68 A. D. 17 19. 



meafure. We may here remark, that a great part of the firfl flock of 

 this company was fubfcribed by the king and government alone, which, 

 by the mad running up of the flock, was afterward fold out at 1000 per 

 cent and upwards ; and thereby put near 200 millions into the king's 

 coffers : the like was pradifed by Law on the company's own behalf, 

 thereby enabling them to pufh their fchemes yet farther. In Auguft 

 171 9, for the farther promoting of ftock-jobbing, the laft 50 millions 

 of India flock had every fhare fplit into 100 fhares ; which brought in 

 the very dregs of the people to be adventurers : whereupon the flock 

 rofe to 500 per cent, which again fell to 445 on the bare rumour of the 

 Sieur Law's indifpolltion, and rofe again to 610 on his recovery. In 

 the fame month the king's arret granted the company the general farm 

 of all the revenues, and prolonged their exclufive term to the year 1770 : 

 in confideration whereof the company agreed to lend the king no lefs 

 than 1200 millions of livres (or about 50 millions flerling) for paying 

 off all the public debts. . For this general farm the company agreed to 

 pay 52 millions yearly *, of which the company was to retain annually 

 ;^6 millions, as the intereft of the 1200 millions lent to the king, for 

 which vafl fum they were to take fubfcriptions at 3 per cent. In the 

 meantime, the bank was ordered to ifl'ue 25 millions, in their notes, to 

 the India company, to be fent to Louifiana inflead of coin, for carrying 

 on an extenfive commerce there ; a wretched means for that end in lieu 

 of cafli : the company at the fame time agreed to pay to the king 50 mil- 

 lions for the fole privilege of the coinage of money for nine years to 

 come. By another arret, the public creditors were permitted to take 

 adlions or fhares of India flock in payment of their feveral debts ; and 

 thus the public *debts were all paid off. The people of France eafily 

 fwallowed the bait, fondly believing all the fine flories which Law and 

 his emilTaries artfully gave out; and the flock in a few weeks more ran 

 up to 1200 per cent, when 150 millions more were" added to their capi- 

 tal, by three feveral fubfcriptions at 1000 per cent, to enable them to 

 make good their loans to the king; which 150 millions were permitted 

 ro be fplit into fuch fmaller parts as they fhould take out fubfcriptions 

 for, whereby the market in Rue Qiiinquempoix was well fupplied. 



A falfe appearance of an unufal plenty of money was now obferved 

 at Paris, whereby all things rofe in price, and lands near Paris were fold 

 at "50 years purchafe ; and a wife purchafe it was to fuch as fold out their 

 flock at 1200 per cent, which they very properly termed reaUzing their 

 Hock. By fuch means, Mr. Law's credit was arrived ilt the highefl 

 pitch; his levee was crowded with perfons from mofl parts of Europe, 

 prefling for fubfcriptions, which now bringing in fo much cafli to the 

 company, they were enabled to lend the king 300 millions more, at 



* This was 35- millions more than wr.s paid for the general farm by Lambert, whom therefor the 

 kiniT now deprived of it, though fix years of his grant were unexpired, y^. 



