The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1883-12-01

other parts of Europe, they were all be-
lieved, and from the palace to the hum
blest cottage in the kingdom scarcely any
thing else was talked about but Louisiana
and its wonders. The national debt was
to be paid with the gold found in Louisiana,
aud every Frenchman was to become
wealthy. All ranks were seized with the
same frantic infatuation to become possess
ed of the shares of the company. Every
kind of property was offered for sale, and
made payable in stocks Castellated do
mains which had been for centuries the
proud possessions of the same families,
were bartered away. Such rapid mutations
in real estate the world had never seen
before Lands, palaces, edifces of every
sort, were rapidly changed from hand to
hand 1t was truly curious sight to see
nation crazed and turned into stock
jobbers. Holy cardinals, archbishops,
bishops, and their clergy; princes of the
royal blood, naughty peers, statesmen, mag
istrates; not only women, utladies of the
highest character forgot the occupation Of
their sex, to rush into the vortex of specu-
lation
The company having promised an an
nual dividend of 200 livres on each share
of 500 livres, which, it must be remem-
bered, had been originally paid for in de-
preciated biNets d'etdt, or state bonds, max
4 ing the dividend to be received on each
share still more enormous, the delirum
soon eliminated to its highest point.
Everything foreign to the great Mississip-
pi scheme was completely forgotten or ne
elected Mechanics dropped their tools,
trades people closed their shops; there
was but one profession, one employ
ment, one occupation for persons of all
ranks-that of specializing in stocks. The
street where the Offices of the company
were kept were literally blocked up by the
crowd, crying the stock,
Immense fortunes were lost or acquired
1 in few weeks. By stock jobbing obscure
individuals were suddenly raised from the
lowest proverty to the gilded rooms of
princely splendor The tenants of the
parlor or saloon went up to the garret, and
the natives of the garrett tumbled down in
to the saloon. Footmen changed places
with their masters, and those who had oc-
cupied the outside of the carriages happened
to become the occupiers of the inside.
/ Laws coachman made such large for
tune that he set up an equipage of his own.
1 Cook maids and waiting-wOmen appeared
at the opera bedizened in the most gorgeous
fnery. All these meteors, who were thus
blazing in their newly acquired splendor
were called 'Mississippians. He who could
write in all its details the history of that
Mississippi Bubble, so fatal in its short
lived existence, would give to the world the
most instructive composition made up of
the most amusing, ludicrous, monstrous
and horrible elements that were ever jum-
bled together.
John Law, who, under circumstances
thus operating in his favor, was of course
adored by the people; and as usual, they
were few indeed who refrained from wor-
shipping the idol of the hour As has
been stated, he was a great fayorite with
the Duke of Orleans, Regent of France !;
and on Laws adjuring in the hands of
Able Teucin, the Protestant religion which
was the only obstacle to his advancement
to the highest Offices of the state, he was
appointed, ON the 9Th of January, 1920,
omptroller-General of the finances of the
kingdom. To so eminent parsonage
England, sent of course, a free and full
pardon for the murder of Wilson and
Edinburg, proud of having given him
birth, rendered him the freedom of the
city in gold box. 1t is impossible not to
pay tribute of admiration to the talents
of the man, who, in less than four years,
by his own unassisted exertions, and even
in despite of the most strenuous opposition
from formidable adversaries, rose from a
suspicious position liz private life to be one
of the ministers of one of the most power
full and enlightened nations of the world,
With prodigious powers of insinuation and
persuasion he must indeed have been gifted,
to have brought about the wonders which
took place.
Law, who had the pretension of enrich
ing everybody, did not forget his own pc
cuniary interest, and had purchased no less
than fourteen of the most magnificent es-
tates In France, with titles annexed to them.
At the time he was appointed Comptroller
General of the finances of the kingdom
Law was literally besieged in his splendid
palace by host of applicants of every de,
scription His friendship was oourted
with cringing eagerness by princes, dukes,
peers of the realm, marshals and prelates,
in the hope of securing his patronage.
But Law had attained his highest de-
gree of prosperity, aud the wind was al
ready hlowing which was to PROSTATE him
to the ground from his towering altitude.
The year 1920, which saw him at the zenith
of his prosperity, witnessed also his rapid
decline, and his ultimate fall iato the abyss
of adyersity, where he was forever lost.
1t must not be supposed that Law had
carried on all his projects so far without
encountering incessant opposition. Among
his adversaries the Parliament of Paris had
been the most redoubtable, and that pow
erful body had been always on the watch
to seize favorable opportunity to crush
Law and his system, The opportunity
was aooa to present itself Undermined
by the intrigues of his colleagues in the
ministry, carried away by the innate i'm
perfections of his system farther than he
Intended Law felt that the moment of his
fall was approaching, and saw with terror
the threatening oscillations of the over
grown fabric he had reared. He tried to
conceal his embarrassments by inducing the
company to declare that they had such a
command of funds as to be able to lend
any sum on proper security at two per cent.
This show of strength deceived nobody,
The amount of outstanding notes of the
bank on the 1st of May, 1920, exceeded
5000 millions of livres, while the whole
specie of the kingdom amounted to only
1900 millions of livres. As soon as this
discovery was made every one fastened
to convert his shares or bank notes into
gold and silver, and to realize the fortune
they had acquired. To avert the danger
with which his system was threatened
Law, in less than eight months, promul-
gated thirty three edicts to fix the value
of gold and silver, to preserve and to IN
crease the metallic circulation, and to
limit the amount of gold and silver which
might be converted into plate and jewelry.
No payment in specie could be made ex-
cept in small sums; the standard of coin
was kept in the most bewildering state Of
fluctuation, while the value of bank notes
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