Court Memoirs of France Series— Complete

Contents:
Author: Various

Chapter CI

Immediately after the issue of this decree an edict was drawn up for the establishment of an Indian commercial company, which was to undertake to reimburse in a year six, hundred millions of bank notes, by paying fifty thousand dollars per month. Such was the last resource of Law and his system. For the juggling tricks of the Mississippi, it was found necessary to substitute something real; especially since the edict of the 22nd of May, so celebrated and so disastrous for the paper. Chimeras were replaced by realities—by a true India Company; and it was this name and this thing which succeeded, which took the place of the undertaking previously known as the Mississippi. It was in vain that the tobacco monopoly and a number of other immense monopolies were given to the new company; they could not enable it to meet the proper claims spread among the public, no matter what trouble might be taken to diminish them at all hazard and at all loss.

It was now necessary to seek other expedients. None could be found except that of rendering this company a commercial one; this was, under a gentler name, a name vague and unpretending, to hand over to it the entire and exclusive commerce of the country. It may be imagined how such a resolution was received by the public, exasperated by the severe decree, prohibiting people, under heavy penalties, from having more than five-hundred livres, in coin, in their possession, subjecting them to visits of inspection, and leaving them nothing but bank notes to, pay for the commonest necessaries of daily life. Two things resulted; first, fury, which day by day was so embittered by the difficulty of obtaining money for daily subsistence, that it was a marvel all Paris did not revolt at once, and that the emeute was appeased; second, the Parliament, taking its stand upon this public emotion, held firm to the end in refusing to register the edict instituting the new company.

On the 15th of July, the Chancellor showed in his own house the draught of the edict to deputies from the Parliament, who remained with him until nine o’clock at night, without being persuaded. On the morrow, the 16th, the edict was brought forward in the Regency Council. M. le Duc d’Orleans, sustained by M. le Duc, spoke well upon it, because he could not speak ill, however bad his theme. Nobody said a word, and all bowed their necks. It was resolved, in this manner, to send the edict to the Parliament on the morrow, the 17th of July.

That same 17th of July, there was such a crowd in the morning, at the bank and in the neighbouring streets, for the purpose of obtaining enough money to go to market with, that ten or twelve people were stifled. Three of the bodies were tumultuously carried to the Palais Royal, which the people, with loud cries, wished to enter. A detachment of the King’s guards at the Tuileries was promptly sent there. La Vrilliere and Le Blanc separately harangued the people. The lieutenant of police came; brigades of the watch were sent for. The dead bodies were afterwards carried away, and by gentleness and cajoleries the people were at length dispersed. The detachment of the King’s guards returned to the Tuileries. By about ten o’clock in the morning, all being over, Law took it into his head to go to the Palais Royal. He received many imprecations as he passed through the streets. M. le Duc d’Orleans thought it would be well not to let him leave the Palais Royal, and gave him a lodging there. He sent back Law’s carriage, however, the windows of which were smashed on the way by the stones thrown at them. Law’s house, too, was attacked, amid much breaking of windows. All this was known so late in our quarter of the Jacobins of the Saint-Dominique, that when I arrived at the Palais Royal there was not a vestige visible of any disturbance. M. le Duc d’Orleans, in the midst of a very small company, was very tranquil, and showed that you would not please him unless you were so also. I did not stop long, having nothing to do or say.

This same morning the edict was carried to the Parliament, which refused to register it, and sent a deputation to M. le Duc d’Orleans with its reasons for this, at which the Regent was much vexed. The next morning an ordonnance of the King was pasted all over the town, prohibiting the people, under heavy penalties, to assemble, and announcing that in consequence of the disturbances which had taken place the previous day at the bank, that establishment would remain closed until further notice, and no more money would be paid by it. Luck supplied the place of prudence; for people knew not how they were to live in the meanwhile, yet no fresh disturbance occurred fact which shows the goodness and obedience of the people, subjected to so many and to such strange trials. Troops, however, were collected at Charenton, who were at work upon the canal of Montargis: some regiments of cavalry and of dragoons were stationed at Saint-Denis, and the King’s regiment was posted upon the heights of Chaillot. Money was sent to Gonesse to induce the bakers to come as usual, and for fear they should refuse bank notes, like the Paris workmen and shopkeepers, nearly all of whom would no longer receive any paper, the regiment of the guards had orders to hold itself ready, and the musketeers to keep within their quarters, their horses saddled and bridled.

