Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-01

bausful goverament Of Louis XIV. As the bills ut
the bank bore a. interest, AID as 1t was stipulated
they would be Of nvarable value, and as hints Rad
been artfuly circulated that the coin would expe.
rience successive diminu,ion, every BODY hastened
TO the bank to exchange gold and SILVER Tor paper
So great became the threng OF depostors ana SO IN
tense their eagerness, that there was quite press
and struggle at the back door, and ludicrous paaic
was awakened, as if there was danger oil their not
being admitted. An anecdote Of the time relates, that
Of the clerks, with omnoas smile, called out
to the struggling multitude, Have little patience,
nv friends; mean to take all your money; an as
sertion dissstronsly verified in the sequel
Thus, by the simple establishment oil bank Law
and tire Regent obtained pledges Of confidence tor
the onsummaion of further ana NOR complicated
schemes, as yet hidden from the public. In little
while, the bank shares rose enormously, and the
amount Of its notes circulation exceeded one hum
dred and ten millions OF livres. subtle stroke OF
policy had rendered il pupalar with tae aristocracy
Louis xiv had several years previously imposed AN
income tax of tenth gi.iug his royal word that 1t
should cease in l7l7 his tax had been exceeding
ly irksome to the privileged ord'rs and in the pre-
sent ds,srous times, they had dreaded an aaTmenta'
ton of it, In OF the successful operation
oil Laws scheme, however, the tax was abolishea,
and now nothing to be heard among the nobility
and clergy, but praises of the Regent aud The bank
Hitherto all had gone WELL and all might have con-
tinued to 60 WELL had not The paper system been far
Their expanded. But Law had yet the grandest part
Of his heme TO develope He had 10 open bis ideal
world of speculation, his Ell Dorado OF unbounded
wealth. The English had brought the vast imaginary
commerce of the South Seas in aid OF their banking
operations. Law sought to bring, as an immense
aux liary of his bank the whole trade OF the Mssis
sippi. Under this name was included not merely the
river called, but the vast region known as LOUISE
ana, extending. from north latitude 29o up to Canada
in north latitude 400. This country had been grant
ed by Louis XIV. to the Sieur CroZat, but he had
been induced to resign his patent In conformity to
the plea Of Mr. Law, letters patent granted IN
August, I7l7, for the creation Of commercial com
pany, which was TO have the colonzng OF this coun.
try and the monopoly Of its trade and resources, and
of the beaver far trade with Canada. II was cal
led the Western, but became better known as the
Mississippi: Company. The capital was fixed at
one hundred millions of vres, divided into shares,
bearing an interest of four per cent, which were SUBJ
scribed for in the public securities AS the bank
was to cooperate with the company, the regent
ordered that ITS bills should be received the same as
coin, in all payments of the public revenue. Law
was appointed chief director OF this company, which
exact copy ofthe Earl OF Oxiord's South Sea
Company, set on foot in III and which distracted
all Enean with the frenzy of speculation. la ike
manner with the deusive pioturincs given in that
memorable scheme OF the sources Of rich trade to be
opened in the South Sea countries, Law held forth
magnificent prospects of The fortunes 10 be made IN
colonizing Louisiana, which was represented as
veritabe land of promise, capable of yielding every
variety ofthe most precious produce Reports, too
artfully circulated, with great mysery as tito
the chosen few, Of mines OF gold and silver recent
ly discovered in Louisiana, and which would insure
instant wealth to the early purchasers. These con
fdental whispers OF course soon became public and
were confirmed by travellers fresh from the Missis
sppi and doubtless bribed, who had seen TIE mines
in question and dec ared them superior in richness
to those of Mexico and Peru Nay more, ocular
proof was furnished 10 public creduy in Ingots Of
golf, conveyed to the mint If Just brought from
the mines OF Louisiana.
Extraordinary measures were adopted to force
colonization. An edict was issued TO collect and
trans port settlers TO the Mississippi The police
lent its aid The streets and prisons Of Paris aud Of
the provincial cities, were swept meDdicans and
vagabonds # all kinds who were conveyed TO Havre
de Grace. About six thousand were crowded int
Stp vnpre had hee for their
health NJ onmodatiCn. instruments of all kinds
proper for the working OF mines ostentatiously
paraded in public, aud put bard the vessels; and
the whole set sail for this tabled FL Dorado, which
was to prove the grave OF the greater part Of its
wretched colonists.
D'Anguesseau, the chancelsr a man Of probity ard
integrity, still lifted his voice against the paper sys-
TEN Of Law, and his project Of col tion, and
eloqucn, and prophetic IN picturing the evils they
were calculated to produces the private distress and
pubic degradation; the corruption Of morals ard
manners; the triumph of knaves and schcmers; the
ruin Of fortunes and downfall OF families. He
melted and moae 10 this opp sition by the Duke
de Noailes, the Minister Of Finance, no jealous
Of tie growing ascenGancy of Law over the mind of
the Regent but less honest than the chancellor
in his opposition. The Regent was excessively
annoyed by the difficulties they conjured up in the
OF his darling schemes o finance and the countc
nance they gave TO the opposition of parliament;
which body, Disguised more aud more with the
abuses of the regency, and the stem of Law, had
gone so far as to carry its remonstrnces to the very
foot OF the throne.
He determined to relieve himself from these two
ministers, who, either through honesty or policy,
in,e rlered with all his plans. Accordingly, on the
2Sth Of January, l7iS, he dismissed the chancellor
from Office and exiled him 10 his estate in the
try and shortly afterwards, removed the Duke de
Noailles from the administration OF the finances.
The opposition Of parliament TO the Regent and his
measures was carried on with increasing violence.
That body aspircd TO an equal authority with the
Regent In the Gdnin strato OF affairs, and pretend
cd by its decree tn suspend edic of the regency,
ordering rev coinage and altering the value Of the
currency. But its chief hostility was levelled
against Law, foreigner and hereto, and one who
was considered BY majority OF the me mbers la he
" carried, that secret measures were taken TO in-
vestgate his maversations and 10 collect evidence
against him; and IT resolved IN parliament that,
should the testimony collected Justify their suspi.
oions, they would have him seized and brought
before them; would give him brief trial and if con
yicted, would hang him in the court yard Of the
pasce and throw open the gates ai the execution
that the pnblic mi ght behold his corpsel
Law received intimaion Of the danger hanging
over him. and In terrible trepidation. lie took
refuge in the Paais Roy al, the residence Of the Re
gent, and imploTed his protection. The Regent
himself embarrassed by the sturdy opposition Of
parliament, which contemplated nothing less than
decree reversing most Of his public measures,
espe cially those o finance. His decision kept Law
for time in an agony Of terror ard suspense Final
", by assembling board Of justice. and bringing to
his aid the absolute authority Of the king, he tri-
umphed over parliament, and relieved Law from bis
dread Of being hanged
The sys now went on with flowing sail. The
Western, or Mississippi Company, being identified
with the bank, rapidly increased in power and privi