of metals, without reference to charms, incantations, or any foolish ceremonies. It was not, however, till late in life that he commenced his study of the art. His early and middle age were spent in a different manner, and his whole history is romantic in the extreme. He was born of an illustrious family, in Majorca, in the year 1235. When that island was taken from the Saracens by James I. king of Aragon, in 1230, the father of Raymond, who was originally of Catalonia, settled there, and received a considerable appointment from the crown. Raymond married at an early age; and, being fond of pleasure, he left the solitudes of his native isle, and passed over with his bride into Spain. He was made Grand Seneschal at the court of King James, and led a gay life for several years. Faithless to his wife, he was always in the pursuit of some new beauty, till his heart was fixed at last by the lovely but unkind Ambrosia de Castello. This lady, like her admirer, was married; but, unlike him, was faithful to her vows, and treated all his solicitations with disdain. Raymond was so enamoured, that repulse only increased his flame; he lingered all night under her windows, wrote passionate verses in her praise, neglected his affairs, and made himself the butt of all the courtiers. One day, while watching under her lattice, he by chance caught sight of her bosom, as her neckerchief was blown aside by the wind. The fit of inspiration came over him, and he sat down and composed some tender stanzas upon the subject, and sent them to the lady. The fair Ambrosia had never before condescended to answer his letters; but she replied to this. She told him that she could never listen to his suit; that it was unbecoming in a wise man to fix his thoughts, as he had done, on any other than his God; and entreated him to devote himself to a religious life, and conquer the unworthy passion which he had suffered to consume him. She, however, offered, if he wished it, to shew him the _fair_ bosom which had so captivated him. Raymond was delighted. He thought the latter part of this epistle but ill corresponded with the former, and that Ambrosia, in spite of the good advice she gave him, had at last relented, and would make him as happy as he desired. He followed her about from place to place, entreating her to fulfil her promise: but still Ambrosia was cold, and implored him with tears to importune her no longer; for that she never could be his, and never would, if she were free to-morrow. "What means your letter, then?" said the despairing lover. "I will shew you!" replied Ambrosia, who immediately uncovered her bosom, and exposed to the eyes of her horror-stricken admirer a large cancer which had extended to both breasts. She saw that he was shocked; and, extending her hand to him, she prayed him once more to lead a religious life, and set his heart upon the Creator, and not upon the creature. He went home an altered man. He threw up, on the morrow, his valuable appointment at the court, separated from his wife, and took a farewell of his children, after dividing one-half of his ample fortune among them. The other half he shared among the poor. He then threw himself at the foot of a crucifix, and devoted himself to the service of God, vowing, as the most acceptable atonement for his errors, that he would employ the remainder of his days in the task of converting the Mussulmans to the Christian religion. In his dreams he saw Jesus Christ, who said to him, "Raymond! Raymond! follow me!" The vision was three times repeated, and Raymond was convinced that it was an intimation direct from heaven. Having put his affairs in order, he set out on a pilgrimage to the shrine of St. James of Compostello, and afterwards lived for ten years in solitude amid the mountains of Aranda. Here he learned the Arabic, to qualify himself for his mission of converting the Mahometans. He also studied various sciences, as taught in the works of the learned men of the East, and first made acquaintance with the writings of Geber, which were destined to exercise so much influence over his future life.
At the end of this probation, and when he had entered his fortieth year, he emerged from his solitude into more active life. With some remains of his fortune, which had accumulated during his retirement, he founded a college for the study of Arabic, which was approved of by the pope, with many commendations upon his zeal and piety. At this time he narrowly escaped assassination from an Arabian youth whom he had taken into his service. Raymond had prayed to God, in some of his accesses of fanaticism, that he might suffer martyrdom in his holy cause. His servant had overheard him: and, being as great a fanatic as his master, he resolved to gratify his wish, and punish him, at the same time, for the curses which he incessantly launched against Mahomet and all who believed in him, by stabbing him to the heart. He therefore aimed a blow at his master as he sat one day at table; but the instinct of self-preservation being stronger than the desire of martyrdom, Raymond grappled with his antagonist, and overthrew him. He scorned to take his life himself; but handed him over to the authorities of the town, by whom he was afterwards found dead in his prison.
