ise the necessary funds either to pay the debts of the companies which
it succeeded or for organizing the proper establishments. Fifty thousand
of these shares were issued at a par of five hundred francs, which made
a nominal capital of twenty-five millions. But the company demanded five
hundred fifty francs in cash for them, or a total of twenty-seven
millions two hundred fifty thousand francs, inasmuch as it esteemed its
privileges as very great and its popularity certain. It required fifty
francs to be paid in advance, and the remaining five hundred in twenty
equal monthly payments. In case the payments should not be fully made,
the fifty francs paid in advance were forfeited by the subscriber. It
was nothing but a bargain made at a premium with the public.

The prompt realization of the promises of Law, the importance and extent
of the last privileges granted to the company, the facilities accorded
to the subscribers, everything, induced a subscription to the new
shares. The movement became animated. One could, by the favorable terms
offered, by paying out five hundred fifty francs, obtain eleven shares
instead of one, and thus, with a little money, speculate to a
considerable amount. To this method of attracting speculators Law added
another; he procured a decision that no one should subscribe for the new
shares without exhibiting four times as many old ones. It was necessary,
therefore, to hasten to obtain them in order to fulfil the requisite
condition. In a short time they were carried up to par, and far above
that. From three hundred francs, at which they were at the start, they
rose to five hundred, five hundred fifty, six hundred, and seven hundred
fifty francs; that is, they gained 150 per cent. These second shares
were called the "daughters," to distinguish them from the first.

Law contemplated at last the completion of his project by uniting the
collection of the revenues to the other privileges of the Indian
Company, and redeeming the national debt. This was the greatest and most
difficult part of his plan.

The national debt was fifteen to sixteen hundred millions, partly in
contracts for perpetual annuities, partly in State notes which would
soon be due. The interest on the debt was eighty millions, or one-half
the revenue of the government. Some combination was necessary to meet
the state notes at their maturity, and to reduce the annual charges
which the public treasury could no longer sustain.

L