18th Century:  Caricature etchings on the Stock Market

The Great Mirror of Folly                 Het Groote Tafereel der Dwaasheid                The South Sea Bubble                  The Mississippi Bubble

Speculative bubbles - The First financial crisis.

Plates from: Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie,
 in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.

The three bubbles--French, British and Dutch, started at different times but burst at about the same time: September 1720.
The South Sea Bubble, named after the British South Sea Company,
The Mississippi Bubble, after the Mississippi Company in France,
The Dutch bubble derived from the other two bubbles.

Het groote tafereel der dwaasheid  (The Great Scene of Folly) - 1720,  is a matter of fact a collection of caricatural plates in prose and verse satirizing the first truly international speculative crisis in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
 

The end of the Stock world
 


 

Publisher: 

ANONYMOUS

Published:

Amsterdam, 1720

Size:

 11.9 x 15.0 inches. / 30.1 x 38.0 cm.

Print published in : Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.
A caricature in prose and verse satirizing the first truly international speculativr crisis in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated...and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.

 

 

De stervende Bubbel-heer in den schoot van Madame Compagnie.
 

Publisher:

ANONYMOUS

Published in:

Amsterdam, 1720

Size:

12.7 x 18.1 inches.
32.3 x 46.0 cm.

A dying John Law on the floor with his head on the lap of woman, surrounded by group of figures. Likely etched by Romeijn de Hooghe. The plate was used in 1705 as satire on the Wars of the Spanish Succession under the title "3 Valse, zacht!". With 2 letterpress columns of Dutch verse.
Print published in : Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.
A caricature in prose and verse satirizing the first truly international speculative crisis in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated...and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.


The chevalier of the Golden Calf, or captain of the early and late time of slaughtering,
in procession to the Oracle of Delphos.
 
Publisher:

[ANONYMOUS].

Title:

De Ridder van het Gilde Kalf of Hopman van de Vroege en Laate Slacht tyd in Optogt naar ' t Orakel van Delfos.

Published

Amsterdam, 1720

Size:

13.0 x 10.2 inches., 33.0 x 26.0 cm.

Page taken from Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX. Engraved by Leonard Schenk.
A caricature in prose and verse satirizing the disastrous Mississippi scheme (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated...and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.


A satirical map of the Mississippi Bubble: The Island 'Geks-Kop'
 

Publisher:

ANONYMOUS

Title:

A satirical map of the Mississippi Bubble

Published

Amsterdam, 1720

Size:

6.3 x 9.1 inches. / 16.0 x 23.0 cm.
 

Principal names within the map:
 
QUINQUEPOIX: capital of the island, named after the headquarters of the Compagnie in the Rue Quimquempoix, Paris.
R: de Seine, R. de Teems & R. de Maas: the principal rivers of the three major countries involved: the Seine (Paris), the Thames (London) and Meuse
(Amsterdam).
R: de Bubbel: Bubble River
Z.Z. have: South Sea Haven, alluding to the English South Sea scheme.
M. have: ie Mississippi haven.

Afbeeldinge Van't Zeer Vermaarde Eiland Geks-Kop. Amsterdam, 1720, 290 x 230mm. Trimmed close to neatline, bottom right corner repaired.
A map of the island of "Geks-Kop" (fools cap) from "Het Groote Tafereel Der Dwaasheid" (The Great Mirror Of Folly). The title translates as "A representation of the very famous island of Mad-head, lying in the sea of shares, discovered by Mr. Law-rens, and inhabited by a collection of all kinds of people, to whom are given the general name shareholders." At the center of the image is a map of an island depicted as the head of a Fool wearing his traditional cap, the place names on the map have such names as Blind Fort, Bubble River, and Mad House, surrounded by the islets of Poverty, Sorrow, and Despair. Either side of the central map are a number of additional images, including a crowd stoning the headquarters of the Compagnie and a creditor fleeing his investors in a land-yacht. This satirical engraving of the Mississippi Bubble is one of the most famous cartographic curiosities. It represents the collapse of the French Compagnie de la Louisiane d'Occident, and similar English and Dutch companies. John Law, a Scottish financier, established the company in 1717 . The Compagnie was granted control of Louisiana, and its plans to exploit the resources of the region - the "Mississippi Scheme" - captured the popular imagination. Believing that the region was a source of limitless wealth, people rushed to invest. Share prices opened at 500 livres, but rapidly rose to 18,000 livres. At this point, speculators indulged in profit-taking, causing a run on the shares. Confidence collapsed, causing a run on the company's capital and the company went bankrupt. Many individuals were ruined, not only in France, but throughout Europe. As a consequence of the failure of the Mississippi Scheme, confidence in other similar schemes failed, [and many ventures,] including the English South Sea Company collapsed, as did a number of smaller Dutch companies. The general term ‘Bubbles' was applied to such schemes where promises proved illusory, burst by the pin of reality.

