ransmit to him all their disposable funds, to be
placed to their credit in an account current. Perhaps the giving of this
authority was a great error; but, be that as it may, Desprez, encouraged
by the complaisance of the Treasury, desired the Receivers-General to
transmit to him all the sums they could procure for payment of interest
under 8 per cent., promising to allow them a higher rate of interest. As
the credit of the house of Desprez stood high, it may be easily conceived
that on such conditions the Receivers-General, who were besides secured
by the authority of the Treasury, would enter eagerly into the proposed
plan. In short, the Receivers-General soon transmitted very considerable
sums. Chests of money arrived daily from every point of France.
Intoxicated by this success, Desprez engaged in speculations which in his
situation were extremely imprudent. He lent more than 50,000,000 to the
merchants of Paris, which left him no command of specie. Being obliged
to raise money, he deposited with the Bank the bonds of the
Receivers-General which had been consigned to him, but which were already
discharged by the sums transmitted to their credit in the account
current. The Bank, wishing to be reimbursed for the money advanced to
Desprez, applied to the Receivers-General whose bonds were held an
security. This proceeding had become necessary on the part of the Bank,
as Desprez, instead of making his payments in specie, sent in his
acceptances. The Directors of the Bank, who conducted that establishment
with great integrity and discretion, began to be alarmed, and required
Desprez to explain the state of his affairs. The suspicions of the
Directors became daily stronger, and were soon shared by the public. At
last the Bank was obliged to stop payment, and its notes were soon at a
discount of 12 per cent.

The Minister of the Treasury, dismayed, as well may be supposed, at such
a state of things during the Emperor's absence, convoked a Council, at
which Joseph Bonaparte presided, and to which Desprez and Wanlerberghe
were summoned. Ouvrard being informed of this financial convulsion made
all possible haste from Madrid, and on his arrival at Paris sought
assistance from Amsterdam. Hope's house offered to take 15,000,000
piastres at the rate of 3 francs 75 centimes each. Ouvrard having
engaged to pay the Spanish Government only 3 francs, would very willingly
have parted with them at that rate, but his hasty departure from