After this adventure Raymond travelled to Paris, where he resided for some time, and made the acquaintance of Arnold de Villeneuve. From him he probably received some encouragement to search for the philosopher's stone, as he began from that time forth to devote less of his attention to religious matters, and more to the study of alchymy. Still he never lost sight of the great object for which he lived--the conversion of the Mahometans--and proceeded to Rome, to communicate personally with Pope John XXI. on the best measures to be adopted for that end. The Pope gave him encouragement in words, but failed to associate any other persons with him in the enterprise which he meditated. Raymond, therefore, set out for Tunis alone, and was kindly received by many Arabian philosophers, who had heard of his fame as a professor of alchymy. If he had stuck to alchymy while in their country, it would have been well for him; but he began cursing Mahomet, and got himself into trouble. While preaching the doctrines of Christianity in the great bazaar of Tunis, he was arrested and thrown into prison. He was shortly afterwards brought to trial, and sentenced to death. Some of his philosophic friends interceded hard for him, and he was pardoned upon condition that he left Africa immediately and never again set foot in it. If he was found there again, no matter what his object might be, or whatever length of time might intervene, his original sentence would be carried into execution. Raymond was not at all solicitous of martyrdom when it came to the point, whatever he might have been when there was no danger, and he gladly accepted his life upon these conditions, and left Tunis with the intention of proceeding to Rome. He afterwards changed his plan, and established himself at Milan, where, for a length of time, he practised alchymy, and some say astrology, with great success.
Most writers who believed in the secrets of alchymy, and who have noticed the life of Raymond Lulli, assert, that while in Milan, he received letters from Edward King of England, inviting him to settle in his states. They add that Lulli gladly accepted the invitation, and had apartments assigned for his use in the Tower of London, where he refined much gold; superintended the coinage of "rose-nobles," and made gold out of iron, quicksilver, lead, and pewter, to the amount of six millions. The writers in the _Biographie Universelle_, an excellent authority in general, deny that Raymond was ever in England, and say, that in all these stories of his wondrous powers as an alchymist, he has been mistaken for another Raymond, a Jew of Tarragona. Naudé, in his _Apologie_, says, simply, "that six millions were given by Raymond Lulli to King Edward, to make war against the Turks and other infidels:" not that he transmuted so much metal into gold; but, as he afterwards adds, that he advised Edward to lay a tax upon wool, which produced that amount. To shew that Raymond went to England, his admirers quote a work attributed to him, _De Transmutatione Animæ Metallorum_, in which he expressly says that he was in England at the intercession of the king.[34] The hermetic writers are not agreed whether it was Edward I. or Edward II. who invited him over; but, by fixing the date of his journey in 1312, they make it appear that it was Edward II. Edmond Dickenson, in his work on the _Quintessences of the Philosophers_, says, that Raymond worked in Westminster Abbey, where, a long time after his departure, there was found in the cell which he had occupied a great quantity of golden dust, of which the architects made a great profit. In the biographical sketch of John Cremer, Abbot of Westminster, given by Lenglet, it is said that it was chiefly through his instrumentality that Raymond came to England. Cremer had been himself for thirty years occupied in the vain search for the philosopher's stone, when he accidentally met Raymond in Italy, and endeavoured to induce him to communicate his grand secret. Raymond told him that he must find it for himself, as all great alchymists had done before him. Cremer, on his return to England, spoke to King Edward in high terms of the wonderful attainments of the philosopher, and a letter of invitation was forthwith sent him. Robert Constantinus, in the _Nomenclator Scriptorum Medicorum_, published in 1515, says, that after a great deal of research, he found that Raymond Lulli resided for some time in London, and that he actually made gold, by means of the philosopher's stone, in the Tower; that he had seen the golden pieces of his coinage, which were still named in England the nobles of Raymond, or rose-nobles. Lulli himself appears to have boasted that he made gold; for, in his well-known _Testamentum_, he states that he converted no less than fifty thousand pounds weight of quicksilver, lead, and pewter into that metal.