148 
DISCOVERIES OF THE FRENCH. 
company, which confined its operations to Africa; 
alone. In eight years, this also was in a state of 
such total bankruptcy, that its creditors thought 
themselves happy in recovering one fourth of the 
sums due to them. On their ruins was erected a 
third, which speedily shared the same fate. It 
might have been supposed, that this downfal of 
company after company, would at length have 
opened the eyes of government to the error of 
the system upon which they were acting ; and 
that some trial would have been made, of the ef- 
forts of free commercial intercourse. No such 
idea ever occurred ; nor, on the ruin of one com- 
pany, did any remedy suggest itself, except the 
immediate erection of another. A fourth was ac- 
cordingly erected, which, by great diligence, and 
by a judicious choice of its agents in Africa, was 
enabled to keep itself afloat for fifteen years, after 
which it sunk like the rest. It was succeeded by 
a fifth, which expired in eight years. The under- 
taking was then absorbed by the Great Mississippi 
Company, which undertook to carry on at once the 
commerce of America, of Africa, and of the East 
Indies. After that mighty bubble had burst, the 
system of exclusive companies, so far as related to 
this quarter of the globe, was at length relinquish- 
ed ; the territories were taken under the admini- 
stration of the crown, and the trade was left free 
to all the subjects of France. 
