Lights and Shadows of European History Volume 2

Lights and Shadows of European History Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1844 edition. Excerpt: ...it was recorded, that "the burning of this Protestant city was begun and carried on by the treachery and malice of the Popish faction." This assertion, although notoriously without a shadow of proof, was allowed to remain till within about ten years, when it was erased by public authority. THE SOUTH SEA BUBBLE. The early part of the last century was rendered famous by the number and magnitude of "bubbles," a name given to extravagant and ruinous financial schemes, and tricks of speculation. The most celebrated of all these was the South Sea Bubble, which enriched for a moment vast multitudes of people in England, and then plunged them into hopeless ruin. Fraud, folly, and accident, all combined to pro expectation, upon the passage of the bill, he circulated a report that Gibraltar and Port Mahon would be exchanged for some places in Peru, by which means the English trade to the South Sea would be protected and enlarged. This rumor, diffused by his emissaries, acted like a contagion. In five days the directors opened their books for a subscription of one million. Persons of all ranks crowded to the house in such numbers that the first subscription exceeded two millions of original stock. In a few days this advanced in such a manner that the subscriptions were sold for double the price of the first payment. Without entering into a detail of the proceedings, or explaining the scandalous deceits that were practised to enhance the value of the stock and decoy the unwary, we shall only observe, that by the promise of prodigious dividends, and other dishonest arts, the price of the shares was raised from one hundred pounds to one thousand, and the whole nation became infected with the spirit of stock-jobbing to an astonishing...show more

Product details

  • Paperback | 50 pages
  • 189 x 246 x 3mm | 109g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236961897
  • 9781236961891