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Louis XIV's lengthy reign and numerous wars nearly led to the bankruptcy of France's monarchy. The Regency of Louis XV, France, opted to reduce spending and endorsed John Law's monetary theories. John Law is a Scottish financier. Law received a charter to form the Banque Royale in 1716. The national debt was then assigned to the bank in exchange for exceptional privileges. The Banque Royale agreement stipulated that the national debt would only be paid out of the revenues from the opening of the Mississippi Valley. The Bank was linked to two other ventures of Law, the Company of the West. All of them were called the Mississippi Company. The Mississippi Company held a monopoly over trade and mineral wealth. The Company prospered on paper. Law was named Duc d’Arkansas. Bernard de la Harpe, his group, and others left New Orleans in 1719 for the Red River. He explored the Arkansas River in 1721. Jean Benjamin, who was to become the scientist for the expedition, joined him at the Yazoo settlements of Mississippi.
