Near Freeburg in St. Clair County, Illinois — The American Midwest (Great Lakes)
The Mississippi Bubble
"They related that there are mines of gold and silver.... There is reason to believe that the French who will settle among the Illinois Indians will make all these rich discoveries when the colony becomes more thickly populated." Thus, John Law, Scot adventurer and gambler, inflated the "Mississippi Bubble" in the fall of 1717. He had convinced the Duke of Orleans, regent for Louis XV, that paper money issued by a national bank and backed by a vast trading and colonizing enterprise would bring new life to the French economy. As part of the scheme, on January 1, 1718, the Company of the West received a 25-year charter to trade, settle and govern in the Mississippi Valley. Speculation in the shares ran wild as Frenchman of all classes engaged in the fantasy before the bubble burst in 1720 and left many investers bankrupt.
Law's vision of the development of the region required more time and money than he had. Exaggerated accounts attracted some colonists; force brought others. As the operations of the Company in lower Louisiana expanded, the district of Illinois profited. Several French villages sprang up in the American Bottom south
Erected 2011 by Illinois Department of Transportation and the Illinois State Historical Society.
Location. 38° 24.158′ N, 89° 51.453′ W. Marker is near Freeburg, Illinois, in St. Clair County. Marker is on Illinois Route 15, on the right when traveling west. Marker is midway between the villages of Freeburg and Fayetteville. Touch for map. Marker is in this post office area: Freeburg IL 62243, United States of America. Touch for directions.
Other nearby markers. At least 8 other markers are within 11 miles of this marker, measured as the crow flies. U.S. Center of Population 1970-1980 (approx. 6.9 miles away); Historic Garfield Street Saloon (approx. 9.9 miles away); Gustavus Koerner (approx. 10 miles away); Ever and Anon Park (approx. 10.1 miles away); Dorothea Deichmann Millinery (approx. 10.2 miles away); Romeiser Building (approx. 10.2 miles away); St. Clair National Bank (approx. 10.2 miles away); Belleville Savings Bank (approx. 10.3 miles away).
More about this marker. The marker replaced an older version, which was originally placed at that same spot in 1967.
Also see . . . The Mississippi Bubble of 1718-1720. Written by economic analyst and Forbes contributor Jesse Colombo on June 23, 2012, this article has an in-depth explanation about the Mississippi Bubble. (Submitted on December 6, 2019, by Jason Voigt of Glen Carbon, Illinois.)
Categories. • Industry & Commerce • Native Americans • Settlements & Settlers •
More. Search the internet for The Mississippi Bubble.
Credits. This page was last revised on December 7, 2019. This page originally submitted on December 6, 2019, by Jason Voigt of Glen Carbon, Illinois. This page has been viewed 61 times since then and 8 times this year. Photos: 1, 2. submitted on December 6, 2019, by Jason Voigt of Glen Carbon, Illinois. • J. Makali Bruton was the editor who published this page.