The mania for gain, however, was now at an end. A universal panic
succeeded. "_Sauve qui peut!_" was the watchword. Every one was
anxious to exchange falling paper for something of intrinsic and permanent
value. Since money was not to be had, jewels, precious stones, plate,
porcelain, trinkets of gold and silver, all commanded any price in paper.
Land was bought at fifty years' purchase, and he esteemed himself happy who
could get it even at this price. Monopolies now became the rage among the
noble holders of paper. The Duke de la Force bought up nearly all the
tallow, grease, and soap; others the coffee and spices; others hay and
oats. Foreign exchanges were almost impracticable. The debts of Dutch and
English merchants were paid in this fictitious money, all the coin of the
realm having disappeared. All the relations of debtor and creditor were
confounded. With one thousand crowns one might pay a debt of eighteen
thousand livres!
The regent's mother, who once exulted in the affluence of bank paper, now
wrote in a very different tone: "I have often wished," said she in her
letters, "that these bank-notes were in the depths of the infernal regions.
They have given my son more trouble than relief. Nobody in France has a
penny.... My son was once popular, but since the arrival of this cursed
Law, he is hated more and more. Not a week passes, without my receiving
letters filled with frightful threats, and speaking of him as a tyrant. I
have just received one threatening him with poison. When I showed it to
him, he did nothing but laugh."
In the meantime, Law was dismayed by the increasing troubles, and terrified
at the tempest he had raised. He was not a man of real courage; and fearing
for his personal safety, from popular tumult, or the despair of ruined
individuals, he again took refuge in the palace of the regent. The latter,
as usual, amused himself with his terrors, and turned every new disaster
into a jest; but he too began to think of his own security.
In pursuing the schemes of Law, he had no doubt calculated to carry through
his term of government with ease and splendor; and to enrich himself, his
connections, and his favorites; and had hoped that the catastrophe of the
system would not take place until after the expiration of the regency.
Public-domain text, read in full here on John Shaqi.
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