56 



A. D. 1 717. 



wich the folc trade thither, and alfo the trade of beaver to Canada, for 

 25 years : and great pains wtrrc taken to fpread all over France pomp- 

 ous accounts of the country of Midifippi, from north latitude 29, up to 

 the country of Canada, or New France, in north latitude 40. 



Mr. Law was appointed chief direcftor of this company, into which all 

 the national debts were intended to be brought, being now at 60 to 70 

 per cent difcount ; this being an exad: copy of the earl of Oxford's 

 fcheme for the South-fea company in the year lyri. In December 

 1 71 7, the capital ftock ot this IMilhlippi company was fixed at ico mil- 

 Hons of livres, with four per cent intereft. In the meantime, as the 

 bank was to co-operate with this company for the fliid grand fcheme, 

 the king direded all the receivers of his revenues to make their receipts 

 and payments in bank bills only. As the public debts were taken in 

 at par, it might have been expeded that the creditors would have readi- 

 ly come in ; yet it was fome time before they could get 100 millions 

 fubfcribed, where we will leave them for the prefent. 



This new company for Louifiana would not fail to give grounds of 

 jealoufy to Great Britain, its territory lying behind our American plan- 

 tations, and New Orleans, its capital, having already 600 houfes. 



There being a confideruble fcarcity of filver coin in England, by rea- 

 fon our gold coins were rated too high in price, and the great Sir Ifaac 

 Newton being confulted thereupon by the lords commiffioners of the trea 

 fiiry, he advifed the redudion of guineas from 21/6 to 21/, which was 

 accordingly done, by approbation of the houfe of commons, who ad- 

 drefled the king for this purpofe : at which rate they have remained 

 ever fince ; whereby, in fome mcafure, the filver coins, which before 

 had been exported in exchange for gold, were kept at home. Guineas 

 were originally coined only for 20/" in filver, and lo were the old broad 

 pieces of King Charles I, though at this time pailing for Li : 3 : 6. 

 But now the cafe is going to be the reverfe, occalioned by the vafl ex 

 portations of filver bullion to the Eafi-Indies, whereby filver is become 

 icarcer, and gold is become more plenty, by the profit of bringing gold 

 from India and China. For filver ever has, and probably ever will, hold 

 the prerogative of being the fixed ftandard, gold being always va- 

 lued by filver, but not filver by gold. It was aflerted, that our Eaft-In- 

 dia company had exported in one year near three millions of ounces, 

 of filver to India, which was more than was imported from all parts. 



In the fame year, there was a treaty of alliance concluded between 

 Great Britain, France, and the flates-general of the United Nether- 

 lands, for the guarantee of the treaty of Utrecht ; and particularly for 

 maintaining the order of fucceflion to the crowns of England and. 

 France thereby eftablifhed ; and for the demolition of the ports of 

 Dunkirk and Mardyke. [Colknioti of treaties^ V. iv, p. 39, ed. 1732.J 



