Nearly the same assembly was called, in which, the Regent
being present, Law again explained his project. This time few opposed
and feebly. The Duc de Noailles was obliged to give in. The bank being
approved of in this manner, it had next to be proposed to the regency
council.

M. le Duc d'Orleans took the trouble to speak in private to each member
of the council, and gently to make them understand that he wished the
bank to meet with no opposition. He spoke his mind to me thoroughly:
therefore a reply was necessary. I said to him that I did not hide my
ignorance or my disgust for all finance matters; that, nevertheless, what
he had just explained to me appeared good in itself, that without any new
tax, without expense, and without wronging or embarrassing anybody, money
should double itself at once by means of the notes of this bank, and
become transferable with the greatest facility. But along with this
advantage I found two inconveniences, the first, how to govern the bank
with sufficient foresight and wisdom, so as not to issue more notes than
could be paid whenever presented: the second, that what is excellent in a
republic, or in a monarchy where the finance is entirely popular, as in
England, is of pernicious use in an absolute monarchy, such as France,
where the necessities of a war badly undertaken and ill sustained, the
avarice of a first minister, favourite, or mistress, the luxury, the wild
expenses, the prodigality of a King, might soon exhaust a bank, and ruin
all the holders of notes, that is to say, overthrow the realm. M. le Duc
d'Orleans agreed to this; but at the same time maintained that a King
would have so much interest in never meddling or allowing minister,
mistress, or favourite to meddle with the bank, that this capital
inconvenience was never to be feared. Upon that we for a long time
disputed without convincing each other, so that when, some few days
afterwards, he proposed the bank to the regency council, I gave my
opinion as I have just explained it, but with more force and at length:
and my conclusion was to reject the bank, as a bait the most fatal, in an
absolute country, while in a free country it would be a very good and
very wise establishment.

Few dared to be of this opinion: the bank passed. Duc d'Orleans cast
upon me some little reproaches, but gentle, for having spoken at such
length. I based my excuses upon my belief that by duty, honour, and
conscience, I ought to speak accord