458 



THE CENTURY BOOK OF FACTS. 



Paris, the value of manufactures was increased 

 fourfold, and the demand far exceeded the 

 supply. The population is said to have been 

 increased by hundreds of thousands, many of 

 whom were glad to take shelter in garrets, 

 kitchens, and stables. But the Regent had 

 meanwhile caused the paper circulation of the 

 National Bank to be increased as the Missis- 

 sippi scheme stock rose in value, and many 

 wary speculators, foreseeing a crisis, had se- 

 cretly converted their paper and shares into gold, 

 which they transmitted to England or Belgium 

 for safety. The increasing scarcity of gold 

 and silver becoming felt, a general run was 

 made on the bank. The Mississippi stock now 

 fell considerably, and despite all efforts it con- 

 tinued to fall steadily and rapidly. In 1720 

 the National Bank and the Company of the 

 Indies were amalgamated ; but, though this 

 gave an upward turn to the share market, it 

 failed to put the public credit on a sound basis. 

 The crisis came at last. In July, 1720, the bank 

 stopped payment, and Law was compelled to flee 

 the country. The French Government was 

 nearly overthrown, and widespread financial 

 distress and bankruptcy were occasioned. 



Credit Mobilier. The Credit Mobilier 

 of America was a joint stock company organ- 

 ized in 1863 for the purpose of facilitating the 

 construction of public works. In 1867 another 

 company, which had undertaken to build the 

 Union Pacific Railroad, purchased the charter 

 of the Credit Mobilier, and the capital was in- 

 creased to $3,750,000. In 1872 a lawsuit in 

 Pennsylvania developed the startling fact that 

 much of the Credit Mobilier was owned by 

 members of Congress. A suspicion that those 

 members had voted corruptly in the legislation 

 affecting the Pacific Railway at once seized 

 the public mind, and led to a Congressional 

 investigation, in the course of which many 

 scandalous transactions were brought to light, 

 and the reputation of many public servants 

 suffered greatly. The investigation showed 

 that some of the members of Congress who 

 had this stock in their possession had never 

 paid for it ; in other words, that their votes 

 had probably been obtained by giving them 

 stock. In other cases it was shown that per- 

 sons whose integrity could not be questioned 

 had been reported as stockholders, for the pur- 

 pose of influencing others to subscribe or to 

 regard the project favorably. The report of 

 the committee exonerated many whose names 

 had been used without authority in connection 

 with the scheme. Owing to the profitableness 

 of the work in which the company was en- 

 gaged, the stock rose rapidly in value previous 

 to the investigation, and enormous dividends 

 were paid to the shareholders. 



Boycott and Boycotting. The origin 

 of the term " Boycotting " was as follows : A 

 Captain Boycott was the agent of a landowner 

 in Ireland. His policy proved to be distasteful 

 and offensive to the tenants, and such was 

 their feeling in the matter that they asked the 

 landlord to remove him. This was refused, 

 and in retaliation the tenants and their friends 

 refused to work for or under Boycott. They 

 would not harvest his crops, and they made 

 an agreement among themselves that none of 

 them or theirs should assist or work for him 

 in the harvest. His crops were endangered, 

 when relief arrived in the person of certain 

 Ulster men, who, under the protection of 

 troops, harvested the crops of Boycott. The 

 defensive league of the tenantry was much 

 more powerful and effective than might be 

 supposed from the single instance of the com- 

 bination referred to above. The ramifications 

 of their compact were very numerous and ex- 

 tensive. For example, if anyone had dealings 

 with Boycott or those who represented him, 

 then no one was to have any dealings with that 

 person. If a man worked for Boycott he was 

 looked upon by his old friends and neighbors as 

 a stranger no one would sell to or buy of him, 

 no one was to know him. The effect of this 

 agreement when carried to this extent was just 

 what its authors proposed, and "Boycotting" 

 has become a very forcible phrase. 



Debt, Imprisonment for. During late 

 years the laws of most countries bearing upon 

 imprisonment for debt have been greatly modi- 

 fied. In England the old harsh laws concern- 

 ing debtors, which made the issuance of 101 ,000 

 writs for debt in one year, 1825, possible, were 

 abolished in 1838 ; and in 1869, by the passage 

 of the ' ' Debtors' Act, " still more lenient regu- 

 lations were adopted. Imprisonment is still 

 possible there, in certain cases, as when it is 

 believed a debtor intends leaving the country, 

 or when a debtor refuses, when he is able, to 

 settle a claim decided against him by the courts, 

 or when there is palpable evidence of premedi- 

 tated fraud. The imprisonment cannot con- 

 tinue, however, longer than a specified time 

 usually one year. Imprisonment for debt was 

 abolished in France by a decree of March 9, 

 1793, was re-enacted several years later, was 

 again abolished in 1848, and was again re- 

 established the same year. Since that time, 

 however, the law has been greatly modified, 

 and now imprisonment is permitted for a lim- 

 ited period only, and certain classes an- ex- 

 empted from the law; as, for instance, those 

 under twenty years or over seventy years of 

 age, ecclesiastics, and women not engaged in 

 i commerce. In France, as in most all conti- 

 iiiental countries, the entire cession of the prop- 



