Alpha Book

Law had
an idea that a gigantic corporation might be formed for French colonial
trade, [Footnote: Law's corporation was actually important in the
development of Louisiana.] shares might be widely sold throughout the
country, and the proceeds therefrom utilized to wipe out the public
debt. Orleans accepted the scheme and for a while the country went mad
with the fever of speculation. In due time, however, the stock was
discovered to be worthless, the bubble burst, and a terrible panic
ensued. The net result was increased misery for the nation.
[Sidenote: Fleury and the War of the Polish Election]
The little sense which Orleans possessed was sufficient to keep him out
of foreign war [Footnote: France was at peace throughout his regency,
except for a brief time (1719-1720) when Orleans joined the British
government in preventing his Spanish cousin, Philip V, from upsetting
the treaty of Utrecht.] but even that was lacking to his successor,
Cardinal Fleury. Fleury was dragged into a war (1733-1738) with Austria
and Russia over the election of a Polish king.


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