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intercourse with us than all the able verdure and smell. Amongst rest, fitting down with us in fight these were Castilian roses, smallage, of his countrymen.

lilies, plantain, thistles, camoThey used tobacco, which they mile, and many others. We likesmoaked in small wooden pipes wise found strawberries,rafbberies, in form of a trumpet, and pro- blackberries, sweet onions, and cured from little gardens. where potatoes, all of which grew in conthey had planted it.

fiderable abundance, and particuThey chiefly hunt deer, cibulos, larly near the rills. Amongst other sea-wolves, and otters, nor did we plants we observed one which observe that they pursued any much resembled parsley (though others. The only birds we met not in its smell), which the In, with on this part of the coast were dians bruised and ate, after mixdaws, hawks, very small paroquets, ing it with onions. ducks, and gulls ; there were also The hills were covered with some parrots with red feet, bills, very large, high and strait pines, and breasts, like lories both in amongst which I observed fome their heads and flight.

of 120 feet high, and 4 in diameThe fish on that coast are chiefly ter towards the bottom. sardines, perjerey, and cod; of All these pines are proper for which they only bring home as mafts and ship-building. much as will satisfy the wants of The outline of the port is rethe day.

presented in Chart the 6th, which Wé tried to find if they had was drawn by D. Bruno Heceta, ever seen other strangers, or ships, D. Juan Fr. de la Bodega, and mythan our own, but though we took self. Though the port is there regreat pains to inform ourselves on presented as open, yet it is to be this head, we never could perfectly understood that the harbour is comprehend what they said ; upon well sheltered from the S.W.W. the whole we conceived that we and N.W. as also from the N. were the only foreigners who had N.E. and E. *. ever visited that part of the coast. [This discovery was made by

We likewise endeavoured to the schooner on the gth of June.) know from them whether they In the W. part there is a hill had any mines or precious stones; 50 fathoms high, joining to the but in this we were likewise dif- continent on the N. side, where appointed.

there is another rising of 20, both What we saw of the country of which afford protection nol leaves us no doubt of its fertility, only from the winds, but the ata and that it is capable of produc- tack of an eneiny. ing all the plants of Europe. In At the entrance of the port is a most of the gullies of the hills small island of considerable height, there are rills of clear and cool without a single plant upon it; water, the sides of which are co- and on the sides of the coast are vered with herbs (as in the mea- high rocks, which are very condows of Europe) of both agree- venient for disembarking; goods

* These charts, which amount to nine, have never been transmitted to England. C4

also mode

whilft we supposed the domgitudes J thefon of a goldsmith of Edin

also may be shipped so near the Pigeons, because at our first landhill, that a ladder may be used ing we saw large flocks of these, from the land to the vessel ; and and other birds, some of which near the sand are many small rocks, had pleasing notes. which secure the ship at anchor On the sides of the mountains from the S. E. and S.W.

we found the same plants and We compleated our watering fruits, as in the more immediate very early from the number of rills neighbourhood of Trinity-harwhich emptied themselves into bour. the harbour; we were likewise as soon supplied with wood.

We paid great attention to the An Account of John Law and of the tides, and found them to be as re- Millipi Scheme, projected by bim gular as in Europe.

in 1717- from the private Life Wemade repeated observations

of Lewis 15th, translated from with regard to the latitude of this the French, by J. o. Justamond, harbour, and found it was exactly F. R. S. 41 degrees and 7 minutes N.

OHN Law was a Scotchman, to be 19 degrees and 4 minutes W. of S. Blas.

burgh. Never did man poffefs, We had thus thoroughly inves. in so a perfect a degree, the power tigated every thing which relates of calculating and combining; and to this harbour, except the course he cultivated these talents, by folof a river which came from the lowing the bent of his inclination. S.W. and which appeared whilft He applied himself to every thing we were at the top of the hill. that related to banks, lotteries, We took therefore the boat on the and to the trading companies of 18th, and found that the mouth London ; he studied the means of was wider than is necessary for the supporting them, of animating discharge of the water, which is the hopes and confidence of the lost in the sands on each side, fo public, by keeping up their exthat we could not even enter it pectations, or by increasing their except at full tide. However we

zeal. He penetrated into the left our boat, and proceeded a inmost secrets of these matters i league into the country, whilft and increased his stock of knowthe river continued of the same ledge still more, from the new width, viz. 20 feet, and about company, established by Harley five decp.

