One of the chief offenders was the Prince de Conti, a near relative of the Regent. This nobleman had amassed great wealth through engaging in speculation under Law’s guidance, but had alienated the latter by his insatiable appetite for still greater fortune. Unable again to enlist the services of Law in his interests, he evinced towards him that bitterest form of ingratitude, the ingratitude of the man who is favoured to him who does the favour. He attacked Law in his most sensitive part by realising great quantities of stock, and converting the notes he received in payment into money at the Bank, an operation which required the aid of three waggons. Many speculators who had preferred specie to paper transmitted their money abroad for safe investment, and in the course of a few weeks several hundred millions of livres were sent out of the country. A few also hoarded their wealth in secret places until the time would come when they could without fear employ it openly. The first step taken by Law with a view to placing a check upon this continuous drain on the reserves of the Bank was the issue of a decree on 28th January, depreciating the coinage by raising the price of the silver marc to 54 livres. At the same time the interest of money was reduced from 4 to 2 per cent. Many people refused to bring their specie to the Bank for recoinage, and then commenced that system of domiciliary visits which under subsequent decrees worked with so much tyranny and for a time absolutely destroyed not only public but also domestic confidence.