JOHN LAW.

This celebrated¹ financial projector² was born at Edinburgh, in April, 1671. His father was a goldsmith, and gave him a liberal education. He made considerable progress in polite literature, but his favorite study was finance as connected with national prosperity.

In 1694, he visited London, where his talents and accomplishments³ gained him access to the first circles. He possessed⁴ an easy address, with an elegant person, and being a favorite with the fair, he acquired some[Pg 227] notoriety in fashionable life. He became involved in a duel⁵, in which he killed his antagonist⁶, and was consequently committed to prison. He contrived⁷, however, to escape, and took refuge on the continent.

In 1700, he returned to Edinburgh, where he broached⁸ a scheme for removing the difficulties which then existed in consequence of the scarcity⁹ of money and the failure of the banks. Having confounded currency with credit, he adopted the notion that paper money, equal to the whole property of the nation, might safely be issued. Upon this egregious¹⁰ error, his project was founded, and was, of course, rejected by his wary¹¹ and sagacious countrymen.

Law now visited the principal cities of Europe; his address gaining him admittance to the highest circles in all countries. He finally settled in Paris, and was there during the regency of the Duke of Orleans, as guardian¹² of Louis XV. The government of France was then on the verge¹³ of bankruptcy¹⁴, in consequence of the enormous expenditures¹⁵ of Louis XIV. Law now brought forward his schemes for a free supply of money, and they were seized upon with avidity.

He established a bank, for which, a royal charter was granted in 1718. It was first composed of twelve hundred shares, of three thousand livres each, but the number was afterwards increased and the price reduced. This bank became the office at which all public moneys were received. A Mississippi company was also attached to it, which had grants of land in Louisiana, and which was expected to realize immense sums by planting and commerce. One privilege[Pg 228] after another was granted, until the prospects¹⁶ of advantage appeared to be so great that crowds came forward to make investments in the stock of what was called the Mississippi Company.

Thousands embarked¹⁷ in the scheme with enthusiasm. The shares were greedily bought up, and such was the rage for speculation¹⁸, that even the unimproved parts of the new colony were actually sold for thirty thousand livres the square league! But the delusion¹⁹ did not stop here. In consequence of the company promising²⁰ an annual dividend²¹ of two hundred livres per share, the price rose from five hundred and fifty to five thousand livres, and the mania²² for purchasing the stock spread over the nation like a tempest. Every class, clergy²³ and laity²⁴, peers and plebeians²⁵, statesmen and princes,—nay, even ladies, who had, or could produce money for that purpose, turned stock-jobbers, outbidding each other with such avidity, that, in November, 1719, after some fluctuations²⁶, the price of shares rose to more than sixty times the sum for which they were originally sold!

Law was now at the pinnacle²⁷ of his fame. He was considered a man of so great consequence, that his levee was constantly crowded by persons of eminence²⁸, who flocked to Paris to partake of the golden shower. On one occasion, he was taken sick, and such was the feverish²⁹ state of the public mind, that the shares of the company immediately fell nearly eight per cent., and, upon the rumor³⁰ of his convalescence³¹, immediately rose, even beyond their former price.

But the mighty³² bubble, now inflated³³ to the utmost,[Pg 229] was about to burst. On the 21st of April, 1719, a royal order, under pretence³⁴ of a previous depreciation³⁵ of the value of coin, declared it necessary to reduce the nominal³⁶ value of bank notes to one half, and the shares of the Mississippi Company from nine thousand to five thousand livres. It is not possible to describe the calamitous³⁷ effects which immediately followed, throughout France. The bank notes could not be circulated for more than one tenth of their nominal value. Another order was issued, intended to counteract³⁸ the effect of the first; but the charm was broken, and nothing could restore the confidence of the public. All was panic and confusion. Bank notes were refused in all transactions of business, and even a royal order, commanding their acceptance, was of no avail. The public alarm was carried to its height, and at last the bank suspended the payment of its notes.

The splendid scheme had now exploded; the institution was bankrupt, and the shares were utterly³⁹ worthless. Thousands of families, once wealthy, were suddenly reduced to indigence⁴⁰. The indignation of the public was speedily turned against the chief instrument of these delusions⁴¹, and Law found it necessary to seek safety by flight. He resided, for some time, in different places in Germany, and settled at length in Venice, where he died, in 1729.

