Memoirs of Louis XIV and His Court and of the Regency — Complete

by duc de Louis de Rouvroy Saint-Simon

The more I resisted, the more he pressed me, and argued; at last he grew angry, and said that I was too conceited, thus to refuse what the King wished to give me (for everything was done in the King’s name), while so many of my equals in rank and dignity were running after these shares. I replied that such conduct would be that of a fool, the conduct of impertinence, rather than of conceit; that it was not mine, and that since he pressed me so much I would tell him my reasons. They were, that since the fable of Midas, I had nowhere read, still less seen, that anybody had the faculty of converting into gold all he touched; that I did not believe this virtue was given to Law, but thought that all his knowledge was a learned trick, a new and skilful juggle, which put the wealth of Peter into the pockets of Paul, and which enriched one at the expense of the other; that sooner or later the game would be played out, that an infinity of people would be ruined; finally, that I abhorred to gain at the expense of others, and would in no way mix myself up with the Mississippi scheme.

M. le Duc d’Orleans knew only too well how to reply to me, always returning to his idea that I was refusing the bounties of the King. I said that I was so removed from such madness, that I would make a proposition to him, of which assuredly I should never have spoken, but for his accusation.

I related to him the expense to which my father had been put in defending Blaye against the party of M. le Prince in years gone by. How he had paid the garrison, furnished provisions, cast cannon, stocked the place, during a blockade of eighteen months, and kept up, at his own expense, within the town, five hundred gentlemen, whom he had collected together. How he had been almost ruined by the undertaking, and had never received a sou, except in warrants to the amount of five hundred thousand livres, of which not one had ever been paid, and that he had been compelled to pay yearly the interest of the debts he had contracted, debts that still hung like a mill-stone upon me. My proposition was that M. le Duc d’Orleans should indemnify me for this loss, I giving up the warrants, to be burnt before him.

This he at once agreed to. He spoke of it the very next day to Law: my warrants were burnt by degrees in the cabinet of M. le Duc d’Orleans, and it was by this means I paid for what I had done at La Ferme.

Meanwhile the Mississippi scheme went on more swimmingly than ever. It was established in the Rue Quincampoix, from which horses and coaches were banished. About the end of October of this year, 1817, its business so much increased, that the office was thronged all day long, and it was found necessary to place clocks and guards with drums at each end of the street, to inform people, at seven o’clock in the morning, of the opening of business, and of its close at night: fresh announcements were issued, too, prohibiting people from going there on Sundays and fete days.

Never had excitement or madness been heard of which approached this.

M. le Duc d’Orleans distributed a large number of the Company’s shares to all the general officers and others employed in the war against Spain. A month after, the value of the specie was diminished; then the whole of the coin was re-cast.

Money was in such abundance—that is to say, the notes of Law, preferred then to the metallic currency—that four millions were paid to Bavaria, and three millions to Sweden, in settlement of old debts. Shortly after, M. le Duc d’Orleans gave 80,000 livres to Meuse; and 80,000 livres to Madame de Chateauthiers, dame d’atours of Madame. The Abbe Alari, too, obtained 2000 livres pension. Various other people had augmentation of income given to them at this time.

Day by day Law’s bank and his Mississippi increased in favour. The confidence in them was complete. People could not change their lands and their houses into paper fast enough, and the result of this paper was, that everything became dear beyond all previous experience. All heads were turned, Foreigners envied our good fortune, and left nothing undone to have a share in it. The English, even, so clear and so learned in banks, in companies, in commerce, allowed themselves to be caught, and bitterly repented it afterwards. Law, although cold and discreet, felt his modesty giving way. He grew tired of being a subaltern. He hankered after greatness in the midst of this splendour; the Abbe Dubois and M. le Duc d’Orleans desired it for him more than he; nevertheless, two formidable obstacles were in the way: Law was a foreigner and a heretic, and he could not be naturalised without a preliminary act of abjuration. To perform that, somebody must be found to convert him, somebody upon whom good reliance could be placed. The Abbe Dubois had such a person all ready in his pocket, so to speak. The Abbe Tencin was the name of this ecclesiastic, a fellow of debauched habits and shameless life, whom the devil has since pushed into the most astonishing good fortune; so true it is that he sometimes departs from his ordinary rules, in order to recompense his servitors, and by these striking examples dazzle others, and so secure them.

As may be imagined, Law did not feel very proud of the Abbe who had converted him: more especially as that same Abbe was just about this time publicly convicted of simony, of deliberate fraud, of right-down lying (proved by his own handwriting), and was condemned by the Parliament to pay a fine, which branded him with infamy, and which was the scandal of the whole town. Law, however, was converted, and this was a subject which supplied all conversation.