The Daytona daily news. [volume] (Daytona, Fla.) 1903-1926, 1912-12-19

of France, from
all parts of Europe. frenzied men and
women-money-drun - thronged to
the French capital.
For the greatest "get-rich-quick"
i scheme on record was in progress.
And its promoter and chief hacker was
France. At his side stood a canny
/ Scotchman, John Law by name. Philip,
/ coached by Law, was literally max
/ ing" money. He was manufacturing
4 it for his own benefit as he might have
manufactured cigars or tin cans. It
was a pleasant and profitable BUSH
ness. When the regent needed money
he ordered bills to be engraved and
I used them at will-regardless of the
fact that there was no real cash in
I the treasury to meet the bills when
they should be presented. A man
: walking a 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 sneer at morality and
4 goodness and to revel in a life of
! low dissipation. In spite of these
/ drawbacks Philip made a 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
| huence 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 IT'S. the
next heir to the throne Oouis XVI
was only five years of age. Philip
| brushing by the obstacles Louis XIV.
| had raised against such an act) 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 Ia 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'D came to Paris and suggested
to Philip a scheme for wfping out
Frances national debt and putting
the country, financially, on it's feet. !
The idea, roughly, was this:
To establish a state bank that
should handle all public funds and to
run it in connection with company
for exploiting Louisiana md the rest .
of the Mississippi region. New Or
leans was named in honor of Philipl .
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 120 per /
cent. on the stock. France went money I
mad. People clamored for a chance to /
invest in the wonderful scheme. Law |
maid tho djvidaudo {v troar,,uv. -.z4-
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 it.
Everybody had money Cmade of ma
PERI Beggars bought mansions |
Servants drove in gilded coaches. Pow /
erty seemed abolished. And as paDef
money flooded the country the price /
OF everything from soup to diamonds
rose with it. 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 decIar.
Ing it illegal for any one to possess
more than certain amount of genu- /
Inc money and by furnishing those who I
tried to get rid Of their paper notes.
Then, all at once the scheme fell /
nat. The Mississippi Bubble" burst.
Panic ragged. Thousands were impoy.
erished. John Law fed the country.
Philip alone escaped and lived on
IN absolute comfort. He died In 1923.
aged 40. his health prematurely shat. |
tered By the Wild He h had Lad