hted as impartial. Some large
shareholders were already beginning to quietly realize their profits.
The warrants of the _Compagnie des Indes_ had been assimilated to the
bank-notes; and the enormous quantity of paper tended to lower its value.
First, there was a prohibition against making payments in silver above
ten francs, and in gold above three hundred. Soon afterwards money was
dislegalized as a tender, and orders were issued to take every kind to
the Bank on pain of confiscation, half to go to the informer. Informing
became a horrible trade; a son denounced his father. The Regent openly
violated law, and had this miscreant punished. The prince one day saw
President Lambert de Vernon coming to visit him. "I am come," said the
latter, "to denounce to your Royal Highness a man who has five hundred
thousand livres in gold." The Duke of Orleans drew back a step. "Ah,
Mr. President," he cried, "what low vocation have you taken to?"
"Monseigneur," rejoined the president, "I am obeying the law; but your
Royal Highness may be quite easy; it is myself whom I have come to
denounce, in hopes of retaining at least a part of this sum, which I
prefer to all the bank-notes." "My money is at the king's service," was
the proud remark of Nicolai, premier president of the Exchequer-Chamber,
"but it belongs to nobody." The great mass of the nation was of the same
opinion as the two presidents; forty-five millions only found their way
to the Bank; gold and silver were concealed everywhere. The crisis was
becoming imminent; Law boldly announced that the value of the notes was
reduced by a half. The public outcry was so violent that the Regent was
obliged to withdraw the edict, as to which the council had not been
consulted. "Since Law became comptroller-general, his head has been
turned," said the prince. That same evening Law was arrested by the
major of the Swiss; it was believed to be all over with him, but the
admirable order in which were his books, kept by double entry after the
Italian manner, as yet unknown in France, and the ingenious expedients
he indicated for restoring credit, gave his partisans a moment's fresh
confidence. He ceased to be comptroller-general, but he remained
director of the Bank. The death-blow, however, had been dealt his
system, for a panic terror had succeeded to the insensate enthusiasm of
the early days. The Prince of Conti had set the example of getting back
the value of his notes; four