A. D. 1720. 105 



credit in France, from obferving what immenfc advantage it had 

 been of to England in the wars of King William and CKieen Anne, 

 whereby we were become the wonder and envy ot' the reft of Europe, 

 yet he could never effcd; it ; becaule, agreeable to his nature and to 

 his arbitrary government, he fallified the mod folemn of his own edids 

 whenever his necellities pinched him ! By another edit'l of the lame 

 ■month, the king enjoins, that no perfon keep in his houfe or poflellion 

 above five hundred livrcs in current coin, under the penalty of ten 

 thoufand livres. All which violent methods are declared in thofe ar- 

 rets or edids, to be, ' for the good of his fubjecls, to make provifions 

 * cheap, to fupport public credit, to facilitate circulation, and to increafe 

 ' commerce and manutadures !' 



In March came out a moft extraordinary arret of the coimcil of flate, 

 for fixing the price of the adions (or fhares) of the India company at 

 gooo livres each ! many arrets in thefe times appeared for altering the 

 nominal value of the gold and filver coins ot France, fometimes to an 

 higher, and at other times to a lower value, which tended to no other 

 end but getting rid of the public debts, and filling the king's coffers, 

 Avithout any regard to the immenfe lofles which fuch proceedings brought 

 on his impoveriibed fubjeds. 



Yet the India (or Miliifippi) flock ffill continued to advance in price 

 by entire hundreds per cent, even in one day's time: and whilfl that 

 flock continued riling, great were the encomiums beflowed on the duke- 

 regent ; and his tool, Mr. Law, was deemed an infallible oracle ! — Whole 

 fcheme of fatisfying the public creditors, by giving them the general 

 farm of the revenues, was by his agents faid to reiemble the bank of 

 St. George at Genoa ; and, like it, would be the fiaff and flay of the 

 flate"! When the laid India flock was got to the price of 2,050 per 

 cent, it produced, for a few months, the following llrange paradoxical 

 efFeds in France, viz. 



The llate-bills, which before had been at 6^ per cent difcount, got 

 up to 20 per cent above par. — The king got rid of 1,500 millions of 

 public debts, in a few weeks, without paying any money ! — And, by 

 remitting certain burtlienfomc taxes on the people, the royal revenue 

 had been increalcd ibme millions ! 



The 'king now abfolutely prohibited all the ecclefiaflical communities 

 and hofpitals of France from putting out their money at intereft any- 

 where but in India flock. Notwitliflanding all thefe, and many other 

 extraordinary meafures, the immcnlenefs of its capital at length could 

 not fail to bring down its price : for the prevention whereof, fundry 

 means were tried, fuch as giving the company the Ible property of the 

 iOand named BcUcifle on the fouth-wefl coafl of Brctagne, and after- 

 wards the trade to the ille of Hifpaniola, &c. 



Vol. III. O 



