The Southern Mercury. (Dallas, Tex.), Vol. 16, No. 27, Ed. 1 Thursday, July 8, 1897 Page: 11 of 16
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The John law Scheme.
SOUTHERN MERCURY.
1, r
i
h
i
Tom Watson in a recent issue of his
paper gives the following facts about the
"Mississippi Scheme'' of Jno. Law:
"It has been the fashion to jeer at the
"Mississippi Scheme" of Law, as though
it were the craziest of day-dreams.
What is the truth about it?
We have given some study to the ca-
reer and financial principles of said John
Law, and we undertake to say that Law
has been ¡greatly misunderstood. We
have not studied Law's own books; we
have studied him through the books of
those who condemned him; and yet we
say that John Law has not been impar-
tially tried nor justly condemned.
John Law's theory of finance is the
very same as that which the statesmen
> of Great Britain adopted when they want-
ed more money for the overthrow of Na-
poleon Bonaparte! John Law's theory
\ was put in practice by our own govern-
i ment when it needed more money with
\ which to put down the Southern Confed-
> eracy, gold and silver having "hid out,"
: as they always do when most needed.
And John Law's bank in Paris was the
parent of the present bank of France,
and was a brilliant success until the Re-
gent of France (Duke of Orleans) insist-
> ed upon its becoming a government
bank. Even then it prospered until Law
¡ fell into the clutches of the most vorac-
i ious and unprincipled aristocrats that
« ever plundered a people. The Regent
: and his favorite nobles robbed the bank
; and ruined it!
That is the truth, and we can prove it
from authorities unfriendly to Law.
John Law's Company owned the vast
'"Louisiana Purchase" including New
'Orleans, the Mississippi River, and all
■ the great states and territories which have
since been carved out of that imperial
'domain.
John Law "had a good a thing" in
the United States of America as the East
ilndia Company of England had in India.
iHe had a far better thing than the great
¡Hudson's Bay Company had in Canada.
John Law not only had a magnificent
territorial empire upon which to base the
value of the stock he issued, but he went
to work wisely and on system to develop
his property. He established a line of
vessels between New Orleans and France,
exchanging the products of this country
for the other. He sent out settlers from
France to the New World just as Spain
and England did. Those settlers are re-
presented by their descendants in the
"Louisiana Purchase" to this day.
In other words John Law foresaw the
immense importance of our Mississippi
country, its vast waterways, and its meas-
ureless capacities for production. He
saw it in advance of his time. And that
was his crime.
Jefferson saw it nearly a hundred years
later, seized the opportunity, bought the
John Law property, and all men praise
Jefferson, justly, and ridicule John Law
—unjustly.
Out of the John Law property has
been carved the great states of Louisiana,
Missouri, Iowa, Wisconsin, Kansas,
Nebraska, Minnesota, the Dakotas, Col-
dorado, and Montana,
Why then did Law's Company fail?
Because his associates demanded rich
returns too quick. They wanted to get
rich in a day. The speculative mania
seized the excitable French and hurried
them into madness, Law tried to stem
the torrent but could not.
The nobility drove him into measures
which wrecked all his plans. They not
only compelled him to issue carloads of
paper money, but they demanded for
themselves the cash he had in his bank
—and they got the lions share of it.
The Duke of Bourbon and the Prince
of Conti, members of the royal family,
not to mention lesser notables, amassed
hundreds of millions by looting the
bank.
This is history, not slander.
John Law was rich when he went to
France; he was driven into exile, penni-
less.
While in France he was a very prince
of charity—open-handed, affable, good-
hearted, honest, sincere. He abolished
many useless offices. He used his influ-^
ence to get taxes lowered, and equalized.
He abolished feudal exactions in Paris
and reduced the price of wood, coal and
fish, one-half. He broke down the feud-
al barriers between the different provin-
ces and established free trade between
the departments—thus greatly encourag-
ing trade and benefitting producers.
He left the public debt less than he
found it He put into the enterprises
every dollar he possessed—he took noth-
ing away, but the clothes he stood in.
Surely this was not a common cheat
and swindler.
Many people ruined themselves spec-
ulating in stocks—and many enriched
themselves. We have no doubt that
more money is lost in one day's "op-
erations" on the Exchanges of Paris,
London, Berlin, Vienna, and New York,
in this good year 1897, than was lost and
won during the entire course of the
' 'gambling mania'' connected with the
stocks of the despised John Law.
It was mostly by speculation in the
stock that anybody (except Law himself)
lost by Law's companies. The company
broke because it had assumed the entire
national debt of France; a debt which
represented all the expenditures of that
most lavish of French Kings, Louis XIV
—all his wars, all his buildings, all his
fancy men, and all his fancy women.
When Law staggered under this over-
whelming load the state re-assumed the
debt, and as Law had issued stock to
cover the debt, the government assumed
the payment of the stock. There were
reductions and "scalings, but the govern
ments design was to ascertain the actual
cash investment of each citizen who held
Law's stock.
When ascertained, the government as
sumed the payment
Consequently the holders of the stock
lost little or nothing,—and the govern-
ment lost nothing because it merely re
assumed its own debt
Do not forget that the humblest man
whose fingers drop a ballot helps to
guide the pen that writes the law that
makes right or promotes wrong. If
liberty fails, if wrong prevails, we, the
people are to blame.
Black Lands.
Ten acres or more or more within two miles ot
H ouston, four miles of courthouse, $16 to $25 per
acre, easy payments' Hundred thousand acres
30 miles ot Houston, in tracts to suit the buyers
at $8 to $10 per acre; easy payments.
Brazos plantations,renting for $4 to $5 per acre,
adjoining railroad towns, price $15 to S30 per
acre.
Any part of two thousand acres near Alvin,$10
to $70 per acre. Will take half [our equity] in
CASH D,LUCKEL,
Houston and Galveston
trade.
DR. PRICE CHEANEY, Dentist,
Desires to announce that he has removed to Dal-
las and resumed the practice of dentistry at Suite
303 North Texas Bank Building.
UMK SHIRT WAISTS
ÜMdjr to w«ar, mad* from Best Grade of
Printa, Percata. Dimití**, Law di and Silk*.
Bif Li*t Vive. Po*t*c« 3 cant*.
SO-MDt Wuit, good quality prints, for - We
(¿•cent Waist, good quality lawn, for ■ ■ M>*
75 e*nt Waist, good quality dimities, for IHc
$1.00 Waist, good quality percales, • • • fiflc
Sent anywhere by mail. Postage for eaeli 16c,
Give bust measure. Latest shades * fashions.
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Office: 3ip Bins Building •
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CONTENTS.
Kach number of Equitt contains tho following in-
teresting departments:
Ring in the Lovo of Truth and Right.—A page ol
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right. Everybody enjoys tills pago.
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tho great problems of tho day arc carefully dis-
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some of the principles of economics and political
righteousness, as laid down in tho Bible. These
sermons cover the teachings of the Bible on eco-
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Editorial.—In which the great problems of the day
are considered by the editor, and which includes:
The 8ohool of Political Economy.—In which
questions propounded by tho readers are carefully
and candidly answered by the editor.
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culled from the leading reform papers of ths
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Park, Milton. The Southern Mercury. (Dallas, Tex.), Vol. 16, No. 27, Ed. 1 Thursday, July 8, 1897, newspaper, July 8, 1897; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth185717/m1/11/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .