N’endeplaiseacesfousnommessagesdeGrece；
　　Encemondeiln’estpointdeparfaitesagesse；
　　Tousleshommessontfous，etmalgretousleurssoins，Nedifferententreeuxqueduplusoudumoins。
　　Inreadingthehistoryofnations，wefindthat，likeindividuals，theyhavetheirwhimsandtheirpeculiarities；theirseasonsofexcitementandrecklessness，whentheycarenotwhattheydo。Wefindthatwholecommunitiessuddenlyfixtheirmindsupononeobject，andgomadinitspursuit；thatmillionsofpeoplebecomesimultaneouslyimpressedwithonedelusion，andrunafterit，tilltheirattentioniscaughtbysomenewfollymorecaptivatingthanthefirst。Weseeonenationsuddenlyseized，fromitshighesttoitslowestmembers，withafiercedesireofmilitaryglory；anotherassuddenlybecomingcrazeduponareligiousscruple，andneitherofthemrecoveringitssensesuntilithasshedriversofbloodandsowedaharvestofgroansandtears，tobereapedbyitsposterity。AtanearlyageintheannalsofEuropeitspopulationlosttheirwitsabouttheSepulchreofJesus，andcrowdedinfrenziedmultitudestotheHolyLand:anotheragewentmadforfearoftheDevil，andoffereduphundredsofthousandsofvictimstothedelusionofwitchcraft。Atanothertime，themanybecamecrazedonthesubjectofthePhilosopher’sStone，andcommittedfolliestillthenunheardofinthepursuit。ItwasoncethoughtavenialoffenceinverymanycountriesofEuropetodestroyanenemybyslowpoison。Personswhowouldhaverevoltedattheideaofstabbingamantotheheart，druggedhispottagewithoutscruple。Ladiesofgentlebirthandmannerscaughtthecontagionofmurder，untilpoisoning，undertheirauspices，becamequitefashionable。Somedelusions，thoughnotorioustoalltheworld，havesubsistedforages，flourishingaswidelyamongcivilizedandpolishednationsasamongtheearlybarbarianswithwhomtheyoriginated，——thatofduelling，forinstance，andthebeliefinomensanddivinationofthefuture，whichseemtodefytheprogressofknowledgetoeradicateentirelyfromthepopularmind。Money，again，hasoftenbeenacauseofthedelusionofmultitudes。Sobernationshaveallatoncebecomedesperategamblers，andriskedalmosttheirexistenceupontheturnofapieceofpaper。
　　Totracethehistoryofthemostprominentofthesedelusionsistheobjectofthepresentpages。Men，ithasbeenwellsaid，thinkinherds；itwillbeseenthattheygomadinherds，whiletheyonlyrecovertheirsensesslowly，andonebyone。
　　Inthepresentstateofcivilization，societyhasoftenshownitselfverypronetorunacareeroffollyfromthelast-mentionedcases。Thisinfatuationhasseizeduponwholenationsinamostextraordinarymanner。France，withherMississippimadness，setthefirstgreatexample，andwasverysoonimitatedbyEnglandwithherSouthSeaBubble。Atanearlierperiod，Hollandmadeherselfstillmoreridiculousintheeyesoftheworld，bythefrenzywhichcameoverherpeoplefortheloveofTulips。Melancholyasallthesedelusionswereintheirultimateresults，theirhistoryismostamusing。Amoreludicrousandyetpainfulspectacle，thanthatwhichHollandpresentedintheyears1635and1636，orFrancein1719and1720，canhardlybeimagined。Takingthemintheorderoftheirimportance，weshallcommenceourhistorywithJohnLawandthefamousMississippischemeoftheyearsabovementioned。
　　Someinclandestinecompaniescombine；
　　Erectnewstockstotradebeyondtheline；
　　Withairandemptynamesbeguilethetown，Andraisenewcreditsfirst，thencry’emdown；
　　Dividetheemptynothingintoshares，Andsetthecrowdtogetherbytheears。
　　Defoe。
　　Thepersonalcharacterandcareerofonemanaresointimatelyconnectedwiththegreatschemeoftheyears1719and1720，thatahistoryoftheMississippimadnesscanhavenofitterintroductionthanasketchofthelifeofitsgreatauthor，JohnLaw。Historiansaredividedinopinionastowhethertheyshoulddesignatehimaknaveoramadman。Bothepithetswereunsparinglyappliedtohiminhislifetime，andwhiletheunhappyconsequencesofhisprojectswerestilldeeplyfelt。Posterity，however，hasfoundreasontodoubtthejusticeoftheaccusation，andtoconfessthatJohnLawwasneitherknavenormadman，butonemoredeceivedthandeceiving；moresinnedagainstthansinning。Hewasthoroughlyacquaintedwiththephilosophyandtrueprinciplesofcredit。Heunderstoodthemonetaryquestionbetterthananymanofhisday；andifhissystemfellwithacrashsotremendous，itwasnotsomuchhisfaultasthatofthepeopleamongstwhomhehaderectedit。