John T. Faris

“ The present Fort Chartres was occupied in 1720 by Philippe François de Renault, the French director-general of mining operations, who brought with him up the river for the purpose two hundred white men and five hundred Santo Domingo negroes, thus introducing slavery in what became Illinois. The purpose of the fort was to protect against the Spaniards the servants of John Law’s famous Company of the Indies, whose startling scheme for curing the financial ills of France was later known as the Mississippi Bubble. ”

“ Law’s plan was to set up a bank to manage the royal revenue and to issue notes backed by landed security. In selling shares in his Company of the Indies, which was to accomplish financial wonders, “large engravings were distributed in France, representing the arrival iv of the French at the Mississippi river, and savages with their squaws rushing to meet the new arrivals with evident respect and admiration.” ”

“ Promises of great dividends from mountains of gold and silver, lead, copper, and quicksilver were made. Shares rose rapidly and soon were selling for 20,000 francs. For three months the French people believed in Law. Then the Mississippi Bubble burst and there was sorrow in the homeland.
In the meantime the work at Fort Chartres was continued. Within the stockade of wood, which had earth between the palisades for purposes of strength, were received many wandering savages who brought their furs for barter. The French residents felt secure in the presence of their protection. ”