The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-08
RECuRRENr SPECULATIVE MANIAs.

We publish to-day two interesting ar
ticles; the one upon the recent develop
ments OF the Panama canal scandal and
the other the old story OF John Law ana
his Mississippi scheme. Besides the Mis-
issippl scheme, which he delightfully."- de-
scribes in his book on Popular Delu-
sions," Charles Macay has given the his
tory OF the South Sea Bubble, which at
the time the Mississippi scheme was set
ting France wild. was in England upset
ting the minds Of the sober Englishman
and turning London into a residence OF
stock jobbers, and creating a condition OF
things in which "every fool aspired 10 be
a knaye." Both the Mississippi scheme
and the South Sea Bubble were author
ICED by the highest legislative sanction,
and upon this gave force TO the appeal
which was made to the public as assur-
ances that the ventures we're well
founded.
In England, Robert Walpole, In opposing
the passage OF the South Sea act, said
the dangerous prospects OF stock job
bling would divert the genius Of the ma
ton from trade and industry. 1t would
hold out a dangerous lure to dccoy the
unwary 10 their ruin, by making them
part with the earnings Of their labors
for the prospect Of imaginary wealth
The great principle OF the project was an
evil Of first-rate magnitude; it was to
raise artihcially the value OF the stock
by exciting and keeping up a gen
eral infatuation and by promising
dividends out Of funds which could never
be acquired to the purpose"
These sober words were, however con-
sldered as only the hoarse croakings OF
raven; or the cries OF i Cassandra. The
wealth Of the Indies, of Mexico and Peru
was to be acquired, and the bill went
through the House Of Commons by an
Overwhelming majority. and, despite the
determined opposition Of a few in the
House Of Peers, there were only II against
and SO for the passage OF the act, but as
we have since seen 70 be the case under
similar circumstances, the stock which
had been advanced largely under the pros
poets Of the passage Of the bill. and had
reached nearly 400, began to fall as soon
as the bill had received the royal assent.
The same old story of booming and burst
ing, only on a grand international scale,
was enacted between I'LL and IT'S in these
that we have seen in railroad and
land speculauons within the last fifteen
years.
What gave encouragement 10 The Pan
ANA scheme IN France, undee which over
$25OOOO,OO0 were drawn from The people
and utterly lost. was the extraordinary
success Of the suez canal, which was
carved through by De Lesseps, to the
enormous profit OF those who backed his
enterprise The Suez canal, being re-
garded in 1850 as much mora improbable
If not impossible. than the Panama canal
was IN $780, but the SUez canal, despite
all delays and opposition. was an immense
success. and 'Ie grand Francois" as his
admirers delighted to call De Lesseps. had
assured the world that the Panama canal
would be equally as triumphant. And so
the people of France only lacked the au-
thority Of their Government TO pour ont
their hoardings. To gain this the legisla-
tive assembly was bribed. The story OF
the corruption and the recldessness with
which the peoples money was spent has
not yet been written. but it will surpass
anything Of the South Sea Bubble or the
Mississippi scheme. II seems that man.
kind is doomed to these periodical vista
tons OF speculative mania, as a new crop
Of fools comes on with every generation.