Earl of Oxford, for paying off On the banks of this river were the national debt. Having afterlarger timber trees than we had wards obtained the employment of before seen, and we conceived secretary to fome agent of the resithat in land-floods the whole plain dent's in Holland, he made him(which was more than a quarter of 'self acquainted upon the spot with a league broad) must be frequently the famous bank of Amiterdam covered with water, as there were with its capital, its poduce, its many places where it continued resources ; with the demands into ftagnate.

divi had upon it; with its We gave this river the name of variations, its intereft; with the


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mode of lowering or raising its therefore, was neither trade nor stock, in order to withdraw the ca- the facility of levying taxes withpital, that it might be diftributed out diminishing them, nor the reand circulated; with the order trenchment of expences, nor the that bank observed in its accounts cultivation of the soil, nor the and in its offices; and even with consumption of provifions, nor its expenditures and its form of even the circulation of the specie, administration. By dint of re. He had built up his system with a flecting upon the information he view that a sovereign should pay had acquired, and of combining his debts, not only without enso many different ideas, he form- croaching upon his profusion or ed a svítem which was adınirable his luxury, but also by attracting for its order, and the concatena- to himself all the gold and filver tion of the various operations of his subjects; and such was to which constituted it; a system be the illusion, that the subjects founded at least as much upon the should give it up voluntarily; nay knowledge of the human heart, more, should be eager to bring it as upon the science of numbers; in, should infift upon its being but from which good faith, equi- received, Mould consider it as a ty, and humanity, were totally favour to be preferred ; and that banisherl, to make way for perfi- when they were rouzed from this dy, injudice, violence, and cruel- dream, if they should find themty.

And indeed the author of selves bereft of their property, it was himself an unprincipled they should not be able to lay the wretch, bound by no ties of mo- blame on any thing but their own rality or religion. Having flain avidity. A project of a most or murdered a man, he was oblig: alarming nature to the human ed to fly from Great Britain; he mind, and whichevery other man, brought away with him another except this daring genius, would man's wife, with whom he lived have rejected as a chimera, if it many years as if he had been his had suggested itself to him!

His avidity was insatiable, This system consisted of a bank, and it was to gratify this passion, the real capital of which was to be that all his extenlive combinations the revenues of the state, and the were made to concur. In that accruing capital, some unknown exhausted state to which the war kind of cominerce. This benefit bad reduced all the European being calculated to keep pace with powers, he foresaw that they the imagination in its increase, would necessarily endeavour to re- was to be a wonderfulspur to those establish their finances, and he gamesters who wished to partake conceived greater hopes of suc- of it, by means of shares, which ceeding than ever, by the allure- were to be made out successively, ment of his system, which was in proportion to the eagerness of calculated to seduce any power the parties. that would not scruple to prefer

These shares, in fact, which the spedieft method of exonerat- were at first few in number, could ing itself, to that which was most not fail of rising to an enormous konet. The object of his plan, price on account of their scarcity,




the va

propos ?

and the rapidity of the circula- eagerness for partaking of it, tion ; this would not only facili- would interest themselves in the tate, but even necessitate the mak- keeping up of the bank so much the ing of other shares, and at an ad- more ; as a number of individuals vanced premium.

either more fortunate or more dex. This new paper, bringing the terous,' necefTarily making enorold into difcredit, would furnish an mous profits, would excite the excellent mode of distributing it; general cupidity, nearly in the Because the old paper would be same manner as the highest prize received at par, but always within a lottery keeps up the hopes a certain proportion of money. of the adventurers, of whom the

