The repeated decrees of this nature, the object of which was to depreciate
the value of gold, and increase the illusive credit of paper, began to
awaken doubts of a system which required such bolstering. Capitalists
gradually awoke from their bewilderment. Sound and able financiers
consulted together, and agreed to make common cause against this continual
expansion of a paper system. The shares of the bank and of the company
began to decline in value. Wary men took the alarm, and began to
_realize_, a word now first brought into use, to express the
conversion of _ideal_ property into something _real_.
The prince of Conti, one of the most prominent and grasping of the
Mississippi lords, was the first to give a blow to the credit of the bank.
There was a mixture of ingratitude in his conduct that characterized the
venal baseness of the times. He had received from time to time enormous
sums from Law, as the price of his influence and patronage. His avarice had
increased with every acquisition, until Law was compelled to refuse one of
his exactions. In revenge the prince immediately sent such an amount of
paper to the bank to be cashed that it required four wagons to bring away
the silver, and he had the meanness to loll out of the window of his hotel
and jest and exult as it was trundled into his portecochère.
This was the signal for other drains of like nature. The English and Dutch
merchants, who had purchased a great amount of bank paper at low prices,
cashed them at the bank, and carried the money out of the country. Other
strangers did the like, thus draining the kingdom of its specie, and
leaving paper in its place.
The regent, perceiving these symptoms of decay in the system, sought to
restore it to public confidence by conferring marks of confidence upon its
author.
He accordingly resolved to make Law Comptroller General of the Finances of
France. There was a material obstacle in his way. Law was a Protestant, and
the regent, unscrupulous as he was himself, did not dare publicly to
outrage the severe edicts which Louis XIV., in his bigot days, had
fulminated against all heretics. Law soon let him know that there would be
no difficulty on that head. He was ready at any moment to abjure his
religion in the way of business. For decency's sake, however, it was judged
proper he should previously be convinced and converted. A ghostly
instructor was soon found, ready to accomplish his conversion in the
shortest possible time. This was the Abbe Tencin, a profligate creature of
the profligate Dubois, and like him working his way to ecclesiastical
promotion and temporal wealth, by the basest means.
Public-domain text, read in full here on John Shaqi.
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