As for the Parliament, M. le Duc d’Orleans determined to punish its disobedience by sending it to Blois. This resolution was carried in full council. The Regent hoped that the Parliamentary men, accustomed to the comfort of their Paris homes, and to the society there of their wives; children, and friends, would soon grow tired of being separated from them, and of the extra expense they would be put to, and would give in. I agreed to the project, although I saw, alas! that by this exile the Parliament would be punished, but would be neither conciliated nor tamed into submission. To make matters worse, Blois was given up, and Pontoise was substituted for it! This latter town being close to Paris, the chastisement became ridiculous, showed the vacillating weakness of the Regent, and encouraged the Parliament to laugh at him. One thing was, however, well done. The resolution taken to banish the Parliament was kept so secret that that assembly had not the slightest knowledge of it.

On Sunday, the 21st of July, squadrons of the guards, with officers at their head, took possession, at four o’clock in the morning, of all the doors of the Palais de justice. The musketeers seized at the same time upon the doors of the Grand Chamber, whilst others invaded the house of the Chief-President, who was in much fear during the first hour. Other musketeers went in parties of four to all the officers of the Parliament, and served them with the King’s order, commanding them to repair to Pontoise within twice twenty-four hours. All passed off very politely on both sides, so that there was not the slightest complaint: several members obeyed the same day and went to Pontoise.

Rather late in the evening M. le Duc d’Orleans sent to the Attorney- General 200,000 livres in coin, and as much in bank notes of 100 livres, and of 10 livres to be given to those who should need them for the journey, but not as gifts. The Chief-President was more brazen and more fortunate; he made so many promises, showed so much meanness, employed so much roguery, that abusing by these means the feebleness and easiness of the Regent, whom he laughed at, he obtained more than 100,000 ecus for his expenses. The poor prince gave him the money, under the rose, in two or three different payments, and permitted the Duc de Bouillon to lend him his house at Pontoise, completely furnished, and the garden of which, on the banks of the river, is admirable and immense, a masterpiece of its kind, and had been the delight of Cardinal Bouillon, being perhaps the only thing in France he regretted. With such fine assistance the Chief- President—on bad terms with his companions, who had openly despised him for some time—perfectly made it up with them. He kept at Pontoise open table for the Parliament; all were every day at liberty to use it if they liked, so that there were always several tables, all equally, delicately, and splendidly served. He sent, too, to those who asked for them, liquors, etc., as they could desire. Cooling drinks and fruits of all kinds were abundantly served every afternoon, and there were a number of little one and two-horse vehicles always ready for the ladies and old men who liked a drive, besides play-tables in the apartments until supper time. The result of all this magnificence was, as I have said, that the Chief-President completely reinstated himself in the good graces of his companions; but it was at the expense of the Regent, who was laughed at for his pains. A large number of the members of the Parliament did not go to Pontoise at all, but took advantage of the occasion to recreate themselves in the country. Only a few of the younger members mounted guard in the assembly, where nothing but the most trivial and makebelieve business was conducted. Everything important was deliberately neglected. Woe! to those, therefore, who had any trial on hand. The Parliament, in a word, did nothing but divert itself, leave all business untouched, and laugh at the Regent and the government. Banishment to Pontoise was a fine punishment!

