Memoirs of Louis XIV and His Court and of the Regency — Volume 13Saint-Simon, Louis de Rouvroy, duc de
History
Memoirs of Louis XIV and His Court and of the Regency — Volume 13
Saint-Simon, Louis de Rouvroy, duc de
France -- Court and courtiers; France -- History -- Louis XIV, 1643-1715; France -- History -- Regency, 1715-1723
This, in the language of finance and of bankruptcy, was to turn tail with
a vengeance: and its effect, while remedying nothing, was to make people
believe that things were in a worse state than was actually the case.
Argenson, who, as we have seen, had been turned out of the finances to
make room for Law, was generally accused of suggesting this decree out of
malice, already foreseeing all the evils that must arise from it. The
uproar was general and frightful. There was not a rich person who did
not believe himself lost without resource; not a poor one who did not see
himself reduced to beggary. The Parliament, so opposed to the new money
system, did not let slip this fine opportunity. It rendered itself the
protector of the public by refusing to register the decree, and by
promptly uttering the strongest remonstrance against it. The public even
believed that to the Parliament was due the sudden revocation of the
edict, which, however, was simply caused by the universal complaining,
and the tardy discovery of the fault committed in passing it. The little
confidence in Law remaining was now radically extinguished; not an atom
of it could ever be set afloat again. Seditious writings and analytical
and reasonable pamphlets rained on all sides, and the consternation was
general.
The Parliament assembled on Monday, the 27th of May, in the morning, and
named certain of its members to go to M. le Duc d'Orleans, with
remonstrances against the decree. About noon of the same day, M. le Duc
d'Orleans sent La Vrilliere to say to the Parliament that he revoked that
decree, and that the notes would remain as before. La Vrilliere, finding
that the Parliament had adjourned, went to the Chief-President, to say
with what he was charged. After dinner the Parliamentary deputies came
to the Palais Royal, where they were well received; M. le Duc d'Orleans
confirmed what they had already heard from La Vrilliere, and said to them
that he would re-establish the funds of the Hotel de Ville at two-and-a-
half percent. The deputies expected that in justice and in goodness he
ought to raise them to at least three per cent. M. le Duc d'Orleans
answered, that he should like not only to raise them to three, but to
four, nay, five per cent.; but that the state of affairs would not permit
him to go beyond two-and-a-half. On the next day was published the
counter-decree, which placed the shares and actions as they were before
the 22nd of May. The decree of that date was therefore revoked in six
days, after having caused such a strange effect.
Public-domain text, read in full here on John Shaqi.
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