John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc.Wiston-Glynn, A. W.
History
John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc.
Wiston-Glynn, A. W.
Law, John, 1671-1729
Law was now free to direct his thoughts to the business of the bank and
the development of his original ideas with reference to the West India
Company. Although the latter had been established in August, 1717,
nothing had yet been accomplished in the direction of actual business.
The capital had been issued to an over-eager public, but unless a
revenue were forthcoming the consequences would be grave for its
originators. It was not sufficient that the flourish of trumpets with
which he heralded the boundless possibilities of wealth of the vast and
unknown territories of the Mississippi should die away with its last
faint echoes. He must at once give evidence that the promises would
bear fruit. The situation was difficult, but his ingenuity was equal
to the task imposed upon him.
Since the establishment of the company, France had been deluged
with books, pamphlets, engravings, and all kinds of advertisements
and prospectuses descriptive of the extent and wealth of Louisiana.
Exaggerated accounts were published of its riches, of its mineral
resources, and of its people. One picture would exhibit mountains
declared to be “full of gold, silver, copper, lead, and quicksilver.
As these metals are very common, and the savages know nothing of
their value, they exchange lumps of gold and silver for European
manufactures, such as knives, cooking utensils, spindles, a small
looking-glass, or even a little brandy.” Another, designed to invest
the natives with a highly religious disposition, would show them
performing humble obeisance to the priests, and have accompanying
letterpress to the effect that “the idolatrous Indians earnestly pray
that they may receive baptism. Great care is taken of the education of
their children.”
Glittering accounts such as these appealed to the speculative instincts
of everyone. All sorts and conditions of people sold their lands and
purchased shares; ships were bought to carry intending emigrants; and
transportation was substituted for all other penalties for criminals in
order that a supply of manual labour might be furnished in opening up
the newly acquired territories. Louisiana however was to prove a bitter
disappointment to those who expected to find a country where hardships
and difficulties were absent, where without trouble or labour fortunes
were to be amassed in the shortest time, and where without stint the
pleasures and luxuries of home could be enjoyed to the fullest.
Public-domain text, read in full here on John Shaqi.
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