Reflection was not the principal virtue of the Marechal de Villeroy. He thought of no obstacle either on the part of the King or elsewhere, and declared that his Majesty would dance in a ballet. Everything was soon ready for the execution. It was not so with the action. It became necessary to search for young people who could dance: soon, whether they danced ill or well, they were gladly received; at last the only question was, “Whom can we get?” consequently a sorry lot was obtained. Several, who ought never to have been admitted, were, and so easily, that from one to the other Law had the temerity to ask M. le Duc d’Orleans to allow his son, who danced very well, to join the ballet company! The Regent, always easy, still enamoured of Law, and, to speak truth, purposely contributing as much as possible to confusion of rank, immediately accorded the demand, and undertook to say so to the Marechal de Villeroy.
The Marechal, who hated and crossed Law with might and main, reddened with anger, and represented to the Regent what, in fact, deserved to be said: the Regent, in reply, named several young people, who, although of superior rank, were not so well fitted for the ballet as young Law; and although the answer to this was close at hand, the Marechal could not find it, and exhausted himself in vain exclamations. He could not, therefore, resist the Regent; and having no support from M. le Duc, superintendent of the King’s education and a great protector of Law and of confusion, he gave in, and the financier’s son was named for the ballet.
It is impossible to express the public revolt excited by this bagatelle, at which every one was offended. Nothing else was spoken of for some days; tongues wagged freely, too; and a good deal of dirty water was thrown upon other dancers in the ballet.
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.