Memoirs of Louis XIV and His Court and of the Regency. Volume 13

At last the public was satisfied. The small-pox seized Law's son, and (on account of its keeping him from the ballet) caused universal joy. The ballet was danced several times, its success answering in no way to the Marechal de Villeroy. The King was so wearied, so fatigued, with learning, with rehearsing, and with dancing this ballet, that he took an aversion for these fetes and for everything offering display, which has never quitted him since, and which does not fail to leave a void in the Court; so that this ballet ceased sooner than was intended, and the Marechal de Villeroy never dared to propose another.

M. le Duc d'Orleans, either by his usual facility, or to smooth down the new elevation of Law to the post of comptroller-general, bestowed a number of pecuniary favours; he gave 600,000 livres to La Fare, captain of his guard; 200,000 livres to Castries, chevalier d'honneur to Madame la Duchesse d'Orleans; 200,000 livres to the old Prince de Courtenay, who much needed them; 20,000 livres pension to the Prince de Talmont; 6000 livres to the Marquise de Bellefonds, who already had a similar sum; and moved by cries on the part of M. le Prince de Conti, 60,000 livres to the Comte de la Marche his son, scarcely three years old; he gave, also, smaller amounts to various others. Seeing so much depredation, and no recovery to hope for, I asked M. le Duc d'Orleans to attach 12,000 livres, by way of increase, to my government of Senlis, which was worth only 1000 livres, and of which my second son had the reversion. I obtained it at once.

CHAPTER C

About the commencement of the new year, 1720, the system of Law approached its end. If he had been content with his bank his bank within wise and proper limits—the money of the realm might have been doubled, and an extreme facility afforded to commerce and to private enterprise, because, the establishment always being prepared to meet its liabilities, the notes it issued would have been as good as ready money, and sometimes even preferable, on account of the facility of transport. It must be admitted, however, as I declared to M. le Duc d'Orleans in his cabinet, and as I openly said in the Council of the Regency when the bank passed there, that good as this establishment might be in itself, it could only be so in a republic, or in a monarchy, like that of England, where the finances are absolutely governed by those who furnish them, and who simply furnish as much or as little as they please; but in a trivial, changing, and more than absolute state like France solidity necessarily is wanting, consequently confidence (at least of a discreet and proper kind): since a king, and under his name, a mistress, a minister, favourites; still more, extreme necessities, such as the deceased King experienced in the years 1707-8-9 and 10,—a hundred things, in fact, could overthrow the bank, the allurements of which were, at once, too great and too easy. But to add to the reality of this bank, the chimera of the Mississippi, with its shares, its special jargon, its science (a continual juggle for drawing money from one person to give it to another), was to almost guarantee that these shares should at last end in smoke (since we had neither mines, nor quarries of the philosopher's stone), and that the few would be enriched at the expense of the many, as in fact happened.

What hastened the fall of the bank, and of the system, was the inconceivable prodigality of M. le Duc d'Orleans, who, without bounds, and worse still, if it can be, without choice, could not resist the importunities even of those whom he knew, beyond all doubt, to have been the most opposed to him, and who were completely despicable, but gave with open hands; and more frequently allowed money to be drawn from him by people who laughed at him, and who were grateful only to their effrontery. People with difficulty believe what they have seen; and posterity will consider as a fable what we ourselves look upon as a dream. At last, so much was given to a greedy and prodigal nation, always covetous and in want on account of its luxury, its disorder, and its confusion of ranks, that paper became scarce, and the mills could not furnish enough.