This banishment of the Parliament to Pontoise was followed by various financial operations and by several changes in the administrations. Des Forts had the general control of the finances and all authority, but without the name. The disordered state of the exchequer did not hinder M. le Duc d’Orleans from indulging in his strange liberalities to people without merit and without need, and not one of whom he could possibly care a straw for. He gave to Madame la Grande Duchesse an augmentation of her pension of 50,000 livres; one of 8,000 livres to Trudaine: one of 9,000 livres to Chateauneuf; one of 8,000 livres to Bontems, chief valet de chambre of the King; one of 6,000 livres to the Marechal de Montesquieu; one of 3,000 livres to Faucault; and one of 9,000 livres to the widow of the Duc d’Albemarle, secretly remarried to the son of Mahoni.

All this time the public stock-jobbing still continued on the Place Vendome. The Mississippi had tempted everybody. It was who should fill his pockets first with millions, through M. le Duc d’Orleans and Law. The crowd was very great. One day the Marechal de Villars traversed the Place Vendome in a fine coach, loaded with pages and lackeys, to make way for which the mob of stock-jobbers had some difficulty. The Marechal upon this harangued the people in his braggart manner from the carriage window, crying out against the iniquity of stock-jobbing, and the shame it cast upon all. Until this point he had been allowed to say on, but when he thought fit to add that his own hands were clean, and that he had never dabbled in shares, a voice uttered a cutting sarcasm, and all the crowd took up the word, at which the Marechal, ashamed and confounded, despite his ordinary authority, buried himself in his carriage and finished his journey across the Place Vendome at a gentle trot in the midst of a hue and cry, which followed him even beyond, and which diverted Paris at his expense for several days, nobody pitying him.

At last it was found that this stock-jobbing too much embarrassed the Place Vendome and the public way; it was transferred, therefore, to the vast garden of the Hotel de Soissons. This was, in fact, its proper place. Law, who had remained at the Palais Royal some time, had returned to his own house, where he received many visits. The King several times went to see the troops that had been stationed near Paris; after this they were sent away again. Those which had formed a little camp at Charenton, returned to Montargis to work at the canal making there.

Law, for commercial reasons, had some time ago caused Marseilles to be made a free port. The consequence of this was that an abundance of vessels came there, especially vessels from the Levant, and from want of precautions the plague came also, lasted a long while, desolated the town, province; and the neighbouring provinces. The care and precautions afterwards taken restrained it as much as possible, but did not hinder it from lasting a long time, or from creating frightful disorders. These details are so well known that they can be dispensed with here.

I have a few more words to say of Law and his Mississippi. The bubble finally burst at the end of the year (1720). Law, who had no more resources, being obliged secretly to depart from the realm, was sacrificed to the public. His flight was known only through the eldest son of Argenson, intendant at Mainbeuge, who had the stupidity to arrest him. The courier he despatched with the news was immediately sent back, with a strong reprimand for not having deferred to the passport with which Law had been furnished by the Regent. The financier was with his son, and they both went to Brussels where the Marquis de Prie, Governor of the Imperial Low Countries, received them very well, and entertained them. Law did not stop long, gained Liege and Germany, where he offered his talents to several princes, who all thanked him; nothing more. After having thus roamed, he passed through the Tyrol, visited several Italian courts, not one of which would have him, and at last retired to Venice. This republic, however, did not employ him. His wife and daughter followed him some time after. I don’t know what became of them or of the son.

