“Pasquins Winkaart op de Windnegotie van ‘t Jaar 1720“ (“Pasquins Wincard on the Wind Negotiation of the Year 1720.) Copper engravings made by an anonymous artist, 2nd state (of 2), with later hand colouring. Complete set of 54 cards, including 2 title cards, with a four-line rhyme in Dutch under each illustration. Size (frame): 88 x 88 cm.
These copper engravings are originally came from “Het Groote Tafereel der Dwaasheid” (The Great Scene of Folly) “Depicting the rise, progress, and downfall of the stock, bubble, and wind negotiations in France, England, and the Netherlands occurring in the year 1720.” This deck of cards was “Published by various people to mock this detestable and deceitful trade, which in that year ruined several families and individuals of both high and low status. Printed as a warning for future generations, in the disastrous year, for many fools and wise men alike, 1720.”
The cards are a parody of the stock trading of John Law (1671 – 1729), a Scottish economist with a great talent for mathematics and a brilliant card player.
Law devised a system of bonds and promissory notes for the French state, and in 1717, he founded a company that, in collaboration with the state bank, exploited Louisiana. The Compagnie d’Occident – popularly known as the Mississippi Company – was granted a 24-year monopoly on trade between France and its colony, Louisiana. Initially, the stock issuance of the Mississippi Company was not very successful.
Law launched a campaign with positive travel reports and pamphlets about Louisiana. The French public was stirred up with stories of mountains of gold and gemstones that were supposedly abundant in the colony. Interest in the company’s shares grew rapidly, causing a wave of speculation in Paris. As stock prices rose, Law was able to issue more shares of the Mississippi Company, which were paid for with government bonds. These bonds were destroyed by the company – with a 4% annual interest as compensation. Thus, the (realistic) French national debt was converted into (unlikely) future profits. The public now eagerly invested in both new and old shares. The stock price rose from 500 to 5000 Livres per share, leading to chaotic scenes in Paris.
The public’s speculation fever spiraled out of control. There was too much paper money in circulation, prices plummeted, and the illusion of financial recovery vanished. Many foreign investors exchanged their shares for silver, leaving behind worthless paper. The actions of profiteers, who abandoned the sinking ship, and wild inflation led to sharp price increases. A few speculators made huge profits, but many got burned. John Law died impoverished from pneumonia.
Literature:
- Frederik Muller “Nederlandsche historieplaten” (1863-1882), nr. 3600
- Catherine Perry Hargrave, “A history of playing cards” (1966), pp. 164-165
Price: Euro 4.950,- (incl. frame)
