lion grin. Now to govern those
given us by Providence to govern," and the regent smiled grimly at the
ancient fiction, "it is most meet that the governed should produce
somewhat of funds in order that they may be governed."

"Yes, and the error has been in going too far," said Law. "These people
have been taxed beyond the taxation point. Now they laugh."

"Yes; and by God, Monsieur L'as, when France laughs, beware!"

"Your Grace admits that France has no further resources."

"Assuredly."

"Then tax New France!" cried Law, his hand coming down hard upon the
table, his eyes shining. "Mortgage where the security doubles every
year, where the soil itself is security for wealth greater than all
Europe ever owned."

"Oh, very well, Monsieur; though later I must ask you to explain."

"You admit that no more money can be forced from the people of France."

"Ask the farmers of the taxes. Ask Chamillard of the Treasury. My faith,
look out of the window! Listen! Do I not tell you that France is
laughing?"

"Very well. Let us also laugh. Let us all laugh together. There is money
in France, more money in Europe. I assure you these people can be
brought to give you cheerfully all they have."

"It sounds well, Monsieur L'as, but let me ask you how?"

"France is bankrupt--this is brutal, but none the less true. France must
repudiate her obligations unless something be swiftly done. It is not
noble to repudiate, your Grace. Yet, if we cancel and not repudiate, if
we can obtain the gold of France, of Europe--"

"Body of God! but you speak large, my friend."

"Not so large. All subjects shrink as we come close to them by study.
'Tis easy to see that France has not money enough for her own business.
If we had more money in France, we should have more production, and if
we had more production, we might have taxes. Thereby we might have
somewhat in our treasury wherewith to keep the king in the saddle, and
not under foot."

"Then, if I follow you," said Philippe, leaning slightly forward and
again placing his finger tips judicially together, "you would coin
greater amounts of money. Then, I would ask you, where would you get
your gold for the coinage?"

"It is not gold I would coin," said Law, "but credit."

"The kingdom hath been run on credit for these many years."

"No, 'tis not that kind of credit that I mean. I mean the credit which
comes of confidence. It is fate, necessity, which demands a new system.
The world ha