This engraving is from the important account of one the most infamous financial meltdowns in history, known as the Mississippi Bubble incident. At center is a portrait of James III, "Pretender of England &c. and Knight of St. James." This portrait was printed from a separate plate and pasted onto the center of the engraving. Surrounding the portrait is a scroll-work frame holding a man with a net, another man with a shovel, and numerous objects, including birdcages, herrings, lobsters, and a windhead.

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.

References:

Condition: B+

A sharp impression with marginal soiling and a tear that enters 2.5" into the image at bottom left and has been archivally repaired with old paper on verso.