Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-04-22

in London and branch in Paris, which
they called "The General Bank of Law,
& Co." This was so prosperous, and
seemed TO be managed with so much
ability, that the Government determined
to take it into its own hands, with Law
for its manager, as machine with which
to carry on the fiscal concerns of the
country. 1t was accordingly incorpo-l
rated, on the 4th December, ,il7ls, under
the title of " The Royal Bank" Upon
this institution as nucleus, Law estabS
lished and developed his great scheme,
which in history passes under the name
Of "The Mississippi System"
The Mississippi was SO ocalled, because
the company of which Law was the head,
had received grant of large tracts of
land at the mouth Of the Mississippifiver,
and one of the ostensibie (perhaps(reaD
objects of the Companyawas the coloni-
zation ofthat territory. But this was on
ly small part of the great scheme. 1t
undertook the collection of all the reve-
nues of the country; it absorbed the
East India and all the other gfeat trad
ing companies it was to carry on all
the trade Of the South Seas besides en-
barking to an enormous extent in stock
and bankingoperations, taking charge
of the coinage. Thus ii swept in all the
commerce, all the financial concerns,
and, as dependent on these, all the in
dustry of the kingdom. lis promises Of
profits were SO magnificent and allur-
ing, that men fastened to sell their NOV
ables, their houses and lands and every
thing else that could be turned into mo.
ney, for the purpose of buying shares in
this vast concern. Where all the mo-
ney, that was thus raised, finally went,
may very naturally be inquired. Great
quantities were carried away by stran-
gers who came to speculate in the stock;
immense sums were wasted in fruitess
trading expeditions much was embez-
zled by the sub-agents and managers Of
the company and what did not disap-
pear in this way. was used by the Gov
ernment for its own purposes.
The effect of all this upon society was
to introduce the greatest disorder and
confusion. All France was seized with
rage for specializing in the funds. Regu-
lar industry was abandoned for this
great scheme of national gambling. Its
Influence reached not only the rich and
lmoneyed men, but penetrated into all
classes Of society. The shares were con-
stantly rising opdcr the influence of the
extraordnary and magnificent promises
held out by the managers; so that share
purchased by man without property
to-day could be sold tomorrow at an
advanc ce, which would leave him in pos
session of a fortune as suddenly acquired
as if it had fallen from the clouds.
every thing at Paris assumed smi-
ling countenance. Money grew so com
mon, that people did not know where to
put it out at 3 pei cent; the tradesmen
had a grea,er vent for their goods; the
worknen We're better paid for their work;
the value of the land about Paris rose to
fifty, and even sixty years purchase !;
nnany noblemen repaired their broken
fortunes. and others grew very rich by
the great advantages they made in deal
ing in the actions (Stock) Of this new
Numbers OF people never
known in the world, and who sprung
from nothing, were all of sudden seen
ridingin their coaches, only by striking
into this new trade, by which in very
few years they had gained vast sums.
These are the words Of old Malachi
Posthlewaite, Esq. author of the Die
lionary of Commerce, who looked on
rom across the channel, and took great
satisfaction in his dry sarcasms upon the
confused and factious prosperity Of the
Parisians at that time: "All the world
'an to Paris The prodigious sums that
strangers laid out in the stock, and the
1umbers that resorted to negotiate there,
illed that city with money and people,,
md consequently with trade and they
ell as there was nothing TO be seen but
lew coaches, new equipages, new live
les, and buying new furniture; in a /
word, there were no less than twelve
hundred new coaches set up. and half a
million OF people more than there were I
before; SO that no lodgings were to be
lad, and they built new houses & streets
n every place where they had ROOM" {
The cause of the extraordinary rise of
he stock. and the means by which the
managers of the scheme we're enabled to /
leep up the public confidence, deserve {
o be traced. {
1t had long been believed, on the
doubtful relations of travellers, that the ,
country in the neigiiborhood Of the Mis- {
issippi contained inexhaustible trea- /