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Lady Credit, Fickle Goddess -- Mississippi Bubble -- Lampooning France's Great Investment Scheme in America Led By Scottish Financier John Law
This fascinating satirical print depicts Scottish financier John Law dying with his head on a woman's lap, surrounded by a group of figures. Originally used in 1705 as a satire on the Wars of the Spanish Succession titled "3 Valse, zacht!", it features two columns of Dutch verse. The piece was included in the publication Het groote tafereel der dwaasheid, which translates to The Great Mirror of Folly. This work documents the rise and fall of the speculative bubbles known as the "Mississippi scheme" of 1718-1720, related to the French Compagnie d'Occident.
John Law appears in a dramatic, sorrowful pose, his head resting on the knew of Lady Credit (Madame Compagnie, reminiscent of a Pietà scene, as he falls to the ground. A figure known as the "Mississippi Nun" appears to be giving him the last rites. The image is a reworking of a Dutch satirical depiction of Louis XIV from the War of the Spanish Succession (1701–14). Originally showing Louis XIV overwhelmed by his mistresses, Louise de la Vallière and Madame de Maintenon, this version replaces Louis with John Law. In this adaptation, Madame Compagnie and Lady Credit are the dominant figures, offering comfort and additional stock shares to the distressed men around them who are shown crying and pulling out their hair.
John Law, a financier and the son of an Edinburgh banker, founded the Compagnie de l'Occident in 1717 to exploit the resources of French Louisiana, after Antoine Crozat relinquished his charter. The company initially sold stock successfully, absorbed other companies, and was renamed the 'Company of the Indies'. Despite early excitement and speculation causing stock prices to soar, the anticipated profits did not materialize, leading to the company's collapse in 1720. This resulted in substantial losses for many investors across France, the Netherlands, and England.
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