960 The. Hiftory of the French Eaft-India Commerce , &c. - Book I* 
by eftablifhing the South-Sea Company. But whereas that 
Nobleman had very wifely and honeftly rejefted the re- 
maining Part of the Project, which was cheating credu- 
lous People of their Money, by running the Aftions or 
Stock of the new Company to an exceffive Rate. This 
.was accepted by the Regent, and made that Part of the 
Defign, which is ftiied in France the Syftem, and which 
was at once the moft iniquitous* and the mod infamous 
Contrivance that ever entered into the Heart of Man. 
But as it was neceffary, in order to carry this Scheme, 
Into Execution, that a new Company fhould be fet up 
with fuch Priviledges as might create probable Hopes of 
vaft Gain to the Proprietors, this new Settlement was 
thought of for that Purpofe, from whence the Project it- 
felf is generally called the MiJJifippi Scheme, tho’ that was 
not the Tide of the Company. It cannot be expected, 
that we fhould enter here into a long Detail of the Con- 
duff of the Regent’s Scheme, becaufe it is not the proper 
Bufinefs of this Se&ion ; all that is aimed at herein, is 
to fhew the feveral Steps by which almoft all the foreign 
Commerce of France was thrown into the Hands of the 
fingle Company of the Indies , which Title, as we have 
already fhewn, the Company acquired by the Union of 
the old E aft -India Company with the IVeJlern Company* 
which had before fwaliowed up feveral others that have 
been already mentioned. 
The Royal Bank alfo was united to the Company of 
the Indies , which was the Engine employed for bringing 
about the great Ends of the Syftem, which being once 
effected, the Regent and his Minifters began to turn their 
Thoughts on the Means of recovering the Company from 
that dreadful Confufion into which it had been thrown by 
undertaking the Execution of a Defign equally prejudicial 
to the general Commerce and private Property of the In- 
habitants of France , which had very juftly overturned 
and deftroyed their Credit, and put it entirely out of their 
Power to carry on any Part of the Trade, to which they 
had an exclufive Right. It was therefore high time cer- 
tainly, for the Government to interpofe, and endeavour 
to remedy fome of the many Inconveniencies they had in- 
troduced, fince the Welfare of the Kingdom was now fo 
ciofely connected with that of the Company of the Indies , 
as that it was neither in the Power of the Government to 
negledt the one without neglecting the other, or to fepa- 
rate, as perhaps they would have done thole Interefts, which 
by their own Management were fo ciofely united. 
To underftand this Matter clearly, we muft confider the 
Company of the Indies in two very different Lights ; that 
is to fay, as a trading Company, and as Creditors of the 
Government; neither of which Points, if we advert what 
is daily written about them, feem to be well underftood 
here, and therefore we fhall take fome Pains in reprefent- 
ing them, both to the Englijh Reader’s View, in Terms 
that may remove all thefe Miftakes. In the firft Place 
then, with regard to their Trade, the Company of the 
Indies in France , is generally called here the French Faji- 
India Company ; which Title does by no means exprefs 
the Nature and Importance of their Trade; fince they 
have not only the Commerce of the Indies , but likewife 
that of Africa and the South-Seas under their Direction, 
and though it be true, that they are not able at prefent 
to exert themfelves in carrying on all thefe Trades ; yet it 
is no lets true, that they retain the Power of doing it 
whenever they are able, and that the French Government 
will moft certainly put them upon it as foon as any favoura- 
ble Opportunity offers. 
The Inference I make from this is, that we ought to 
confider the Company of the Indies , as the Center of 
French Commerce, and to look upon the Rife and Fall of 
the AClions of that Company, as a political, or if you 
will, as a Commercial Barometer which conftantly points 
out the Condition of the Trade of France. I look upon 
this Obfervation to be a Matter of great Confequence to 
us, and it was for the Sake of fetting it in a clear Light 
that I have taken fo much Pains to fhew how the feveral 
Branches of foreign Trafficks came to be thrown into the 
Hands of a fingle Company, the chief Motive to which, 
was undoubtedly this, that the Cares of the Government, 
with refpeCt to Trade, might be brought into a narrower 
Compafs, and confequently be attended to with more eafe 
by the Minifters. 
