The advocate., 1895-05-15

1646S u0Od6 VIC n&uS VI AuG OOBp&UY OK
She West, to which was granted the pro-
vince Of Louisiana, and from this OiECum-
stance, Che operations Of the company OBJ
tanned the name Of the Mississippi System.
OF this company 100000 shares were is
sued az the rate Of 500 livres each. amount
ing TO 1OO,OOO,OOO livEes, or S1s,76O, 900. On
the 4Eh Of September, 17lS, The Farm Of
Tobacco was made over 70 the Company Of
the West, on their agreeing 90 pay 10 the
king, rent in advance, 100000 livFeS, OF
$S7s,7
On the 18th Of December following, they
obtained the charter and effects Of tho
Senegal company; but the most important
grant they obtained was in May, 1719, when
an ediCt was published, transferring to
them che exclusive privilege Of trading TO
the East Indies, China and the South seas,
on condition Of paying Che lawful debts Of
these companies now dissolved. On this
condition the Company Of the West assumed
the title Of The Company of the Indies, and
$1,000 new shares were constituted at the
500, 900 Hvres, or $5, ,156, $50, to be employed
in building vessels, in satisfying the credit
ors Of the old companies, and in prepara-
tions for the general trade; and from che
vain expectation Of possessing lucrative
branch Of commerce, the price Of shares
rose in the market TO 1000 livres, or $1S7.50.
On the 25th July, 1719, the mint was made
over to the company for a consideration Of
80 OOO, 900 livres, or $9,375.0 TO be paid TO
tho king. In order TO raise that sum, 5O, 900
new shares were ordered Gb the rate Of 1000
livHes amounting to $4,000, 900 iVres, or
IS, 1916, 900.
On the 9th Of August following, the great
farms were made over to the company, on
their agreeing TO pay in advance Of rent to
the king for them Of 3,500,000 hvFeS, or
$685., ,25O. And, on the S1st Of came month,
they obtained the general receipts Of other
branches Of the kings revenue. The COM
peny now promised an annual dividend Of
eco livEes on share.
There was now S01, 900 shares, which, al
1
livres or $11, 1896, 900, in consideration Of
which the price rose in the market 10 5000
liVres or S9S7.5O.
The company now agreeing TO lend the
king, to pay of his creditors, 1850, 1000, 900
livres or S2S1 25O,O at per cent. interest,
created, in September and October, SOC, 900
neWsshaPes at 5000 liVEeS each, 5000, ,000, 900
livres or $563, ,625,OOO.
And the annual income arose as follows,
VIZ:
Interest from the king. ......... 100000 liVres
Farms, mint, taxes, etc. ..,..... 100000 ltVres
From the general trade......... 100000 liVers
18lOOOOOO livres
Or S24y5S25OO.
From 30 great a revenue they could well
afford TO pay 200 liVreS a share, as a divi-
dend; which, on their present capital
amounted TO ~, 900 ivreS, or s22,645,-
OOO.
The infatuatiOn which Rb this time pre-
vailed in France was so great a. TO raise the
price Of shares to 10000 liVreS each, or
s1,S76.
The original proprieboEs acquired i'm
msnse fortunes. Money was abundant; ag-
riOulture, manufactures and commerce
lourished; and the gOUsrTment OOGs enabled to
relieve the people from tGTOs to the amount Of 81,
900, 900 BUres, or Si6,S19,5OO.
Notwithstanding, che general confidence
in the stability Of the bank, and India
company, there were individuals who heldS
different opinion, and they converted their
paper into specie, which they either boarded
up, or shipped to other countries; and this
occasioned run upon the bank, until there