Hedidnotcalculateupontheavariciousfrenzyofawholenation；hedidnotseethatconfidence，likemistrust，couldbeincreased，almostadinfinitum，andthathopewasasextravagantasfear。HowwashetoforetellthattheFrenchpeople，likethemaninthefable，wouldkill，intheirfranticeagerness，thefinegoosehehadbroughttolaythemsomanygoldeneggs？HisfatewaslikethatwhichmaybesupposedtohaveovertakenthefirstadventurousboatmanwhorowedfromErietoOntario。Broadandsmoothwastheriveronwhichheembarked；rapidandpleasantwashisprogress；andwhowastostayhiminhiscareer？Alasforhim！thecataractwasnigh。Hesaw，whenitwastoolate，thatthetidewhichwaftedhimsojoyouslyalongwasatideofdestruction；andwhenheendeavouredtoretracehisway，hefoundthatthecurrentwastoostrongforhisweakeffortstostem，andthathedrewnearereveryinstanttothetremendousfalls。Downhewentoverthesharprocks，andthewaterswithhim。Hewasdashedtopieceswithhisbark，butthewaters，maddenedandturnedtofoambytheroughdescent，onlyboiledandbubbledforatime，andthenflowedonagainassmoothlyasever。JustsoitwaswithLawandtheFrenchpeople。Hewastheboatmanandtheywerethewaters。
　　JohnLawwasbornatEdinburghintheyear1671。HisfatherwastheyoungersonofanancientfamilyinFife，andcarriedonthebusinessofagoldsmithandbanker。Heamassedconsiderablewealthinhistrade，sufficienttoenablehimtogratifythewish，socommonamonghiscountrymen，ofaddingaterritorialdesignationtohisname。
　　HepurchasedwiththisviewtheestatesofLauristonandRandleston，ontheFrithofForthonthebordersofWestandMidLothian，andwasthenceforthknownasLawofLauriston。Thesubjectofourmemoir，beingtheeldestson，wasreceivedintohisfather’scounting-houseattheageoffourteen，andforthreeyearslabouredhardtoacquireaninsightintotheprinciplesofbanking，asthencarriedoninScotland。Hehadalwaysmanifestedgreatloveforthestudyofnumbers，andhisproficiencyinthemathematicswasconsideredextraordinaryinoneofhistenderyears。Attheageofseventeenhewastall，strong，andwellmade；andhisface，althoughdeeplyscarredwiththesmall-pox，wasagreeableinitsexpression，andfullofintelligence。Atthistimehebegantoneglecthisbusiness，andbecomingvainofhisperson，indulgedinconsiderableextravaganceofattire。Hewasagreatfavouritewiththeladies，bywhomhewascalledBeauLaw，whiletheothersex，despisinghisfoppery，nicknamedhimJessamyJohn。Atthedeathofhisfather，whichhappenedin1688，hewithdrewentirelyfromthedesk，whichhadbecomesoirksome，andbeingpossessedoftherevenuesofthepaternalestateofLauriston，heproceededtoLondon，toseetheworld。
　　Hewasnowveryyoung，veryvain，good-looking，tolerablyrich，andquiteuncontrolled。Itisnowonderthat，onhisarrivalinthecapital，heshouldlaunchoutintoextravagance。Hesoonbecamearegularfrequenterofthegaming-houses，andbypursuingacertainplan，baseduponsomeabstrusecalculationofchances，hecontrivedtogainconsiderablesums。Allthegamblersenviedhimhisluck，andmanymadeitapointtowatchhisplay，andstaketheirmoneyonthesamechances。Inaffairsofgallantryhewasequallyfortunate；ladiesofthefirstranksmiledgraciouslyuponthehandsomeScotchman——theyoung，therich，thewitty，andtheobliging。Butallthesesuccessesonlypavedthewayforreverses。Afterhehadbeenfornineyearsexposedtothedangerousattractionsofthegaylifehewasleading，hebecameanirrecoverablegambler。Ashisloveofplayincreasedinviolence，itdiminishedinprudence。Greatlosseswereonlytoberepairedbystillgreaterventures，andoneunhappydayhelostmorethanhecouldrepaywithoutmortgaginghisfamilyestate。Tothatstephewasdrivenatlast。Atthesametimehisgallantrybroughthimintotrouble。Aloveaffair，orslightflirtation，withaladyofthenameofVilliers[MissElizabethVilliers，afterwardsCountessofOrkney]
　　exposedhimtotheresentmentofaMr。Wilson，bywhomhewaschallengedtofightaduel。Lawaccepted，andhadtheillfortunetoshoothisantagonistdeaduponthespot。Hewasarrestedthesameday，andbroughttotrialformurderbytherelativesofMr。Wilson。Hewasafterwardsfoundguilty，andsentencedtodeath。Thesentencewascommutedtoafine，uponthegroundthattheoffenceonlyamountedtomanslaughter。Anappealbeinglodgedbyabrotherofthedeceased，LawwasdetainedintheKing’sBench，whence，bysomemeansorother，whichheneverexplained，hecontrivedtoescape；andanactionbeinginstitutedagainstthesheriffs，hewasadvertisedintheGazette，andarewardofferedforhisapprehension。Hewasdescribedas“CaptainJohnLaw，aScotchman，agedtwenty-six；averytall，black，leanman；
