Rare and fascinating map from the time of the Mississippi Bubble

Description

Featuring California as an island, this engaging map focuses on the northern half of the Americas as well as the North Atlantic, taking in part of the western coastlines of Europe and Africa. It was published at the height of promotion of development of French Louisiana, centred around John Law – pictured in a vignette at bottom left – and what became to be known as “John Law’s System”, or, simply, “Law’s System”, eventually leading to the burst of the “Mississippi Bubble”.

John Law was a Scottish economist, financier, and gambler who rose to prominence in early 18^th-century France. Known for his bold economic theories and experiments, Law played a central role in France’s early efforts at central banking and colonial development.

In 1716, John Law established the Banque Générale, France’s first central bank, which later became the Banque Royale under royal charter. Law advocated for an economy driven by paper currency rather than metal coinage, believing that increasing the money supply would stimulate economic activity. With royal support from the Regent, Philippe II, Duke of Orléans, Law consolidated control over French finances through a series of mergers and monopolies. He combined banking with commerce and colonial trade by merging the Banque Royale with the Compagnie d’Occident (later known as the Compagnie des Indes), creating a vast enterprise that held exclusive rights over tax collection, trade with the Americas, and colonial administration. This financial “system” was intended to reduce public debt and invigorate the French economy.

Law played a leading role in the French development of the Louisiana territory in North America. His Compagnie d’Occident was granted control over Louisiana and incentivised settlement by promoting the region’s vast, albeit exaggerated, potential wealth. In 1718, the company founded New Orleans as a strategic port and administrative centre for the colony. The settlement was part of Law’s broader plan to turn Louisiana into a profitable enterprise through land grants, immigration schemes, and trade in commodities such as tobacco, indigo, and fur.

The Mississippi Bubble resulted from the rapid expansion of Law’s System, driven by speculation and overly optimistic expectations. As shares in the Compagnie des Indes surged in value, many investors rushed to buy stock, expecting large profits from Louisiana’s resources. Law’s central bank printed large amounts of paper money to support share purchases and economic growth, causing a sharp increase in the money supply. Inflation rose rapidly, and the economy became overheated. Company mergers consolidated various enterprises under Law’s control, but this centralisation masked growing instability. Eventually, confidence collapsed when the real value of Louisiana’s output failed to match the inflated expectations and share prices.

When the bubble burst in 1720, the value of company shares plummeted, and Law’s monetary policies triggered a severe financial crisis. The collapse led to the discrediting of paper money, the failure of the Banque Royale, and widespread public distrust in speculative finance. Law fled France in disgrace, and the French monarchy abandoned efforts to develop Louisiana as a profitable colony in the short term. The Mississippi Bubble had long-term consequences for French economic policy, reinforcing scepticism toward central banking and speculative ventures for much of the 18^th century.

The map portrays Law at the peak of his fame, with the text banner above the vignette stating in Latin that “They admire him and everyone surrounds him.” (Illum. admirantur et omnes circumstant.), visually supported by the depiction of group of presumed Native Americans and Europeans flanking Law’s portrait at left and right.

The cartouche beneath the vignette refers to Law in French as “Count of Tancarville, advisor to the king in all his councils, and Controller General of Finances of the Kingdom of France”.

A simplified version of the coat of arms of the Compagnie des Indes, with the Mississippi flowing from a horn of plenty, is shown at upper right, in the space representing the northern North Atlantic.

Dotted lines indicate the sailing routes between Europe and North America, with a galleon used for decoration. Further, two sailing boats are shown near the rich fishing grounds of the Grand Banks, off the coast of Newfoundland.

At top left, the map holds a simple title cartouche. A basic compass rose is included at centre right.

The equator as well as the Tropic of Cancer and the Arctic Circle are shown.

The map is aligned to the El Hierro (Ferro) prime meridian.

An attractive historic document, illustrating two myths – one cartographic, the other financial.

Publication

Atlas Curieux oder Neuer und Compendieuser Atlas

Condition

Very good.

Issued folding. Coloured in outline. Minor, light offsetting. A couple of light spots. A light printer’s crease at centre left.

Item #: 02576

US $1,400.00

other currencies