The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1901-11-04
AUNIQUECHARACTER A
JoHN LAW, WHO SET FRANCE ON
FIRE.
Made the Louisiana Territory the Basis
Of Marvellous Speculative scheme
which Eventually Ruined Ills
Country.

The country composing what is
known as the Louisiana purchase is
now attracting much attention
throughout the world. says a writer
in the St. Louis Globe-Democrat for
the celebration Of the fair in honor Of
the treaty by which this vast region
was transferred from France to the
United States Is making the name Of
Louisiana a household word in all
parts Of the world where heretofore
that important event in the history Of
the United States has hardly been rec
ognized. There was once a time. how
ever, in the history OF the country
which transferred Louisiana to the
United States when the name OF the
Territory and OF the great river by
which II is drained were words TO con-
jure BY for long ere 81. Louis was a
city, when even the length Of the river
and the extent Of the French claims
were problematieal, the Territory
played a leading part in one OF the
most gigantic schemes ever devised by
the mind OF man.
John I.au, Promoter
John Law was It's central figure Al
the time when be appeared IN Paris
with bis proposal for the establishment
OF a great national bank, the fortunes
OF the kingdom we're apparently at the
lowest ebb. The national debt. con-
tracted during the extrayagant reign
Of Louis XIV. was so enormous that
even the most enthusiastic nnanciers
could see no hope OF payment Law
proposed 10 establish a bank which
while transaeting the ordinary busi-
ness Of such an institution. should also
become the financial arm Of the gov
ernment: should collect the revenues
manage the government finances. and
IN short. should be TO France what the
Bank Of England Is now 10 the British
government He believed IN credit
and also believed that credit might be
made illimitable. that so long as the
people we're willing 10 accept paper
promises 10 pay. there was little need
of a specie currency. Carrying out his
idea 10 lis logical consequences. he ac-
cepted rs an equivalent for the stock
OF the bank the deprecated securities
Of the government. issued paper money
IN enormous quantities. and was grati-
fed to see that hts scheme for reyiving
the business OF the country met with
apparent and
Almost Imuiedlaie success.
Seeing the fluctuations in the nom
inal value Of currency. whether gold
silver or paper. he conceived the idea
that credit was all powerful. aud that
even Hypothetical profits. 10 come in
the future. might be safely treated as
the basis for paper currency. With
this end 10 view be began 10 cast about
Tor ways and means 70 carry out his
project OF unlimited circuiation. The
valley OF the Mississippi was then un-
der French control; {; had. however
been only partially explored and q
was impossible for anyone 70 say what
wealth. n any. lay concealed In us soil
Everyone knew. however. the immense
riches that had been drawn from
America By Spain. The naughty mo-
biea 81 Madrid were objects 81 envy
10 the fashionables Of Paris. and no
one doubted that when the truth be-
came known. the valley of the Missis-
Eippi would prove az rich as the noun
tains 81 Mexico or Peru.
This general confidence made il com
paratlvely easy Tor Law 10 organize
the Mississippi Company. a trading or
ganization 50 general and liberal IN Us
plan and scope that. under the provis-
ions 81 It's charter. almost any enter
prise looking 10 the development or
the Mississippi valley might BE- un-
dertakcn
Once Launched Finaiiy.
The popular craze. once launched. q.
naIiy orertaxed It's own strength and
passed beyond the control OF the able
though visionary. man who started the
move tAFuNs III Af@"i ANN year WHICH
witnessed the collarse Of the South sea
bubble IN England. the French house
OF cards fell TO the ground Popular
faith In Law. the Mississippi scheme
and the gigantic credit system began
to waver. and once tremulous us over
throw was easily foreseen. The most
arbitrary measures that suggested
themselves TO the mind OF a despotic
government we're resorted 10 for the
purpose Of upholding the credit Of the
company and Of the nation. but an
we're u vain. Men were fined and inn
prisoned for the crime Of having gold
or silver coin IN their possession. but
sull. vith the vision Of the headsman
stalking behind them. they boarded
the precious metals. Thousands fed.
Law among their number. and France
vas ruined for the time being.
Lord Keiv.n's Long serrlce.
Lord Kelvin. who is n years Of age.