People believed these stories. And, believing them, it was not wonderful that they desired to possess for themselves some of these delights. So, rich and poor, high and low, rushed to buy shares in the Company. The street in Paris where the offices of the Company were was choked from end to end with a struggling crowd. The rich brought their hundreds, the poor their scanty savings. Great lords and ladies sold their lands and houses in order to have money to buy more shares. The poor went ragged and hungry in order to scrape together a few pence. Peers and merchants, soldiers, priests, fine ladies, servants, statesmen, labourers, all jostled together, and fought to buy the magic paper which would make them rich and happy beyond belief. Fortunes were made and lost in a day. Some who had been rich found themselves penniless; others who had always lived in poverty found themselves suddenly rolling in wealth which they did not know how to use. And John Law was the wizard whose magic wand had created all these riches. He was flattered and courted by every one. The greatest princes in the land came to beg favours of him. They came to him to beg, and he treated them haughtily as beggars, and bade them wait.
Day by day, and month by month, the madness increased, and the gigantic bubble grew larger and larger. Bienville, meanwhile, who had been deprived of his governorship, was once more made Governor of Louisiana. With a company of settlers, he returned again to the colony in 1718, and he at once set about building a capital, which, in honour of the Regent, he called New Orleans. The place he chose for a capital was covered with forest. So before any building could be done fifty men were set to fell the trees and clear a space. And then the first foundations of the new great city of New Orleans were laid.
But still the colony did not prosper. For the colonists were for the most part rogues and vagabonds, sent there by force, and kept there equally by force. They looked upon Louisiana as a prison, and tried constantly to escape from it.
Meanwhile no ships laden with gold and gems reached France, for no gold mines had ever been discovered. Then people began to grow tired of waiting. Some of them began to suspect that all the stories of the splendours of Louisiana were not true, and they tried to sell their paper money and paper shares, and get back the gold which they had given for them. Soon every one wanted to sell, and no one wanted to buy. The value of the paper money fell and fell, until it was worth less than nothing. People who had thought themselves millionaires found themselves beggars. Law, who had been flattered and courted, was now hated and cursed. And in terror of his life he fled from France in 1790 to die miserably in Italy a few years later.
As to Louisiana, a new set of stories were told of it. Now it was no longer described as a sort of earthly paradise, but as a place of horror and misery. It was a land of noisome marsh and gloomy forest, where prowled every imaginable evil beast. At certain times of the year the river flooded the whole land, so that the people were obliged to take refuge in the trees. There they lived more like monkeys than men, springing from tree to tree in search of food. The sun was so hot that it could strike a man dead as if with a pistol. This was called sunstroke. Luscious fruits indeed grew around, but they were all poisonous and those who ate of them died in agonies. In fact Louisiana was now pictured as a place to be shunned, as a place of punishment. "Be good or I will send you to the Mississippi" was a threat terrible enough to make the naughtiest child obedient.
The Mississippi bubble burst, - but still France clung to Louisiana. Once again it became a royal province, and at length after long years of struggle it began to prosper. The French had thus two great centres of power in America, one at Quebec amid the pine trees and snows of the North, and one at New Orleans amid the palm trees and sunshine of the South. And between the two fort after fort was built, until gradually north and south were united. Thus La Salle's dream came true.
It was during the time of peace after the end of Queen Anne's War that the French had thus strengthened their hold on America and joined Canada and Louisiana. They had also built a strong fortress on the Island of Cape Breton which commanded the mouth of the St. Lawrence. This fortress was called Louisburg in honour of King Louis, and it was the strongest and best fortified in the whole of New France. The walls were solid and high, and bristled with more than a hundred cannon. The moat was both wide and deep. Indeed the French believe that this fort was so strong that no power on earth could take it.
But the days of peace sped fast. Soon once more Europe was ablaze with war, France and Britain again taking opposite sides. In Europe this war is called the War of the Austrian Succession, because it was brought on by a quarrel among the nations of Europe as to who should succeed to the throne of Austria. In America it is called King George's War, as King George II was King of Britain at the time.
Like the other wars before it, it was fought in America as well as in Europe. The chief event in America was the capture of Louisburg in 1745. That redoubtable fortress which it was thought would hold off any attack, yielded after six weeks to an army chiefly composed of New England farmers and fishermen, and led by Maine merchant who had no knowledge of war.
When the news that Louisburg was taken reached New England the people rejoiced. Bells were rung, cannons were fired and bonfires blazed in all the chief towns. In England itself the news was received with surprise and delight, and Pepperell, the merchant-soldier, was made a baronet and could henceforth call himself Sir William Pepperell.