1 celebrated   

adj.有名的，声誉卓著的

参考例句：

• He was soon one of the most celebrated young painters in England.不久他就成了英格兰最负盛名的年轻画家之一。
• The celebrated violinist was mobbed by the audience.观众团团围住了这位著名的小提琴演奏家。

2 projector   

n.投影机，放映机，幻灯机

参考例句：

• There is a new projector in my office.我的办公室里有一架新的幻灯机。
• How long will it take to set up the projector?把这个放映机安放好需要多长时间？

3 accomplishments   

n.造诣；完成( accomplishment的名词复数 )；技能；成绩；成就

参考例句：

• It was one of the President's greatest accomplishments. 那是总统最伟大的成就之一。
• Among her accomplishments were sewing,cooking,playing the piano and dancing. 她的才能包括缝纫、烹调、弹钢琴和跳舞。 来自《现代英汉综合大词典》

4 possessed   

adj.疯狂的；拥有的，占有的

参考例句：

• He flew out of the room like a man possessed.他像着了魔似地猛然冲出房门。
• He behaved like someone possessed.他行为举止像是魔怔了。

5 duel   

n./v.决斗；(双方的)斗争

参考例句：

• The two teams are locked in a duel for first place.两个队为争夺第一名打得难解难分。
• Duroy was forced to challenge his disparager to duel.杜洛瓦不得不向诋毁他的人提出决斗。

6 antagonist   

n.敌人，对抗者，对手

参考例句：

• His antagonist in the debate was quicker than he.在辩论中他的对手比他反应快。
• The thing is to know the nature of your antagonist.要紧的是要了解你的对手的特性。

7 contrived   

adj.不自然的，做作的；虚构的

参考例句：

• There was nothing contrived or calculated about what he said.他说的话里没有任何蓄意捏造的成分。
• The plot seems contrived.情节看起来不真实。

8 broached   

v.谈起( broach的过去式和过去分词 )；打开并开始用；用凿子扩大（或修光）；（在桶上）钻孔取液体

参考例句：

• She broached the subject of a picnic to her mother. 她向母亲提起野餐的问题。 来自辞典例句
• He broached the subject to the stranger. 他对陌生人提起那话题。 来自辞典例句

9 scarcity   

n.缺乏，不足，萧条

参考例句：

• The scarcity of skilled workers is worrying the government.熟练工人的缺乏困扰着政府。
• The scarcity of fruit was caused by the drought.水果供不应求是由于干旱造成的。

10 egregious   

adj.非常的，过分的

参考例句：

• When it comes to blatant lies,there are none more egregious than budget figures.谈到公众谎言，没有比预算数字更令人震惊的。
• What an egregious example was here!现摆着一个多么触目惊心的例子啊。

11 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

12 guardian   

n.监护人；守卫者，保护者

参考例句：

• The form must be signed by the child's parents or guardian. 这张表格须由孩子的家长或监护人签字。
• The press is a guardian of the public weal. 报刊是公共福利的卫护者。

13 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

14 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

15 expenditures   

n.花费( expenditure的名词复数 )；使用；（尤指金钱的）支出额；（精力、时间、材料等的）耗费

参考例句：

• We have overspent.We'll have to let up our expenditures next month. 我们已经超支了，下个月一定得节约开支。 来自《简明英汉词典》
• The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》

16 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。

17 embarked   

乘船( embark的过去式和过去分词 )； 装载； 从事

参考例句：

• We stood on the pier and watched as they embarked. 我们站在突码头上目送他们登船。
• She embarked on a discourse about the town's origins. 她开始讲本市的起源。

18 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

19 delusion   

n.谬见，欺骗，幻觉，迷惑

参考例句：

• He is under the delusion that he is Napoleon.他患了妄想症，认为自己是拿破仑。
• I was under the delusion that he intended to marry me.我误认为他要娶我。

20 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

21 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

22 mania   

n.疯狂；躁狂症，狂热，癖好

参考例句：

• Football mania is sweeping the country.足球热正风靡全国。
• Collecting small items can easily become a mania.收藏零星物品往往容易变成一种癖好。

23 clergy   

n.[总称]牧师，神职人员

参考例句：

• I could heartily wish that more of our country clergy would follow this example.我衷心希望，我国有更多的牧师效法这个榜样。
• All the local clergy attended the ceremony.当地所有的牧师出席了仪式。

