M. le Duc d’Orléans took the trouble to speak in private to each member of the council, and gently to make them understand that he wished the bank to meet with no opposition. He spoke his mind to me thoroughly; therefore a reply was necessary. I said to him that I did not hide my ignorance or my disgust for all finance matters; that nevertheless, what he had just explained to me appeared good in itself, that without any new tax, without expense, and without wronging or embarrassing anybody, money should double itself at once by means of the notes of this bank, and become transferable with the greatest facility. But along with this advantage I found two inconveniences, the first, how to govern the bank with sufficient foresight and wisdom, so as not to issue more notes than could be paid whenever presented: the second, that what is excellent in a republic, or in a monarchy where the finance is entirely popular, as in England, is of pernicious use in an absolute monarchy such as France, where the necessities of a war badly undertaken and ill sustained, the avidity of a first minister, favourite or mistress, the luxury, the wild expenses, the prodigality of a King, might soon exhaust a bank, and ruin all the holders of notes, that is to say overthrow the realm. M. le Duc d’Orléans agreed to this; but at the same time maintained that a King would have so much interest in never meddling or allowing minister, mistress, or favourite to meddle with the bank, that this capital inconvenience was never to be feared. Upon that we for a long time disputed without convincing each other, so that when, some few days afterwards, he proposed the bank to the regency council, I gave my opinion as I have just explained it, but with more force and at length: and my conclusion was to reject the bank, as a bait the most fatal, in an absolute country, while in a free country it would be a very good and very wise establishment. Few dared to be of this opinion: the bank passed. M. le Duc d’Orléans cast upon me some little reproaches but gentle, for having spoken at such length. I based my excuses upon my belief that by duty, honour, and conscience, I ought to speak according to my persuasion, after having well thought over the matter, and explained myself sufficiently to make my opinion well understood, and the reason I had for forming it. Immediately after, the edict was registered without difficulty at the Parliament. This assembly sometimes knew how to please the Regent with good grace in order to turn the cold shoulder to him afterwards with more efficacy.