The regent again choked with anger. Law continued. "Go on. Smooth down the back of this animal. Continue to reduce these taxes. The specie of the realm of France, as I am banker enough to know, is not more than thirteen hundred millions of livres, allowing sixty-five livres to the marc. Yet long before this your Grace has crowded the issue of our actions until there are out not less than twenty-six hundred millions of livres in the stock of our Company. Your Brothers Paris, your D'Argenson, your Dubois will tell you how you can make the people of France continue to believe that twice two is not four, that twice thirteen is not twenty-six!"
"But this they are doing," broke in the regent, with a ray of hope in his face. "This they are doing. We have provided for that. In the council not an hour ago the Abbé Dubois and Monsieur d'Argenson decided that the time had come to make some fixed proportion between the specie and these notes. We have to-day framed an edict, which the Parliament will register, stating that the interests of the subjects of the king require that the price of these bank notes should be lessened, so that there may be some sort of accommodation between them and the coin of the realm. We have ordered that the shares shall, within thirty days, drop to seventy-five hundred livres, in another thirty days to seven thousand livres, and so on, at five hundred livres a month, until at last they shall have a value of one-half what they were to-day. Then, tell me, my wise Monsieur L'as, would not the issue of our notes and the total of our specie be equal, one with the other? The only wrong thing is this insulting presumption of these people, who have sold actions at a price lower than we have decreed."
Law smiled as he replied. "You say excellently well, my master. These plans surely show that you and your able counselors have studied deeply the questions of finance! I have told you what would happen to-day without any decree of the king. Now go you on, and make your decrees. You will find that the people are much more eager for values which are going up than values which are going down. Start your shares down hill, and you will see all France scramble for such coin, such plate, such jewels as may be within the ability of France to lay her hands upon. Tell me, your Grace, did Monsieur d'Argenson advise you this morning as to the total issue of the actions of this Company?"
"Surely he did, and here I have it in memorandum, for I was to have taken it up with yourself," replied the regent.
"So," exclaimed Law, a look of surprise passing over his countenance, until now rigidly controlled, as he gazed at the little slip of paper. "Your Grace advises me that there are issued at this time in the shares of the Company no less than two billion, two hundred and thirty-five million, eighty-five thousand, five hundred and ninety livres in notes! Against this, as your Grace is good enough to agree with me, we have thirteen hundred millions of specie. Your Grace, yourself and I have seen some pretty games in our day. Look you, the merriest game of all your life is now but just before you!"
"And you would go and leave me at this time?"
"Never in my life have I forsaken a friend at the time of distress," replied Law. "But your Grace absolved me when you forsook me, when you doubted and hesitated regarding me, and believed the protestations of those not so able as myself to judge of what was best. And now it is too late. Will your Grace allow me to suggest that a place behind stout gates and barred doors, deep within the interior of the Palais Royal, will be the best residence for him to-night—perhaps for several nights to come?"
"And yourself?"
"As for myself, it does not matter," replied Law, slowly and deliberately. "I have lived, and I thought I had succeeded. Indeed, success was mine for some short months, though now I must meet failure. I have this to console me—that 'twas failure not of my own fault. As for France, I loved her. As for America, I believe in her to-day, this very hour. As for your Grace in person, I was your friend, nor was I ever disloyal to you. But it sometimes doth seem that, no matter how sincere be one in one's endeavors, no matter how cherished, no matter how successful for a time may be his ambitions, there is ever some little blight to eat the face of the full fruit of his happiness. To-morrow I shall perhaps not be alive. It is very well. There is nothing I could desire, and it is as well to-morrow as at any time."
"But surely, Monsieur L'as," interrupted the regent, with a trace of his old generosity, "if there should be outbreak, as you fear, I shall, of course, give you a guard. I shall indeed see you safe out of the city, if you so prefer, though I had much liefer you would remain and try to help us undo this coil, wherein I much misdoubt myself."