Extraordinary Popular Delusions and the Madness of Crowds (Illustrated Edition)

by Charles Mackay

Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

The price of shares sometimes rose ten or twenty per cent in the course of a few hours, and many persons in the humbler walks of life, who had risen poor in the morning, went to bed in affluence. An extensive holder of stock, being taken ill, sent his servant to sell two hundred and fifty shares, at eight thousand livres each, the price at which they were then quoted. The servant went, and, on his arrival in the Jardin de Soissons, found that in the interval the price had risen to ten thousand livres. The difference of two thousand livres on the two hundred and fifty shares, amounting to 500,000 livres, or 20,000l. sterling, he very coolly transferred to his own use, and giving the remainder to his master, set out the same evening for another country.

A last effort was therefore tried to restore the public confidence in the Mississippi project. For this purpose, a general conscription of all the poor wretches in Paris was made by order of government. Upwards of six thousand of the very refuse of the population were impressed, as if in time of war, and were provided with clothes and tools to be embarked for New Orleans, to work in the gold mines alleged to abound there. They were paraded day after day through the streets with their pikes and shovels, and then sent off in small detachments to the out-ports to be shipped for America. Two-thirds of them never reached their destination, but dispersed themselves over the country, sold their tools for what they could get, and returned to their old course of life. In less than three weeks afterwards, one-half of them were to be found again in Paris.

But the most absurd and preposterous of all, and which shewed, more completely than any other, the utter madness of the people, was one started by an unknown adventurer, entitled “A company for carrying on an undertaking of great advantage, but nobody to know what it is.” Were not the fact stated by scores of credible witnesses, it would be impossible to believe that any person could have been duped by such a project. The man of genius who essayed this bold and successful inroad upon public credulity, merely stated in his prospectus that the required capital was half a million, in five thousand shares of 100l. each, deposit 2l. per share. Each subscriber, paying his deposit, would be entitled to 100l. per annum per share. How this immense profit was to be obtained, he did not condescend to inform them at that time, but promised that in a month full particulars should be duly announced, and a call made for the remaining 98l. of the subscription. Next morning, at nine o’clock, this great man opened an office in Cornhill. Crowds of people beset his door, and when he shut up at three o’clock, he found that no less than one thousand shares had been subscribed for, and the deposits paid. He was thus, in five hours, the winner of 2000l. He was philosopher enough to be contented with his venture, and set off the same evening for the Continent. He was never heard of again.

The character and conduct of each man were separately weighed; but, instead of the calm solemnity of a judicial inquiry, the fortune and honour of thirty-three Englishmen were made the topics of hasty conversation, the sport of a lawless majority; and the basest member of the committee, by a malicious word or a silent vote, might indulge his general spleen or personal animosity.

In other words, the mania spilled over into the Parliament and affected response to the crash.

He was also a poet, but of less merit than pretensions. His Chrysopeia, in which he pretended to teach the art of making gold, he dedicated to Pope Leo X., in the hope that the pontiff would reward him handsomely for the compliment; but the pope was too good a judge of poetry to be pleased with the worse than mediocrity of his poem, and too good a philosopher to approve of the strange doctrines which it inculcated; he was, therefore, far from gratified at the dedication. It is said, that when Augurello applied to him for a reward, the pope, with great ceremony and much apparent kindness and cordiality, drew an empty purse from his pocket, and presented it to the alchymist, saying, that since he was able to make gold, the most appropriate present that could be made him, was a purse to put it in. This scurvy reward was all that the poor alchymist ever got either for his poetry or his alchymy. He died in a state of extreme poverty, in the eighty-third year of his age.

An idea to synthesize gold so ridiculous that the Pope himself delivered the most hilarious response. To wit, "Thanks for the shitty poem, now take this purse and fill it with gold you colossal flake!"

Wetteras, who lived twenty-seven months in his service, relates that he often threatened to invoke a whole army of demons, and shew him the great authority which he could exercise over them. He let it be believed that the spirit in his sword had custody of the elixir of life, by means of which he could make any one live to be as old as the antediluvians. He also boasted that he had a spirit at his command, called “Azoth,” whom he kept imprisoned in a jewel; and in many of the old portraits he is represented with a jewel, inscribed with the word “Azoth, in his hand.”

