Note 4 — Group I. THREE RIVAL CIVILIZATIONS. (continued 2)

John Law of Edinburgh was made comptroller-general of the finances of France, upon the strength of a scheme for establishing a bank, and an East India and Mississippi Company, by the profits of which the national debt of France was to be paid off. In 1716 he opened his bank, and the deluded of every rank subscribed for shares both in the bank and company. A. de Pontmartin calls it the "idolatry of the golden calf." Voltaire relates that he had seen Law come to court with dukes, marshals and bishops in his train. The imaginary riches of Louisiana furnished the basis for the scheme. At first the shares went up. In 1720 the inflated bubble exploded, spreading ruin everywhere. Law himself died in poverty. It infused a spasm of prosperity in Louisiana, soon to be followed by reaction which brought every thing to a standstill. Consult any good encyclopædia.