ng of its intended effect, was
followed by another, in which the depreciation was increased to ten per
cent. The payments of the bank were at the same time restricted to one
hundred livres in gold, and ten in silver. All these measures were
nugatory to restore confidence in the paper, though the restriction of
cash payments within limits so extremely narrow kept up the credit of the
bank.

[Illustration: LUCIFER'S NEW ROW-BARGE.[11]]

[11] "Lucifer's New Row-Barge" exhibits Law in a barge, with a
host of emblematic figures representing the Mississippi
follies.--_From a Print in Mr. Hawkins' Collection_.

Notwithstanding every effort to the contrary, the precious metals
continued to be conveyed to England and Holland. The little coin that was
left in the country was carefully treasured, or hidden until the scarcity
became so great, that the operations of trade could no longer be carried
on. In this emergency, Law hazarded the bold experiment of forbidding the
use of specie altogether. In February 1720 an edict was published, which,
instead of restoring the credit of the paper, as was intended, destroyed
it irrecoverably, and drove the country to the very brink of revolution.
By this famous edict it was forbidden to any person whatever to have more
than five hundred livres (20l.) of coin in his possession, under pain of a
heavy fine, and confiscation of the sums found. It was also forbidden to
buy up jewellery, plate, and precious stones, and informers were
encouraged to make search for offenders, by the promise of one-half the
amount they might discover. The whole country sent up a cry of distress at
this unheard-of tyranny. The most odious persecution daily took place. The
privacy of families was violated by the intrusion of informers and their
agents. The most virtuous and honest were denounced for the crime of
having been seen with a _louis d'or_ in their possession. Servants
betrayed their masters, one citizen became a spy upon his neighbour, and
arrests and confiscations so multiplied, that the courts found a
difficulty in getting through the immense increase of business thus
occasioned. It was sufficient for an informer to say that he suspected any
person of concealing money in his house, and immediately'a search-warrant
was granted. Lord Stair, the English ambassador, said, that it was now
impossible to doubt of the sincerity of Law's conversion to the Catholic
religion; he had established