The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-20
A SOUTH. SEA BUBBLE.

tho history of vast financial enter
prise and stock specializing scheme in
Paris. He describes its origin. it's rise
and rapid progress to point where its
success is measured by tremendous in
fiation of stock values and its sudden
and complete collapse. 1t is graphic
and powerful presentation of tho gam
bling and specializing evil of the age.
The originator of the great enterprise
bases it on plan for benefiting the in
terests of France by redeemiDg the
deserts of Egypt and Syria from barren
ness and making them agriculturally
productive, by establishing system OF
steamships that would nlonopolize the
Mediterranean trade, and by founding
universal bank" Involved in this
is an appeal to religious devo-
tees, by a mysterious and half-im-
piled intimation that upon the financial
success of the scheme depends the
browning result, the restoration of Jeru-
salem to it's early glory and the estab-
fishing of the Pope there in rightful and
undisputed sway. Cupidity, piety. be:
nevolence, parental and filial love, am
bition-all are tempted by the allur-
ing possibilities. The ingenious and
daring man who devises and carries on
the enterprise and is it's leading spirit
throughout is person of such confidence
in the chimerical and impossible, and of
such gifted imagination that he appar-
h,e f,xll Fatf In, he fnol
of his gigantic undertakings. and this
very confidence begets the same feeling
in others and attracts the victims. lola
was never more realistic than in his de-
scription of the individuals representing
every class of society who are
drawn into this fatal vortex. The
laboring man, with his little savings; the
reduced aristocrat, with his remnant OF
Inherited wealth; the widow. with the
scanty fund. whose interest barely keeps
her from starvation; the rich, who wish
to increase their riches; the gambler,
drawn by the excitement of possible
winnings-all these, by thousands. in
vest in the universal bank" whose
stock goes up and mp until the investors
become wild with excitement and do not
dream of selling, because it may go
higher. The stock still advances and
advances. until there seems no limit
and suddenly the bubble bursts. Moth
ing is left for the people who had staked
all their money and all their hopes but
poverty, and calamity, and despair.
Those who have read this story will
find its incidents wildly recalled by the
recent disclosures concerning the Pan
anna Canal Company of Paris, which
failed some time ago, taking with it in
its fall the savings of multitude of
French people, among whom were peas
ants. artisans and shopkeepers from all
parts of the country. De Lesseps was
the "Saccard" of this enterprise. but
whether he was sufficiently optimistic
to have an honest belief in its financial
soundness, as it is charitable to suppose
was the case, or whether he was ami
mated by purely speculative or gam
bling mania, the outcome was the same.
and it is certainly evident that there
was dishonesty in some quarter in the
management of the vast sums invested.
Whether responsible for this or not, the
canal company, with De Lesseps as its
chief representative. is to be pros
ecuted. The figures which serve
as a basis for the prosecution show
that out of /. 300. 600. 600 francs only 471,-
000, 900 francs were used properly. The
remainder disappeared among newspa-
pers, which received 20.000,000 francs,
and politicians, who received 5000, 600.
The contractors are to be prosecuted as
accomplices, for they expended on the
work only 5000. 600 francs out of &C, OOO,-
600 for one account. and for another
5000, 900 francs out of IA. 000, 600 received.
The people wilpknow now where their
money has gone and why there were no
returns; but such is the gambling spirit
that there is great public sympathy for
the aged De Lesseps and an opposition
to prosecuting him. and the French
Ministry were divided on the question,
fearing the loss of French prestige by
showing the hollowness of business
enterprise which they have hopes of re-
viving. Whatever the outcome, it is
not likely that the multitude will be
saved from the next attractive gold
baited trap, speculation being probably
more rampant and themania moro wide
spread in Paris than elsewhere in the
world.