Another crisis, however, was in preparation. The value of the public securities, owing to excessive speculations, had risen to an immoderate height, which was followed, in 1818, by an equally rapid fall, and the Allies might have destroyed the public credit by rejecting the _rentes_ that had been assigned in payment of the subsidies; but the word of the Duc de Richelieu was sufficient to obtain a considerable extension of the time fixed for the payments to be made to the allied powers: and as great embarrassments still prevailed on the Exchange, he still farther obtained, that 100 millions which were to have been discharged by inscriptions of _rentes_, and which were included in the payments stipulated by the Allies, should be withdrawn, and in their stead _bons_ on the treasury should be substituted, to become due in eighteen months. Such was the end attained by the negotiations of the Duc de Richelieu with foreign powers; the great object of his life was fulfilled, for in what a state of misery was France when he assumed the reins of government! 700,000 foreigners, contributions of all kinds, the country placed at the ban of Europe! Now to that country he had restored liberty, he had reorganised her army, had established her public credit, and reconciled France with the world. Before this great result was achieved, the Duke had repeatedly declared to his friends that, as soon as the personal credit he enjoyed with foreign powers was no longer necessary, he should quit the situation he had been compelled to accept, and retire into private life, and accordingly he sent in his resignation; but it was not accepted, for the old liberal spirit had arisen to struggle for victory. Many men possessed of no ability, except for public speaking, had striven to secure the elections, and the result of the proceedings of several of the electoral colleges had caused great anxiety to the friends of government. M. de Richelieu was therefore compelled to remain at the head of affairs; and he returned to Paris for the purpose of concerting the measures rendered necessary by the actual circumstances.