 


The wind-buyers paid in wind, or those who are last will remain hanging on
 

Publisher:

ANONYMOUS

Title:

De wind koopers met wind betaald, of de laaste zal blyven hangen

Published

Amsterdam, 1720

Size:

13.8 x 10.2 inches. / 35.0 x 26.0 cm.
 

Print published in : Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.Title in English : "The wind-buyers paid in wind, or those who are last will remain hanging on."
The print shows the interior of the Amsterdam stock exchange or "Oude Beurs", filled with traders desperately offering their stocks. In the center a list of 21 securities as Assurance, Cacao, Coffee, Salt, Fish, etc. In bottom a poem by I.Bombario.A caricature in prose and verse satirizing the first truly international speculative crises in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated...and the increasing demand for its stock led to wild speculation. Concise Dictionary of American History, NY: Scribner's, 1962,pp. 617-18).


The bedizened shareholders shown during their honor and influence.
 

 

Publisher:

ANONYMOUS

Title:

De opgehulde actionisten in hun eer en aan zien gesteld

Published

Amsterdam, 1720

Size:

10.2 x 14.0 inches. 26.0 x 35.5 cm

Print published in : Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.
A caricature in prose and verse satirizing the first truly international speculativr crises in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated?and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.

 

The South Sea Company, having risen to the top by wind, now laments her loss with a rueful aspect.
 

Publisher:

ANONYMOUS

Title:

De Zuid Zé Compagnie door wind in top gerezen beklaagt nu haar verlies met een bekommerd wezen.

Published

Amsterdam, 1720

Size:

13.8 x 10.6 inches.
35.0 x 27.0 cm.

A caricature in prose and verse satirizing the first truly international speculative crises in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated. . . And the increasing demand for its stock led to wild speculation.
The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture.
In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.


The inventor of stock-jobbery in his triumphal car.
 

Publisher:

ANONYMOUS

Title:

De inventeur der Wind-Negotie, Op zijn Zeege-kar.

Published

Amsterdam, 1720

Size:

8.5 x 7.1 inches. 21.5 x 18.0 cm.

Page taken from Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.  Engraved by Leonard Schenk.
A caricature in prose and verse satirizing the disastrous Mississippi scheme (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.John Law (1671-1729), the son of an Edinburgh banker and successful financier who estblished the Banque Générale in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated...and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined. Reference: A.H.Cole, The great mirror of folly, 1949


True portrait of the renowned Mr. Quinquenpoix
 

Publisher:

ANONYMOUS

Title:

Waare afbeelding van den vermaarden Heer Quinquenpoix.

Published

Amsterdam, 1720

Size:

0.7 x 11.8 inches.1.8 x 30.0 cm.

A caricature in prose and verse satirizing the first truly international speculative crises in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated. . . And the increasing demand for its stock led to wild speculation.
The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture.
In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.


Titl
e print of the stock shop or court of Quinquempoix
 

Publisher:

ANONYMOUS

Title:

Tytel-print der actie-kraam of voor-hof van Quinquenpoix.

Published

Amsterdam, 1720

Size:

8.7 x 14.6 inches. / 22.0 x 37.0 cm.

