And after some vain efforts to make it pay he gave up his charter,
and Louisiana once more became a royal possession.
Meanwhile France itself was in sore straits for money. Louis XIV,
that magnificent and extravagant monarch, had died and left his
country beggared and in want. The Duke of Orleans now ruled as
Regent for little Louis XV. He was at his wit's end to know where
to find money, when a clever Scots adventurer names John Law came
to him with a new and splendid idea. this was to use paper money
instead of gold and silver. The Regent was greatly taken with the
idea, and he gave Law leave to issue the paper money. It was quite
a good idea had it been kept within bounds. But it was not kept
within bounds. All France went mad with eagerness to get some of
the paper money which was, they thought, going to make them rich
forever.
Besides issuing paper money, Law started what was known as the
Mississippi Scheme or Company of the Indies in 1717. Louisiana,
which had been received back from Crozat, was handed over to John
Law, who undertook to settle the country, and work the gold and
silver mines which were supposed to be there.
Law began at once to fill all France with stories of Louisiana and
its delights. Gold and silver mines, he said, had been discovered
there which were so rich that they could never be used up.
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