To engulf all classes in this ruinous vortex, Law now split the shares of
fifty millions of stock each into one hundred shares; thus, as in the
splitting of lottery tickets, accommodating the venture to the humblest
purse. Society was thus stirred up to its very dregs, and adventurers of
the lowest order hurried to the stock market. All honest, industrious
pursuits, and modest gains, were now despised. Wealth was to be obtained
instantly, without labor and without stint. The upper classes were as base
in their venality as the lower. The highest and most powerful nobles,
abandoning all generous pursuits and lofty aims, engaged in the vile
scuffle for gam. They were even baser than the lower classes; for some of
them, who were members of the council of the regency, abused their station
and their influence, and promoted measures by which shares rose while in
their hands, and they made immense profits.
The Duke de Bourbon, the prince of Conti, the Dukes de la Force and D'Antin
were among the foremost of these illustrious stock-jobbers. They were
nicknamed the Mississippi Lords, and they smiled at the sneering title. In
fact, the usual distinctions of society had lost their consequence, under
the reign of this new passion. Bank, talent, military fame, no longer
inspired deference. All respect for others, all self-respect, were
forgotten in the mercenary struggle of the stock-market. Even prelates and
ecclesiastical corporations, forgetting their true objects of devotion,
mingled among the votaries of Mammon. They were not behind those who
wielded the civil power in fabricating ordinances suited to their
avaricious purposes. Theological decisions forthwith appeared, in which the
anathema launched by the Church against usury was conveniently construed as
not extending to the traffic in bank shares!
The Abbe Dubois entered into the mysteries of stockjobbing with all the
zeal of an apostle, and enriched himself by the spoils of the credulous;
and he continually drew large sums from Law, as considerations for his
political influence. Faithless to his country, in the course of his
gambling speculations he transferred to England a great amount of specie,
which had been paid into the royal treasury; thus contributing to the
subsequent dearth of the precious metals.
The female sex participated in this sordid frenzy. Princesses of the blood,
and ladies of the highest nobility, were among the most rapacious of
stock-jobbers. The regent seemed to have the riches of Croesus at his
command, and lavished money by hundreds of thousands upon his female
relatives and favorites, as well as upon his _roués_, the dissolute
companions of his debauches. "My son," writes the regent's mother, in her
correspondence, "gave me shares to the amount of two millions, which I
distributed among my household. The king also took several millions for his
own household. All the royal family have had them; all the children and
grandchildren of France, and the princes of the blood."
Public-domain text, read in full here on John Shaqi.
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