Law was a Scotchman; of very doubtful birth; tall and well made; of agreeable face and aspect; gallant, and on very good terms with the ladies of all the countries he had travelled in. His wife was not his wife; she was of a good English family and well connected; had followed Law for love; had had a son and a daughter by him, passed for his wife, and bore his name without being married to him. This was suspected towards the end; after his departure it became certain. She had one eye and the top of one cheek covered by an ugly stain as of wine; otherwise she was well made, proud, impertinent in her conversation and in her manners, receiving compliments, giving next to none, paying but few visits, these rare and selected, and exercising authority in her household. I know not whether her credit over her husband was great; but he appeared full of regard, of care, and of respect for her; at the time of their departure they were each about fifty and fifty-five years old. Law had made many acquisitions of all kinds and still more debts, so that this tangle is not yet unravelled by the committee of the council appointed to arrange his affairs with his creditors. I have said elsewhere, and I repeat it here, that there was neither avarice nor roguery in his composition. He was a gentle, good, respectable man, whom excess of credit and fortune had not spoiled, and whose deportment, equipages, table, and furniture could not scandalise any one. He suffered with singular patience and constancy all the vexations excited by his operations, until towards the last, when, finding himself short of means and wishing to meet his difficulty, he became quick and badtempered, and his replies were often ill-measured. He was a man of system, of calculation, of comparison, well and profoundly instructed in these things, and, without ever cheating, had everywhere gained at play by dint of understanding—which seems to me incredible—the combinations of cards.

His bank, as I have elsewhere said, was an excellent thing for a republic, or for a country like England, where finance is as in a republic. His Mississippi he was the dupe of, and believed with good faith he should make great and rich establishments in America. He reasoned like an Englishman, and did not know how opposed to commerce and to such establishments are the frivolity of the (French) nation, its inexperience, its avidity to enrich itself at once, the inconvenience of a despotic government, which meddles with everything, which has little or no consistency, and in which what one minister does is always destroyed by his successor.

Law’s proscription of specie, then of jewels, so as to have only paper in France, is a system I have never comprehended, nor has anybody, I fancy, during all the ages which have elapsed since that in which Abraham, after losing Sarah, bought, for ready-money, a sepulchre for her and for her children. But Law was a man of system, and of system so deep, that nobody ever could get to the bottom of it, though he spoke easily, well and clearly, but with a good deal of English in his French.

He remained several years at Venice, upon very scanty means, and died there a Catholic, having lived decently, but very humbly, wisely, and modestly, and received with piety the last sacraments of the Church.

Thus terminates all I have to say of Law. But a painful truth remains. I have to speak of the woful disorder in the finances which his system led to, disorder which was not fully known until after his departure from France. Then people saw, at last, where all the golden schemes that had flooded upon popular credulity had borne us;—not to the smiling and fertile shores of Prosperity and Confidence, as may be imagined; but to the bleak rocks and dangerous sands of Ruin and Mistrust, where dull clouds obscure the sky, and where there is no protection against the storm.

Contents:

Related Resources

None available for this document.

Download Options


Title: Court Memoirs of France Series— Complete

Select an option:

*Note: A download may not start for up to 60 seconds.

Email Options


Title: Court Memoirs of France Series— Complete

Select an option:

Email addres:

*Note: It may take up to 60 seconds for for the email to be generated.

Chicago: Various, "Chapter CI," Court Memoirs of France Series— Complete, ed. Braybrooke, Richard Griffin, Baron, 1783-1853 and trans. Holcroft, Thomas, 1745-1809 in Court Memoirs of France Series—Complete (New York: Doubleday, Page, 1909), Original Sources, accessed February 23, 2024, http://www.originalsources.com/Document.aspx?DocID=9HE799YUNFGQN88.

MLA: Various. "Chapter CI." Court Memoirs of France Series— Complete, edited by Braybrooke, Richard Griffin, Baron, 1783-1853, and translated by Holcroft, Thomas, 1745-1809, in Court Memoirs of France Series—Complete, Vol. 36, New York, Doubleday, Page, 1909, Original Sources. 23 Feb. 2024. http://www.originalsources.com/Document.aspx?DocID=9HE799YUNFGQN88.

Harvard: Various, 'Chapter CI' in Court Memoirs of France Series— Complete, ed. and trans. . cited in 1909, Court Memoirs of France Series—Complete, Doubleday, Page, New York. Original Sources, retrieved 23 February 2024, from http://www.originalsources.com/Document.aspx?DocID=9HE799YUNFGQN88.