Narrative and Critical History of America, Vol. 5 (of 8): The English and French in North America 1689-1763
History
Narrative and Critical History of America, Vol. 5 (of 8): The English and French in North America 1689-1763
America -- Discovery and exploration; America -- History; United States -- History
Professor Smyth found, when he assigned one of his _Lectures on Modern
History_ (no. 27) to Law and his exploits, that he got at that time the
best exposition for his system in English from Steuart’s _Political
Economy_. The latest summarized statement in English will be found
in Lalor’s _Cyclopædia of Political Science_, vol. ii. (1883), and
a good one in Mackay’s _Popular Delusions_. The general historians
of England, more particularly Stanhope, do not tell the story of the
great imitatory pageant of the South Sea Scheme without more or less
reference to Law. Those of the United States necessarily recount the
train of events in Paris, of which Louisiana was the background. A few
English monographs, like J. Murray’s _French Financiers under Louis
XV._, and an anonymous book, _Law, the Financier, his Scheme and Times_
(London, 1856), cover specially the great projector’s career; while
the best key to his fate at the hands of magazinists will be found
in Poole’s _Index to Periodical Literature_ (pp. 728, 854), where a
popular exposition by Irving is noted, which having appeared in the
_Knickerbocker Magazine_ (vol. xv. pp. 305, 450), has since been
included in the volume of his works called _Wolfert’s Roost, and other
Papers_.
In France the treatment of the great delusion has been frequent. The
chief source of later writers has been perhaps Duhautchamp’s _Histoire
du systéme des finances_ (à la Haye, 1739), which, with his account
of the Visa, makes a full exposition of the rise and fall of the
excitement by one who was in the midst of it. His fifth and sixth
volumes contain the most complete body of the legislation attending the
movement. Forbonnais’ _Recherches et considérations sur les finances
de France à l’année 1721_ (Basle, 1758) is a work of great research,
and free from prejudice. The _Encyclopédie méthodique_ (1783) in its
essays on commerce and banking contributes valuable aid, and there
is a critical review in Ch. Ganilh’s _Essai sur le revenu public_
(Paris, 1806). To these may be added Bailly’s _Histoire financière de
la France_ (Paris, 1830); Eugène Daire’s “Notice historique sur Jean
Law, ses écrits et les opérations du système,” in his _Économistes
financiers du dix-huitième siècle_ (1843); Théodore Vial’s _Law, et
le système du papier-monnaie de 1716_ (1849); A. Cochut’s _Law, son
système et son époque_ (1853); J. B. H. R. Capefigue’s _Histoire des
grandes opérations financières_ (Paris, 1855), vol. i. p. 116; J. P.
Clément’s _Portraits historiques_ (1856); and le Baron Nervo’s _Les
finances Françaises_ (Paris, 1863). L. A. Thiers’ encyclopedic article
on Law was translated and annotated by Frank S. Fiske as _Memoir of the
Mississippi Bubble_, and published in New York in 1859. This is perhaps
the best single book for an English reader, who may find in an appendix
to it the account of the Darien Expedition from the _Encyclopædia
Britannica_, and one of the South Sea Scheme from Mackay’s _Popular
Delusions_.
Public-domain text, read in full here on John Shaqi.
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