The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-10-17
John Law and His Scheme.

II was just at this time when national
bankruptcy was staring HIM In the face,
that his attention was attracted by John
Law and his scheme of paper currency.
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 1716, settled with his brother
in Paris, where he opened a private
bank and issued large quantities OF
bank notes, which enjoyed perfect credit
AS soon as his proposals we're unfclded
TO the regent, he embraced them with
the utmost ardor; he fancied that he
had discovered the al6hemists secret
and an antidote against all the national
embarrassments. Up started the Mis-
sissippi scheme-to develop the re-
sources of Louisiana and the country
bordering upon the Mississippi: 200, 900
shares at 500 livres each. The promot-
ers farmed the taxes, coined the money,
monopolized the trade of all the posses
sions of the French East India Com
pany! So great was the demand of
shares that 30, 000new ones were created,
for which there were 300, 900 applicants
the dividend was 100 per cent. But
Parliament refused to ratify the none
tary edicts, forbade the interference of
strangers in public affairs and all collu-
sion 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 i'll his own palace de-
prived the Due de Noailles of the adj
ministration of finance, exiled D'Agues-
seau, deprived the Due de Maine of the
superintendency 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 scheme, and created the
speculator Comptroller General of the
Finances of the Kingdom. The money
madness was now at its height, multi
tudes 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 clubhouse swarmed
with newly arrived provincials. Society
was turned topsy-turvy; lackeys reveled
in the luxury of dukes beggars yester-
day rolled in wealth to-day men of the
old nOGicsSc rushed trembling and eager
to the capital, selling tiefs 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 Work
men bartered their tools for them, and
disdained work since money could be
obtained SO easily. A wild frenzy, a
craving thirst, ravening hunger for
gold seized upon all, mingling every
class, beggar and bourgeois, noble and
artisan, outcast and fine lady, youth
and old age, roguery and responsibility,
in a wild saturnalian struggle for wealth
The crash came at last, and the poor
wretches awoke from their fever-dream
to find all their earthly possessions
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; like
wise, as a matter of course, they killed
many innocent people and paraded the
bodies before the regents palace in or
der to convince him that they had re-
covered their senses. "They are right"
said Philippe to one of his counselors
who was urging him to harsh measures
against the rioters. "They are very
good to endure so manyevils. "-Iempte
Bar.