After the destruction of the 400,000 actions, the credit of the bank notes languished until the 10th of October 1720.
The object for which they were created was now gone. The whole scheme of transferring the King’s debts upon the company vanished in the conflagration of the actions. What was then to be done?
The bank was at an end: 2235 millions of discredited bank notes in circulation, and a small sum of coin to make them good, was a situation which no authority could long support.
The resolution then was taken to put a final conclusion to this great affair; to bid a long farewel to credit and confidence; and to return upon the old system of rents upon the town-house of Paris; and of coming at money in the best way they could.
We shall now see how this was accomplished; and from that form a pretty good guess at the extent of the fraud committed, with respect to the creditors of France; not so much, I think, from any intrinsic defect in the Missisippi scheme, as from the distress the nation was thrown into, by the ignorance of those who over-ruled John Law in conducting it.
We have seen how the actions were reduced to the number of 200,000; we must now give an account of the deplorable fate of the bank notes.
By the arret of 10th of October 1720, all bank notes were entirely suppressed; and it was declared, that after the 1st of December following, they were to have no course whatsoever.
Here follows the arrangement of this great affair, viz. the liquidation of 2 696 400 000 livres of bank notes as regulated by this arret.
| 1mo, Of the above total of notes coined, there remained in the bank at that time, for | 707 327 460 | livres. |
| 2do, Subscribed for at 2½ per cent. in June 1720 | 530 000 000 | |
| 3tio, Carried to the bank by private people as a fund of credit there | 200 000 000 | |
| 4to, Paid in coin by the bank | 90 000 000 | |
| 1 527 327 460 | ||
This sum of notes was ordered to be burnt by the arret of the 10th of October.