Item Description : Print published in : Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.
A caricature in prose and verse satirizing the first truly international speculative crises in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.
John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated…and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture. In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.

 

Kermis wind-kraamer en grossier - La Monopole des Vents.
 

Publisher:

ANONYMOUS

Title:

Kermis wind-kraamer en grossier - La Monopole des Vents

Published

Amsterdam, 1720

Size:

10.6 x 6.5 inches. / 27.0 x 16.5 cm.
 

Decorative print satirizing the stock exchange business after it collapse in the beginning of the 18th century, that led to the complete ruin of many of over-eager French, Dutch and English shareholders. Underneath the print text in Dutch and French.From Great mirror of folly. - Het groote tafereel der dwaasheid, vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX. An early issue of the renowned monument for the speculative mania of 1720. 'The great mirror of folly, showing the rise, progress, and downfall of the bubble in stocks and windy speculation in France, England, and the Netherlands in the year 1720' constitute a collection of mostly satirical plates on the speculations connected with the operations of John Law, together with the charters of important companies, comedies, poems, etc. Decorative!.
 

New years gift .
 

Publisher:

ANONYMOUS

Title:

Lauw Maands Herdenking

Published

Amsterdam, 1720

Size:

7.50 x 11.50 inches.
19 x 30 cm.

Lauw-Maands herdenking wegens de nieuwbakke Goude Eeuw vertoverd in Paarde Vygen.Een Faun (Plutus) omarmt de naakte godin Pecunia door B.Picart. omgeven door verzen en een rand met bovenschrift: Nieuwjaarsgeschenk, voorts zinnebeelden en dwergen gelijk als in het Dwergentoneel voorkomen, doch in geene verzameling gevonden.Deze hoogst belangrijke en geestige prenten en tekst uit "Tafereel der Dwaasheid" handelende over de Windhandel van 1720 (o.a. Tulpenhandel). Zeer belangrijke getuigenissen over de handel uit die tijd. Literatuur: Drugulin, Historische Bilderatlas/ Fr. Muller: Beredeneerde beschrijving van Ned. Historie platen en zinneprenten, 1876/ Prof. Laspeyres, Gesch. der Volkswirtschaftl. Anschauungen der Niederlaender u. ihrer Literat. z. Zeit der Republik, 1863.
 


Directrice der Vervalle Actie-Regimenten

 

Publisher:

ANONYMOUS

Published

Amsterdam, 1720

Size:

6.50 x 4.10 inches. / 16 x 10.50 cm.


Portrait of Madame Law
 
 

Publisher:

ANONYMOUS

Title:

Madame Law. Ik speel voor man en wyf, als onbesturve weew. . .

Published

Amsterdam, 1720

Size:

7.1 x 10.7 inches. / 18.0 x 27.3 cm.

 Print published in : Het groote tafereel der dwaasheid : vertoonende de opkomst, voortgang en ondergang der actie, bubbel en windnegotie, in Vrankryk, Engeland, en de Nederlanden, gepleegt in den jaare MDCCXX.Portrait of Madame Law. Copper engraving set in a decorative border.A caricature in prose and verse satirizing the first truly international speculative crisis  in the history of financial capitalism, the "Mississippi scheme" (1718-1720) of the French Compagnie d'Occident and the speculations its stock that led to the complete ruin of many of its over-eager French, Dutch and English shareholders.John Law (1671-1729), the son of an Edinburgh banker and successful financier who established the "Banque Générale" in France in 1715, founded the Compagnie de l'Occident for the exploitation of the resources of French Louisiana after Antoine Crozat had surrendered his charter in 1717. Law's reputation caused the stock to sell readily, and the organization soon enlarged the scope of its activities by absorbing other commercial companies, its name than being changed to the 'Company of the Indies'. Enormous profits were anticipated...and the increasing demand for its stock led to wild speculation. The anticipated immense and immediate profits were not realized, and soon the scheme revealed itself as a purely speculative venture.
In 1720 the company failed, the 'bubble' bust, and the stockholders lost their entire investment, many being completely ruined.

 


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