the honour of the crown, and not lose the occasion of obtaining a priceless diamond which would efface the lustre of all others in Europe! that it was a glory for his Regency which would last for ever; that, whatever might be the state of the finances, the saving obtained by a refusal of this jewel would not much relieve them, for it would be scarcely perceptible; in fact, I did not quit M. le Duc d’Orléans until he had promised that the diamond should be bought. M. le Duc d’Orléans was agreeably deceived by the applause that the public gave to an acquisition so beautiful and so unique.... I much applauded myself for having induced the Regent to make so illustrious a purchase.” Through Law the price was fixed at two millions, or, approximately, £150,000. So reduced, however, was the exchequer that payment was impossible at the time, and thus an additional debt was added to an already over-burdened Treasury. The purchase of the gewgaw was a simple matter, and Saint-Simon was eminently capable for this portion of the negotiations. The payment was more difficult, and was postponed to be dealt with by Law himself. CHAPTER IV Law’s notes become official tender.--The Mississippi Scheme projected.--Early explorers of Mississippi territory.--Establishment of the West India Company.--Its absorption of depreciated _billets d’état_.--D’Argenson appointed Chancellor of France, and attempts extinction of National Debt.--Law innocently involved in D’Argenson’s fatal scheme.--Saved from arrest by Regent.--The brothers Paris and an anti-system. [Illustration] Less than one year’s operations were sufficient to disclose the superior value of Law’s Bank as an institution of national importance. Its remarkable success was not attributable to factitious or ephemeral circumstances, but to the confidence inspired by the soundness of the methods upon which its business was conducted. Law’s powerful grasp of financial principles, and his striking capacity for their practical application, were evidenced in the masterly manner that characterised his management at this period. If anything was wanting to its complete success, it was recognition by the Government of the Bank as the official channel for the national revenues to reach the Treasury. This came before the first year expired. On 10th April, 1717, the Council decreed that the tax collectors should treat Law’s notes as legal tender at their full face value. The effect of this, of course, was to extend the demand for so stable a medium of currency to districts as yet outside the sphere of the Bank’s operations. Law’s position was now one of the first magnitude. So far-reaching was his influence that the industrial welfare of France was bound up to a large extent with his fortunes, and would have been seriously menaced by its withdrawal. The stimulus of his activity was felt throughout the whole country, and secured for him the greatest authority and respect.