The same venal court was paid by all classes to his family. The highest
ladies of the court vied with each other in meannesses to purchase the
lucrative friendship of Mrs. Law and her daughter. They waited upon them
with as much assiduity and adulation as if they had been princesses of the
blood. The regent one day expressed a desire that some duchess should
accompany his daughter to Genoa. "My lord," said some one present, "if you
would have a choice from among the duchesses, you need but send to Mrs.
Law's, you will find them all assembled there."
The wealth of Law rapidly increased with the expansion of the bubble. In
the course of a few months he purchased fourteen titled estates, paying for
them in paper; and the public hailed these sudden and vast acquisitions of
landed property as so many proofs of the soundness of his system. In one
instance he met with a shrewd bargainer, who had not the general faith in
his paper money. The President de Novion insisted on being paid for an
estate in hard coin. Law accordingly brought the amount, four hundred
thousand livres, in specie, saying, with a sarcastic smile, that he
preferred paying in money as its weight rendered it a mere encumbrance. As
it happened, the president could give no clear title to the land, and the
money had to be refunded. He paid it back _in paper_, which Law dared
not refuse, lest he should depreciate it in the market.
The course of illusory credit went on triumphantly for eighteen months. Law
had nearly fulfilled one of his promises, for the greater part of the
public debt had been paid off; but how paid? In bank shares, which had been
trumped up several hundred per cent above their value, and which were to
vanish like smoke in the hands of the holders.
One of the most striking attributes of Law was the imperturbable assurance
and self-possession with which he replied to every objection, and found a
solution for every problem. He had the dexterity of a juggler in evading
difficulties; and what was peculiar, made figures themselves, which are the
very elements of exact demonstration, the means to dazzle and bewilder.
Toward the latter end of 1719 the Mississippi scheme had reached its
highest point of glory. Half a million of strangers had crowded into Paris
in quest of fortune. The hotels and lodging-houses were overflowing;
lodgings were procured with excessive difficulty; granaries were turned
into bedrooms; provisions had risen enormously in price; splendid houses
were multiplying on every side; the streets were crowded with carriages;
above a thousand new equipages had been launched.
On the eleventh of December, Law obtained another prohibitory decree, for
the purpose of sweeping all the remaining specie in circulation into the
bank. By this it was forbidden to make any payment in silver above ten
livres, or in gold above three hundred.
Public-domain text, read in full here on John Shaqi.
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