The Crayon Papers

I had now sufficiently recovered to return home; yet I could not think of leaving Mr. Somerville's without having a little further conversation with him on the subject of his daughter's education.

"This Mr. Somerville," thought I, "is a very accomplished, elegant man; he has seen a good deal of the world, and, upon the whole, has profited by what he has seen. He is not without information, and, as far as he thinks, appears to think correctly; but, after all, he is rather superficial, and does not think profoundly. He seems to take no delight in those metaphysical abstractions that are the proper aliment of masculine minds. I called to mind various occasions in which I had indulged largely in metaphysical discussions, but could recollect no instance where I had been able to draw him out. He had listened, it is true, with attention, and smiled as if in acquiescence, but had always appeared to avoid reply. Besides, I had made several sad blunders in the glow of eloquent declamation; but he had never interrupted me, to notice and correct them, as he would have done had he been versed in the theme.

"Now, it is really a great pity," resumed I, "that he should have the entire management of Miss Somerville's education. What a vast advantage it would be if she could be put for a little time under the superintendence of Glencoe. He would throw some deeper shades of thought into her mind, which at present is all sunshine; not but that Mr. Somerville has done very well, as far as he has gone; but then he has merely prepared the soil for the strong plants of useful knowledge. She is well versed in the leading facts of history, and the general course of belles-lettres," said I; "a little more philosophy would do wonders."

I accordingly took occasion to ask Mr. Somerville for a few moments' conversation in his study, the morning I was to depart. When we were alone I opened the matter fully to him. I commenced with the warmest eulogium of Glencoe's powers of mind and vast acquirements, and ascribed to him all my proficiency in the higher branches of knowledge. I begged, therefore, to recommend him as a friend calculated to direct the studies of Miss Somerville; to lead her mind, by degrees, to the contemplation of abstract principles, and to produce habits of philosophical analysis; "which," added I, gently smiling, "are not often cultivated by young ladies." I ventured to hint, in addition, that he would find Mr. Glencoe a most valuable and interesting acquaintance for himself; one who would stimulate and evolve the powers of his mind; and who might open to him tracts of inquiry and speculation to which perhaps he had hitherto been a stranger.

Mr. Somerville listened with grave attention. When I had finished, he thanked me in the politest manner for the interest I took in the welfare of his daughter and himself. He observed that, as it regarded himself, he was afraid he was too old to benefit by the instruction of Mr. Glencoe, and that as to his daughter, he was afraid her mind was but little fitted for the study of metaphysics. "I do not wish," continued he, "to strain her intellects with subjects they cannot grasp, but to make her familiarly acquainted with those that are within the limits of her capacity. I do not pretend to prescribe the boundaries of female genius, and am far from indulging the vulgar opinion that women are unfitted by nature for the highest intellectual pursuits. I speak only with reference to my daughter's tastes and talents. She will never make a learned woman; nor, in truth, do I desire it; for such is the jealousy of our sex, as to mental as well as physical ascendency, that a learned woman is not always the happiest. I do not wish my daughter to excite envy, or to battle with the prejudices of the world; but to glide peaceably through life, on the good will and kind opinions of her friends. She has ample employment for her little head, in the course I have marked out for her; and is busy at present with some branches of natural history, calculated to awaken her perceptions to the beauties and wonders of nature, and to the inexhaustible volume of wisdom constantly spread open before her eyes. I consider that woman most likely to make an agreeable companion, who can draw topics of pleasing remark from every natural object; and most likely to be cheerful and contented, who is continually sensible of the order, the harmony, and the invariable beneficence that reign throughout the beautiful world we inhabit."

"But," added he, smiling, "I am betraying myself into a lecture, instead of merely giving a reply to your kind offer. Permit me to take the liberty, in return, of inquiring a little about your own pursuits. You speak of having finished your education; but of course you have a line of private study and mental occupation marked out; for you must know the importance, both in point of interest and happiness, of keeping the mind employed. May I ask what system you observe in your intellectual exercises?"

