The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1873-10-23
THE LUST OF MONEY.
john Law and His soheme.


1t was just at this time, when the ma
tional bankruptcy was staring him in the
face, that his attention was attracted by
John Law and his scheme of paper cur
rency. Law, who had traversed Europe
with his plan, and had met with nothing
but encouragement, had nevertheless ac-
cumulated a large fortune by gambling,
and had in l7I6 settled with his brother
In in Paris, where he had opened a private
bank and assured large quantities of bank
notes, which enjoyed perfect credet. As
soon as his proposals were unfolded to the
regent he embraced them with the utmost
ardor He fancied that he had discover
ed the alchemist's secret and an antidote
against all the national embarrassments
Up started the Mississippi scheme, to de-
Velop the resources of Louisiana and the
country bordering upon the Mississippi,
100000 shares at 500 hvres each. The
promoters farmed the taxes, coined the
money and monopolized the trade of all
the possessions Of the French East India
Company So great was the demand for
shares that $4,000 new ones were created,
for which there were 100000 applicants.
Tire dividend was 120 per cent. But Par
lament refused to ratify the monetary
edicts, forbade the interference of strangers
IN public affairs, and all collusion between
the royal treasury and the Scotchman's
bank. Terrified by the hourly increasing
mania for speculation, they appointed
commissioners to seize upon Law and hang
him, Orleans gave him an asylum in his
palace, deprived the Due de Noailles of
the administration of finance, exiled
D'Aguesseau, deprived the Due de Maine
of the esuperInteRdency of the young kings
education, reduced him and his brother,
the Count de Toulouse, to the rank of
peers, punished all others who had joined
the Parliament in opposition to his darling
schemes, and created the speculator Comp
troller General of the finances of the king
dom. The money madness was now atlts
height, multitudes of frenzied wretches,
craving for shares, surrounded Laws house
night and day; the population OF Paris IN
creased daily by thousands, until every
kitchen, stable, and out-houses swarmed
with newly arrived proVincials Society
was turned toPsy-turvyi laokeys reyelled
IN the luxury Of dukes; beggers yesterday
rolled in wealth to-day; men of the old
lobleSse rushed trembling and eager to the
capital, selling fefs and manors which had
belonged to their names for ages to the
bourgeois, TO buy shares in the monstrous
lottery. The bourgeois sold their shops
and houses to grasp those promissory bits
of paper; workmen bartered their tools for
them, and dIsdained work since money
could not be obtained so easily. A wild
frenzy, craving thirst, raVening hun
ger for gold seized upon all, mingling eY-
cry class, beggar and bourgeois, NOBLE and
artisan, outoast and fine lady, youth and
old age, roguery and respectability, in
wild saternalian struggle for wealth. The
crash came at last, and the poor wretehes
aWoke from their fever dream TO find all
their earthly possessions reduced to scraps
of worthless paper. OF course there were
riots; when people discover that they have
done something very idiotic they always
fall into rage, and endeavor to make
somebody else responsible for their own
idiocy; likewise, as a. matter of course, they
killed many innocent people and paraded
the bodies before the regents in order to
convince him that they had quite recover
ed their senses. 'They are right" said
Philippe to one ofthe councillors, who was
urging him to resort to harsh measure
against the rioters. They are very good
to endure SO many evil" s."-zsHlple Bar.