24 laity   

n.俗人；门外汉

参考例句：

• The Church and the laity were increasingly active in charity work.教会与俗众越来越积极参与慈善工作。
• Clergy and laity alike are divided in their views.神职人员和信众同样都观点各异。

25 plebeians   

n.平民( plebeian的名词复数 )；庶民；平民百姓；平庸粗俗的人

参考例句：

26 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

27 pinnacle   

n.尖塔，尖顶，山峰；(喻)顶峰

参考例句：

• Now he is at the very pinnacle of his career.现在他正值事业中的顶峰时期。
• It represents the pinnacle of intellectual capability.它代表了智能的顶峰。

28 eminence   

n.卓越，显赫；高地，高处；名家

参考例句：

• He is a statesman of great eminence.他是个声名显赫的政治家。
• Many of the pilots were to achieve eminence in the aeronautical world.这些飞行员中很多人将会在航空界声名显赫。

29 feverish   

adj.发烧的，狂热的，兴奋的

参考例句：

• He is too feverish to rest.他兴奋得安静不下来。
• They worked with feverish haste to finish the job.为了完成此事他们以狂热的速度工作着。

30 rumor   

n.谣言，谣传，传说

参考例句：

• The rumor has been traced back to a bad man.那谣言经追查是个坏人造的。
• The rumor has taken air.谣言流传开了。

31 convalescence   

n.病后康复期

参考例句：

• She bore up well during her convalescence.她在病后恢复期间始终有信心。
• After convalescence he had a relapse.他于痊愈之后，病又发作了一次。

32 mighty   

adj.强有力的；巨大的

参考例句：

• A mighty force was about to break loose.一股巨大的力量即将迸发而出。
• The mighty iceberg came into view.巨大的冰山出现在眼前。

33 inflated   

adj.（价格）飞涨的；（通货）膨胀的；言过其实的；充了气的v.使充气（于轮胎、气球等）( inflate的过去式和过去分词 )；（使）膨胀；（使）通货膨胀；物价上涨

参考例句：

• He has an inflated sense of his own importance. 他自视过高。
• They all seem to take an inflated view of their collective identity. 他们对自己的集体身份似乎都持有一种夸大的看法。 来自《简明英汉词典》

34 pretence   

n.假装，作假；借口，口实；虚伪；虚饰

参考例句：

• The government abandoned any pretence of reform. 政府不再装模作样地进行改革。
• He made a pretence of being happy at the party.晚会上他假装很高兴。

35 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

36 nominal   

adj.名义上的；(金额、租金)微不足道的

参考例句：

• The king was only the nominal head of the state. 国王只是这个国家名义上的元首。
• The charge of the box lunch was nominal.午餐盒饭收费很少。

37 calamitous   

adj.灾难的，悲惨的；多灾多难；惨重

参考例句：

• We are exposed to the most calamitous accidents. 我们遭受着极大的灾难。 来自辞典例句
• Light reveals the subtle alteration of things, the sly or calamitous impermanence or mortal life. 事物的细微变动，人生的狡猾，倏忽无常，一一都在光中显露出来。 来自辞典例句

38 counteract   

vt.对…起反作用，对抗，抵消

参考例句：

• The doctor gave him some medicine to counteract the effect of the poison.医生给他些药解毒。
• Our work calls for mutual support.We shouldn't counteract each other's efforts.工作要互相支持，不要互相拆台。

39 utterly   

adv.完全地，绝对地

参考例句：

• Utterly devoted to the people,he gave his life in saving his patients.他忠于人民，把毕生精力用于挽救患者的生命。
• I was utterly ravished by the way she smiled.她的微笑使我完全陶醉了。

40 indigence   

n.贫穷

参考例句：

• His present indigence is a sufficient punishment for former folly.他现在所受的困苦足够惩罚他从前的胡作非为了。
• North korea's indigence is almost as scary as its belligerence.朝鲜的贫乏几乎和其好战一样可怕。

41 delusions   

n.欺骗( delusion的名词复数 )；谬见；错觉；妄想

参考例句：

• the delusions of the mentally ill 精神病患者的妄想
• She wants to travel first-class: she must have delusions of grandeur. 她想坐头等舱旅行，她一定自以为很了不起。 来自辞典例句