Elaborate Satirical Print
Satirical engraving stemming from the 1720 financial crisis incited by the Mississippi Bubble. The visually stunning image compares the collapse of the various investment schemes with Shrovetide and the beginning of Lent.
References in the Dutch verses to John Law's flight to Venice in January 1721 indicate that the plate was made, or altered, after that date: "Law in Venice creates fasting evening whims
Dealing in crystal, mirrors, and financial spectacles."
This sheet was printed from two plates: an inner etching and an elaborate pictorial frame.
At the center, Cupid teaches a satyr to play pan-pipes, observed by a nude nymph peeking from behind a tree with a bearded companion. Other figures enrich the scene: a winged monkey with a human head parodying Cupid, a mask beside the satyr, wind heads on the right, and at the bottom, a fox holding a builder's level and cornucopia alongside a sculptural relief depicting classical figures.
The ornate strapwork frame is filled with whimsical Callot-style figures and objects. At the top, a cock-topped pie sits in a cartouche adorned with an owl's head. On the left, a melancholic dwarf eyes a noose near a book; on the right, a Spanish dwarf contemplates a sausage beside a mask. The left strapwork features fish, a tobacco pipe, a flask, carrots, and a cheese board, while the right showcases a pheasant, guitar, flageolet, purse, cards, dice, and a drinking glass. At the bottom, an acrobat (who "understands English stocks and postures") performs a handstand, flanked by pedestals with reliefs of Heraclitus and Democritus, topped by a snail and sponge on one side and a dish of fruit and flowers on the other.
Context of Financial Crisis of 1720
The Mississippi Bubble was a financial crisis in early 18th century France, primarily between 1719-1720. John Law, a Scottish financier who became the Controller General of Finances for the French government, proposed opening Louisiana to trade to help alleviate France's financial problems. To achieve this, he founded the Mississippi Company, later known as the Company of the West, and was granted a monopoly on trade in the French territories in North America, including the Mississippi River region.
Law's banking schemes, particularly through his Banque Générale Privée (later the Banque Royale), played a central role in the bubble. The bank issued paper money, which people used to buy shares in the Mississippi Company. The company's shares soared as the public believed in the lucrative potential of the ventures in Louisiana.
However, by 1720, it became clear that the company's profits were not as substantial as expected. As panic set in, there was a rapid sell-off of shares, causing the prices to plummet. The resulting financial collapse destroyed the Banque Générale Privée and led to a significant economic crisis in France. John Law fled the country, leaving many investors ruined and the French economy in disarray.
A humorous engraving reflecting of the financial crisis of 1720, offering a satirical portrayal of speculative activities, irrational exuberance, and the subsequent downfall. It provides a striking visual artifact on the events of the time and serves as a reminder of the risks and follies associated with financial speculation.