r as a fable what we ourselves look upon as a
dream. At last, so much was given to a greedy and prodigal nation,
always covetous and in want on account of its luxury, its disorder, and
its confusion of ranks, that paper became scarce, and the mills could not
furnish enough.

It may be imagined by this, what abuse had been made of a bank,
established as a resource always ready, but which could not exist as such
without being always delicately adjusted; and above all, kept in a state
to meet the obligations it had contracted. I obtained information on
this point from Law, when he came to me on Tuesday mornings; for a long
time he played with me before admitting his embarrassments, and
complained modestly and timidly, that the Regent was ruining everything
by his extravagance. I knew from outsiders more than he thought, and it
was this that induced me to press him upon his balance-sheet. In
admitting to me, at last, although faintly, what he could no longer hide,
he assured me he should not be wanting in resources provided M. le Duc
d'Orleans left him free. That did not persuade me. Soon after, the
notes began to lose favour; then to fall into discredit, and the
discredit to become public. Then came the necessity to sustain them by
force, since they could no longer be sustained by industry; and the
moment force showed itself every one felt that all was over. Coercive
authority was resorted to; the use of gold, silver, and jewels was
suppressed (I speak of coined money); it was pretended that since the
time of Abraham,--Abraham, who paid ready money for the sepulchre of
Sarah,--all the civilised nations in the world had been in the greatest
error and under the grossest delusion, respecting money and the metals it
is made of; that paper alone was useful and necessary; that we could not
do greater harm to our neighbours--jealous of our greatness and of our
advantages--than to send to them all our money and all our jewels; and
this idea was in no way concealed, for the Indian Company was allowed to
visit every house, even Royal houses, confiscate all the louis d'or, and
the coins it could find there; and to leave only pieces of twenty sous
and under (to the amount of not more than 200 francs), for the odd money
of bills, and in order to purchase necessary provisions of a minor kind,
with prohibitions, strengthened by heavy punishment, against keeping
more; so that everybody was obliged to take all the ready money he
po