"Oh, as to system," I observed, "I could never bring myself into anything of the kind. I thought it best to let my genius take it own course, as it always acted the most vigorously when stimulated by inclination."

Mr. Somerville shook his head. "This same genius," said he, "is a wild quality that runs away with our most promising young men. It has become so much the fashion, too, to give it the reins that it is now thought an animal of too noble and generous a nature to be brought to harness. But it is all a mistake. Nature never designed these high endowments to run riot through society, and throw the whole system into confusion. No, my dear sir, genius, unless it acts upon system, is very apt to be a useless quality to society; sometimes an injurious, and certainly a very uncomfortable one, to its possessor. I have had many opportunities of seeing the progress through life of young men who were accounted geniuses, and have found it too often end in early exhaustion and bitter disappointment; and have as often noticed that these effects might be traced to a total want of system. There were no habits of business, of steady purpose, and regular application, superinduced upon the mind; everything was left to chance and impulse, and native luxuriance, and everything of course ran to waste and wild entanglement. Excuse me if I am tedious on this point, for I feel solicitous to impress it upon you, being an error extremely prevalent in our country and one into which too many of our youth have fallen. I am happy, however, to observe the zeal which still appears to actuate you for the acquisition of knowledge, and augur every good from the elevated bent of your ambition. May I ask what has been your course of study for the last six months?"

Never was question more unluckily timed. For the last six months I had been absolutely buried in novels and romances.

Mr. Somerville perceived that the question was embarrassing, and, with his invariable good breeding, immediately resumed the conversation, without waiting for a reply. He took care, however, to turn it in such a way as to draw from me an account of the whole manner in which I had been educated, and the various currents of reading into which my mind had run. He then went on to discuss, briefly but impressively, the different branches of knowledge most important to a young man in my situation; and to my surprise I found him a complete master of those studies on which I had supposed him ignorant, and on which I had been descanting so confidently.

He complimented me, however, very graciously, upon the progress I had made, but advised me for the present to turn my attention to the physical rather than the moral sciences. "These studies," said he, "store a man's mind with valuable facts, and at the same time repress self-confidence, by letting him know how boundless are the realms of knowledge, and how little we can possibly know. Whereas metaphysical studies, though of an ingenious order of intellectual employment, are apt to bewilder some minds with vague speculations. They never know how far they have advanced, or what may be the correctness of their favorite theory. They render many of our young men verbose and declamatory, and prone to mistake the aberrations of their fancy for the inspirations of divine philosophy."

I could not but interrupt him, to assent to the truth of these remarks, and to say that it had been my lot, in the course of my limited experience, to encounter young men of the kind, who had overwhelmed me by their verbosity.

Mr. Somerville smiled. "I trust," said he, kindly, "that you will guard against these errors. Avoid the eagerness with which a young man is apt to hurry into conversation, and to utter the crude and ill-digested notions which he has picked up in his recent studies. Be assured that extensive and accurate knowledge is the slow acquisition of a studious lifetime; that a young man, however pregnant his wit, and prompt his talent, can have mastered but the rudiments of learning, and, in a manner, attained the implements of study. Whatever may have been your past assiduity, you must be sensible that as yet you have but reached the threshold of true knowledge; but at the same time you have the advantage that you are still very young, and have ample time to learn."

Here our conference ended. I walked out of the study a very different being from what I was on entering it. I had gone in with the air of a professor about to deliver a lecture; I came out like a student who had failed in his examination, and been degraded in his class.

"Very young," and "on the threshold of knowledge!" This was extremely flattering to one who had considererd himself an accomplished scholar and a profound philosopher.

"It is singular," thought I; "there seems to have been a spell upon my faculties, ever since I have been in this house. I certainly have not been able to do myself justice. Whenever I have undertaken to advise, I have had the tables turned upon me. It must be that I am strange and diffident among people I am not accustomed to. I wish they could hear me talk at home!"

