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Lucius R. Paige, History of Cambridge, Massachusetts, 1630-1877, with a genealogical register | 4 | 4 | Browse | Search |
Harper's Encyclopedia of United States History (ed. Benson Lossing) | 2 | 2 | Browse | Search |
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Browsing named entities in Harper's Encyclopedia of United States History (ed. Benson Lossing). You can also browse the collection for August, 1717 AD or search for August, 1717 AD in all documents.
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Western Company, the
John Law was the successor of Crozat in a commercial scheme in Louisiana (see Louisiana). He formed a company under the sanction of the regent of France (August, 1717), and it was called the Western Company.
The grants made to it were for twenty-five years, and the sovereignty of all Louisiana —an undefined region—was given to the company.
The sole conditions were homage to the French monarch and a gold crown at the beginning of every reign.
With a capital of 40,000,000 livres, Law and his associates entered upon a great scheme of commerce and colonization.
Armed vessels bearing troops and colonists were soon seen upon the ocean.
Law appointed Bienville governor of the domain, and he selected the site of New Orleans for its capital, where, in February, 1718, he left fifty persons to clear the ground and to build.
Great prosperity was promised.
The shares of the company rose in value, and in May, 1719, Law obtained from the regent power to join with it