It may be imagined by this, what abuse had been made of a bank, established as a resource always ready, but which could not exist as such without being always delicately adjusted; and above all, kept in a state to meet the obligations it had contracted. I obtained information on this point from Law, when he came to me on Tuesday mornings; for a long time he played with me before admitting his embarrassments, and complained modestly and timidly, that the Regent was ruining everything by his extravagance. I knew from outsiders more than he thought, and it was this that induced me to press him upon his balance-sheet. In admitting to me, at last, although faintly, what he could no longer hide, he assured me he should not be wanting in resources provided M. le Duc d'Orleans left him free. That did not persuade me. Soon after, the notes began to lose favour; then to fall into discredit, and the discredit to become public. Then came the necessity to sustain them by force, since they could no longer be sustained by industry; and the moment force showed itself every one felt that all was over. Coercive authority was resorted to; the use of gold, silver, and jewels was suppressed (I speak of coined money); it was pretended that since the time of Abraham,—Abraham, who paid ready money for the sepulchre of Sarah,—all the civilised nations in the world had been in the greatest error and under the grossest delusion, respecting money and the metals it is made of; that paper alone was useful and necessary; that we could not do greater harm to our neighbours—jealous of our greatness and of our advantages—than to send to them all our money and all our jewels; and this idea was in no way concealed, for the Indian Company was allowed to visit every house, even Royal houses, confiscate all the louis d'or, and the coins it could find there; and to leave only pieces of twenty sous and under (to the amount of not more than 200 francs), for the odd money of bills, and in order to purchase necessary provisions of a minor kind, with prohibitions, strengthened by heavy punishment, against keeping more; so that everybody was obliged to take all the ready money he possessed to the bank, for fear of its being discovered by a valet. But nobody, as may be imagined, was persuaded of the justice of the power accorded to the Company, and accordingly authority was more and more exerted; all private houses were searched, informations were laid against people in order that no money might be kept back, or if it were, that the guilty parties might be severely punished.

Never before had sovereign power been so violently exercised, never had it attacked in such a manner the temporal interests of the community. Therefore was it by a prodigy, rather than by any effort or act of the government, that these terribly new ordonnances failed to produce the saddest and most complete revolutions; but there was not even talk of them; and although there were so many millions of people, either absolutely ruined or dying of hunger, and of the direst want, without means to procure their daily subsistence, nothing more than complaints and groans was heard.

This violence was, however, too excessive, and in every respect too indefensible to last long; new paper and new juggling tricks were of necessity resorted to; the latter were known to be such—people felt them to be such—but they submitted to them rather than not have twenty crowns in safety in their houses; and a greater violence made people suffer the smaller. Hence so many projects, so many different faces in finance, and all tending to establish one issue of paper upon another; that is to say, always causing loss to the holders of the different paper (everybody being obliged to hold it), and the universal multitude. This is what occupied all the rest of the government, and of the life of M. le Duc d'Orleans; which drove Law out of the realm; which increased six-fold the price of all merchandise, all food even the commonest; which ruinously augmented every kind of wages, and ruined public and private commerce; which gave, at the expense of the public, sudden riches to a few noblemen who dissipated it, and were all the poorer in a short time; which enabled many financiers' clerks, and the lowest dregs of the people, profiting by the general confusion, to take advantage of the Mississippi, and make enormous fortunes; which occupied the government several years after the death of M. le Duc d'Orleans; and which, to conclude, France never will recover from, although it may be true that the value of land is considerably augmented. As a last affliction, the all-powerful, especially the princes and princesses of the blood, who had been mixed up, in the Mississippi, and who had used all their authority to escape from it without loss, re-established it upon what they called the Great Western Company, which with the same juggles and exclusive trade with the Indies, is completing the annihilation of the trade of the realm, sacrificed to the enormous interest of a small number of private individuals, whose hatred and vengeance the government has not dared to draw upon itself by attacking their delicate privileges.

Several violent executions, and confiscations of considerable sums found in the houses searched, took place. A certain Adine, employed at the bank, had 10,000 crowns confiscated, was fined 10,000 francs, and lost his appointment. Many people hid their money with so much secrecy, that, dying without being able to say where they had put it, these little treasures remained buried and lost to the heirs.