"After all," added I, on further reflection, "after all there is a great deal of force in what Mr. Somerville has said. Somehow or other, these men of the world do now and then hit upon remarks that would do credit to a philosopher. Some of his general observations came so home that I almost thought they were meant for myself. His advice about adopting a system of study is very judicious. I will immediately put it hi practice. My mind shall operate henceforward with the regularity of clock-work."

How far I succeeded in adopting this plan, how I fared in the further pursuit of knowledge, and how I succeeded in my suit to Julia Somerville, may afford matter for a further communication to the public, if this simple record of my early life is fortunate enough to excite any curiosity.

THE GREAT MISSISSIPPI BUBBLE

"A TIME OF UNEXAMPLED PROSPERITY"

In the course of a voyage from England, I once fell in with a convoy of merchant ships bound for the West Indies. The weather was uncommonly bland; and the ships vied with each other in spreading sail to catch a light, favoring breeze, until their hulls were almost hidden beneath a cloud of canvas. The breeze went down with the sun, and his last yellow rays shone upon a thousand sails, idly flapping against the masts.

I exulted in the beauty of the scene, and augured a prosperous voyage; but the veteran master of the ship shook his head, and pronounced this halcyon calm a "weather-breeder." And so it proved. A storm burst forth in the night; the sea roared and raged; and when the day broke, I beheld the late gallant convoy scattered in every direction; some dismasted, others scudding under bare poles, and many firing signals of distress.

I have since been occasionally reminded of this scene, by those calm, sunny seasons in the commercial world, which are known by the name of "times of unexampled prosperity." They are the sure weather-breeders of traffic. Every now and then the world is visited by one of these delusive seasons, when "the credit system," as it is called, expands to full luxuriance, everybody trusts everybody; a bad debt is a thing unheard of; the broad way to certain and sudden wealth lies plain and open; and men are tempted to dash forward boldly, from the facility of borrowing.

Promissory notes, interchanged between scheming individuals, are liberally discounted at the banks, which become so many mints to coin words into cash; and as the supply of words is inexhaustible, it may readily be supposed what a vast amount of promissory capital is soon in circulation. Every one now talks in thousands; nothing is heard but gigantic operations in trade; great purchases and sales of real property, and immense sums made at every transfer. All, to be sure, as yet exists in promise; but the believer in promises calculates the aggregate as solid capital, and falls back in amazement at the amount of public wealth, the "unexampled state of public prosperity."

Now is the time for speculative and dreaming or designing men. They relate their dreams and projects to the ignorant and credulous, dazzle them with golden visions, and set them madding after shadows. The example of one stimulates another; speculation rises on speculation; bubble rises on bubble; every one helps with his breath to swell the windy superstructure, and admires and wonders at the magnitude of the inflation he has contributed to produce.

Speculation is the romance of trade, and casts contempt upon all its sober realities. It renders the stock-jobber a magician, and the exchange a region of enchantment. It elevates the merchant into a kind of knight-errant, or rather a commercial Quixote. The slow but sure gains of snug percentage become despicable in his eyes; no "operation" is thought worthy of attention that does not double or treble the investment. No business is worth following that does not promise an immediate fortune. As he sits musing over his ledger, with pen behind his ear, he is like La Mancha's hero in his study, dreaming over his books of chivalry. His dusty counting-house fades before his eyes, or changes into a Spanish mine; he gropes after diamonds, or dives after pearls. The subterranean garden of Aladdin is nothing to the realms of wealth that break upon his imagination.

Could this delusion always last, the life of a merchant would indeed be a golden dream; but it is as short as it is brilliant. Let but a doubt enter, and the "season of unexampled prosperity" is at end. The coinage of words is suddenly curtailed; the promissory capital begins to vanish into smoke; a panic succeeds, and the whole superstructure, built upon credit and reared by speculation, crumbles to the ground, leaving scarce a wreck behind:

"It is such stuff as dreams are made of."

