File:The story of the greatest nations, from the dawn of history to the twentieth century - a comprehensive history, founded upon the leading authorities, including a complete chronology of the world, and (14771034664).jpg

Identifier: greatestnations05elli (find matches)
Title: The story of the greatest nations, from the dawn of history to the twentieth century : a comprehensive history, founded upon the leading authorities, including a complete chronology of the world, and a pronouncing vocabulary of each nation
Year: 1900 (1900s)
Authors: Ellis, Edward Sylvester, 1840-1916 Horne, Charles F. (Charles Francis), 1870-1942
Subjects: World history
Publisher: New York : F.R. Niglutsch
Contributing Library: University of California Libraries
Digitizing Sponsor: Internet Archive

View Book Page: Book Viewer
About This Book: Catalog Entry
View All Images: All Images From Book
Click here to view book online to see this illustration in context in a browseable online version of this book.

Text Appearing Before Image:
so successful that the Regent took an enthusiastic interestin his schemes. The country went crazy over the Mississippi project. Reportswere circulated of the discovery of mar\ellous mines there, bursting w-ith goldand silver. The shares of the company, which had been issued to sell at $100each, were sold for ten, twenty, and at last even forty times their value. Allthe hoarded wealth of France was brought out, with which to speculate. No-bles sold their jewels and family plate to buy stock. )\Ietal money was so in-convenient in such large sums that the paper of the government was acceptedblindly, and passed swiftly from hand to hand. Nearly a billion dollars of it ■was soon in circulation, while all France contained less than a quarter of thatamount in actual coin. Law was terrified by his own success. He tried vainly to check the govern-ments reckless issues of paper. He knew that his Mississippi shares could notpossibly be worth the enormous sums people paid for them. The shrewder
Text Appearing After Image:
(V hH—-l-c _ c//hAKW^^:^ THE MISSISSIPPI BUBBLE—THE STREET OF THE SPECULATORS France—The Mississippi Bubble 897 speculators also became alarmed. They began to sell their shares of stock,and hoard in gold the enormous wealth they had acquired. This resulted in ademand on the government for metal in exchange for its paper, and soon thegovernment had no metal to give. Then the crash came. Those who had the government paper could buynothing with it. Those who held the Mississippi stock could scarce give itaway. It was worthless. The government itself refused to accept its ownpaper for taxes. A few lucky speculators had made vast fortunes; but thou-sands of families, especially among the wealthier classes, were ruined. Suicideswere numerous. Law barely escaped being torn to pieces, and fled in abjectpoverty from France. The Duke of Orleans, detested by all those victims who attributed theirruin to the government, died in 1723; but it was not until 1726 that the boyking, Louis, took a

Note About Images