this post was submitted on 16 Oct 2025
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History Memes

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submitted 10 months ago by cm0002@lemdro.id to c/historymemes@piefed.social
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[–] homesweethomeMrL@lemmy.world 15 points 10 months ago

While John Law’s bargain to French prisoners might have seemed like a good deal at the time, it is unclear whether or not the prisoners would have preferred to just stay in prison after their ordeal on the Mississippi coast. As far as John Law went he tried desperately to prove that his Louisiana territory was profitable. The bank forged paperwork and printed off paper notes to investors. However, it was eventually discovered that the paper notes being printed and handed to investors exceeded the amount of metal coinage that was held by the bank. Investors rushed to cash in their paper notes in 1720 but the bank was forced to stop payment on paper notes when it became clear they did not have the funds to pay off everyone.

John Law was relieved of his position and forced to flee to Brussels. He later moved to Venice and made a living off of gambling until his death.

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