[35] It seems highly probable that the English king, believing in the extraordinary powers of the alchymist, invited him to England to make test of them, and that he was employed in refining gold and in coining. Camden, who is not credulous in matters like these, affords his countenance to the story of his coinage of nobles; and there is nothing at all wonderful in the fact of a man famous for his knowledge of metals being employed in such a capacity. Raymond was, at this time, an old man, in his seventy-seventh year, and somewhat in his dotage. He was willing enough to have it believed that he had discovered the grand secret, and supported the rumour rather than contradicted it. He did not long remain in England, but returned to Rome to carry out the projects which were nearer to his heart than the profession of alchymy. He had proposed them to several successive popes with little or no success. The first was a plan for the introduction of the oriental languages into all the monasteries of Europe; the second, for the reduction into one of all the military orders, that, being united, they might move more efficaciously against the Saracens; and the third, that the sovereign pontiff should forbid the works of Averroes to be read in the schools, as being more favourable to Mahometanism than to Christianity. The pope did not receive the old man with much cordiality; and, after remaining for about two years in Rome, he proceeded once more to Africa, alone and unprotected, to preach the Gospel of Jesus. He landed at Bona in 1314, and so irritated the Mahometans by cursing their prophet, that they stoned him, and left him for dead on the sea-shore. He was found some hours afterwards by a party of Genoese merchants, who conveyed him on board their vessel, and sailed towards Majorca. The unfortunate man still breathed, but could not articulate. He lingered in this state for some days, and expired just as the vessel arrived within sight of his native shores. His body was conveyed with great pomp to the church of St. Eulalia, at Palma, where a public funeral was instituted in his honour. Miracles were afterwards said to have been worked at his tomb.
[34] Vidimus omnia ista _dum ad Angliam transiimus, propter intercessionem domini Regis Edoardi illustrissimi_.
[35] Converti una vice in aurum ad L millia pondo argenti vivi, plumbi, et stanni.--_Lullii Testamentum_.
Thus ended the career of Raymond Lulli, one of the most extraordinary men of his age; and, with the exception of his last boast about the six millions of gold, the least inclined to quackery of any of the professors of alchymy. His writings were very numerous, and include nearly five hundred volumes, upon grammar, rhetoric, morals, theology, politics, civil and canon law, physics, metaphysics, astronomy, medicine, and chemistry.
ROGER BACON.
The powerful delusion of alchymy seized upon a mind still greater than that of Raymond Lulli. Roger Bacon firmly believed in the philosopher's stone, and spent much of his time in search of it. His example helped to render all the learned men of the time more convinced of its practicability, and more eager in the pursuit. He was born at Ilchester, in the county of Somerset, in the year 1214. He studied for some time in the University of Oxford, and afterwards in that of Paris, in which he received the degree of doctor of divinity. Returning to England in 1240, he became a monk of the order of St. Francis. He was by far the most learned man of his age; and his acquirements were so much above the comprehension of his contemporaries, that they could only account for them by supposing that he was indebted for them to the devil. Voltaire has not inaptly designated him "De l'or encrouté de toutes les ordures de son siècle;" but the crust of superstition that enveloped his powerful mind, though it may have dimmed, could not obscure the brightness of his genius. To him, and apparently to him only, among all the inquiring spirits of the time, were known the properties of the concave and convex lens. He also invented the magic lantern; that pretty plaything of modern days, which acquired for him a reputation that embittered his life. In a history of alchymy, the name of this great man cannot be omitted, although unlike many others of whom we shall have occasion to speak, he only made it secondary to other pursuits. The love of universal knowledge that filled his mind, would not allow him to neglect one branch of science, of which neither he nor the world could yet see the absurdity. He made ample amends for his time lost in this pursuit by his knowledge in physics and his acquaintance with astronomy. The telescope, burning-glasses, and gunpowder, are discoveries which may well carry his fame to the remotest time, and make the world blind to the one spot of folly--the diagnosis of the age in which he lived, and the circumstances by which he was surrounded. His treatise on the _Admirable Power of Art and Nature in the Production of the Philosopher's Stone_ was translated into French by Girard de Tormes, and published at Lyons in 1557. His _Mirror of Alchymy_ was also published in French in the same year, and in Paris in 1612, with some additions from the works of Raymond Lulli. A complete list of all the published treatises upon the subject may be seen in Lenglet du Fresnoy.
