The beginning of Law’s difficulties.--The Bank’s reserve of specie begins to be depleted.--Law attempts a remedy by altering the standard of the coinage, and restricting the currency of specie.--Temporary success of remedy.--Domiciliary visits resorted to for detection of hoarded specie.--Bank and Company United.--Discharge of National Debt.--Use of the Rue Quincampoix prohibited as a stock market.--The assassination of a stock-jobber by the Comte de Horn, and the latter’s execution. [Illustration] Events now very rapidly developed in the history of the Bank and of the West India Company. Law’s accession to power marked the beginning of his difficulties--difficulties which taxed his judgment to the utmost and forced him into the employment of expedients which he himself foresaw could not permanently ward off injury to his schemes. He thought, however, they might serve their purpose until his schemes assumed a less fluid condition, and that their establishment in good working order would render them proof against attack from such outside forces as might array themselves against him. The first indications of danger were becoming apparent in December, and by the following month had assumed an alarming aspect. Shares had been selling at the very high price of 10,000 livres each, but by concerted action amongst several large holders and speculators that price was gradually forced up until it reached the unprecedented figure of 20,000 livres. This was now their opportunity. Artificial inflation could not be carried to greater lengths, and accordingly a process of extensive unloading commenced. These speculators, however, suspicious of the stability of the new system, were not satisfied with holding notes, the value of which might depreciate at any moment, and immediately presented them at the Bank for their equivalent in specie. Law perceived that such a process if allowed to run unchecked would soon deplete the Bank of all its available resources. Refusal to exchange would be suicidal, and if public confidence could not be maintained without recourse to artificial means, the currency of the notes would require to be forced directly or indirectly.