Their scheme was the formation of a company to take over a large proportion of the national revenues, and in payment of the shares, of which there were 100,000, of 1000 francs each, to take the depreciated securities of the public service at their full value. This company was to guarantee a revenue of 48 millions per annum, derivable from the sources of taxation allotted to them, and the treasury were to hold in security of their carrying out their obligation the 100 millions of depreciated securities which the company would absorb. The company would of course proceed in the manner usual to all farmers of the public revenue, and exact from the public taxation exorbitantly in excess of what was payable to the treasury. D’Argenson and the brothers knowing that the holders of the depreciated securities were thoroughly acquainted with the profitable nature of the business in which the company was to engage would only be too ready to convert their securities into the company’s shares. The brothers Paris had a reputation for want of any quality of mercy in the levy of taxation, and the shareholders would require no assurances as to the probable returns upon their investments or as to the probable permanence of these returns. Alluring advertisements in praise of the company’s sources of income were quite unnecessary as in the case of the Mississippi scheme projected by Law. These unfortunately were patent to every one, but fortunately for those who would have been the victims of such a scheme, and fortunately also for the country at large, already suffering sufficiently from the insatiable rapacity of the tax-gatherers, the formation of the company did not commend itself to the Regent and his advisers, so once more Law was delivered from the jealousies of his rivals. CHAPTER V Exaggerated accounts of resources of Louisiana.--Law’s judgment at fault--His ultimate aim.--He creates an artificial rise in the value of Company shares.--His unsuccessful efforts to gain influence over Saint-Simon.--Acquisition of Tobacco monopoly.--Absorption of other companies.--Reconstitution of West India Company.--Parliamentary opposition overcome.--“Mothers” and “Daughters”.--Excited speculation in shares.--Issue of notes to colonists.--A pioneer’s account of Louisiana. [Illustration]