appeared together in public at the opera, the necessity for continuing the pretence of disgrace having evidently been regarded as needless. Law, who acted at this critical period with great good sense, determined upon advising the Regent to reinstate D’Aguessau in the office of Chancellor from which he had been instrumental in removing him. With the assistance of Dubois, to whom Law had communicated his proposal and who strongly approved of its wisdom, as a prudent concession to public opinion, the appeal to the Regent was successful. Since his deposition, the ex-chancellor had lived in retirement on his estate at Frênes. Thence Law himself, and the Chevalier de Conflans, an officer of the Regent’s household, were despatched in order to convey the command of the King to resume his office. D’Aguessau at first refused to accept the honour, but after considerable pressure and on representations that the interests of the government lay with his acceptance, he agreed to receive the seals. D’Argenson was at the same time deprived of office, but retained all the honours and the position it had conferred upon him. Law’s own successor was Pelletier des Forts, and associated with him as colleagues were D’Ormesson and Gaumont. These three formed a commission of finance, and to them was entrusted the responsibility of adjusting the finances of the kingdom. As with Law, the supreme object of the new commission of finance was the reduction of the volume of bank-notes in circulation and the establishment of the shares upon a more stable foundation in order to prevent the extravagant fluctuations to which they had hitherto been subjected. In their deliberations they were joined by five deputies of Parliament,--a suggestion of the Regent who wished to impress the public with the idea that all the measures which might be taken to deal with the crisis had the approval of that body. The result of their deliberations was the creation of twenty-five million livres of annuities secured upon the revenues of Paris. These annuities, which bore interest at the rate of 2½ per cent., were purchasable in notes, which were received at their nominal value, and the notes thus utilised were to be burnt publicly at the Town Hall. At the same time it was determined to effect a wholesale reduction of the capital of the Company. The King was proprietor to the extent of 100,000 shares, and the Company itself held 300,000 shares which had been bought in during February and March at the rate of 9000 livres per share. These were now to be cancelled, and 200,000 new shares were to be issued in place of the 200,000 shares to which the capital was now reduced. The new shares were to be given to holders of the latter, share for share, with a liability of 3000 livres payable in notes or at the rate of two new shares for three old shares, and were to carry a fixed dividend of 360 livres per share. To induce the commercial community to make use of the