In the midst of the embarrassments of the finances, and in spite of them, M. le Duc d'Orleans continued his prodigal gifts. He attached pensions of 6000 livres and 4000 livres to the grades of lieutenant-general and camp-marshal. He gave a pension of 20,000 livres to old Montauban; one of 6000 livres to M. de Montauban (younger brother of the Prince de Guemene); and one of 6000 livres to the Duchesse de Brissac. To several other people he gave pensions of 4000 livres; to eight or ten others, 3000 or 2000 livres. I obtained one of 8000 livres for Madame Marechal de Lorges; and one of 6000 livres was given to the Marechal de Chamilly, whose affairs were much deranged by the Mississippi. M. de Soubise and the Marquis Noailles had each upwards of 200,000 livres. Even Saint- Genies, just out of the Bastille, and banished to Beauvais, had a pension of 1000. Everybody in truth wanted an augmentation of income, on account of the extreme high price to which the commonest, almost necessary things had risen, and even all other things; which, although at last diminshed by degrees, remain to this day much dearer than they were before the Mississippi.

The pensions being given away, M. le Duc d'Orleans began to think how he could reduce the public expenditure. Persuaded by those in whose financial knowledge he had most confidence, he resolved to reduce to two per cent. the interest upon all the funds. This much relieved those who paid, but terribly cut down the income of those who received, that is to say, the creditors of the state, who had lent their money at five per cent., according to the loan—and, public faith and usage, and who had hitherto peacefully enjoyed that interest. M. le Duc d'Orleans assembled at the Palais Royal several financiers of different rank, and resolved with them to pass this edict. It made much stir among the Parliament men, who refused to register it. But M. le Duc d'Orleans would not change his determination, and maintained his decree in spite of them.

By dint of turning and turning around the Mississippi, not to say of juggling with it, the desire came to establish, according to the example of the English, colonies in the vast countries beyond the seas. In order to people these colonies, persons without means of livelihood, sturdy beggars, female and male, and a quantity of public creatures were carried off. If this had been executed with discretion and discernment, with the necessary measures and precautions, it would have ensured the object proposed, and relieved Paris and the provinces of a heavy, useless, and often dangerous burthen; but in Paris and elsewhere so much violence, and even more roguery, were mixed up with it, that great murmuring was excited. Not the slightest care had been taken to provide for the subsistence of so many unfortunate people, either while in the place they were to embark from, or while on the road to reach it; by night they were shut up, with nothing to eat, in barns, or in the dry ditches of the towns they stopped in, all means of egress being forbidden them. They uttered cries which excited pity and indignation; but the alms collected for them not being sufficient, still less the little their conductors gave them, they everywhere died in frightful numbers.

[Illustration: Mississippi Colonization—Painted by C. E. Delort—1176]

This inhumanity, joined to the barbarity of the conductors, to violence of a kind unknown until this, and to the rascality of carrying off people who were not of the prescribed quality, but whom others thus got rid of by whispering a word in the ear of the conductors and greasing their palms; all these things, I say, caused so much stir, so much excitement, that the system, it was found, could not be kept up. Some troops had been embarked, and during the voyage were not treated much better than the others. The persons already collected were set at liberty, allowed to do what they pleased, and no more were seized. Law, regarded as the author of these seizures, became much detested, and M. le Duc d'Orleans repented having ever fallen in with the scheme.

The 22nd of May of this year, 1720, became celebrated by the publication of a decree of the Council of State, concerning the shares of the Company of the Indies (the same as that known under the name of Mississippi) and the notes of Law's bank. This decree diminished by degrees, and from month to month, the value of the shares and the notes, so that, by the end of the year, that value would have been reduced one-half.

This, in the language of finance and of bankruptcy, was to turn tail with a vengeance: and its effect, while remedying nothing, was to make people believe that things were in a worse state than was actually the case. Argenson, who, as we have seen, had been turned out of the finances to make room for Law, was generally accused of suggesting this decree out of malice, already foreseeing all the evils that must arise from it. The uproar was general and frightful. There was not a rich person who did not believe himself lost without resource; not a poor one who did not see himself reduced to beggary. The Parliament, so opposed to the new money system, did not let slip this fine opportunity. It rendered itself the protector of the public by refusing to register the decree, and by promptly uttering the strongest remonstrance against it. The public even believed that to the Parliament was due the sudden revocation of the edict, which, however, was simply caused by the universal complaining, and the tardy discovery of the fault committed in passing it. The little confidence in Law remaining was now radically extinguished; not an atom of it could ever be set afloat again. Seditious writings and analytical and reasonable pamphlets rained on all sides, and the consternation was general.

