The Cairo bulletin., 1912-06-13

From every part N
of France, from
all parts of Europe, frenzied men and
the French capital.
For the greatest "get-rich-Quick"
scheme on record was In progress
And It's promoter and chief hacker was
Philip, duke of Orleans, regent OF
France. At his side stood a canny
Scotchman, John Law by name. Philip,
coached by Law, was literally max.
| ing" money. He was manufacturing
1t for his own benefit as he might have
manufactured cigars or tin cans. 1t
was pleasant and profitable bust
ness. When the regent needed money
] he ordered bills to be engraved and
| used them at will-regardless OF the
| fact that there was no real cash in
the treasury to meet the bills when
they should be presented. A man
walking tight rope over Niagara falls
Is engaged In safe and sane bust
ness compared with this money-mak-
ing scene Of Philips. And when
the crash came poverty swept the land
like plague.
Philip was the nephew OF King
Louis XIV. Of France. He began life
with splendid prospects. He was
brilliant, brave, of attractive personal.
ity and with strong talent as a states.
man and soldier. But in youth his
tutor, Dubois (whom he afterward
made prime minister of France),
taught him to sheer at morality and
goodness and to revel in life of
low dissipation. In spite of these
drawbacks Philip made name for
himself. He was SO fine a general
and SO successful in Frances wars
that Louis XIV. grew jealous Of his
fame and withdrew him from the field.
Next he plotted to seat himself on the
Spanish throne. And again court in
fluence checked him. So he devoted
himself to the study OF chemistry In
Guiding the art OF preparing poisons.
And soon afterward nearly all the
heirs to the throne Of France suddenly
died. Philip was accused Of poison
ing them in order to gain the crown
himself. He denied this and demand
ed trial. Old Louis XIV, who hated
him, refused Philip even this doubt.
full chance to clear himself,
When Louis XIV. died, in 1715, the
next heir to the throne Uouis XVI
was only five years of age Philip
brushing by the obstacles Louis XIV.
had raised against such en- acD had
himself declared regent Of the king
dom until the new king should be of
age. He found France in an almost
bankrupt condition through the late
kings eXtravagances, and he tried to
start an era of prosperity. Instead,
he started an avalanche of misfortune.
John Law Ca gambler, who had been
forced to fee from Scotland for duel
ing and who had been expelled from
two continental cities as an '"unde-
sirable') came to Paris and suggested
to Philip scheme for wiping out
Frances national debt and putting
the country, financially, on its feet.
The idea, roughly. was this:
To establish state bank that
should handle all public funds and to
run 1t In connection with a company
for exploiting Louisiana and the rest
OF the Mississippi region. New Or
leans was named In honor of Philip
The shores Of the Mississippi were
supposed to be lined with rich gold
and silver mines.
The boom began. Shares that were
issued at 500 ran up to $4,000. Law
promised annual dividends of 100 per
cent. on the stock. France went money
mad. People clamored for a chance to
invest in the wonderful scheme. Law
paid the dividends In treasury notes,
which may or may not have had some
genuine value. But whatever value
they had was at once ruined by Philip,
who proceeded to print paper money
in huge quantities for his own use
and for other purposes, without both
ering about the fact that there was
not nearly enough real money In the
bank to justify 1t.
Everybody had money (made Of pa
PERI Beggars bought mansions
Servants drove In gilded coaches. Pow
erty seemed abolished And as papef
money flooded the country the price
of everything from soup to diamonds
rose with 1t. Calico, for instance, cost
as much as had silk. But no one
cared. For everybody seemed to have
plenty of paper currency.
A few wise people tried to cash In"
their paper notes for gold and silver.
Philip quickly stopped this by declar.
Ing 1t Illegal for any one to possess
more than certain amount of genu-
inc money and by Furnishing those who
tried to get rid Of their paper notes.
| Then, all at once the scheme fell
fiat. The Mississippi Bubble" burst
Panic ragged. Thousands we're impov-
erished. John Law fled the country.
Philip alone escaped and lived on
In dlssolute comfort. He died In 1928.
aged 40. his health prematurely shat.
| ferad nv fha WILD TIA ha had lad