paper-money. No
sooner had he the bank in his power, than he added to the reasonable and
useful total of $12,000,000 of notes already out, a monstrous issue of
$200,000,000 worth in one vast batch, with the firm conviction that he
was thus adding so much to the par currency of France.

The Parliament of France, a body mostly of lawyers, originating in the
Middle Ages, a steady, conservative, wise, and brave assembly, was
always hostile to Law and his schemes. When this great expansion of
paper-currency began, the Parliament made a resolute fight against it,
petitioning, ordaining, threatening to hang Law, and frightening him
well, too; for the thorough enmity of an assembly of old lawyers may
well frighten anybody. At last, the Regent, by the use of the despotic
power of which the Kings of France had so much, reduced these old
fellows to silence by sticking a few of them in jail.

The cross-grained Parliament thus disposed of, everything was quickly
made to "look lovely." In the beginning of 1719, more grants were made
to Law's associated concerns. The Mississippi Company was granted the
monopoly of all trade to the East Indies, China, the South Seas, and all
the territories of the French India Company, and of the Senegal Company.
It took a new and imposing name: "The Company of the Indies." They had
already, by the way, also obtained the monopoly of the Canada
beaver-trade. Of this colossal corporation, monopolizing the whole
foreign commerce of France with two-thirds or more of the world, its
whole home finances, and other important interests besides, fifty
thousand new shares were issued, as before, at $100 each. These might be
bought as before, with Government securities at par. Law was so bold as
to promise annual dividends of $20 per share, which, as the Government
funds stood, was one hundred and twenty per cent. per annum.! Everybody
believed him. More than three hundred thousand applications were made
for the new shares. Law was besieged in his house by more than twice as
many people as General Grant had to help him take Richmond. The Great
Humbug was at last in full buzz. The street where the wonderful
Scotchman lived was busy, filled, crowded, jammed, choked. Dangerous
accidents happened in it every day, from the excessive pressure. From
the princes of the blood down to cobblers and lackeys, all men and all
women crowded and crowded to subscribe their money, and to pay their
money, and to know how many shar