The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-13

the finances Of France were Ia deplorable
condition. The national debt amounted to
over 1900. 000, 900. 600 livres-equel 10 about
500. 600, 100000. There was nothing in the
treasury. The expenses Of the government
were greater than the amount of the reve-
nues, although the people were being taxed
almost beyond endurance
Natlonsl bankruptcy was suggested, but
the regent would not agree to this. The
state debt was. however, revised" In
terest bearing notes for about one-third the
face value Of the debt were given to the
creditors. but as the creditors had no as
surance that the notes would not also be re-
vtsed these new securities fell at once to so
per cent.
An France went mad in a wild delirium
OF speculation when the new shares for the
state loan were issued The share were sold
by auction in the Rue QuinoampoIx, a mar
row street only $50 feet in length
Men fought like wild beasts in their ef-
forts to reach the place where the shares
were sold and some were trampled to death
by the freuz!ed mob. Gates had TO be
placed at the ends of the street and armed
guards placed there to hold back the crowd.
When the company had sold all the shares
there were fifty would-be purchasers to
every lucky one who had been able to buy.
Then began such an insane buying snd SELL
ing as the world has never seen. The streets
IN the commercial center of the city were
full OF men yelling their offers to buy and
other men shouting their offers to SELL
Many women were there also, and it is re-
corded that all of them we're on the bull
side. In fact, there wero hardly any bears
BREAKs OF FORTUNE.
Every trade and profession was repre-
sented. The priest and the soldier fought
their way to the mart side by side, and the
plebeian butcher struggled with the blue
hlOndAd Tnar0nix in 6obf fnx a Y,Io
To prevent riot trading on the streets at
night had TO be prohibited.
Those who sold made unheard of profits.
Common people became suddenly rich,
Laws coachman discharged himself and set
up a coach of his own. Wonderful stories
are told of the freaks OF fortunes favorites
obscure people who used their new found
riches to make themselves painfully promi-
nent. One, ragpicker, who probably had
not washed his face for years, had a BATH
tub filled with wine in which he bathed
daily. A baker put all his money in
shares, sold at the highest point, and set up
an establishment. connected with which he
had fifty horses and sixty servants and in
which all the cooking utensils were Of solid
silver.
THE BEGINNING OF THE END.
Shares, the par value of which was 500,
sold at 10000 toward the end Of this nine
months of golden age. Yes, there was an
end. and sad one. It began with news
from Louisiana. 1t was a tale of despair
disaster and death. Shipwreck, hunger
and thirst, and death by fever and at the
hands of the Indians formed part of it. No
gold, no precious stones, no rich furs, had
been found. The story may be imagined.
1t was suppressed at first. The first re-
turned colonise who told it was speedily
fled away in a dark cell in the Eastile,
where he could not talk to shareholders
But the story was in the air. 1t spread
very gradually, however, and allowed
some of the largest holders of shares to I'M
load. Whom they began to sell they ex-
changed their shares for silver. The Prince
de Cont drove away from the bank with
three cart loads of crown pieces.
TRYING TO STEM THE TIDE.
Law issued a decree arbitrarily fixing
the price of gold aud silver. but this depre-
citation of specie did not stop the fall of the
price of shares The wise ones could afford
to TAX 9 silver at so or 40 per cent. discount
and not kick. for their profits were i'm
meuse
Foreigners carried off vast quantities of
coin. A new edict prohibited any person
keeping except by special permission, more
than 500 hvres IN cash but edicts could not
prevent the catastrophe.
The panic came in June, 1720. The bub.
BILE burst and the people knew it. Soldiers
guarded the bank. The crush to reach the
doors was fearful. The people were exas.
peratsd and cried for revenge. Many were
killed In the streets. LAWS carriage was
smashed into atoms and ths driver killed by
the mob.
The people demanded the head of John
Law.
DIED PENNILEss.
The regent could not refuse such reason
able request and was about to grant it when
1t was discovered that Law was safe in
England. This arch schemer had fifteen
large estates in France that he had pur-
chased and much other property, but all he
carried with him to England was about
10000 livres. He left England and went to
Venice, where he lived by gambling until he
died penniless, eight years after he escaped
from Paris