That charlatan of genius, the Scotchman John Law, had undertaken, with the eager support of the Regent Duke of Orleans, to deliver France from financial ruin through a prodigious system of credit, of which Louisiana, with its imaginary gold mines, was made the basis. The government used every means to keep up the stock of the Mississippi Company. It was ordered that the notes of the royal bank and all certificates of public debt should be accepted at par in payment for its shares. Powers and privileges were lavished on it. It was given the monopoly of the French slave-trade, the monopoly of tobacco, the profits of the royal mint, and the farming of the revenues of the kingdom. Ingots of gold, pretending to have come from the new Eldorado of Louisiana, were displayed in the shop-windows of Paris. The fever of speculation rose to madness, and the shares of the company were inflated to monstrous and insane proportions.
When Crozat resigned his charter, Louisiana, by the highest estimates, contained about seven hundred souls, including soldiers, but not blacks or Indians. Crozat's successors, however, say that the whole number of whites, men, women, and children, was not above four hundred.[310] When the Mississippi Company took the colony in charge, it was but a change of despots. Louisiana was a prison. But while no inhabitant could leave it without permission of the authorities, all Jews were expelled, and all Protestants excluded. The colonists could buy nothing except from the agents of the company, and sell nothing except to the same all-powerful masters, always at prices fixed by them. Foreign vessels were forbidden to enter any port of Louisiana, on pain of confiscation.
The coin in circulation was nearly all Spanish, and in less than two years the Company, by a series of decrees, made changes of about eighty per cent in its value. Freedom of conscience, freedom of speech, of trade, and of action, were alike denied. Hence voluntary immigration was not to be expected; "but," says the Duc de Saint-Simon, "the government wished to establish effective settlements in these vast countries, after the example of the English; and therefore, in order to people them, vagabonds and beggars, male and female, including many women of the town, were seized for the purpose both in Paris and throughout France."[311] Saint-Simon approves these proceedings in themselves, as tending at once to purge France and people Louisiana, but thinks the business was managed in a way to cause needless exasperation among the lower classes.