The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1901-11-05
A .AUNI0UECHARACTER
JOHN LAW, WHO SET FRANCE ON
FIRE.
Made the Louisiana Territory the Hasis
OF Marvellous Speculative scheme
which Eventually Ruined Ills
Country

The country composing what Is
known as the Louisiana purchase is
now attracting mNeh attention
throughout the world says a writer
in the ST. Louis Giobe-Dsmocrat for
the celebration Of the fair in honor Of
the treaty by whish this vast region
was transferred from France 10 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 70 the
United States when the name Of the
Territory and Of the great river by
which il is drained we're words TO con-
jure by. for long ere ST. Louis was a
city. when even the length Of the river
and the extent OF the French claims
we're prohlematical. the Territory
played a leading part in one Of the
most gigantic schemes ever devised by
the mind OF man.
John law. Promoter.
John Law was its central figure. Al
the time when he appeared In Paris
with his proposal for the establishment
Of a great national bank. the fortunes
OF the kingdom were apparently az the
lowest ebh. The national debt con-
tracted during the extrayagant reign
Of Louis XIV. was 80 enormous that
even the most enthusiastic inanciers
could see no hope OF payment Law
proposed 70 establish a bank which.
While tfansacting tie 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 70 France what the
Bank or England IS nov to the British
government lie believed IN credit
and also believed that credit might be
made illimitahle. that SO long as the
people were willing 20 accept paper
promises 70 pay. there was little need
Of specie currency. Carrying out bic
idea 70 lis Logical consequences. be ac-
cepted as an equivalent for the stock
0f the bank the deprecated securities
OF the government issued paper money
10 enormous quaint ties. and was graft
.ged 10 see that his scheme FOR reyiving
the business Of the country met with
apparent and
Almost immediate Success.
Seeing the fluctuations in the nom
lnal value of currency. whether gold.
silver or paper. he conceived the Idea
that credit was all powerful and that
even hypothetical profits. 10 come Ia
the future. might be safely treated as
the basis for paper currency. With
this end Ia yiew be began 20 cast about
for ways and means 20 carry out his
project Of unlimited circulation. The
valley Of the Mississippi was then un-
der French control: u had. however.
been only Darhaiiy explored. and ii
was Impossible f0r anyone 70 say what
wealth. II any. lay concealed In lis soil
Everyone knew however. the immense
riches that had been drawn from
America by spain The naughty no-
bies OF Madrid were objects Of envy
10 the fashionables of Paris. and no
one doubted that when the truth be-
came known. the valley Of the Missis-
sippi would prove as rich as the noun
tains OF Mexico or Peru
This general confidence made Il com
paratlyely easy FOR Law to organize
the Mississippi Company. a trading or
eanization so general and liberal in Us
plan and scope that. under the provis-
Ions of IFS charter. almost any enter
prise looking 10 the development o.
The Mississippi valley might be un-
dertaken.
Once Launched Finally.
The popular craze. once launched. q.
nallv overtaxed rs own strength and
gassed beyond the control OF the able
though visionary. man who started the
movement In 1920 the year which
witnessed the collapse 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 It's over
throw was easily foreseen. The mos
arbitrary measures that suggested
themselves TO the mind OF a despoti,
government were resorted to for tbs
purpose OF upholding the credit Of th'
company and OF the nation. but all
we're in vain Men were fined and i'm.
prisoned for the crime Of having gold
or silver coin IN their possession. bat
still. with the vision OF the headsmar
stalking behind them. they boarded
the precious metals Thousands fed
Law among their number. and France
was ruined for the time being
lord Kclv.n's Long Service.
lord Kelvin. who Is "a years Of age