The French “South-Sea Scheme,” and equally disastrous. It was
projected by John Law, a Scotchman, and had for its object the payment
of the National Debt of France, which amounted to 208 millions
sterling, on being granted the exclusive trade of Louisiana, on the
banks of the Mississippi.
(1717-1720.) (See South Sea.)
Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894
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