New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-19
AN OLD IDEA AND MODERN ACTION.

~ been organized as branch OF the soclet
have naturally led them to see that
n. closer connection between home and fol
eign production and consumption woul
be to their commercial advantage. 1t
is not probable they arrived at this assoclat
conclusion from the perusal OF history
and so the project becomes the more tea
n sibIe than if it had been moved upon ret
/ respect of the past. The practical tinan
cier does not care to read longer essay OF
h finance than may be embodied in cashier
v check, and the practical merchant or facto
is annoyed at any treatise more dlftus'
than may be condensed in a telegram
Yet to strengthen the Mississippi enter
prise we will tell how it is but the reviva
of an antecedent idea, which had failed
for want of the qualities which have now
{ spontaneously developed themselves IN
this organization. Just when New Or.
leans had been staked out; just when the
engineer, Pauger, had reported the natu-
raj depth on the bars just what it is now;
just when the contract of Crozat had ended
in failure, and that bold adventurer, John
Law, had succeeded to the control of
the finances Of France, ''the Mississippi
scheme" was founded by him as COM
mercial company. "The company of the
West was formed for the purpose of de-
veloping the resources OF the province
Of Louisiana, and especially of the fabu-
lous interior Of the Mississippi, then be-
lieved to abound in minerals and in the pre-
cious metals. This company had nominal
| capital of something less than twenty mil
| lion dollars, divided into shares. 1t OBJ
tanned the exclusive privilege of trading
to the Mississippi, of farming the taxes,
and Of coming money.
The company was subsequently en-
larged in its commercial franchises. AS
the Company Of the Indies it obtained the
monopoly Of trading to the East Indies,
China, the South seas, and all the possess
sions of the French East India Company,
then occupying important provinces, Of
which it has long since been deprived by
the English.
Both in its origin and expansion this
company offered extraordinary attractions
to the Spectator. 1t was like every other |
enterprise of the Credit Mobilier class. |
The dividends depended not upon the de-
velopments of industry and capital, but
upon the partition among the stockholders
of whatever could be made out of that
contributed or developed by others. The
shares in ''the Mississippi scheme" ran up
to extraordinary prices The treasury de-
partment of the French government guar
anteed the payment of 120 per cent per
annum-in the deprecated warrants of
the government and history describes
the frantic devices of people Of all classes
to secure these precious investments of
capital and sources of revenue. The
Company of the Indies was sub
consolidated with the Ma
tional Bank of France, and was
by series of DEGREES as
despotic as they were futile. 1t was
made penal to hold any gold and silver,
and if the holder did not instantly deposit
in the National Bank and Company Of the
Indies whatever Of gold or silver be might
have about him the same was forfeit to
the state. 1t was not long after such a
decree that the bank and company stop
ped payment, and John Law was fugi-
tive, like other distinguished fnanciers of
that day and this.
History tells US that the "South Sea
bubble" foated across the channel and
attained the same speculative imitation in
England. Even the cautious countrymen
Of Law, though they had Heretofore de-
,lined to accept his ideas of banking,
were allured by the extreme facility with
which money could be made by simple
Ruin befell all in England,
Is in France, who were caught by the
and South Sea swindle.
The first feature of failure in the enter
orise was that it was confined exclusively
o monopolies and mining operations and
discarded agriculture. Law himself after
yard adopted the idea of agricultural J
development, which he entertained in COM 7
non with Bienville, and became conces- $
ionary of large grant of lands on the
arkansas river To give better effect to
his agricultural idea, the company COM
nenced the importation of African slaves 1
nto Louisiana, and in this they had the
ordial cooperation of England who had q
ong since planted slavery in her own At ?
antic colonies, and subsequently made q
.rge commerce in slaves under the asiento Il
ontract I
But neither the time nor the mode had y
ONE for the development of the 8Iissis- t
lppi valley. The corporate scheme was O
uperseded by the voluntary immigration ST
f the poorer planter and warrior. Their 81
istory has been craven with the Ak and u
low, and punctuated with the rifle, and u
this day come with their descendants to l.
i've effect to the original idea of connect It
lg the industrial centres Of Europe with
le boundless productive resources of the | 81 3,
ississippi valley. al
The theory to which this new society tt
Ill owe its success is the unconscious
inflammation of that to which its pre- 81
ecessor owed its failure 1t is based on &C
e demand in England for the peculiar pr
reduction of the Mississippi valley, and ne