The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-09-18

The organization of II ROYAL bank was. how
ever. in accordance with Laws desires. His
belief was firm that wealth could be more rap
idly created by tho intcrposition OF the State
than by the FREQ action of the individual. In
this tenet. as in many another, ho was the pre-
cursor of those who advocate the control Of
business enterprises by the public.
As soon as the bank was in successful orcra-
ton Law began the development OF other and
more important projects, which, he assured
tho Regent. would increase the population Of
France fifty per cent. and its wealth in still
greater proportions. Credit was now re-
established. and n medium existed for fur
nishinG currency in such amounts rs might
BIO required. These advantages Law sought
to utilize. nnd he declared that he could make
Franco tho great commercial nation of tho
world. To bring such n result 1t was neces-
sary to reach foreign markets. to control the
intercourse between European civilization and
the Indies in tho East. and America in the
West. The Visions of Law have to some OK
tent been realized by tho commercial history
OF Great Britain. and they have produced
wealth far transccndinG the hopes Of the Wild
est operator in the Rue Quincampoix.
Commercial companies were tho levers by
which Law proposed to extcndth the influence Of
Franco over regions incom parably more en-
tensivc than tho fntherland. and to assure to
1t a prosperity hitherto unknown. Tho mo-
nopoly Of trade with Louisiana had recently
been granted to "A flnancicr named Cro2nt. but
he had taken no steps toward developing the
resources OF that vast territory. Law chose
this as the first field for his now enterprise.
Croznt resigned his privileges. and in August.
I'LL. the Company OF the West was created bv
royal letters patent. 1t soon came to he known
by the name OF tho Mississippi. from tho great
river included within its boundaries. To this
company the King gnvo not only a monopoly
for twenty five years of all commerce between
France and tho province. but also nh absolute
title 10 all tho territory comprehcEded in what
was thon called Louisiana. which stretched
from tho Alleghanies on tho east 10 the Rocky
Mountains on the west. over this enormous
area Laws company might exercise tho pre-
negatives Of II sovereign; equip fleets. raise
armies. found colonies. administer the law.
To provide the necessary capital shares were
issued OF the value Of 800 francs each to tho
amount Of lOU,0UG.DO livrcs. For the period
this was n great sum OF money. ana had it
been actually paid and used. much could have
boon done toward coloni"inE md developing
the valley o: tho Mississippi. Unfortunately.
while Laws purposes were often sasac!ous.
he was reckless as to tho means. In his desire
TO obtain n concession from the Crown md to
place his stock. this was made payable in out
standing notes OF the Government. Those
were ut u discount of over Go per cent. and
thus the capital actually paid 10 the company
was only about a tEirI OF its nominal amount.
Moreover. tlp State was in no position to ro-
doom Its notes. and Law accordingly agreed
that tho lOO.O 900. 900 livrcs received in notes
should be funded at four per cent. Ihus the
money available for tho actual work OF COM
mcrce ana colonization was at most +.ooo.OoO
livrcs n year. Undcrthes" conditions the stock
WAS slowly subscribed and for nearly two years
IL was quoted below par. Other means wero
needed to excite popular "on!lichce ana 10
build M the great enterprises IN which Law
wished TO concentrate tho eNcr%lrso l ifahre.
In IT'S the monopoly OF tho manufacture of
tobacco was granted to tho Mississippi Com
pnny for nine years: 4.OUO,U0p liyres annually
were paid for tho privilege. twice the amount
formerly received by tn" Government. Tho
purchase OF the tobacco monopoly was follow
I'D by II serics Of transactions. each OF which
increased tho eyrectations of the public ana
made every one 81. cr for y share IN tho nhtirl'
pated profits. The property and commercial
privileges Of the French East India COMPANY.
which had become a docrerit inslltu-
ton. were transferred to the Mlssis-
sipri COMPANY upon tho condition that all ont
SUMMING Indebtedness SlONlii Nc ui-'iiiis 'u'
the same disposition was mada OF the Com
pany of China. Tie nnmoo OF th' company OF
tho West was now changed I" the toinplny
of tho Indies. but it still continued to he called
tho Mississippi by contemporaries ahi ty
that name is familiar to po3'e!ity. No bust
"ess CORPORATION in the worid has ever Had
such siupendous possibilities before II as
Laws Company Of the Indies. In addition TO
what it already possessed in the west. 1t had
acquired n monopoly Of the commerce OF
France with tho East: America. Asia. and
Africa wero to ray tribute. In the oceans
that rolled from tho Cape OF Good Hope to the
Straits OF Magellan aud from tho Antipodos to
tho Arctic Circle. its ships alone could carry
the French ilaG.
Having thus secured the control OF the whole
colonial system. Law next turned his a,ten-
tion to the administration OF the finances OF
the Government. In July. 17l0, the privilege
Of coinage was granted 10 the Company OF the
lndics for nine years. ltpaid 5O.OOO.O 600 livrcs
for the privilege. which was an excessive
price. A measure of far more importance
followed. In the previous year the Paris
brothers had obtained Tor Il term o! years the
contract 10. the pGiucii al taxes iGrmcd by the