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.