Arbitrary measures now began to be taken to force the bills of the bank
into artificial currency. On the 27th of December appeared an order in
council, forbidding, under severe penalties, the payment of any sum above
six hundred livres in gold or silver. This decree rendered bank bills
necessary in all transactions of purchase and sale, and called for a new
emission. The prohibition was occasionally evaded or opposed; confiscations
were the consequence; informers were rewarded, and spies and traitors began
to spring up in all the domestic walks of life.
The worst effect of this illusive system was the mania for gain, or rather
for gambling in stocks, that now seized upon the whole nation. Under the
exciting effects of lying reports, and the forcing effects of government
decrees, the shares of the company went on rising in value until they
reached thirteen hundred per cent. Nothing was now spoken of but the price
of shares, and the immense fortunes suddenly made by lucky speculators.
Those whom Law had deluded used every means to delude others. The most
extravagant dreams were indulged, concerning the wealth to flow in upon the
company from its colonies, its trade, and its various monopolies. It is
true nothing as yet had been realized, nor could in some time be realized,
from these distant sources, even if productive; but the imaginations of
speculators are ever in the advance, and their conjectures are immediately
converted into facts. Lying reports now flew from mouth to month, of sure
avenues to fortune suddenly thrown open. The more extravagant the fable,
the more readily was it believed. To doubt was to awaken anger, or incur
ridicule. In a time of public infatuation, it requires no small exercise of
courage to doubt a popular fallacy.
Paris now became the center of attraction for the adventurous and the
avaricious, who flocked to it, not merely from the provinces, but from
neighboring countries. A stock exchange was established in a house in the
Rue Quincampoix, and became immediately the gathering place of
stock-jobbers. The exchange opened at seven o'clock, with the beat of drum
and sound of bell, and closed at night with the same signals. Guards were
stationed at each end of the street, to maintain order and exclude
carriages and horses. The whole street swarmed throughout the day like a
bee-hive. Bargains of all kinds were seized upon with avidity. Shares of
stock passed from hand to hand, mounting in value, one knew not why.
Fortunes were made in a moment, as if by magic; and every lucky bargain
prompted those around to a more desperate throw of the die. The fever went
on, increasing in intensity as the day declined; and when the drum beat,
and the bell rang, at night, to close the exchange, there were exclamations
of impatience and despair, as if the wheel of fortune had suddenly been
stopped when about to make its luckiest evolution.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account