Would you live on the frontier Would you live on the frontier? Which frontier would you like to live on? (Forest, river, mountain, desert, etc) Why or why not?

French Villages in Illinois

Vocab Gold Standard Economic Bubble Speculation An economy where precious metals are the only currency Economic Bubble When the price of goods soars above their actual value, creating an unstable economy Speculation Gambling on stocks

Goin South 1698 Tonti recommends the site at Cahokia Friendly Cahokia tribe there Catholic mission town Fox Tribe becoming very dangerous 1700 Abandon Jesuit mission in Chicago Abandon Fort Pimitoui (Peoria)

New Towns Establish missions and villages in Paradis Terreste Land south of Missouri River and east bank of the Mississippi River River bottoms also called American Bottoms 1703 Kaskaskia (Commercial and cultural capitol) Also started as a mission

Further Developments Prairie du Roche Fort de Chartres Administrative center Made money by trading furs with Fort Detroit

Reorganize Illinois In an effort to diversify, Illinois becomes part of Louisiana as opposed to Canada 1717 John Law put in charge of Louisiana Created the Mississippi bubble and wrecked French finances Renault sent to Illinois to look for gold Failed and had to create new businesses Mined for lead Brought slaves to Illinois Established quality agriculture in Paradis Terreste Trade with New Orleans and Arkansas

Ridiculously Simple Stock Market II I start a Pizza Shop Shop makes good money I sell the class 1 share worth 1/3 of my company for $100,000 III IV I take the $100,000 and open a new Pizza Shop. Company makes twice the profits. Company is now worth twice as much Stock holders receive 1/3 of the companies profits. They can also sell their stock for twice what they paid for it

John Law and the Mississippi Bubble Wanted to move away from the gold standard to a paper money economy Lets money move quicker John Law’s company given a monopoly on trade in the American territories Only one allowed to trade overseas Eventually won control of all colonies

How is it Profitable? Tried to sell land and stocks to raise money Would have brought huge numbers into the colony Once the company gained their monopoly on French trade with places outside of Europe Stock prices soar to much higher levels than they were worth Paid for all of this with sale of stock in his company Bubble burst when people started to try and collect their stocks

Settler Life in Illinois Made money by farming and trading along rivers Never totaled more than a few thousand Some owned slaves Made up of mostly French Canadians

An Agricultural State Farmed long lots Community involvement was large Strips of farmland along rivers Gives many people access to the river and different soils Eventually was replaced by large land owners Community involvement was large Isolated from other Europeans

Kind of Communist Practiced common field agriculture Everyone owned the farm and helped Commons for pasturage (raising cattle) Village Assemblies dealt with all issues of ownership and community property What problems could arise in this?

Writing Assignment You are establishing a new town on the frontier in Illinois. How would you organize the economy? Would you do it like John Law? How would you handle farming? Would you do it like the French or English? What is your opinion on socialism and community ownership verses private ownership? Write 5 paragraphs answering all of the questions above