The Parliament assembled on Monday, the 27th of May, in the morning, and named certain of its members to go to M. le Duc d'Orleans, with remonstrances against the decree. About noon of the same day, M. le Duc d'Orleans sent La Vrilliere to say to the Parliament that he revoked that decree, and that the notes would remain as before. La Vrilliere, finding that the Parliament had adjourned, went to the Chief-President, to say with what he was charged. After dinner the Parliamentary deputies came to the Palais Royal, where they were well received; M. le Duc d'Orleans confirmed what they had already heard from La Vrilliere, and said to them that he would re-establish the funds of the Hotel de Ville at two-and-a- half percent. The deputies expected that in justice and in goodness he ought to raise them to at least three per cent. M. le Duc d'Orleans answered, that he should like not only to raise them to three, but to four, nay, five per cent.; but that the state of affairs would not permit him to go beyond two-and-a-half. On the next day was published the counter-decree, which placed the shares and actions as they were before the 22nd of May. The decree of that date was therefore revoked in six days, after having caused such a strange effect.

On Wednesday, the 29th, a pretty little comedy was played. Le Blanc, Secretary of State, went to Law, told him that M. le Duc d'Orleans discharged him from his office as comptroller-general of the finances, thanked him for the attention he had given to it, and announced that as many people in Paris did not like him, a meritorious officer should keep guard in his house to prevent any accident that might happen to him. At the same time, Benzualde, major of the regiment of Swiss guards, arrived with sixteen of his men to remain night and day in Law's house.

The Scotchman did not in the least expect this dismissal or this guard, but he appeared very tranquil respecting both, and maintained his usual coolness. The next day he was taken by the Duc de la Force to the Palais Royal. Then comedy number two was played. M. le Duc d'Orleans refused to see the financier, who went away without an interview. On the day after, however, Law was admitted by the back stairs, closeted with the Regent, and was treated by him as well as ever. The comedies were over.

On Sunday, the 2nd of June, Benzualde and his Swiss withdrew from Law's house. Stock-jobbing was banished at the same time from the Rue Quincampoix, and established in the Place Vendome. In this latter place there was more room for it. The passers-by were not incommoded. Yet some people did not find it as convenient as the other. At this time the King gave up to the bank one hundred million of shares he had in it.

On the 5th July, a decree of the Council was issued, prohibiting people from possessing jewels, from keeping them locked up, or from selling them to foreigners. It may be imagined what a commotion ensued. This decree was grafted upon a number of others, the object of all, too visibly, being to seize upon all coin, in favour of the discredited paper, in which nobody could any longer have the slightest confidence. In vain M. le Duc d'Orleans, M. le Duc, and his mother, tried to persuade others, by getting rid of their immense stores of jewels, that is to say, by sending them abroad on a journey—nothing more: not a person was duped by this example; not a person omitted to conceal his jewels very carefully: a thing much more easy to accomplish than the concealment of gold or silver coin, on account of the smaller value of precious stones. This jewellery eclipse was not of long duration.

CHAPTER CI

Immediately after the issue of this decree an edict was drawn up for the establishment of an Indian commercial company, which was to undertake to reimburse in a year six, hundred millions of bank notes, by paying fifty thousand dollars per month. Such was the last resource of Law and his system. For the juggling tricks of the Mississippi, it was found necessary to substitute something real; especially since the edict of the 22nd of May, so celebrated and so disastrous for the paper. Chimeras were replaced by realities—by a true India Company; and it was this name and this thing which succeeded, which took the place of the undertaking previously known as the Mississippi. It was in vain that the tobacco monopoly and a number of other immense monopolies were given to the new company; they could not enable it to meet the proper claims spread among the public, no matter what trouble might be taken to diminish them at all hazard and at all loss.

