the Treasury, would enter eagerly into the proposed
plan. In short, the Receivers-General soon transmitted very considerable
sums. Chests of money arrived daily from every point of France.
Intoxicated by this success, Desprez engaged in speculations which in his
situation were extremely imprudent. He lent more than 50,000,000 to the
merchants of Paris, which left him no command of specie. Being obliged
to raise money, he deposited with the Bank the bonds of the
Receivers-General which had been consigned to him, but which were already
discharged by the sums transmitted to their credit in the account
current. The Bank, wishing to be reimbursed for the money advanced to
Desprez, applied to the Receivers-General whose bonds were held an
security. This proceeding had become necessary on the part of the Bank,
as Desprez, instead of making his payments in specie, sent in his
acceptances. The Directors of the Bank, who conducted that establishment
with great integrity and discretion, began to be alarmed, and required
Desprez to explain the state of his affairs. The suspicions of the
Directors became daily stronger, and were soon shared by the public. At
last the Bank was obliged to stop payment, and its notes were soon at a
discount of 12 per cent.

The Minister of the Treasury, dismayed, as well may be supposed, at such
a state of things during the Emperor's absence, convoked a Council, at
which Joseph Bonaparte presided, and to which Desprez and Wanlerberghe
were summoned. Ouvrard being informed of this financial convulsion made
all possible haste from Madrid, and on his arrival at Paris sought
assistance from Amsterdam. Hope's house offered to take 15,000,000
piastres at the rate of 3 francs 75 centimes each. Ouvrard having
engaged to pay the Spanish Government only 3 francs, would very willingly
have parted with them at that rate, but his hasty departure from Madrid,
and the financial events at Paris, affected his relations with the
Spanish Treasury, and rendered it impossible for him to afford any
support to the Treasury of France; thus the alarm continued, until the
news of the battle of Austerlitz and the consequent hope of peace
tranquillised the public mind. The bankruptcy of Desprez was dreadful;
it was followed by the failure of many houses, the credit of which was
previously undoubted.

To temper the exultation which victory was calculated to excite, the news
of the desperate situation of the Treasury and the Bank