The Humbugs of the World: An Account of Humbugs, Delusions, Impositions, Quackeries, Deceits and Deceivers Generally, in All AgesBarnum, P. T. (Phineas Taylor)
General
The Humbugs of the World: An Account of Humbugs, Delusions, Impositions, Quackeries, Deceits and Deceivers Generally, in All Ages
Barnum, P. T. (Phineas Taylor)
Impostors and imposture
The cross-grained Parliament thus disposed of, everything was quickly
made to "look lovely." In the beginning of 1719, more grants were made
to Law's associated concerns. The Mississippi Company was granted the
monopoly of all trade to the East Indies, China, the South Seas, and all
the territories of the French India Company, and of the Senegal Company.
It took a new and imposing name: "The Company of the Indies." They had
already, by the way, also obtained the monopoly of the Canada
beaver-trade. Of this colossal corporation, monopolizing the whole
foreign commerce of France with two-thirds or more of the world, its
whole home finances, and other important interests besides, fifty
thousand new shares were issued, as before, at $100 each. These might be
bought as before, with Government securities at par. Law was so bold as
to promise annual dividends of $20 per share, which, as the Government
funds stood, was one hundred and twenty per cent. per annum.! Everybody
believed him. More than three hundred thousand applications were made
for the new shares. Law was besieged in his house by more than twice as
many people as General Grant had to help him take Richmond. The Great
Humbug was at last in full buzz. The street where the wonderful
Scotchman lived was busy, filled, crowded, jammed, choked. Dangerous
accidents happened in it every day, from the excessive pressure. From
the princes of the blood down to cobblers and lackeys, all men and all
women crowded and crowded to subscribe their money, and to pay their
money, and to know how many shares they had gotten. Law moved to a
roomier street, and the crazy mob crowded harder than ever; so that the
Chancellor, who held his court of law hard by, could not hear his
lawyers.
Public-domain text, read in full here on John Shaqi.
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