edible thing hath occurred. It comes to me with certain
confirmation that there have been shares sold upon the street at twelve
thousand livres to the _action_, whereas, as you very well know,
fifteen thousand should be the lowest price to-day."

"And what of that, your Grace?" said Law, calmly. "Is it not what you
planned? Is it not what you have been expecting?"

"How, sirrah! What do you mean?"

"Why, I mean this, your Grace," said Law, calmly, "that since you have
taken the reins, it is you who must drive the chariot. I shall suggest
no plans, shall offer no remedy. But, if you still lack ability to see
how and why this thing has attained this situation, I will take so much
trouble as to make it plain."

"Go on, then, sir," said the regent. "Is not all well? Is there any
danger?"

"As to danger," said Law, "we can not call it a time of danger after the
worst has happened."

"What do you mean?"

"Why, that the worst has happened. But, as I was about to say, I shall
tell you how it happened."

The gaze of the regent fell. His hand trembled as he fumbled at his
sword hilt.

"Your Grace," said Law, calmly, "will do me the kindness to remember
that when I first asked of you the charter of the Banque Generale, to be
taken privately in the name of myself and my brother, I told you that
any banker merited the punishment of death if he issued notes or bills
of exchange without having their effective value safe in his own strong
boxes."

"Well, what of that?" queried the regent, weakly.

"Nothing, your Grace, except that your Grace deserves the punishment of
death."

"How, sir! Good God!"

"If the truth of this matter should ever become known, those people out
there, that France yonder, would tear your Grace limb from limb, and
trample you in the dust!"

The livid face of the regent went paler as the other spoke. There was
conviction in those tones which could not fail to reach even his heavy
wits.

"Let me explain," went on Law. "I beg your Grace to remember again, that
when your Grace was good enough to take out of the hands of my brother
and myself our little bank--which we had run honorably and
successfully--you changed at one sweep the whole principle of honest
banking. You promised to pay something which was unstipulated. You
issued a note back of which there was no value, no fixed limit of
measurement. Twice you have changed the coinage of the realm, and twice
assigned a new value to your specie.