When a man of business, therefore, hears on every side rumors of fortunes suddenly acquired; when he finds banks liberal, and brokers busy; when he sees adventurers flush of paper capital, and full of scheme and enterprise; when he perceives a greater disposition to buy than to sell; when trade overflows its accustomed channels and deluges the country; when he hears of new regions of commercial adventure; of distant marts and distant mines, swallowing merchandise and disgorging gold; when he finds joint-stock companies of all kinds forming; railroads, canals, and locomotive engines, springing up on every side; when idlers suddenly become men of business, and dash into the game of commerce as they would into the hazards of the faro table; when he beholds the streets glittering with new equipages, palaces conjured up by the magic of speculation; tradesmen flushed with sudden success, and vying with each other in ostentatious expense; in a word, when he hears the whole community joining in the theme of "unexampled prosperity," let him look upon the whole as a "weather-breeder," and prepare for the impending storm.

The foregoing remarks are intended merely as a prelude to a narrative I am about to lay before the public, of one of the most memorable instances of the infatuation of gain to be found in the whole history of commerce. I allude to the famous Mississippi Bubble. It is a matter that has passed into a proverb, and become a phrase in every one's mouth, yet of which not one merchant in ten has probably a distinct idea. I have therefore thought that an authentic account of it would be interesting and salutary, at the present moment, when we are suffering under the effects of a severe access of the credit system, and just recovering from one of its ruinous delusions.

Before entering into the story of this famous chimera, it is proper to give a few particulars concerning the individual who engendered it. John Law was born in Edinburgh in 1671. His father, William Law, was a rich goldsmith, and left his son an estate of considerable value, called Lauriston, situated about four miles from Edinburgh. Goldsmiths, in those days, acted occasionally as bankers, and his father's operations, under this character, may have originally turned the thoughts of the youth to the science of calculation, in which he became an adept; so that at an early age he excelled in playing at all games of combination.

In 1694 he appeared in London, where a handsome person, and an easy and insinuating address, gained him currency in the first circles and the nickname of "Beau Law." The same personal advantages gave him success in the world of gallantry, until he became involved in a quarrel with Beau Wilson, his rival in fashion, whom he killed in a duel, and then fled to France, to avoid prosecution.

He returned to Edinburgh in 1700, and remained there several years; during which time he first broached his great credit system, offering to supply the deficiency of coin by the establishment of a bank, which, according to his views, might emit a paper currency equivalent to the whole landed estate of the kingdom.

His scheme excited great astonishment in Edinburgh; but, though the government was not sufficiently advanced in financial knowledge to detect the fallacies upon which it was founded, Scottish caution and suspicion served in the place of wisdom, and the project was rejected. Law met with no better success with the English Parliament; and the fatal affair of the death of Wilson still hanging over him, for which he had never been able to procure a pardon, he again went to France.

The financial affairs of France were at this time in a deplorable condition. The wars, the pomp and profusion, of Louis XIV., and his religious persecutions of whole classes of the most industrious of his subjects, had exhausted his treasury, and overwhelmed the nation with debt. The old monarch clung to his selfish magnificence, and could not be induced to diminish his enormous expenditure; and his minister of finance was driven to his wits' end to devise all kinds of disastrous expedients to keep up the royal state, and to extricate the nation from its embarrassments.

In this state of things, Law ventured to bring forward his financial project. It was founded on the plan of the Bank of England, which had already been in successful operation several years. He met with immediate patronage, and a congenial spirit, in the Duke of Orleans, who had married a natural daughter of the king. The duke had been astonished at the facility with which England had supported the burden of a public debt, created by the wars of Anne and William, and which exceeded in amount that under which France was groaning. The whole matter was soon explained by Law to his satisfaction. The latter maintained that England had stopped at the mere threshold of an art capable of creating unlimited sources of national wealth. The duke was dazzled with his splendid views and specious reasonings, and thought he clearly comprehended his system. Demarets, the Comptroller-General of Finance, was not so easily deceived. He pronounced the plan of Law more pernicious than any of the disastrous expedients that the government had yet been driven to. The old king also, Louis XIV., detested all innovations, especially those which came from a rival nation; the project of a bank, therefore, was utterly rejected.

