, 1873-11-16

wero murdered iu tho public stroets for lilo
sharen 5.It tiioy carried about their porsonn. Tho
Ithtofy OF sho timc waa well condensed In Tie
following opigram:
Lundf, aclctai dcs acsionst
1era' 1terer: II Tasn. rr, de-, aea 1nililionss
Tttas Teaffa'r Il RI. ny Sa an eiGn'pssI a, sS FL
a samtdi, a i lorltal.
Tho day Of settlement oamo at laat. Tho
ehrewder siock-jo obbors began to roa1izo that
convert lheir stock into to"olry plate aud coin,
and Bond It away Bcorotly to Eng.
slsad' land Holland. q, q pelaium. It ,,}a
efforts woro mado to stay IT. 4ut IN win. IA
royal edict declared coin to be d6prcciatcd por
oo,it holow The paper currency; another hoon
followed, doprocieting u 10 per centi payments
and ten in silyor; It was made q crino to, hhvo
moro than limited amount Of coinin ones poa.
session; finally, tho use Of specie was prohibited
altogether. There WAS parade made Of aendinR
fabnloua RESOURCES of TINT Province. but tt was
too la.o. 1t was now found that tho paper cur
roncy amounted to 2, 600 900, 900 vrcs, while tho
ooin was loss than half TINT amount and not at
tho Value Of tho bank-notos and tho hfipsisslppff
| sllares oue-half. Now tho popular rage could
| no, longer 10 rostorod. Law, whc lid ruled
Franco Era ,ita t2t years, was d7ocrated on a sides
thn Hs ned ,G at oo, waa H. danger snd when
His property MAS confscatad, and he was forced
tor tho rest Of ILLS life to live by gaming. Ho
dted IN Venice, some nine ycars aftor Q72G, In
great poverty. Tho colnpso Of tho Mississippi
sciacmc put d stop to ali speculation. A rigid
| process OF rotrencllment was adopted with re-
turn to Hobcr sense, and the public interest was
reduced about q, ,000,00 livres D yoar by can
collation. Of all securities which a Btato Commits
uion adtudgod had been obtained without bona
fldc consideration J!
THE 80 UTH sEA BUBBLE.
Tho English thought they could initiate Lnw's
earlier s!,ccosscs, and. by avoiding bis errors,
sve1t the disaster that followed thom: Tho
Earl Of Oxford, In It'll, for the purpose of car
rying tho floating doht, which thcn amounted to
about E1o,000,0o6 sterling. A company Of NOR
shsa' haal ho 9saa'z'a a ha for hs ' n~
como historic. and tho Government ngreod
to secure thom the interest {about E600 900 per
annum), aud to this end gave them monopoly
Of trade to tho South Seas, besides imposing
thought that. by this means, public conldeuco,
which had been bndly shaken, would be fully ro-
stored: 1t wae confidently expected that treaty
could be made with Spain which would open q
privilege was not secured. In 1917, tie King rec
commended reduction Of tho public debt, and
the Bank of England and tho South Boa Com
pany both submitted proposals: Tho capital OF
o;r 1Tv staot ,rsa mao l.; LOW 10
tnrs i1reamt " 1nrhnr anccas.os oo o,, t,a
proposed to Parliament their famous plan for
paying OF the national debt, which WAS found to
be DsoDsse1 1eseY 5 ts tsng g Tho Thin cosa
eratioa Of % Der @ aont o Dor apon snnan. en'o Tor
four y..re, after which T1 thu debt vas
and should draw interest At only ner cont mar
nnnun,. T]lo stock Of Tia Gomnanv wh;ch ' roa roa
worth iso at tho time Of tits pro6ossl. i rapdiy I
roso to 500 during tic oonadorntion Of tho lnats
that tho proposal would be accented. sfr Rnhort
Walpolo vas about Tho nn1v man whn ~ for.eots fuots
the ini9uity Of tho soheme, aud ho warned tho
people, in 4 series Of ELOQUENT spoochos that It
to part with their earnings for q prospeos Of
imaginary venlth. and Fiat dividonda wara
promised out Of funds that could never be-
adequate for the purposo. His warnings wero
Mouss snd r.py ef9ssd pabaa By e
tho House Of Iords' Tho proiact NJ = trcatv wifh
Spain was revived. and silver nom Maxico and and
Peru was promised without stint. Every hundred
10 bring hundreds Of pounds per annnm 't to ne t1a
holder. First subeerint;on p for % M aidt;onaq ~ mi
million was orered. md thoro we're or hisla ~
200 Of stock 1t tie rate Of esoo for @ every cry
to SO per cont 70 raSo It st tiH'I behsr no
the midaumer Ind maa oycry ~ pui scrr
entitled Ia It, They t1nn onaned fIo;r hooi,a
fnr a. ss,n,d u oon non pooas
por cent a and IN fow hours ei Go Of es stoeE aeS
fatnstod paonIo Eron, ths ~ III ti,a 1a'o ~ sue H. IT,
rreat buh'a h,rat ta ata sns 'o on NJ nntil ~, tS
tic way from @ to nyer :9a nm uae rar t ",.u 'ol a''
The mana for aneo,,,atinn a1oed nJi Sefs M III. r,so
and fai1 1T sonti sea narss ton1e ~ so a,as
hold # possible nom tLa 1ngish nSon1s tRan
It ha unon fho;r nara voatis naioEhnra oernsa
the ohnnnei E1chsnra AIinv vras 1uaoro aoro
..s-aI xI. 96ueuso A14oy NUS Aose
~ hirh Station and Ic.y .vnra ai;i, opio ,op.'
into tic vortex. Mr Maokay tell tells u.s." US that tie
1noat thair hranes tnu .v,, ~ anI @
tho sona - to T,ars Mu ~ ~ '1ea anHorsoa "
All aoTta ~ scbamea ero ~ aartsa sn9
cannsn;ov crsstaJ ~. s.tis, -, aas "n - ~
non.li Hr s."assu t ~ nassis Lno 6sooo o. t4o
many ~ w. 1H5o pao1eI.s appear us.ellS
transparent at that time that the infatuated |
gamblers could sea through them, Thoy wore
yory properly known az aBubbleB," and gomo |
of then, hr,rat hafora thav had I;vcd twontrs
1orr hn,,s Ar,nn9 a III ~ thaaa no,.nsn;5s