Peace being at length concluded between France and England, Louisiana and Canada were confirmed to the former. Obliged by the sanguinary and expensive wars in which he was involved, to withhold from Louisiana the usual supplies of money, and men, and notwithstanding determined to prevent his enemies from taking possession of the same, the King of France, on the 14th of September, 1712, granted Louisiana, including also the State of Illinois and its territory of Wisconsin, to Anthony Crozat, whose character and abilities were sure pledges, that he would make the colony prosper under his direction, and put an end to the dissensions between the provincial authorities. Admitted into partnership with Crozat, De La Motte Catilla was appointed Governor of Louisiana under the royal grant, and entered accordingly upon its government. Agriculture being neglected by the settlers, large sums were expended for provisions by Crozat, who, at the end of five years, finding his disbursements to exceed his receipts by about 125,000 livres, and being unwilling to incur further loss, surrendered his grant to the Crown, two years after the death of Louis XIV. A trading company, known as the "Western Company, divided into 200,000 shares of 500 livres each, was formed, and the grant surrendered by Crozat conferred upon it. The capital of the Company was composed of State Securities, then selling at a discount of 78 per cent. John Law, a Scotchman by birth, a gambler and banker by trade, a daring speculator throughout, and at that time a favorite of the French Regent, because, by establishing a bank which flooded the country with paper money to the amount of 1,000,000,000 livres, and enabled its unscrupulous founder to pay the interest on the public debt with its worthless issues, he had for a moment succeeded in arresting the national bankruptcy, paid also the whole of the interest due on this part of the public debt; in consequence whereof a sudden rise in its value took place to par, and John Law was entrusted by the Duke of Orleans, who governed the State in the name of Louis XV., then a minor, with the direction of the affairs of the said Western, now called the Company of the Indies, the number of whose shares were immediately increased by him to a very large amount. Carrying on his system of colonization and trading with the utmost


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