He now saw his mistake; that it was impossible much longer to prevent an
explosion; and he determined at once to get Law out of the way, and then to
charge him with the whole tissue of delusions of this paper alchemy. He
accordingly took occasion of the recall of parliament in December, 1720, to
suggest to Law the policy of his avoiding an encounter with that hostile
and exasperated body. Law needed no urging to the measure. His only desire
was to escape from Paris and its tempestuous populace. Two days before the
return of parliament he took his sudden and secret departure. He traveled
in a chaise bearing the arms of the regent, and was escorted by a kind of
safeguard of servants in the duke's livery. His first place of refuge was
an estate of the regent's, about six leagues from Paris, from whence he
pushed forward to Bruxelles.
As soon as Law was fairly out of the way, the Duke of Orleans summoned a
council of the regency, and informed them that they were assembled to
deliberate on the state of the finances, and the affairs of the India
Company. Accordingly La Houssaye, comptroller-general, rendered a perfectly
clear statement, by which it appeared that there were bank bills in
circulation to the amount of two milliards, seven hundred millions of
livres, without any evidence that this enormous sum had been emitted in
virtue of any ordinance from the general assembly of the India Company,
which alone had the right to authorize such emissions.
The council was astonished at this disclosure, and looked to the regent for
explanation. Pushed to the extreme, the regent avowed that Law had emitted
bills to the amount of twelve hundred millions beyond what had been fixed
by ordinances, and in contradiction to express prohibitions; that the thing
being done, he, the regent, had legalized or rather covered the
transaction, by decrees ordering such emissions, which decrees he had
_antedated_.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account