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the nation’s economic apparatus was in shambles, and thousands were left holding worthless paper notes. Law spent the last years of his life in Venice, hounded by shareholders and creditors, before dying of pneumonia on March 21, 1729.
For Louisiana the ramifications of Law’s fall from favor were mixed. Satirical images and derisory texts depicting the colony as a debauched, thoroughly desperate place circulated throughout Europe, causing an already anemic
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John Law 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
flow of immigrants to nearly dry up. Slave imports, too, slumped in the years immediately following Law’s expulsion, dropping from over 1,100 captives in 1721 to fewer than 100 between 1722 and 1724. Yet the same System that led to financial chaos in France led ultimately to increased stability in Louisiana. The collapse of the System, though spectacular in its speed and magnitude, did not destroy the Company of the Indies.
Unlike the bank, the Company emerged from the chaotic, three-year reorganization period that ended in 1723 as a largely profitable entity. This was possible because, prior to the collapse, company directors had invested profits from shares sold into the nuts and bolts of trade—ships, trade goods, port facilities, and people. In Louisiana, where the reorganized Company maintained its administrative and trade monopoly until 1731, company investments resulted in the largest influx of capital, goods, and slaves since the colony’s founding.
—Erin Greenwald
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The Historic New Orleans Collection Quarterly 5