The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1904-05-19
The Mississippi Bubble
BY EMERSON HOUGH
Of "Tbs Story Of Coauboy' "Tbs Git n6s
HoJfyay Hosse." Etc.
Copyright 1909. by Emerson Hough.,

| LES, anu ny pot, Nioiipi|'A - 's',
when France laughs. beware!"
Your grace admits that France has
no further resources"
| 'Assuredly."
Then tax New France!" cried Law.
his hand coming down hard upon the
table his eyes shining. Mortgage
where the security doubles every year.
where the soil itself is security for
wealth greater than all Europe ever
owned"
ooh, very we'll, monsieur; though
later | must ask you to explain"
"You admit that no more money can
be forced from the people of France
ASK the farmers of the taxes. Ask
Chamilard of the treasury. My faith,
| look out of the window! Listen! Do
not tell you that France is laughing?"
VERY well. Let us also laugh. Let
us all laugh together. There is money
in France, more money in Europe. I
assure you these people can be brought
to give cheerfully all they have"
ut sounds well. Monsieur Las, but
| let me ask you how"
France is bankrupt-this is brutal
| but none the less true. France must
| repudiate her obligations unless some
| thing be swiftly done. 1t is not noble
| to repudiate, your grace. Yet, if we
cancel and not repudiate, If we can
obtain the gold of France, of Europe"
Body of God! but you speak large,
my friend"
mot so large. All subjects shrink
as we come close to them by study
IT'S easy to see that France has not
money enough for her own business.
If we had more money in France, We
should have more production, and If
we had more production, we might
have taxes Thereby we might have
somewhat in our treasury wherewith
to keep the king in the saddle, and not
under foot
Then if follow YOU" said Philippe,
leaning slightly forward and again
placing his finger tips judicially to-
gether. you would coin greater
amounts of money. Then, | would ask
you where would you get your gold
for the COINAGE"
1T is not gold | would con," said
Law, but credit"
"The kingdom hath been run on
credit for these many years"
mo. It's not that kind of credit that
mean. ! mean the credit which comes
of confidence. 1t is fate, necessity,
which demands a new system. The
r,,,oh for
man to put his siXpence into the other
mans hand, and carry away In a
basket what he buys. We are no
longer savages. to barter beads for
hides. Yet we were as savages, did
we not come to realize that this insult
fcient coin must be replaced in the
evolution of affairs, just as barter has
long ago been replaced"
And by what?'
AS | said, by credit"
do not annoy me by things too
deep, but rather suggest some definite
plan if that may be-"
First of all. then, as said to you
years ago, we need bank, a bank in
which all the people of France shall
have absolute confidence"
you would, then, wish charter of
some sort?"
only provided your grace shall
please | have Of my own funds
half million livres or more. This |
would put into bank of general ma
ture, if your grace shall please. That
chnp1I hp oil of
good faith in these plans"
Monsieur Las would seem to have
followed play to his good fortune"
Never to so good fortune as when
first | met your grace" replied Law.
Il have given to games of chance the
severest thought and study. Just as
much more have | given thought and
study to this enterprise which | pro-
pose now to lay before you"
And you ask the patent Of the
crown for your bank?"
ut were better if the institution re-
ceived that open Endorsement"
A slow frown settled upon the face
of the other. That is, at the begin
ming, impossible, Monsieur Las" said
the regent. 1T is you who must prove
these things which you propose"
Let it be so, then" said Law, with
conviction. 81 make no doubt | shall
obtain subscriptions for the shares.
Remember my words. Within a few
months you shall see trebled the ener-
gies Of France. Money Is the only
thing which we have not In France.
Why, your grace, suppose the collect
ors Of taxes in the south Of France
succeed in raising the kings levles.
That specie must come by wheeled We
hicle all the way to Paris. Consider
what loss Of time is there, and con-
slider what hindrance to the trade OF
the provinces from which so much
specie is taken bodily, and to which 1t
can return later only a little at
time. Is 1t any wonder that usury is
eating up France? There Is not money
enough-it is the one priceless thing:
by which mean only that there Is not
belief, not confidence, not credit
enough in France. Now, given bank
which holds the confidence of the peo-
pie. and | promise the king his taxes,
even as | promise to abolish usury.
You shall see money at work, money
begctting money, and that begetting
trade, and that producing comfort, and
comfort making easier the collection
of the kings taxes"
by heaven! you begin to make 1t
somewhat more plain to me-"
"One thing beg you to observe most
carefully, your grace" said Law, nor
must it ever be forgotten in our under
standing The shares of this bank
must have fixed value in regard to
thn coin IF tho rpalm There must he