The Western Company was enlarged in 1718 by a grant of a monopoly of tobacco, and of the rights of trading ships and merchandise of the Company of Senegal. In 1719, the _Banque Royale_ absorbed the rights of the East India and China Companies, and then assumed the all-embracing title of _Compagnie des Indes_. The next year it took in the African Company; and so through that the whole of the non-European trade of France. In 1719, the management of the Mint was handed over to Law’s Company; and he was thus enabled to manipulate the coinage. In the same year he had undertaken to pay off the French National Debt, and so become the sole creditor of the Nation. He already exercised the functions of Receiver General and had revenue-farming abolished in its favour. He now controlled the collection and disposal of the whole of the State taxation. At this stage of his adventure, Law seemed a good fiscal administrator. He repealed or reduced pressing taxes on useful commodities, and reduced the price of necessaries by forty per cent. so that the peasants could increase the value of their holdings and their crops without fear of coming later into the remorseless grip of the tax-farmer under the infamous _metayer_ system. Free-trade was in the Provinces practically established. This, so far as it went, was all Law’s doing. Turgot, who later got credit for what had been done, only carried out what the Scotch financier had planned. Law had promised high dividends to the speculators in his scheme, and had so far paid them; so it was no wonder that “The System” raised its head again. In 1719-20, all France seemed to flock to Paris to such a degree and with such unanimity of purpose, that it was difficult to obtain room to go on with the necessary work of the Mississippi Scheme. In such matters, resting on human greed which throws all prudence to the winds, the pressure is always towards the centre; and the narrow street of Quin cam poix became a seething mass, day and night, of speculators in a hurry to buy shares. The time for trying to sell them had not yet arrived. Naturally such a locality rose in value, and as demand emphasises paucity of space, extraordinary prices ruled. Even a small share in the lucky street, where fortunes could be made in an hour, rose to fabulous value. Houses formerly letting for forty pounds a year now fetched eight hundred pounds per month. And no wonder, when shares of the face value of five hundred livres sold for ten thousand! When there is such an overwhelming desire to buy, then is the opportunity for sellers to realise, and the time for such speculation on the one side, and for such commerce on the other, is naturally short and the need pressing.