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
furnishing the colony with meal and other necessaries, until the land
affords a sufficient quantity of provisions for their subsistence;
that the company sends thither all sorts of goods and merchandise, to
render the life of the inhabitants more comfortable; and that for
preventing of abuses, too frequent in colonies, they have taken care
to settle the price thereof at a moderate rate, by a general tariff,
which dispositions have appeared so wise and necessary that His Majesty
is resolved to favour the execution thereof; and knowing that the
exchanging of goods not being sufficient to carry on commerce in its
full extent, it is necessary in the beginning of establishments of
this nature, to give them all possible protection and countenance,
His Majesty is resolved to supply the said company with a sum of
bank bills, to enable the inhabitants of Louisiana to trade amongst
themselves, and bring into France the fruits of their labour, industry
and economy, without any risk or charge.”
The effect of the deep interest taken by the Regent in the fortunes
of the Company was twofold. It inspired confidence in the mind of
the public at home. Of that and of its results special mention will
require to be made. It also directed the eyes of suitable colonists to
the new El Dorado, and set in motion a stream of emigration from the
shores of France. Expeditions were fitted out by Law, and for these
numerous vessels were both purchased and built. Everything was done
on a scale in keeping with the dignity and magnitude of the Company.
One of the pioneers, writing in 1721, has left on record an account of
his experiences. The faintheartedness, however, which determined his
speedy return, can hardly be attributed to his having been misled as
to the character of the country, as he would wish us to believe, but
rather to disappointment that the riches in quest of which he had gone
could only be acquired by strenuous labour and after suffering many
privations. “Our first embarkation for the Mississippi was at St. Malo;
we were twelve ships, and carried with us agents, clerks, labourers,
some troops, and provisions. After a tedious voyage, we arrived at
Hispaniola, in the bay, and took Pensicola from the Spaniards on the
Continent, being necessary for securing our navigation into the river,
it lying almost at the mouth of it; the bay, which makes the mouth
of the river Mississippi, is wider than from Orfordness to the North
Foreland, and fuller of banks and shoals; so that it is very difficult
for ships of any burthen to get into it, without very skilful pilots,
of which there are none as yet; it hath three large openings, and one
can hardly judge which is the mouth, though they all three come out of
it, except by Mons. D’Ibberville’s Fort, which one hardly sees, till
you are just upon it. After you have got into the river, it is still
very shoal, though broad, till you get up to Monsieur D’Ibberville’s
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