Early keeper of the Soul Stone, lol !

I went to Cahors, where I remained six months, and made the acquaintance of an old man, who was commonly known to the people as ‘the Philosopher;’ a name which, in country places, is often bestowed upon people whose only merit is, that they are less ignorant than their neighbours.

LOL

Early tradition attributes the building of Stonehenge to the power of Merlin. It was believed that those mighty stones were whirled through the air, at his command, from Ireland to Salisbury Plain; and that he arranged them in the form in which they now stand, to commemorate for ever the unhappy fate of three hundred British chiefs, who were massacred on that spot by the Saxons.

The prophecies of Nostradamus consist of upwards of a thousand stanzas, each of four lines, and are to the full as obscure as the oracles of old. They take so great a latitude, both as to time and space, that they are almost sure to be fulfilled somewhere or other in the course of a few centuries.

Nostradamus: Bullshit artist.

Onomancy, or the foretelling a man’s fate by the letters of his name, and the various transpositions of which they are capable, is a more modern sort of divination; but it reckons comparatively few believers.

It should be observed that the rules for the interpretation of dreams are far from being universal. The cheeks of the peasant girl of England glow with pleasure in the morning after she has dreamed of a rose, while the paysanne of Normandy dreads disappointment and vexation for the very same reason. The Switzer who dreams of an oak-tree does not share in the Englishman’s joy; for he imagines that the vision was a warning to him that, from some trifling cause, an overwhelming calamity will burst over him. Thus do the ignorant and the credulous torment themselves; thus do they spread their nets to catch vexation, and pass their lives between hopes which are of no value and fears which are a positive evil.

Such wisdom right here:

He undertook to cure a Mademoiselle Paradis, who was quite blind, and subject to convulsions. He magnetised her several times, and then declared that she was cured; at least, if she was not, it was her fault and not his. An eminent oculist of that day, named Barth, went to visit her, and declared that she was as blind as ever; while her family said she was as much subject to convulsions as before. Mesmer persisted that she was cured. Like the French philosopher, he would not allow facts to interfere with his theory.71He declared that there was a conspiracy against him; and that Mademoiselle Paradis, at the instigation of her family, feigned blindness in order to injure his reputation!

Franz Mesmer,18th century flake from whose name we get the word 'mesmerizing'

And it should be especially remarked that the magnetisers do not lay claim to universal efficacy for their fluid; the strong and the healthy cannot be magnetised; the incredulous cannot be magnetised; those who reason upon it cannot be magnetised; those who firmly believe in it can be magnetised; the weak in body can be magnetised, and the weak in mind can be magnetised. And lest, from some cause or other, individuals of the latter classes should resist the magnetic charm, the apostles of the science declare that there are times when even they cannot be acted upon; the presence of one scorner or unbeliever may weaken the potency of the fluid and destroy its efficacy. In M. Deleuze’s instructions to a magnetiser, he expressly says, “Never magnetise before inquisitive persons!”

The collectors gave in receipt for its payment a small copper coin, struck expressly for the purpose, and called the “borodováia,” or “the bearded.” On one side it bore the figure of a nose, mouth, and moustaches, with a long bushy beard, surmounted by the words, “Deuyee Vyeatee,” “money received;” the whole encircled by a wreath, and stamped with the black eagle of Russia.

Thus every motive was favourable to the Crusades. Every class of society was alike incited to join or encourage the war: kings and the clergy by policy, the nobles by turbulence and the love of dominion, and the people by religious zeal and the concentrated enthusiasm of two centuries, skilfully directed by their only instructors.

The farmer endeavoured to sell his plough, and the artisan his tools, to purchase a sword for the deliverance of Jerusalem. Women disposed of their trinkets for the same purpose. During the spring and summer of this year (1096) the roads teemed with crusaders, all hastening to the towns and villages appointed as the rendezvous of the district. Some were on horseback, some in carts, and some came down the rivers in boats and rafts, bringing their wives and children, all eager to go to Jerusalem. Very few knew where Jerusalem was. Some thought it fifty thousand miles away, and others imagined that it was but a month’s journey;