It was now necessary to seek other expedients. None could be found except that of rendering this company a commercial one; this was, under a gentler name, a name vague and unpretending, to hand over to it the entire and exclusive commerce of the country. It may be imagined how such a resolution was received by the public, exasperated by the severe decree, prohibiting people, under heavy penalties, from having more than five-hundred livres, in coin, in their possession, subjecting them to visits of inspection, and leaving them nothing but bank notes to, pay for the commonest necessaries of daily life. Two things resulted; first, fury, which day by day was so embittered by the difficulty of obtaining money for daily subsistence, that it was a marvel all Paris did not revolt at once, and that the emeute was appeased; second, the Parliament, taking its stand upon this public emotion, held firm to the end in refusing to register the edict instituting the new company.

On the 15th of July, the Chancellor showed in his own house the draught of the edict to deputies from the Parliament, who remained with him until nine o'clock at night, without being persuaded. On the morrow, the 16th, the edict was brought forward in the Regency Council. M. le Duc d'Orleans, sustained by M. le Duc, spoke well upon it, because he could not speak ill, however bad his theme. Nobody said a word, and all bowed their necks. It was resolved, in this manner, to send the edict to the Parliament on the morrow, the 17th of July.

That same 17th of July, there was such a crowd in the morning, at the bank and in the neighbouring streets, for the purpose of obtaining enough money to go to market with, that ten or twelve people were stifled. Three of the bodies were tumultuously carried to the Palais Royal, which the people, with loud cries, wished to enter. A detachment of the King's guards at the Tuileries was promptly sent there. La Vrilliere and Le Blanc separately harangued the people. The lieutenant of police came; brigades of the watch were sent for. The dead bodies were afterwards carried away, and by gentleness and cajoleries the people were at length dispersed. The detachment of the King's guards returned to the Tuileries. By about ten o'clock in the morning, all being over, Law took it into his head to go to the Palais Royal. He received many imprecations as he passed through the streets. M. le Duc d'Orleans thought it would be well not to let him leave the Palais Royal, and gave him a lodging there. He sent back Law's carriage, however, the windows of which were smashed on the way by the stones thrown at them. Law's house, too, was attacked, amid much breaking of windows. All this was known so late in our quarter of the Jacobins of the Saint-Dominique, that when I arrived at the Palais Royal there was not a vestige visible of any disturbance. M. le Duc d'Orleans, in the midst of a very small company, was very tranquil, and showed that you would not please him unless you were so also. I did not stop long, having nothing to do or say.

This same morning the edict was carried to the Parliament, which refused to register it, and sent a deputation to M. le Duc d'Orleans with its reasons for this, at which the Regent was much vexed. The next morning an ordonnance of the King was pasted all over the town, prohibiting the people, under heavy penalties, to assemble, and announcing that in consequence of the disturbances which had taken place the previous day at the bank, that establishment would remain closed until further notice, and no more money would be paid by it. Luck supplied the place of prudence; for people knew not how they were to live in the meanwhile, yet no fresh disturbance occurred fact which shows the goodness and obedience of the people, subjected to so many and to such strange trials. Troops, however, were collected at Charenton, who were at work upon the canal of Montargis: some regiments of cavalry and of dragoons were stationed at Saint-Denis, and the King's regiment was posted upon the heights of Chaillot. Money was sent to Gonesse to induce the bakers to come as usual, and for fear they should refuse bank notes, like the Paris workmen and shopkeepers, nearly all of whom would no longer receive any paper, the regiment of the guards had orders to hold itself ready, and the musketeers to keep within their quarters, their horses saddled and bridled.

