who, from taste, and afterwards from necessity,
lived upon schemes and trickery, thought he had done marvels in saddling
M. le Duc with the passport of Law. He wished to lay the blame of Law's
departure upon M. le Duc; but as I have shown, he was defeated by his own
weapons. He had to do with a man as sharp as himself. M. le Duc, who
knew he had nothing to fear, would not allow it to be supposed that he
had sanctioned the flight of the financier. That was why he pressed M.
le Duc d'Orleans so pitilessly, and forced him to admit that he had never
asked him to allow Law to leave the country.

The great and terrible fact brought out by this Council was, that Law,
without the knowledge or authority of the Regent, had issued and
disseminated among the public 600,000,000 livres of notes; and not only
without being authorised by any edict, but contrary to express
prohibition. But when the Regent announced this, who did he suppose
would credit it? Who could believe that Law would have had the hardihood
to issue notes at this rate without the sanction and approbation of his
master?

However, to leave once and for all these unpleasant matters, let me say
what was resolved upon by way of remedy to the embarrassments discovered
to exist. The junction of the India Company with the bank, which had
taken place during the previous February, had led to transactions which
made the former debtor to the latter to an immense amount. But the bank
being a governmental establishment, the King became thus the creditor of
the Company. It was decreed, in fact, that the Company should be
considered as debtor to the King. It was decided, however, that other
debtors should receive first attention. Many private people had invested
their money in the shares of the Company. It was not thought just that
by the debt of the Company to the King, these people should be ruined;
or, on the other hand, that those who had left the Company in good time,
who had converted their shares into notes, or who had bought them at a
low price in the market, should profit by the misfortune of the bona fide
shareholders. Accordingly, commissioners, it was decided, were to be
named, to liquidate all these papers and parchments, and annul those
which did not proceed from real purchases.

M. le Duc said, upon this, "There are at least eighty thousand families,
the whole of whose wealth consists of these effects; how are they to live
during this liquidation?"

La Houssaye