In order to engage persons to greater part must nevertheless be get rid of this old paper,

losers. Now, what sort of comJue of it was to be made uncertain petition would there not be in this by frequent fluctuations; thus the inftance, where every one would poffeffors of it would be apprehen- be certain of winning, by increalfive that it might become of no ing the dividends à value in their hands; when it Let this illufion be kept up fhould be raised, one would readi- only for a few years, and the soly convert it into shares, to secure vereign will have paid off all: the advantage; and when it should his debts, and will have drawn be lowered, one would fear that into his coffers, the greatest part it thould become lower still. of the specie of his own, and even

The bank, on the contrary, of other kingdoms. were to make all their payments Such were the axioms and the in bills, whose value being inva- corollaries of Law's fyftem : an riable, would keep up the confi- infernal theory, deduced certain. dence in them, and would render ly from facts, and which he had them more negotiable, and pre- never ventured to consider coolly ferable to specie.

in all its horror: let us say more, The discredit brought upon a theory that was not even to be money would lower the interest of conceived; but the regent and it, and the prince was to avail he, hurried away, in spite of himself of this reduction to make themselves by the rapid motion his loans, and thus discharge part of this political machine, were of his debts without any disburse- obliged to yield to its impulse, till ment; for the individuals, not it broke to pieces by its own efknowing what to do with it, would forts. bring it back to him.

However this may be, the auIf the individuals wished to lay thor of this plan, whether more or out their money in more solid ac- less digested with respect to its quifitions, lands, provisions, and consequences, perceiving that it merchandize would increase, and could not be carried into execution consequently so would the receipt in any state except where the of the taxes and the customs. sovereign enjoyed abfolute autho

This phantom of fortune daz- rity, considered France as the zling the eyes of every one, the kingdom moft fit for his design. several classes of citizens, in their Besides, he knew the people; that they were fond of novelty, that to give this bank a credit, which they adopted it without consider. was to be answerable to the more ation, and gave themselves up to extensive undertakings it was to it with a kind of frenzy. It has embrace, a decree of council was been asserted, that he first pro- issued, which ordered all those posed his system to Lewis XIV. who had the management of the who, notwithstanding his being royal treasure, to receive and in want of such a scheme, upon even to discharge the bills without the bare exposition of it, rejected discount. By this decree, full of it with a kind of abhorrence. artifice, under the appearance of The author was not disconcerted, fimplicity, the bank was made the but produced it again to the repository of all the revenues of Duke of Orleans. That prince, the king. This was the first step more determined, more enterprize towards that ideal fortune it was ing, and certainly lefs fcrupu- to make: it immediately fixed the lous, considered it as very us interest at seven and a half per to his views; he was moreover cent. pressed by circumstances; he wish. Some time after, a trading comed to avail himself of the short pany was created, under the title time he had to govern, to remedy of the Western or Misi lipi Compathe evils of the state, which re- ny. Its object was the planting quired a necessary crisis. He and culture of the French colo. therefore adopted this system ; he nies of North America. The would not allow himself to think king gave to this company all the of the violent convulsion into lands of Louisiana, and permitted which he was going to throw the French, as well as foreigners, to be state, and flattered himself, that concerned in it, by taking shares his genius would be able to put a of it, part of the value of which stop to its effects, whenever they might be furnished in bills of should become too fatal. Never- ftare, which lost from fifty to sixtheless, as he was not the absolute ty per cent upon the spot. How master, and that he was obliged was it possible to resist such a to act with a great deal of cau- bait, more especially as the coun. tion, he adopted it only slowly, try was represented as a Peru, and by degrees.


more fertile in gold than that of At first he contented himself the Spaniards ! Even the parliawith permitting Law to establishment was taken in, and made no a bank, in order to accustom the scruple of registering. They yet people by degrees to such a title, faw nothing in this, but what and to such an establishment. It might be useful to the state. was presented under an appear- In 1718 the bank made fur. ance of public' utility, and it ther advances. It was announced would really have been attended under the title of Bank Royal, by with yery great advantages, if it a declaration of his majesty, which had been confined to the func- fignified, that the king had reimtions specified in the edict which bursed in money the capitals of set it on foot.

those persons who had shares in The year following, in order the bank, which they had only

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