As for the Parliament, M. le Duc d'Orleans determined to punish its disobedience by sending it to Blois. This resolution was carried in full council. The Regent hoped that the Parliamentary men, accustomed to the comfort of their Paris homes, and to the society there of their wives; children, and friends, would soon grow tired of being separated from them, and of the extra expense they would be put to, and would give in. I agreed to the project, although I saw, alas! that by this exile the Parliament would be punished, but would be neither conciliated nor tamed into submission. To make matters worse, Blois was given up, and Pontoise was substituted for it! This latter town being close to Paris, the chastisement became ridiculous, showed the vacillating weakness of the Regent, and encouraged the Parliament to laugh at him. One thing was, however, well done. The resolution taken to banish the Parliament was kept so secret that that assembly had not the slightest knowledge of it.

On Sunday, the 21st of July, squadrons of the guards, with officers at their head, took possession, at four o'clock in the morning, of all the doors of the Palais de justice. The musketeers seized at the same time upon the doors of the Grand Chamber, whilst others invaded the house of the Chief-President, who was in much fear during the first hour. Other musketeers went in parties of four to all the officers of the Parliament, and served them with the King's order, commanding them to repair to Pontoise within twice twenty-four hours. All passed off very politely on both sides, so that there was not the slightest complaint: several members obeyed the same day and went to Pontoise.

Rather late in the evening M. le Duc d'Orleans sent to the Attorney- General 200,000 livres in coin, and as much in bank notes of 100 livres, and of 10 livres to be given to those who should need them for the journey, but not as gifts. The Chief-President was more brazen and more fortunate; he made so many promises, showed so much meanness, employed so much roguery, that abusing by these means the feebleness and easiness of the Regent, whom he laughed at, he obtained more than 100,000 ecus for his expenses. The poor prince gave him the money, under the rose, in two or three different payments, and permitted the Duc de Bouillon to lend him his house at Pontoise, completely furnished, and the garden of which, on the banks of the river, is admirable and immense, a masterpiece of its kind, and had been the delight of Cardinal Bouillon, being perhaps the only thing in France he regretted. With such fine assistance the Chief- President—on bad terms with his companions, who had openly despised him for some time—perfectly made it up with them. He kept at Pontoise open table for the Parliament; all were every day at liberty to use it if they liked, so that there were always several tables, all equally, delicately, and splendidly served. He sent, too, to those who asked for them, liquors, etc., as they could desire. Cooling drinks and fruits of all kinds were abundantly served every afternoon, and there were a number of little one and two-horse vehicles always ready for the ladies and old men who liked a drive, besides play-tables in the apartments until supper time. The result of all this magnificence was, as I have said, that the Chief-President completely reinstated himself in the good graces of his companions; but it was at the expense of the Regent, who was laughed at for his pains. A large number of the members of the Parliament did not go to Pontoise at all, but took advantage of the occasion to recreate themselves in the country. Only a few of the younger members mounted guard in the assembly, where nothing but the most trivial and make- believe business was conducted. Everything important was deliberately neglected. Woe! to those, therefore, who had any trial on hand. The Parliament, in a word, did nothing but divert itself, leave all business untouched, and laugh at the Regent and the government. Banishment to Pontoise was a fine punishment!

This banishment of the Parliament to Pontoise was followed by various financial operations and by several changes in the administrations. Des Forts had the general control of the finances and all authority, but without the name. The disordered state of the exchequer did not hinder M. le Duc d'Orleans from indulging in his strange liberalities to people without merit and without need, and not one of whom he could possibly care a straw for. He gave to Madame la Grande Duchesse an augmentation of her pension of 50,000 livres; one of 8,000 livres to Trudaine: one of 9,000 livres to Chateauneuf; one of 8,000 livres to Bontems, chief valet de chambre of the King; one of 6,000 livres to the Marechal de Montesquieu; one of 3,000 livres to Faucault; and one of 9,000 livres to the widow of the Duc d'Albemarle, secretly remarried to the son of Mahoni.