POPE JOHN XXII.
This prelate is said to have been the friend and pupil of Arnold de Villeneuve, by whom he was instructed in all the secrets of alchymy. Tradition asserts of him, that he made great quantities of gold, and died as rich as Croesus. He was born at Cahors, in the province of Guienne, in the year 1244. He was a very eloquent preacher, and soon reached high dignity in the Church. He wrote a work on the transmutation of metals, and had a famous laboratory at Avignon. He issued two bulls against the numerous pretenders to the art, who had sprung up in every part of Christendom; from which it might be inferred that he was himself free from the delusion. The alchymists claim him, however, as one of the most distinguished and successful professors of their art, and say that his bulls were not directed against the real adepts, but the false pretenders. They lay particular stress upon these words in his bull, "Spondent, quas non exhibent, divitias, _pauperes_ alchymistæ." These, it is clear, they say, relate only to _poor_ alchymists, and therefore false ones. He died in the year 1344, leaving in his coffers a sum of eighteen millions of florins. Popular belief alleged that he had made, and not amassed, this treasure; and alchymists complacently cite this as a proof that the philosopher's stone was not such a chimera as the incredulous pretended. They take it for granted that John really left this money, and ask by what possible means he could have accumulated it. Replying to their own question, they say triumphantly, "His book shews it was by alchymy, the secrets of which he learned from Arnold de Villeneuve and Raymond Lulli. But he was as prudent as all other hermetic philosophers. Whoever would read his book to find out his secret, would employ all his labour in vain; the pope took good care not to divulge it." Unluckily for their own credit, all these gold-makers are in the same predicament; their great secret loses its worth most wonderfully in the telling, and therefore they keep it snugly to themselves. Perhaps they thought that, if everybody could transmute metals, gold would be so plentiful that it would be no longer valuable, and that some new art would be requisite to transmute it back again into steel and iron. If so, society is much indebted to them for their forbearance.
JEAN DE MEUNG.
All classes of men dabbled in the art at this time; the last mentioned was a pope, the one of whom we now speak was a poet. Jean de Meung, the celebrated author of the _Roman de la Rose_, was born in the year 1279 or 1280, and was a great personage at the courts of Louis X., Philip the Long, Charles IV., and Philip de Valois. His famous poem of the _Roman de la Rose_, which treats of every subject in vogue at that day, necessarily makes great mention of alchymy. Jean was a firm believer in the art, and wrote, besides his Roman, two shorter poems, the one entitled _The Remonstrance of Nature to the wandering Alchymist_ and _The Reply of the Alchymist to Nature_. Poetry and alchymy were his delight, and priests and women were his abomination. A pleasant story is related of him and the ladies of the court of Charles IV. He had written the following libellous couplet upon the fair sex:
"Toutes êtes, serez, ou fûtes, De fait ou de volonté, putains; Et qui très bien vous chercherait, Toutes putains vous trouverait."[36]
[36] These verses are but a coarser expression of the slanderous line of Pope, that "every woman is at heart a rake."
