I am afraid our people in England think too neglectfully of Mr. Law’s schemes. I own to you, that, as this kingdom is disposed, there is a great odds to be laid that it will miscarry; but it is not impossible, far from it, that it may hold long enough to do us a good deal of mischief. Another thing I dare be bold to say—it cannot succeed without undoing us; and if Mr. Law can compass our ruin, I think he is in a fair way to carry through his project in France. I know Mr. Law himself thinks so too, and that being the case we may be very sure he will do us all the mischief in his power. You cannot think that power is small, considering the absolute authority he has acquired over the Regent. That being so I am sure you will agree with me that we cannot be too attentive to discover, prevent, and defeat the designs he may form against us. His designs are no trifling ones; they strike at the root. As to the behaviour of this court towards ours, it will depend entirely upon what happens in Sicily, and upon the King of Spain’s disposition towards the Regent, which is naturally bad, and which, I have reason to think will not be made better by the advice he receives from France. As to our friend the new Archbishop of Cambray, (the Abbé Dubois) he will do Law all the hurt he can, because he is firmly persuaded that Law is determined to turn him out. The truth of the matter is that Law does hate and despise him exceedingly, and it is no less true, that the Abbé has but very little credit at present with his master, though his master affects to say the contrary. The Abbé, with all the desire he has to flatter himself, sees through the disguise.”
The closing letter of this correspondence shows how humiliating was the dismissal of Lord Stair,—humiliating even to the extent of his being denied the usual privilege of seeing his sovereign on his return—and how complete was the triumph of Law over his former friend.
“I see plainly I shall not be able to see the King of England. It is a great while ago since Mr. Law told his friends here, that I should not be allowed to have the honour of seeing the King. It is pretty hard to digest I own, if, after serving the King very faithfully, very zealously, and with some success, I should have the mortification not so much as to have my master’s good countenance. However that happens to be, I am very glad His Majesty’s affairs go so very well, and that there is so good an understanding amongst them that serve him.
I shall be able to tell a good many curious particulars concerning the state of affairs here, which are not so very proper to be put into a letter. Mr. Law still brags that he will make our stocks humble, by withdrawing the French effects. He seems more bent than ever to do us mischief, believing it the only way he has left to save himself and his system. How far he may be able to draw his master into his notions, God knows. His master professes the best intentions imaginable. In the meantime they go on with the new levies with all the application imaginable; and I am assured they are giving out commissions for levying some more German regiments in Alsace. All over France they talk of a war with Britain, and the Jacobites are in greater numbers at Paris, and more insolent. They talk of great changes at this court; and that the Archbishop of Cambray is to be sent to his diocese. Law’s friends give out that he has more credit than ever at the Palace Royal. That may be; but I dare swear he has lost a great part of his master’s good opinion, though, at the same time, he is very unwilling to renounce the fine views Law had given him. I think we have nothing to fear from France at present but by surprise; but, in my opinion, it will behove us to be very attentive against something of that kind. It is plain the Jacobites have their heads filled with some such notion.
As soon as Sir Robert arrives, I shall certainly set out and leave some friends to take the best care they can to my effects.”
Thus was brought to a close an embassy which offered at its outset so bright promises, but which ended in virtual disgrace. It is very questionable if any other result could have been possible. Lord Stair possessed all the necessary qualifications for a successful ambassador, and his failure can hardly be said to have been due to want either of ability or of tact. Rather was it due to the integrity of his motives and to the high estimate he had of his office. Had he yielded to the temptation which Law set before him to enrich himself by speculation in Mississippi stock, his difference with him might never have originated, and his mission might have had a happy ending. But it is futile to speculate on probable consequences had events been other than they really were. On the other hand it is a tribute to Lord Stair’s foresight that he always predicted the downfall of Law’s schemes, and this he did even when they were at the height of their prosperity and gave every indication of probable success.
CHAPTER X
The beginning of Law’s difficulties.—The Bank’s reserve of specie begins to be depleted.—Law attempts a remedy by altering the standard of the coinage, and restricting the currency of specie.—Temporary success of remedy.—Domiciliary visits resorted to for detection of hoarded specie.—Bank and Company United.—Discharge of National Debt.—Use of the Rue Quincampoix prohibited as a stock market.—The assassination of a stock-jobber by the Comte de Horn, and the latter’s execution.