All this time the public stock-jobbing still continued on the Place Vendome. The Mississippi had tempted everybody. It was who should fill his pockets first with millions, through M. le Duc d'Orleans and Law. The crowd was very great. One day the Marechal de Villars traversed the Place Vendome in a fine coach, loaded with pages and lackeys, to make way for which the mob of stock-jobbers had some difficulty. The Marechal upon this harangued the people in his braggart manner from the carriage window, crying out against the iniquity of stock-jobbing, and the shame it cast upon all. Until this point he had been allowed to say on, but when he thought fit to add that his own hands were clean, and that he had never dabbled in shares, a voice uttered a cutting sarcasm, and all the crowd took up the word, at which the Marechal, ashamed and confounded, despite his ordinary authority, buried himself in his carriage and finished his journey across the Place Vendome at a gentle trot in the midst of a hue and cry, which followed him even beyond, and which diverted Paris at his expense for several days, nobody pitying him.

At last it was found that this stock-jobbing too much embarrassed the Place Vendome and the public way; it was transferred, therefore, to the vast garden of the Hotel de Soissons. This was, in fact, its proper place. Law, who had remained at the Palais Royal some time, had returned to his own house, where he received many visits. The King several times went to see the troops that had been stationed near Paris; after this they were sent away again. Those which had formed a little camp at Charenton, returned to Montargis to work at the canal making there.

Law, for commercial reasons, had some time ago caused Marseilles to be made a free port. The consequence of this was that an abundance of vessels came there, especially vessels from the Levant, and from want of precautions the plague came also, lasted a long while, desolated the town, province; and the neighbouring provinces. The care and precautions afterwards taken restrained it as much as possible, but did not hinder it from lasting a long time, or from creating frightful disorders. These details are so well known that they can be dispensed with here.

I have a few more words to say of Law and his Mississippi. The bubble finally burst at the end of the year (1720). Law, who had no more resources, being obliged secretly to depart from the realm, was sacrificed to the public. His flight was known only through the eldest son of Argenson, intendant at Mainbeuge, who had the stupidity to arrest him. The courier he despatched with the news was immediately sent back, with a strong reprimand for not having deferred to the passport with which Law had been furnished by the Regent. The financier was with his son, and they both went to Brussels where the Marquis de Prie, Governor of the Imperial Low Countries, received them very well, and entertained them. Law did not stop long, gained Liege and Germany, where he offered his talents to several princes, who all thanked him; nothing more. After having thus roamed, he passed through the Tyrol, visited several Italian courts, not one of which would have him, and at last retired to Venice. This republic, however, did not employ him. His wife and daughter followed him some time after. I don't know what became of them or of the son.

Law was a Scotchman; of very doubtful birth; tall and well made; of agreeable face and aspect; gallant, and on very good terms with the ladies of all the countries he had travelled in. His wife was not his wife; she was of a good English family and well connected; had followed Law for love; had had a son and a daughter by him, passed for his wife, and bore his name without being married to him. This was suspected towards the end; after his departure it became certain. She had one eye and the top of one cheek covered by an ugly stain as of wine; otherwise she was well made, proud, impertinent in her conversation and in her manners, receiving compliments, giving next to none, paying but few visits, these rare and selected, and exercising authority in her household. I know not whether her credit over her husband was great; but he appeared full of regard, of care, and of respect for her; at the time of their departure they were each about fifty and fifty-five years old. Law had made many acquisitions of all kinds and still more debts, so that this tangle is not yet unravelled by the committee of the council appointed to arrange his affairs with his creditors. I have said elsewhere, and I repeat it here, that there was neither avarice nor roguery in his composition. He was a gentle, good, respectable man, whom excess of credit and fortune had not spoiled, and whose deportment, equipages, table, and furniture could not scandalise any one. He suffered with singular patience and constancy all the vexations excited by his operations, until towards the last, when, finding himself short of means and wishing to meet his difficulty, he became quick and bad- tempered, and his replies were often ill-measured. He was a man of system, of calculation, of comparison, well and profoundly instructed in these things, and, without ever cheating, had everywhere gained at play by dint of understanding—which seems to me incredible—the combinations of cards.

