On the other hand, he had in his possession no less than 400,000 actions, which at 200 livres dividend, which the company was obliged to pay, amounted to 80 millions a year. How the Regent and the company settled matters, I do not know precisely. This, however, is certain, that by the _arret_ of the 3d of June 1720, the number of 400 000 actions, belonging to the Regent, were burnt; and 24 000 more which had been created by his particular order, the 4th of October 1719, and never delivered to the company, were suppressed. On the other hand, the company ceded 25 millions a year, of the 48 millions which had been transferred to them. That sum was constituted anew upon the town-house of Paris, as a fund to be subscribed for by the proprietors of bank notes, at the rate of 2½ _per cent._ or as the French call it at the 40th penny. (Dutot, p. 168.) In consequence of this, 530 millions of bank notes were subscribed for, and paid in, in the month of June 1720. After the destruction of the 400,000 actions, the credit of the bank notes languished until the 10th of October 1720. The object for which they were created was now gone. The whole scheme of transferring the King’s debts upon the company vanished in the conflagration of the actions. What was then to be done? The bank was at an end: 2235 millions of discredited bank notes in circulation, and a small sum of coin to make them good, was a situation which no authority could long support. The resolution then was taken to put a final conclusion to this great affair; to bid a long farewel to credit and confidence; and to return upon the old system of rents upon the town-house of Paris; and of coming at money in the best way they could. We shall now see how this was accomplished; and from that form a pretty good guess at the extent of the fraud committed, with respect to the creditors of France; not so much, I think, from any intrinsic defect in the Missisippi scheme, as from the distress the nation was thrown into, by the ignorance of those who over-ruled John Law in conducting it. We have seen how the actions were reduced to the number of 200,000; we must now give an account of the deplorable fate of the bank notes. By the _arret_ of 10th of October 1720, all bank notes were entirely suppressed; and it was declared, that after the 1st of December following, they were to have no course whatsoever. Here follows the arrangement of this great affair, viz. the liquidation of 2 696 400 000 livres of bank notes as regulated by this _arret_. 1_mo_, Of the above total of notes coined, 707 327 460 livres. there remained in the bank at that time, for 2_do_, Subscribed for at 2½ _per cent._ in 530 000 000 June 1720 3_tio_, Carried to the bank by private people 200 000 000 as a fund of credit there 4_to_, Paid in coin by the bank 90 000 000 ————————