This Country of OursMarshall, H. E. (Henrietta Elizabeth)
History
This Country of Ours
Marshall, H. E. (Henrietta Elizabeth)
United States -- History
People believed these stories. And, believing them, it was not
wonderful that they desired to possess for themselves some of these
delights. So, rich and poor, high and low, rushed to buy shares in
the Company. The street in Paris where the offices of the Company
were was choked from end to end with a struggling crowd. The rich
brought their hundreds, the poor their scanty savings. Great lords
and ladies sold their lands and houses in order to have money to
buy more shares. The poor went ragged and hungry in order to scrape
together a few pence. Peers and merchants, soldiers, priests, fine
ladies, servants, statesmen, labourers, all jostled together, and
fought to buy the magic paper which would make them rich and happy
beyond belief. Fortunes were made and lost in a day. Some who had
been rich found themselves penniless; others who had always lived
in poverty found themselves suddenly rolling in wealth which they
did not know how to use. And John Law was the wizard whose magic
wand had created all these riches. He was flattered and courted
by every one. The greatest princes in the land came to beg favours
of him. They came to him to beg, and he treated them haughtily as
beggars, and bade them wait.
Day by day, and month by month, the madness increased, and the
gigantic bubble grew larger and larger. Bienville, meanwhile, who
had been deprived of his governorship, was once more made Governor
of Louisiana. With a company of settlers, he returned again to the
colony in 1718, and he at once set about building a capital, which,
in honour of the Regent, he called New Orleans. The place he chose
for a capital was covered with forest. So before any building could
be done fifty men were set to fell the trees and clear a space.
And then the first foundations of the new great city of New Orleans
were laid.
But still the colony did not prosper. For the colonists were for
the most part rogues and vagabonds, sent there by force, and kept
there equally by force. They looked upon Louisiana as a prison,
and tried constantly to escape from it.
Meanwhile no ships laden with gold and gems reached France, for no
gold mines had ever been discovered. Then people began to grow tired
of waiting. Some of them began to suspect that all the stories of
the splendours of Louisiana were not true, and they tried to sell
their paper money and paper shares, and get back the gold which
they had given for them. Soon every one wanted to sell, and no one
wanted to buy. The value of the paper money fell and fell, until
it was worth less than nothing. People who had thought themselves
millionaires found themselves beggars. Law, who had been flattered
and courted, was now hated and cursed. And in terror of his life
he fled from France in 1790 to die miserably in Italy a few years
later.
Public-domain text, read in full here on John Shaqi.
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