Bible Encyclopedias

The Nuttall Encyclopedia

Mississippi Scheme

Started in France 1717 by John Law and the Government, ostensibly to develop the Mississippi basin, but really to ease the pressure on the exchequer; a company was formed and empowered to monopolise almost all the foreign trade; 624,000 shares were issued; depreciated paper currency was accepted in payment, and the national bank issued notes without stint; in 1719 the demand for shares was enormous; the nation was completely carried away; next year the crash came; the Government made every effort to save the position, but in vain; the distress was extreme, and Law had to leave the country.