This text was obtained via automated optical character recognition.
It has not been edited and may therefore contain several errors.

---

o/? ■ -'/////>/t/i - Cent /IvreJ Jcurnoid. d^Lj^harufue jmmvetpayev tutyvorteiw a-
nruc, CcrUr dlures Jmu'nou m <£)jjko> d'orfrgnf^
‘Va/ru.
■r T^ceue a
^/l
^cinJ fe
Sujnep’.U Sr. (&(’urjjeou.
( ontj'de pr.U'Sr’.'T)urcvc<it.
ontj'Cle r
m/tfj
grew; public confidence in his System wavered. As company stock plummeted, shareholders rushed to cash in shares, and the mint printed more banknotes to meet demand, causing widespread inflation. On November 27 the bank closed its doors. By December the System had
collapsed, despite Law’s efforts to stabilize the credit markets and restore public confidence.
Law’s fall from favor over the course of 1720 was as striking for its speed as his rise had been some five years earlier. By late December 1720 he had fled France,
100-livre banknote issued by the Banque Royale, which in December 1718 replaced the Banque Generate, August 1, 1719 (2001-47-L)
supply, and Law’s personal investment bolstered public confidence.
The public’s appetite for company shares in the fall of 1719 seemed insatiable. Between September 26 and October 4, 1719, Law released four additional issuances. Trade along rue Quincampoix spilled over from the Company’s share-sales office into the street, where the frenzied throng of investors and speculators was so thick that the city had to issue a ban on horses and carriages to prevent the crowd from being trampled. Through the beginning of 1720 share values continued to rise, peaking at over 10,000 livres per share just days after Law’s appointment to France’s highest administrative office: controller-general.
Rather than ensuring the success of his System, Law’s appointment represented the beginning of its demise. Big investors, sensing an impending fall in stock prices, began to cash in their shares shortly before his appointment. In refusing to accept banknotes in return for their shares, they nearly emptied the bank of specie. At the same time, rumors of the discouraging state of affairs in Louisiana—where immigration was low and the production of investment-worthy tobacco nonexistent—swirled. Distrust of Law
Traders and share seekers along rue Quincampoix from Het Groote Tafereel der Dwaasheid, Amsterdam, 1720-21 (2010.0158.9), acquisition made possible in part by the Clarisse Claiborne Grima Fund and the Boyd Cruise Fund
4 Volume XXVIII, Number 4 — Fall 2011
DeH-eqteA^leeMin^ cer Wim> Nezctie GdiSu Y/l in c'<r '■
Ollzureertirdj	'	rermiMrd
J>eer 'i roestren ran de WeteziJc/idjysn ,
Ji’aar deer" men. laity s *AL inerya V t>ui£*£>cn ,
J* ken. ycreeuu'iyen oj? aa/'d .
•Zfter ziet'yy t JCjrec&jc/ioct o-a/i dc-f>3raxc/i. .
J>ie Jcor een issjjippi -jyirid ,
£yn/icoi'end ’ dcof-. en ^tende /'hnd «. Zee/ tot iriJFhiyt.Canci </e/>/axen :
*	PU/t	dtmr	jt’eef doer /iet S’ter/iiyeraus
-Av	pj’inden	.	ulsS	/>exe/cu	.
iF/uAs orer Aals en key ^es-metc/L ,
Jet oj.’ den ec?er j-an'dc *41 aas.
Ay t /usl /ny met tnynJ^andyeno 'ten dl <:il )l’ir/d.\ ‘eyetie tc I'cjj’tcu .
fu/tse Q.utnt£ueny>c>ix te ~icn ,
J/aat' uitr Ute-JiffUti't/ieiiiij- yesyrete/i •,
Z* la . Jc	-JCA,t /iuiu/i- in lm yczi<7f,
•■Minis' me//ta/z£- Aeord /mar klef’e/ £/e£y?e/i , jZo jreenii/ a/s /nen.7+tt/t /'.an sc/tcj’fX-"*1 ■
L~it ce/2 /-w i/n-taare ti zender J, u/t;
/ £iyt- zal dcs
-/*■£ JC/c/L preSf </es le bet Manner - l * c/ccu aan -but A et syrn Jntre-fi ■Ay sc Ater iemant ted Wannee/' ^ul Me /* 2A. Ue n/i a/s t	*
-fiac «/ mi ’/uhj i tidef' c* J~en z i • //ten c/e -Z-/// tf 'oprfe/v , die /e/’re^ (r-Ct/raait xyn, j'a/l Aiet
Otn Si
sej	ut	cen	st