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Literary
April 3, 1820
Alexandria Gazette & Daily Advertiser
Alexandria, Virginia
What is this article about?
An article from the Baltimore Federal Republican reflects on economic mania a century ago (1718-19), quoting Bisset's history on the South Sea bubble and Mississippi scheme, comparing it to 1818's banking speculations, and urging lessons in industry and economy to avoid future errors.
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OCR Quality
98%
Excellent
Full Text
Baltimore Fed. Republican.
A CENTURY AGO.
The following Sketch of the ruling passion in 1718.-19, is found in the 1st volume of Bisset's History of the reign of George III.—It is strange how many resemblances exist, between that period, and the one which has just passed over ourselves. We are awaking from our dream; simplicity is succeeding extravagance; sober industry to wild speculation; the manners of our forefathers to those of voluptuous Europe In one respect, there is a difference between the two centuries. The insanity of 1718 was principally shown in foreign commercial speculations; that of 1818, by a profuse multiplication and dealing of banking institutions. But the deplorable consequences of the last have scattered themselves as widely through the nation, as those of the Mississippi Scheme and South sea bubble Happy shall we be, if our experience serves us as a beacon against future errors; and that we learn to cultivate the arts of an enlightened industry, and a enlightened economy, the only arts upon which the prosperity of all great states can safely repose:
[Richmond Compiler.]
" There seemed indeed (says Bisset) to be a kind of enthusiasm of avarice throughout maritime and commercial Europe at this time, no less violent than the religious or political enthusiasm of other periods. Money was the supreme object of their thoughts ; they considered projects of new banks : new schemes of administering or employing established funds ; and new modes of traffic, as the means of miraculous accumulations. Besides the famous South Sea scheme, there was the Mississippi plan of Mr. Law, and numberless others on the same visionary principle, though less extensive in influence and importance. On the frenzy of covetousness which impeded the use of sound reason and generated the most visionary fancies, the deep and designing villainy of ministerial proprietors continued the famous South Sea bubble, that burst with such destruction to its deluded votaries. Notwithstanding the ruin which overwhelmed so many from this speculation, there continued a strong propensity to wild and fanciful adventures for many years afterwards. Stock jobbing very naturally promotes other species of gaming, either to increase its gains, or compensate its losses. Gambling became much more frequent than it had been In former times."
A CENTURY AGO.
The following Sketch of the ruling passion in 1718.-19, is found in the 1st volume of Bisset's History of the reign of George III.—It is strange how many resemblances exist, between that period, and the one which has just passed over ourselves. We are awaking from our dream; simplicity is succeeding extravagance; sober industry to wild speculation; the manners of our forefathers to those of voluptuous Europe In one respect, there is a difference between the two centuries. The insanity of 1718 was principally shown in foreign commercial speculations; that of 1818, by a profuse multiplication and dealing of banking institutions. But the deplorable consequences of the last have scattered themselves as widely through the nation, as those of the Mississippi Scheme and South sea bubble Happy shall we be, if our experience serves us as a beacon against future errors; and that we learn to cultivate the arts of an enlightened industry, and a enlightened economy, the only arts upon which the prosperity of all great states can safely repose:
[Richmond Compiler.]
" There seemed indeed (says Bisset) to be a kind of enthusiasm of avarice throughout maritime and commercial Europe at this time, no less violent than the religious or political enthusiasm of other periods. Money was the supreme object of their thoughts ; they considered projects of new banks : new schemes of administering or employing established funds ; and new modes of traffic, as the means of miraculous accumulations. Besides the famous South Sea scheme, there was the Mississippi plan of Mr. Law, and numberless others on the same visionary principle, though less extensive in influence and importance. On the frenzy of covetousness which impeded the use of sound reason and generated the most visionary fancies, the deep and designing villainy of ministerial proprietors continued the famous South Sea bubble, that burst with such destruction to its deluded votaries. Notwithstanding the ruin which overwhelmed so many from this speculation, there continued a strong propensity to wild and fanciful adventures for many years afterwards. Stock jobbing very naturally promotes other species of gaming, either to increase its gains, or compensate its losses. Gambling became much more frequent than it had been In former times."
What sub-type of article is it?
Essay
What themes does it cover?
Commerce Trade
Moral Virtue
Political
What keywords are associated?
South Sea Bubble
Mississippi Scheme
Economic Speculation
Avarice
Banking Institutions
Stock Jobbing
Gambling
What entities or persons were involved?
From Bisset's History Of The Reign Of George Iii.
Literary Details
Title
A Century Ago.
Author
From Bisset's History Of The Reign Of George Iii.
Subject
Comparison Of Economic Speculations In 1718 19 And 1818
Key Lines
Money Was The Supreme Object Of Their Thoughts ; They Considered Projects Of New Banks : New Schemes Of Administering Or Employing Established Funds ; And New Modes Of Traffic, As The Means Of Miraculous Accumulations.
The Deep And Designing Villainy Of Ministerial Proprietors Continued The Famous South Sea Bubble, That Burst With Such Destruction To Its Deluded Votaries.