Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-04-05
THE GAZETTE.
MONDAY MORNING, APRIL S, 1855.
JOHN LAW.

John Law, the son OF an Eolnooro goio-
smith, bad for years roamed about on the
Continent, living by high play and studying
the great principles of trade, now clerk at
Amsterdam and now as the boon companion
of French mobiles. Full Of schemes and
plans for financial reforms, be offered to the
Regent of France, the Duke of Orleans, the
payment of the national debt of the king
dom and an almost unlimited amount of mo.
ney in return for the permission to erect
bank. The offer was the more readily &C
cepted as France was then on the verge of
ruin. The brilliant but ruinous reign Of
Louis XIV. had exhausted her natural re-
sources and destroyed her credit; commerce
and industry were alike at standstiil; az
riculture utterly neglected. The Court was
without money. Law promised an abun-
dance of means and q revival of trade by the
creation of paper money. The desired per-
mission was granted, and the first bank of
circulation esta blshed in Paris. Unfortu-
pa,ely it's basis was unsafe, and its circala-
ton extended vastly beyond the legitimate
limits. 1t became gigantic gambling es-
tablshment under royal protection. For a
time all went we'll. Laws great skill and
experience enabled him to succeed 10 bold
speculations, and soou the shares of the new
bank rose to twenty and forty times their
par value. The Regent granted him, for
consideration, one great privilege after anoth.
er. Public credit was restored, the army we'll
clad and we'll fed, internal Improvements
carried on with energy. and hope and conf
dence restored to the people.
Foremost among the gigantic schemes of
Law stood the plan for colonzDg Louisiana,
known to the French only by book modest
" entitled Antarctic France, ancieDtly
called America" 1t was represented as
Astounding in riches of every kind. Law
bought the whole State, and promised to set
tie it quickly. Ships were sent out with
emigrants of. the most doubtful character.
cities were founded mainly on paper. and
magnificent plans aud glowing descriptions
scattered broadcast over the land. Thus
the Mississippi Company, as it was called,
was fused into the great bank, DOW raised to
the power and dignity of Royal Bank, and
the two great gambling institutions went
hand in hand.
A little narrow lane in the city Of Paris
was the scene Of this gigantic comedy
Here princes and beggars, scamps and hon
est men, crowded together, from morn till
night, and made or lost fortunes in few
hours. The lust of gain, the thirst for gold,
rose to fever heat, to perfect frenzy. Money
fell into disrepute, coin was worth ten per
cent less than bank notes, and everybody
sold every thing in order to buy shares, that
had risen from 500 livres, their par value, to
20 900 livres. Law was idolized; like the
princess of the Arabian Nights, he had but
to give an order and q shower of gold fell
upon the happy people. lie was made
Priv Councillor and Comptroller Of the State
Finances. though at the cost of his Protestant
faith, which be ahjured.
All the people speculated and gambled
with perfect frenzy. Colossal fortunes were
made in q few hours. A hunchbsck grew
rich by letting his broad shoulders as desk;
and besgars received notes of 1000 livres
as an aims. France revived and revelled 10
her new prosperity. The other States Of
Europe looked with envy at her rising great
ness. She was victorious in Spain and tri-
umphed in Der diplomacy. Foreign gold
flowed in streams to her capital; 3OO,OOO
strangers filled the city Of Paris.
Suddenly, no one knew how, mistrust be-
gan to enter some hearts. 1t becam known
that five hundred millions of coined money
had been carried out Of France, and panic
ensued, as sudden and fearful as the rise Of
the bank had been beyond all precedent
The whole farce of run on the bank was
then played for the fret time but to pertec-
ton. Some sold out at any price, others
threw enormous sums away, sure OF to-day
but uncertain of tomorrow. Utter democrat
ization followed as the natural effect OF the
e ~ IL
ais came and the bank broke, thirty thou
rand families found themselves ruined
Suicide became contagious, and many lost
their mind and money Together.
Law himself had to Zee, and took re.
fupe in Venice; be bad never enriched
himself, and lived and died in poverty, sup
ported only by high play at the gaming
table. Voltaire saw the mother OF bis chill
dreu die 10 misery in Brussels; and the man
who had once offered the Regent OF france
nresent of one bupdred millions, who had
owned immense estates in Europe and four
States of our u ion, through whose bands
the whole wealth Of great nation had
passed, left to his children few paintings
and a diamond! But his legacy to France was
sad and disastrous. He gave the French an
insatiate thirst for gain aud luxury; he inspir-
ed them with that lust of gold that has swat
lowed up 20 many of the nobler traits OF their
character, and showed thus most mourntully
that nations, as little as individuals, can be-
come gamblers with impunity. The lew
successful spectators changed the whole as
pect of society; they bought the estates OF
the ruined mobiles and took their place at
Court and in high Offices; their vices were
not even gilt; their lowbred ostentaion most
contemplate -----
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