Francis Watt

“ The creditors would now look to the government payments and the commercial gains of the company for their annual returns. Indeed the creditors were often not able to procure the shares, for each succeeding issue was immediately seized upon, though the 500-livre share was now issued at a premium of 4500 livres. After the third issue, on the 2nd of October, the shares immediately resold at 8000 livres in the Rue Quincampoix, then used as a bourse. They went on rapidly rising as new privileges were still granted to the company. Law had now more than regal power. ”

“ Now, the whole income of the company as yet was hardly sufficient to pay 5% on the original capital of 1677 million livres. The receipts from the taxes, &c., could be precisely calculated, and it would be many years before the commercial undertakings of the company—with which only some trifling beginning had been made—would yield any considerable return. People began to sell their shares, and to buy coin, houses, land—anything that had a stable element of value in it. ”

“ In London he gambled, drank and flirted till in April 1694 a love intrigue resulted in a duel with Beau Wilson in Bloomsbury Square. Law killed his antagonist, and was condemned to death. His life was spared, but he was detained in prison. He found means to escape to Holland, then the greatest commercial country in Europe. ”

“ Certainly the suggestion of a central board, to manage great commercial undertakings, to furnish occupation for the poor, to encourage mining, fishing and manufactures, and to bring about a reduction in the rate of interest, was largely realized in the Mississippi scheme. ”