A hundred years ago
From the 'Spectator', 5 October, 1867—There was an extraordinary panic on the French Bourse on Wednesday. All sorts of lies were invented by per- sons who win fortunes by inventing them, and believed by persons who were ruined by believing them. There was a revolution in Italy; the Emperor was in the most alarming state of health; he was on the point of declaring war against Prussia; he had sent for M. Drouyn de Lhuys (whose last act was to demand a rectification of the French fron- tier); he had dismissed M. Rouher; he was in close conclave with the Italian Minister; France and Italy had made an offensive and defensive alliance; the Emperor was himself so alarmed at the state of affairs that he had left Biarritz, and was on his way to Paris. They were all lies together, and apparently without foundation. But the scene on the Bourse was tremendous. The Times says that men were rushing wildly about in quest of their brokers, ordering them to sell at any price, however great the loss; the brokers themselves were half smothered in the mob, and hoarse with screaming. Overend Gurney's Friday in the City seems to have been nothing to it, though there was so much more grave disaster at the bottom of that panic. The French panic seems to have been the creation of a mere monetary swell mob, hustling the minds of rentiers in order that they might let these new swell mobsmen pick their pockets without putting in their hands.
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