possible a great volume of accepted notes, a credit based on all France
might not warrant an indefinite issue of such notes. He offered his
director-general all the concessions which the crown could give, all the
revenue-producing elements of France--in effect, all France itself, as
security. In return he asked but the small privilege of printing for
himself as much money as he chose and whenever he saw fit!

The notes of the private bank of Law were an absolute promise to pay a
certain and definite sum, not a changeable or indefinite sum; and Law
made it a part of his published creed that any banker was worthy of
death who issued notes without having the specie wherewith to pay them.
He insisted that the payment should mean specie in the value of the day
on which the note was issued. This item the regent liked little, as
being too irksome for his temper. Was it not of record how Louis, the
Grand Monarque, had twice made certain millions for himself by the
simple process of changing the value of the coin? Dicing, drinking,
amorous Philippe, easy-going, shallow-thinking, truly wert thou better
fitted for a throne than for a banker's chair!

The royal bank, which the regent himself hastened to foster when he saw
the profits of the first private bank of circulation and discount France
had ever known, issued notes against which Law entered immediately his
firm protest. He saw that their tenor spelled ruin for the whole system
of finance which, at such labor, he had erected. These notes promised to
pay, for instance, fifty livres "in silver coin," not "in coin of the
weight and standard of this day," as had the honester notes of Law's
bank. That is to say, the notes meant nothing sure and nothing definite.
They might be money for a time, but not forever; and this the
director-general was too shrewd a man not to know.

"But under this issue you shall have all France," said the regent to him
one day, as they renewed their discussion yet again upon this scheme.
"You shall have the farming of the taxes. I will give you all the
foreign trade as monopoly, if you like--will give you the mint--will
give you, in effect, as I have said, all France. But, Monsieur my
director-general, I must have money. It is for that purpose that I
appoint you director-general--because I find you the most remarkable man
in all the world."

"Your Grace," said Law, "print your notes thus, and print them to such
extent as you wish, and France is again