A general confusion now took place hi the financial world. Families who had
lived in opulence found themselves suddenly reduced to indigence. Schemers
who had been reveling in the delusion of princely fortune found their
estates vanishing into thin air. Those who had any property remaining
sought to secure it against reverses. Cautious persons found there was no
safety for property in a country where the coin was continually shifting in
value, and where a despotism was exercised over public securities, and even
over the private purses of individuals. They began to send their effects
into other countries; when lo! on the 20th of June a royal edict commanded
them to bring back their effects, under penalty of forfeiting twice their
value; and forbade them, under like penalty, from investing their money in
foreign stocks. This was soon followed by another decree, forbidding any
one to retain precious stones in his possession, or to sell them to
foreigners; all must be deposited in the bank, in exchange for depreciating
paper!
Execrations were now poured out on all sides against Law, and menaces of
vengeance. What a contrast, in a short time, to the venal incense that was
offered up to him! "This person," writes the regent's mother, "who was
formerly worshiped as a god, is now not sure of his life. It is astonishing
how greatly terrified he is. He is as a dead man; he is pale as a sheet,
and it is said he can never get over it. My son is not dismayed, though he
is threatened on all sides; and is very much amused with Law's terrors."
About the middle of July the last grand attempt was made by Law and the
regent to keep up the system and provide for the immense emission of paper.
A decree was fabricated, giving the India Company the entire monopoly of
commerce, on condition that it would, in the course of a year, reimburse
six hundred millions of livres of its bills, at the rate of fifty millions
per month.
On the 17th this decree was sent to parliament to be registered. It at once
raised a storm of opposition in that assembly, and a vehement discussion
took place. While that was going on a disastrous scene was passing out of
doors.
Public-domain text, read in full here on John Shaqi.
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