Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-12-14

I720. On this scheme Bancroft thus morslizes:
"when men ere greatly in the wrong, especially
when they have embarked their fortunes in their
erros they willfuly resist light. SO il has been
with the French people; they remained faithful 70
The delusion I'LL France was impoverished. public
and private credit ssbyerted. the income of CAPT
taiists a6nihilated, and labor left without employ
mens while, 10 the midst of the universal wretch
edness Of the middling class, few war specula-
tors gloried in their unjust acquisition and enjoy
ment OF immense wealth. ~ ETTs
The Law bubble" burst in France in 1920,
and in the same year, in England, Sir John Blunt
projected the South Sea scheme. Blunt proposed
TO Mnistersla plan bv which the South Sea trade
might be made the means sf paying off the ma
tional debt The funds were first to be consoli
dated, and the entire debt to be liquidated by the
South Sea Company in twenty-seven years.
| Bv means of an immense distribution Of stock
among such members of Government MS it was
found necessary to brbe, Including the Chancel-
lor of the Exchequer, Aislabie, and the Secre
tary of State, the scheme, through the purchase
influence of Aislabie, PASSED Parliament, and
the stock rose from 100 10 600. =. - 80
| Soon the same National frenzy seized the pub
lie mind as had led the French to their ruin. To
stimulate this desire to obtain the stock all sorts
of infamous means were resorted to. Extrsva-
CANT stories were circulated Of mines of wealth
|
per cent dividends were promised. ~
Landlords sold their estates, and people neg
ected Their business, to rush into the share mar
| ket. But in less thar SIX months the South
Sea bubble" burst. Ministers called the Bank Of
| England to their aid, but this was of no avail;
confidence was LOST the stock fell; every thing
was borne down before it. Public credit sus-
tanned terrible shock. and an infinite number of
families were overwhelmed with ruin "The
4
nothing was heart jut the rawlings of grief, dis
appointment and despair History (Smolet)
relates, as curious coincidence, that, while at
the moment South Sea director was scarcely
safe in the streets from the vengeance of the pop
ulace, Law, the protector of the Mississippi bub-
BILE in France, was flying for his life from the
people whom he bad beggared -, ,Y.3
1 The Investigation by Parliament showed that,
| among others. the Chancellor. Aslabie. had ae-
counts. of profits on this stock with different
brokers and merchants to the enormous amount
Aslabie was Expelled from the House. sent to
the Tower, and his estate was taken FOR the ben
eft Of the stockholders of the South Sea Compa-
ny, aud such also the fate of others impli-
Gated.
Such were the wild schemes which. projected
by avarice and villany, one hundred and forty
years ago, irieDzied the public mind of France
and England The people of those countries,
duped by the men who held the reins OF power
were thus led to their own ruin, ~
And are we sure that our hopes and financial
credit have not for their basis a bubble quite a:
fimsy that of Law and Biuut7 Have We
not among us fnancier who, like Law. is "tev
enced as the greatest man Of The agel' or who
like Aslabie, at no distant day, may enjoy tn,
comforts of Bastils and be compelled to dis
gorge wealth which. in two short years, hsv,
been wrung from the blood of bis ruined country