This naturally gave great offence; and being perceived one day in the king's antechamber, by some ladies who were waiting for an audience, they resolved to punish him. To the number of ten or twelve, they armed themselves with canes and rods, and surrounding the unlucky poet, called upon the gentlemen present to strip him naked, that they might wreak just vengeance upon him, and lash him through the streets of the town. Some of the lords present were in no wise loath, and promised themselves great sport from his punishment. But Jean de Meung was unmoved by their threats, and stood up calmly in the midst of them, begging them to hear him first, and then, if not satisfied, they might do as they liked with him. Silence being restored, he stood upon a chair, and entered on his defence. He acknowledged that he was the author of the obnoxious verses, but denied that they bore reference to all womankind. He only meant to speak of the vicious and abandoned, whereas those whom he saw around him were patterns of virtue, loveliness, and modesty. If, however, any lady present thought herself aggrieved, he would consent to be stripped, and she might lash him till her arms were wearied. It is added, that by this means Jean escaped his flogging, and that the wrath of the fair ones immediately subsided. The gentlemen present were, however, of opinion, that if every lady in the room whose character corresponded with the verses had taken him at his word; the poet would in all probability have been beaten to death. All his life long he evinced a great animosity towards the priesthood, and his famous poem abounds with passages reflecting upon their avarice, cruelty, and immorality. At his death he left a large box, filled with some weighty material, which he bequeathed to the Cordeliers, as a peace-offering, for the abuse he had lavished upon them. As his practice of alchymy was well known, it was thought the box was filled with gold and silver, and the Cordeliers congratulated each other on their rich acquisition. When it came to be opened, they found to their horror that it was filled only with _slates_, scratched with hieroglyphic and cabalistic characters. Indignant at the insult, they determined to refuse him Christian burial, on pretence that he was a sorcerer. He was, however, honourably buried in Paris, the whole court attending his funeral.
NICHOLAS FLAMEL.
The story of this alchymist, as handed down by tradition, and enshrined in the pages of Lenglet da Fresnoy, is not a little marvellous. He was born at Pontoise, of a poor but respectable family, at the end of the thirteenth, or beginning of the fourteenth century. Having no patrimony, he set out for Paris at an early age, to try his fortune as a public scribe. He had received a good education, was well skilled in the learned languages, and was an excellent penman. He soon procured occupation as a letter-writer and copyist, and used to sit at the corner of the Rue de Marivaux, and practise his calling; but he hardly made profit enough to keep body and soul together. To mend his fortunes he tried poetry; but this was a more wretched occupation still. As a transcriber he had at least gained bread and cheese; but his rhymes were not worth a crust. He then tried painting with as little success; and as a last resource, began to search for the philosopher's stone and tell fortunes. This was a happier idea; he soon increased in substance, and had wherewithal to live comfortably. He therefore took unto himself his wife Petronella, and began to save money; but continued to all outward appearance as poor and miserable as before. In the course of a few years, he became desperately addicted to the study of alchymy, and thought of nothing but the philosopher's stone, the elixir of life, and the universal alkahest. In the year 1257, he bought by chance an old book for two florins, which soon became his sole study. It was written with a steel instrument upon the bark of trees, and contained twenty-one, or as he himself always expressed it, three times seven, leaves. The writing was very elegant and in the Latin language. Each seventh leaf contained a picture and no writing. On the first of these was a serpent swallowing rods; on the second, a cross with a serpent crucified; and on the third, the representation of a desert, in the midst of which was a fountain, with serpents crawling from side to side. It purported to be written by no less a personage than "Abraham, patriarch, Jew, prince, philosopher, priest, Levite, and astrologer;" and invoked curses upon any one who should cast eyes upon it, without being "a sacrificer or a scribe." Nicholas Flamel never thought it extraordinary that Abraham should have known Latin, and was convinced that the characters on his book had been traced by the hands of that great patriarch himself. He was at first afraid to read it, after he became aware of the curse it contained; but he got over that difficulty by recollecting that, although he was not a sacrificer, he had practised as a scribe. As he read he was filled with admiration, and found that it was a perfect treatise upon the transmutation of metals. All the processes were clearly explained; the vessels, the retorts, the mixtures, and the proper times and seasons for experiment. But as ill-luck would have it, the possession of the philosopher's stone, or prime agent in the work, was presupposed. This was a difficulty which was not to be got over. It was like telling a starving man how to cook a beef-steak, instead of giving him the money to buy one. But Nicholas did not despair, and set about studying the hieroglyphics and allegorical representations with which the book abounded. He soon convinced himself that it had been one of the sacred books of the Jews, and that it was taken from the temple of Jerusalem on its destruction by Titus. The process of reasoning by which he arrived at this conclusion is not stated.