For fuch is the Conftitution of the French Government, 
that every Thing in that Kingdom muft depend upon it ; 
and we muft allow, that Experience has fhewn, that fome 
of its Minifters have underftood it as well, and profecuted 
it better than the able ft Merchants could have done. I 
do not fay this as if what had happened in France ought 
to be a Rule to any other Country, bleft with a better Con- 
ftitution : God forbid it fhould ! But .what I fay, is, that 
the Relation between the Government and Commerce of 
France , being rightly underftood, it will appear, that the 
latter is entirely dependent upon the former, and muft ei- 
ther profper or link, as it is fupported by the Crown, and 
attended to by the Minifters, or as it is negleCted by both. 
This ffiews, that a general War, which demands all 
the Power, all the Revenues, and all the Attention of 
France , muft fink and ruin its Commerce, and that to 
fuch a Degree, as cannot happen to any other Country, 
the Conftitution of which is not the fame with that of 
which we are fpeaking. This I am fenfible has been off 
ten faid; but I do not know, that it was ever demonftrated 
before, and I hope by that Time. I have finifhed this Sec- 
tion, to make this Subject fo clear, and fo intelligible to 
every Englijh Reader, as that .he fhall have no fort of 
Doubt as to the Jntereft and Policy of the French Court 
on this Head. Thus much as to the Company of the In- 
dies , with refpebt to its Trade ; let us next confider it as a 
Society of the Creditors of the, French Government. 
We have heard, that this Company has for many Years 
divided Ten per Cent, annually upon their Capital, which, 
till the prefent War, and indeed to. the prefent Year, has 
been juftly and regularly paid. But this Intereft, or Divi- 
dend of Ten per Cent, never arofe from the Profits made 
by the Company, nor in Truth any Part of it, but was 
paid to the Proprietors, as Creditors of the Publick, out 
of the ftated and fettled Funds affigned them for that Pur- 
pofe, and therefore we can attribute the Lownefs of the 
French Adtions in Time of Peace, to pothjng but their 
Diffidence of their own Government. 
The Reafon why the Minifters of France have made it 
their Choice to continue Things in this Situation, feems 
to have been this, that the regular Payments made by this 
Company to the Proprietors, might have a double Effedt, 
and fuftain at once the publick Credit and that of the Com- 
pany. The former was neceffary to prevent thofe Confu- 
fions ever falling out again, which happened on the Ruin 
of the Syftem, and which had like to have been attended 
with the moft fatal Confequences to the Nation, from 
which nothing could have faved them, but the arbitrary Power 
of the Government, which forced them to bear their Misfor- 
tunes till Ways and Means could be found to relieve them. 
On the other Hand, the regular Payment of. thefe Dividends 
has been of prodigious Service to the Company in their 
trading Capacity, in which, to fay the Truth, they could 
not have fubfifted without them ^becaufe it kept the Pro- 
prietors from either requiring, or receiving any general 
Accounts of their Dealings, which enabled the Directors 
to do many Things which other wife they could never 
have done ; and has, in fabt, been the foie Support of 
their Commerce : For, we muft obferve, that on the 
founding of this new Company, they had Rights and 
Privileges given them, without either Powers or Funds 
to make Ule of them. They had the nominal Advanta- 
ges of feveral Companies bellowed upon them, but upon 
Condition that they took likewife the real Load of Debts 
and Incumbrances for which thofe Companies flood en- 
gaged. They received vaft Sums of Money from their 
Proprietors, but not for their Ufe as a Company to trade 
with, but as Agents for the Government, which, very 
probably, the far greater Part of their Proprietors did 
not underftand ; but which they might very eafily 
have underftood, if they had confidered the Funds out of 
which their Dividends were paid ; for they could never 
conceive that fuch a Government as theirs would grant 
them fo high an Intereft for Money, without making Ufe 
of it. 
On the whole therefore, this was one of the great Se- 
crets of the French Councils, and the Defign of reftoring 
the 