His bank, as I have elsewhere said, was an excellent thing for a republic, or for a country like England, where finance is as in a republic. His Mississippi he was the dupe of, and believed with good faith he should make great and rich establishments in America. He reasoned like an Englishman, and did not know how opposed to commerce and to such establishments are the frivolity of the (French) nation, its inexperience, its avidity to enrich itself at once, the inconvenience of a despotic government, which meddles with everything, which has little or no consistency, and in which what one minister does is always destroyed by his successor.

Law's proscription of specie, then of jewels, so as to have only paper in France, is a system I have never comprehended, nor has anybody, I fancy, during all the ages which have elapsed since that in which Abraham, after losing Sarah, bought, for ready-money, a sepulchre for her and for her children. But Law was a man of system, and of system so deep, that nobody ever could get to the bottom of it, though he spoke easily, well and clearly, but with a good deal of English in his French.

He remained several years at Venice, upon very scanty means, and died there a Catholic, having lived decently, but very humbly, wisely, and modestly, and received with piety the last sacraments of the Church.

Thus terminates all I have to say of Law. But a painful truth remains. I have to speak of the woful disorder in the finances which his system led to, disorder which was not fully known until after his departure from France. Then people saw, at last, where all the golden schemes that had flooded upon popular credulity had borne us;—not to the smiling and fertile shores of Prosperity and Confidence, as may be imagined; but to the bleak rocks and dangerous sands of Ruin and Mistrust, where dull clouds obscure the sky, and where there is no protection against the storm.

CHAPTER CII

Not long after the flight of Law, that is to say, on Sunday, the 24th of January, of the new year, 1721, a council was held at the Tuileries, at four o'clock in the afternoon, principally for the purpose of examining the state of the finances and of Law's Bank and India Company. It was, in fact, high time to do something to diminish the overgrown disorder and confusion everywhere reigning. For some time there had been complete stagnation in all financial matters; the credit of the King had step by step diminished, private fortune had become more and more uncertain. The bag was at last empty, the cards were cast aside, the last trick was played: The administration of the finances had passed into the hands of La Houssaye, and his first act was to call the attention of the Regency Council to the position of the bank and the company. We were prepared to hear that things were in a very bad state, but we were scarcely prepared to find that they so closely resembled utter ruin and bankruptcy.

I need not relate all that passed at this council; the substance of it is enough. From the statement there of M. le Duc d'Orleans, it appeared that Law had issued 1,200,000,000 livres of bank notes more than he ought to have issued. The first 600,00,000 livres had not done much harm, because they had been kept locked up in the bank; but after the 22nd of May, another issue of 600,000,000 had taken place, and been circulated among the public, without the knowledge of the Regent, without the authorisation of any decree. "For this," said M. le Duc d'Orleans, "Law deserved to be hanged, but under the circumstances of the case, I drew him from his embarrassment, by an ante-dated decree, ordering the issue of this quantity of notes."

Thereupon M. le Duc said to the Regent, "But, Monsieur, why, knowing this, did you allow him to leave the realm?"

"It was you who furnished him with the means to do so," replied M. le Duc d'Orleans.

"I never asked you to allow him to quit the country," rejoined M. le Duc.

"But," insisted the Regent, "it was you yourself who sent him his passports."

"That's true," replied M. le Duc, "but it was you who gave them to me to send to him; but I never asked you for them, or to let him leave the realm. I know that I have the credit for it amongst the public, and I am glad of this opportunity to explain here the facts of the case. I was against the proposition for sending M. Law to the Bastille, or to any other prison, because I believed that it was not to your interest to sanction this, after having made use of him as you had; but I never asked you to let him leave the realm, and I beg you, Monsieur, in presence of the King, and before all these gentlemen, to say if I ever did."

"'Tis true," replied the Regent, "you never asked me; I allowed him to go, because I thought his presence in France would injure public credit, and the operations of the public."

"So far was I from asking you," said M. le Duc, "that if you had done me the honour to demand my opinion, I should have advised you to take good care not to let him depart from the country."