From some expression in the treatise, he learned that the allegorical drawings on the fourth and fifth leaves enshrined the secret of the philosopher's stone, without which all the fine Latin of the directions was utterly unavailing. He invited all the alchymists and learned men of Paris to come and examine them, but they all departed as wise as they came. Nobody could make any thing either of Nicholas or his pictures; and some even went so far as to say that his invaluable book was not worth a farthing. This was not to be borne; and Nicholas resolved to discover the great secret by himself, without troubling the philosophers. He found on the first page of the fourth leaf, the picture of Mercury attacked by an old man resembling Saturn or Time. The latter had an hour-glass on his head, and in his hand a scythe, with which he aimed a blow at Mercury's feet. The reverse of the leaf represented a flower growing on a mountain top, shaken rudely by the wind, with a blue stalk, red and white blossoms, and leaves of pure gold. Around it were a great number of dragons and griffins. On the first page of the fifth leaf was a fine garden, in the midst of which was a rose-tree in full bloom, supported against the trunk of a gigantic oak. At the foot of this there bubbled up a fountain of milk-white water, which, forming a small stream, flowed through the garden, and was afterwards lost in the sands. On the second page was a king, with a sword in his hand, superintending a number of soldiers, who, in execution of his orders, were killing a great multitude of young children, spurning the prayers and tears of their mothers, who tried to save them from destruction. The blood of the children was carefully collected by another party of soldiers, and put into a large vessel, in which two allegorical figures of the sun and moon were bathing themselves.
For twenty-one years poor Nicholas wearied himself with the study of these pictures, but still he could make nothing of them. His wife Petronella at last persuaded him to find out some learned rabbi; but there was no rabbi in Paris learned enough to be of any service to him. The Jews met but small encouragement to fix their abode in France, and all the chiefs of that people were located in Spain. To Spain accordingly Nicholas Flamel repaired. He left his book in Paris, for fear, perhaps, that he might be robbed of it on the road; and telling his neighbours that he was going on a pilgrimage to the shrine of St. James of Compostello, he trudged on foot towards Madrid in search of a rabbi. He was absent two years in that country, and made himself known to a great number of Jews, descendants of those who had been expelled from France in the reign of Philip Augustus. The believers in the philosopher's stone give the following account of his adventures: They say that at Leon he made the acquaintance of a converted Jew, named Cauches, a very learned physician, to whom he explained the title and nature of his little book. The doctor was transported with joy as soon as he heard it named, and immediately resolved to accompany Nicholas to Paris, that he might have a sight of it. The two set out together; the doctor on the way entertaining his companion with the history of his book, which, if the genuine book he thought it to be, from the description he had heard of it, was in the handwriting of Abraham himself, and had been in the possession of personages no less distinguished than Moses, Joshua, Solomon, and Esdras. It contained all the secrets of alchymy and of many other sciences, and was the most valuable book that had ever existed in this world. The doctor was himself no mean adept, and Nicholas profited greatly by his discourse, as in the garb of poor pilgrims they wended their way to Paris, convinced of their power to turn every old shovel in that capital into pure gold. But, unfortunately, when they reached Orleans, the doctor was taken dangerously