Law remained for a while in Paris, leading a gay and affluent existence, owing to his handsome person, easy manners, flexible temper, and a faro-bank which he had set up. His agreeable career was interrupted by a message from D'Argenson, Lieutenant-General of Police, ordering him to quit Paris, alleging that he was "rather too skillful at the game which he had introduced."

For several succeeding years he shifted his residence from state to state of Italy and Germany; offering his scheme of finance to every court that he visited, but without success. The Duke of Savoy, Victor Amadeus, afterward king of Sardinia, was much struck with his project; but after considering it for a time, replied, "I am not sufficiently powerful to ruin myself."

The shifting, adventurous life of Law, and the equivocal means by which he appeared to live, playing high, and always with great success, threw a cloud of suspicion over him wherever he went, and caused him to be expelled by the magistracy from the semi-commercial, semi-aristocratical cities of Venice and Genoa.

The events of 1715 brought Law back again to Paris. Louis XIV. was dead. Louis XV. was a mere child, and during his minority the Duke of Orleans held the reins of government as Regent. Law had at length found his man.

The Duke of Orleans has been differently represented by different contemporaries. He appears to have had excellent natural qualities, perverted by a bad education. He was of the middle size, easy and graceful, with an agreeable countenance, and open, affable demeanor. His mind was quick and sagacious, rather than profound; and his quickness of intellect, and excellence of memory, supplied the lack of studious application. His wit was prompt and pungent; he expressed himself with vivacity and precision; his imagination was vivid, his temperament sanguine and joyous; his courage daring. His mother, the Duchess of Orleans, expressed his character in a jeu d'esprit. "The fairies," said she, "were invited to be present at his birth, and each one conferring a talent on my son, he possesses them all. Unfortunately, we had forgotten to invite an old fairy, who, arriving after all the others, exclaimed, 'He shall have all the talents, excepting that to make a good use of them.'"

Under proper tuition, the duke might have risen to real greatness; but in his early years he was put under the tutelage of the Abbe Dubois, one of the subtlest and basest spirits that ever intrigued its way into eminent place and power. The abbe was of low origin and despicable exterior, totally destitute of morals, and perfidious in the extreme; but with a supple, insinuating address, and an accommodating spirit, tolerant of all kinds of profligacy in others. Conscious of his own inherent baseness, he sought to secure an influence over his pupil, by corrupting his principles and fostering his vices; he debased him, to keep himself from being despised. Unfortunately he succeeded. To the early precepts of this infamous pander have been attributed those excesses that disgraced the manhood of the regent, and gave a licentious character to his whole course of government. His love of pleasure, quickened and indulged by those who should have restrained it, led him into all kinds of sensual indulgence. He had been taught to think lightly of the most serious duties and sacred ties; to turn virtue into a jest, and consider religion mere hypocrisy. He was a gay misanthrope, that had a sovereign but sportive contempt for mankind; believed that his most devoted servant would be his enemy, if interest prompted; and maintained that an honest man was he who had the art to conceal that he was the contrary.

He surrounded himself with a set of dissolute men like himself; who, let loose from the restraint under which they had been held, during the latter hypocritical days of Louis XIV., now gave way to every kind of debauchery. With these men the regent used to shut himself up, after the hours of business, and excluding all graver persons and graver concerns, celebrate the most drunken and disgusting orgies; where obscenity and blasphemy formed the seasoning of conversation. For the profligate companions of these revels, he invented the appellation of his roués, the literal meaning of which is men broken on the wheel; intended, no doubt, to express their broken-down characters and dislocated fortunes; although a contemporary asserts that it designated the punishment that most of them merited. Madame de Labran, who was present at one of the regent's suppers, was disgusted by the conduct and conversation of the host and his guests, and observed, at table, that God, after he had created man, took the refuse clay that was left, and made of it the souls of lackeys and princes.