[Illustration: Mississippi Colonization—Painted by C. E. Delort—1176]
This inhumanity, joined to the barbarity of the conductors, to violence of a kind unknown until this, and to the rascality of carrying off people who were not of the prescribed quality, but whom others thus got rid of by whispering a word in the ear of the conductors and greasing their palms; all these things, I say, caused so much stir, so much excitement, that the system, it was found, could not be kept up. Some troops had been embarked, and during the voyage were not treated much better than the others. The persons already collected were set at liberty, allowed to do what they pleased, and no more were seized. Law, regarded as the author of these seizures, became much detested, and M. le Duc d'Orleans repented having ever fallen in with the scheme.
The 22nd of May of this year, 1720, became celebrated by the publication of a decree of the Council of State, concerning the shares of the Company of the Indies (the same as that known under the name of Mississippi) and the notes of Law's bank. This decree diminished by degrees, and from month to month, the value of the shares and the notes, so that, by the end of the year, that value would have been reduced one-half.
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.