Episode 2 · Money Mania: The Mississippi Scheme

How was he to foretell that the French people, like the man in the fable, would kill, in their frantic eagerness, the fine goose he had brought to lay them so many golden eggs? His fate was like that which may be supposed to have overtaken the first adventurous boatman who rowed from Erie to Ontario.

Broad and smooth was the river on which he embarked; rapid and pleasant was his progress; and who was to stay him in his career? Alas for him! the cataract was nigh.

He saw, when it was too late, that the tide which wafted him so joyously along was a tide of destruction; and when he endeavoured to retrace his way, he found that the current was too strong for his weak efforts to stem, and that he drew nearer every instant to the tremendous falls.

Down he went over the sharp rocks, and the waters with him. He was dashed to pieces with his bark, but the waters, maddened and turned to foam by the rough descent, only boiled and bubbled for a time, and then flowed on again as smoothly as ever.

Just so it was with Law and the French people. He was the boatman, and they were the waters.

Next · Episode 3

John Law was born at Edinburgh in the year 1671.

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Extraordinary Popular Delusions and the Madness of Crowds
Charles Mackay · Episode 2
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Extraordinary Popular Delusions and the Madness of Crowds · Episode 2 — Footnotes