　　wellshaped，abovesixfeethigh，withlargepockholesinhisface；
　　bignosed，andspeakingbroadandloud。“Asthiswasratheracaricaturethanadescriptionofhim，ithasbeensupposedthatitwasdrawnupwithaviewtofavourhisescape。HesucceededinreachingtheContinent，wherehetravelledforthreeyears，anddevotedmuchofhisattentiontothemonetaryandbankingaffairsofthecountriesthroughwhichhepassed。HestayedafewmonthsinAmsterdam，andspeculatedtosomeextentinthefunds。Hismorningsweredevotedtothestudyoffinanceandtheprinciplesoftrade，andhiseveningstothegaming-house。ItisgenerallybelievedthathereturnedtoEdinburghintheyear1700。Itiscertainthathepublishedinthatcityhis“ProposalsandReasonsforconstitutingaCouncilofTrade。“
　　Thispamphletdidnotexcitemuchattention。
　　InashorttimeafterwardshepublishedaprojectforestablishingwhathecalledaLand-bank[Thewitsofthedaycalleditasand-bank，whichwouldwreckthevesselofthestate。]，thenotesissuedbywhichwerenevertoexceedthevalueoftheentirelandsofthestate，uponordinaryinterest，orweretobeequalinvaluetotheland，withtherighttoenterintopossessionatacertaintime。TheprojectexcitedagooddealofdiscussionintheScottishparliament，andamotionfortheestablishmentofsuchabankwasbroughtforwardbyaneutralparty，calledtheSquadrone，whomLawhadinterestedinhisfavour。
　　TheParliamentultimatelypassedaresolutiontotheeffect，that，toestablishanykindofpapercredit，soastoforceittopass，wasanimproperexpedientforthenation。
　　Uponthefailureofthisproject，andofhiseffortstoprocureapardonforthemurderofMr。Wilson，LawwithdrewtotheContinent，andresumedhisoldhabitsofgaming。Forfourteenyearshecontinuedtoroamabout，inFlanders，Holland，Germany，Hungary，Italy，andFrance。Hesoonbecameintimatelyacquaintedwiththeextentofthetradeandresourcesofeach，anddailymoreconfirmedinhisopinionthatnocountrycouldprosperwithoutapapercurrency。Duringthewholeofthistimeheappearstohavechieflysupportedhimselfbysuccessfulplay。Ateverygambling-houseofnoteinthecapitalsofEurope，hewasknownandappreciatedasonebetterskilledintheintricaciesofchancethananyothermanoftheday。Itisstatedinthe“BiographieUniverselle“thathewasexpelled，firstfromVenice，andafterwardsfromGenoa，bythemagistrates，whothoughthimavisitortoodangerousfortheyouthofthosecities。DuringhisresidenceinParisherenderedhimselfobnoxioustoD’Argenson，thelieutenant-generalofthepolice，bywhomhewasorderedtoquitthecapital。Thisdidnottakeplace，however，beforehehadmadetheacquaintanceinthesaloons，oftheDukedeVendome，thePrincedeConti，andofthegayDukeofOrleans，thelatterofwhomwasdestinedafterwardstoexercisesomuchinfluenceoverhisfate。TheDukeofOrleanswaspleasedwiththevivacityandgoodsenseoftheScottishadventurer，whilethelatterwasnolesspleasedwiththewitandamiabilityofaprincewhopromisedtobecomehispatron。Theywereoftenthrownintoeachother’ssociety，andLawseizedeveryopportunitytoinstilhisfinancialdoctrinesintothemindofonewhoseproximitytothethronepointedhimoutasdestined，atnoverydistantdate，toplayanimportantpartinthegovernment。
　　ShortlybeforethedeathofLouisXIV，or，assomesay，in1708，LawproposedaschemeoffinancetoDesmarets，theComptroller。LouisisreportedtohaveinquiredwhethertheprojectorwereaCatholic，and，onbeingansweredinthenegative，tohavedeclinedhavinganythingtodowithhim。[Thisanecdote，whichisrelatedinthecorrespondenceofMadamedeBaviere，DuchessofOrleans，andmotheroftheRegent，isdiscreditedbyLordJohnRussell，inhis“HistoryoftheprincipalStatesofEurope，fromthePeaceofUtrecht；“forwhatreasonhedoesnotinformus。ThereisnodoubtthatLawproposedhisschemetoDesmarets，andthatLouisrefusedtohearofit。Thereasongivenfortherefusalisquiteconsistentwiththecharacterofthatbigotedandtyrannicalmonarch。]