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.