A. D. 1720. 107 



upon which a new company of infurance was now ingrafted for that 

 end : and every three or four days arrets came out, contradicting, re- 

 peaUng, or altering, the preceding ones ; fo that no fewer than ten fuch 

 came out during the month of June this year ; the fubllance whereof, 

 and of the proceedings of France for three years pad, relating to their 

 India or Miilifippi trade and company, and their royal-bank, we find 

 principally in a large collection of arrets, memorials, &c. publiflied at 

 Paris, in 1720, by authority, in two quarto volames, wdiich we have 

 abridged as much as podlble ; whereby a general knowlege may in 

 part be gathered of that madnefs in France, which had in this year in- 

 fected all the other monied countries of Europe ! 



The cruel reduction of the value of French bank-notes, the reduc- 

 tions of their India flock, and the confequent general confufion, the 



numberlefs alterations, within the fpace of a few months, in the nomi- 

 nal value of the coins of France : all thefe obliged wife and provident 

 perfons to fend their effects into other countries, left they fhould be gra- 

 dually reduced to nothing ! For preventing thereof an ordinance came 

 out on the 20th of June, whereby the king enjoined all his fubjects to 

 bring back their effeds, upon pain of forfeiting double the value ; and, 

 on like forfeiture, ftridly enjoined them not to invert their money in 

 the flocks of foreign companies ! Than which ordinance nothing fure- 

 ly could more effedually alarm the people. 



Merchants and others now refufing to take their bank-notes in pay- 

 ment, an arret came out, prohibiting anyperfon whatever from refuf- 

 ing them, under forfeiture of double the value ! Yet, on that lame day, 

 the run or demand on the bank was fo great, tliat another ordinance 

 of the king came out, importing, ' that he being informed of the tu- 

 ' mult at the bank upon account of paying their notes, he has thought 

 * fit to fufpend the payment of the faid notes till farther orders *; llridt- 

 ' ly forbidding all perfons whatever to meet or aflemble together on 

 ' any pretence whatever.' And guards were placed, on this lamentable 

 occafion, at fundry public places in Paris, where merchants and others 

 concerned in India flock, bank-notes, and bills of exchange, ulcd to af- 

 femble in great numbers, whereby they were difpcrfed. 



In July many arrets came abroad, for raifing the fillen credit of India 

 flock, though to no purpofe. And, on the 30th, an arret appears for 

 again raifing the nominal value of the French coins, and, for lelfen- 

 ing the number of bank-notes, 600 millions thereof were now turned 

 into India flock, at 9,000 livres per lliare. And although this was but 

 an airy manner of payment, it was however efleemed better than bank- 

 notes, which had no currency at all. Other great funis in bank-notes 

 were ereCled into annuities at 2 per cent per annum, and into life-an- 

 nuities at 5 per cent. 



•• There was not cafh in ihc bank to pay llic fiftieth part of tl-.tm. jf. 



O2 



