"De Laggende Law, de Treurende Actionist met de Smekende Mercurius", Anon.

This engraving is from the important account of one the most infamous financial meltdowns in history, known as the Mississippi Bubble incident. The engraving is centered on a "grieving stockholder" with John Law to the left pouring money out of a cornucopia into a chest filled with riches. The banner above the man is held aloft by balloons labeled "west" and "south" and translates in part as: "Law has the money there is nothing left for us." At right are a harpy and a clown who lowers his trousers to break wind on a globe presented as a Sovereign's Orb. Below the image are three columns of Dutch verses.

John Law, a Scottish financier, established the Banque Generale (central bank) in France. He was then granted control of Louisiana and founded the Compagnie de la Louisiane d'Occident, in 1717. Law developed an elaborate plan to exploit the fabulous resources of the region, which quickly gained popularity and people rushed to invest, not just in France, but throughout Europe. This resulted in the development of several other overseas companies, such as the English South Sea Company and a number of smaller companies in the Dutch Republic. The share prices rose dramatically in a frenzy of speculation. In 1720 the bubble burst; speculators cashed in, caused a run on the shares, and the company went bankrupt. As a consequence of the failure, confidence in other similar companies failed, and thousands of individual investors across Europe were ruined.

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Condition: B+

A crisp impression on a bright sheet with a bunch of grapes watermark, a faint dampstain at bottom center, and some extraneous creasing.