"You admit that no more money can be forced from the people of France."
"Ask the farmers of the taxes. Ask Chamillard of the Treasury. My faith, look out of the window! Listen! Do I not tell you that France is laughing?"
"Very well. Let us also laugh. Let us all laugh together. There is money in France, more money in Europe. I assure you these people can be brought to give you cheerfully all they have."
"It sounds well, Monsieur L'as, but let me ask you how?"
"France is bankrupt—this is brutal, but none the less true. France must repudiate her obligations unless something be swiftly done. It is not noble to repudiate, your Grace. Yet, if we cancel and not repudiate, if we can obtain the gold of France, of Europe—"
"Body of God! but you speak large, my friend."
"Not so large. All subjects shrink as we come close to them by study. 'Tis easy to see that France has not money enough for her own business. If we had more money in France, we should have more production, and if we had more production, we might have taxes. Thereby we might have somewhat in our treasury wherewith to keep the king in the saddle, and not under foot."
"Then, if I follow you," said Philippe, leaning slightly forward and again placing his finger tips judicially together, "you would coin greater amounts of money. Then, I would ask you, where would you get your gold for the coinage?"
"It is not gold I would coin," said Law, "but credit."
"The kingdom hath been run on credit for these many years."