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James Craggs
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James Craggs
JAMES CRAGGS English politician who accepted 30, 000 in South Sea Company stocks. Deeply implicated in bursting of South Sea Bubble"
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Media ID 623582
© Mary Evans Picture Library 2015 - https://copyrighthub.org/s0/hub1/creation/maryevans/MaryEvansPictureID/10063486
1657 1721 Accepted Bubble Bursting Deeply Historica Implicated Scarf Silk Stocks Velvet Craggs
James Craggs, English Politician and Deeply Implicated Figure in the Bursting of the South Sea Bubble, 1721
EDITORS COMMENTS
This evocative portrait captures the enigmatic figure of James Craggs (1657-1721), an English politician who found himself at the heart of one of the most significant financial scandals in history - the South Sea Bubble. Craggs, dressed in the fashionable attire of the time, wears a velvet scarf draped around his neck, a voluminous wig, and a serious expression. The South Sea Company, which was granted a monopoly over England's trade with the South Seas, had promised investors unrealistic returns, leading to an inflated stock price. Craggs, who held a substantial amount of South Sea Company stocks, accepted 30,000 shares in 1720, just before the bubble burst. His involvement in the company's affairs, along with other prominent figures, made him deeply implicated in the scandal. The South Sea Bubble burst in 1721, causing widespread financial ruin and public outrage. Craggs, along with other high-ranking officials, was investigated for his role in the scandal. Although he was never formally charged, his reputation was severely damaged, and he was forced to resign from his political position. This historical photograph, from the extensive collection of Mary Evans Picture Library, provides a fascinating glimpse into the past, offering a glimpse into the life of a man who played a pivotal role in one of the most significant financial scandals in English history. The portrait serves as a reminder of the risks and consequences of unchecked speculation and the importance of transparency and accountability in financial dealings.
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