A. D. 171 8. 65 



old monies, heavier than this new coin, were called in. And to make 

 this foolifli and wicked fcheme appear fomewhat uniform, the prices of 

 gold and filver bullion were hereby to be accommodated thereto. Fool- 

 ifh it was, becaufe the monied part of the world was too wife not to 

 take advantage thereof, to the detriment of the ftate ; and wicked, as it 

 brought great mifery upon many thoufands of individuals. And in the 

 fame month and year the king, or rather the duke regent, by letters 

 patent, ordained the capital of the bank to confift of 1200 fhares, of 

 1000 crowns each. Yet in the fame year the king took this bank into 

 his own hands, and publifhed, * that he had paid off all the proprietors 

 ' of the faid Li, 200,000 capital, which fum, as a farther fecurity for the 

 ' future juft management of this now royal bank, he had lodged with the 

 ' general cafh thereof;' yet this fuppofed fum was not in actual cafh, 

 but only in adions of the Miflilippi company belonging to the king. 

 This was a part of Mr. Law's fcheme for bringing about an union of the 

 bank with that company, for the execution of his grand projedl" of pay- 

 ing off the public debts by getting them fubfcribed into this company. 

 It was no difficult matter for intelligent men to forefee the ruin of the 

 bank, from the moment of its being called royal, and to foretell, what 

 foon after happened, the ruin of vail: numbers of opulent and honour- 

 able families, not only, though principally, in France, but in other parts 

 of Europe, rafhly venturing deep into this projed, formed under an ab- 

 folute government, which, by a dafh of the pen, could undo every thing 

 at pleaiure. When the old coins were thus called into the mint, it was 

 directed, ' that there (hould be permitted to be therewith brought into 

 ' the mint, two fifth parts in ftate bills, becaufe, fays this extraordinary 



* edid, the difreputation of thofe ftate bills has proved an obftrudion to 

 ' commerce and to the circulation of money.' The other wife reafon 

 for this edid was, ' that by thus ftamping an higher value on the gold 

 ' and filver coins of France, gold and filver from other countries would 



* be brought thither in greater abundance.' The new- coined and over- 

 valued crowns of fix livres were now ordered to be paid and received at 

 that price in the bank. Yet all this was revcrfed towards the end of the 

 following year by arrets, which gradually reduced the new gold and 

 filver coins to very near their intrinfic value ; as the court faw the vaft de- 

 triment, which enhancing the nominal value of the new coins had done to 

 the crown as well as to commerce. Four millions per annum were al- 

 lotted for the intercft of i'uch public debts, being ico millions, as had 

 been already fubfcribed into the Miftifippi company; and, for a farther 

 allurement, that company had the entire farm of tobacco granted to them 

 tor nine years ; whereupon they fet about tranfporting great numbers 

 ot artificers, planters, labourers, and foldiers, to Louifiana : and a great 

 ftir and buftle was artfully made in order to allure people to become 



Vol. III. I 



