Extraordinary Popular Delusions and the Madness of Crowds (Complete Edition: Volume 1-3). Charles Mackay
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was an illegal tender, and nobody would take paper if he could help it. No one knew to-day what his notes would be worth to-morrow. "Never," says Duclos, in his Secret Memoirs of the Regency, "was seen a more capricious government-never was a more frantic tyranny exercised by hands less firm. It is inconceivable to those who were witnesses of the horrors of those times, and who look back upon them now as on a dream, that a sudden revolution did not break out—that Law and the Regent did not perish by a tragical death. They were both held in horror, but the people confined themselves to complaints; a sombre and timid despair, a stupid consternation, had seized upon all, and men's minds were too vile even to be capable of a courageous crime." It would appear that, at one time, a movement of the people was organised. Seditious writings were posted up against the walls, and were sent, in hand-bills, to the houses of the most conspicuous people. One of them, given in the "Memoires de la Regence," was to the following effect:—"Sir and Madam,—This is to give you notice that a St. Bartholomew's Day will be enacted again on Saturday and Sunday, if affairs do not alter. You are desired not to stir out, nor you, nor your servants. God preserve you from the flames! Give notice to your neighbours. Dated Saturday, May 25th, 1720." The immense number of spies with which the city was infested rendered the people mistrustful of one another, and beyond some trifling disturbances made in the evening by an insignificant group, which was soon dispersed, the peace of the capital was not compromised.
The value of shares in the Louisiana, or Mississippi stock, had fallen very rapidly, and few indeed were found to believe the tales that had once been told of the immense wealth of that region. A last effort was therefore tried to restore the public confidence in the Mississippi project. For this purpose, a general conscription of all the poor wretches in Paris was made by order of government. Upwards of six thousand of the very refuse of the population were impressed, as if in time of war, and were provided with clothes and tools to be embarked for New Orleans, to work in the gold mines alleged to abound there. They were paraded day after day through the streets with their pikes and shovels, and then sent off in small detachments to the out-ports to be shipped for America. Two-thirds of them never reached their destination, but dispersed themselves over the country, sold their tools for what they could get, and returned to their old course of life. In less than three weeks afterwards, one-half of them were to be found again in Paris. The manoeuvre, however, caused a trifling advance in Mississippi stock. Many persons of superabundant gullibility believed that operations had begun in earnest in the new Golconda, and that gold and silver ingots would again be found in France.
In a constitutional monarchy some surer means would have been found for the restoration of public credit. In England, at a subsequent period, when a similar delusion had brought on similar distress, how different were the measures taken to repair the evil; but in France, unfortunately, the remedy was left to the authors of the mischief. The arbitrary will of the Regent, which endeavoured to extricate the country, only plunged it deeper into the mire. All payments were ordered to be made in paper, and between the 1st of February and the end of May, notes were fabricated to the amount of upwards of 1500 millions of livres, or 60,000,000 pounds sterling. But the alarm once sounded, no art could make the people feel the slightest confidence in paper which was not exchangeable into metal. M. Lambert, the President of the Parliament of Paris, told the Regent to his face that he would rather have a hundred thousand livres in gold or silver than five millions in the notes of his bank. When such was the general feeling, the superabundant issues of paper but increased the evil, by rendering still more enormous the disparity between the amount of specie and notes in circulation. Coin, which it was the object of the Regent to depreciate, rose in value on every fresh attempt to diminish it. In February, it was judged advisable that the Royal Bank should be incorporated with the Company of the Indies. An edict to that effect was published and registered by the Parliament. The state remained the guarantee for the notes of the bank, and no more were to be issued without an order in council. All the profits of the bank, since the time it had been taken out of Law's hands and made a national institution, were given over by the Regent to the Company of the Indies. This measure had the effect of raising for a short time the value of the Louisiana and other shares of the company, but it failed in placing public credit on any permanent basis.
A council of state was held in the beginning of May, at which Law, D'Argenson (his colleague in the administration of the finances), and all the ministers were present. It was then computed that the total amount of notes in circulation was 2600 millions of livres, while the coin in the country was not quite equal to half that amount. It was evident to the majority of the council that some plan must be adopted to equalise the currency. Some proposed that the notes should be reduced to the value of the specie, while others proposed that the nominal value of the specie should be raised till it was on an equality with the paper. Law is said to have opposed both these projects, but failing in suggesting any other, it was agreed that the notes should be depreciated one-half. On the 21st of May, an edict was accordingly issued, by which it was decreed that the shares of the Company of the Indies, and the notes of the bank, should gradually diminish in value, till at the end of a year they should only pass current for one half of their nominal worth. The Parliament refused to register the edict—the greatest outcry was excited, and the state of the country became so alarming, that, as the only means of preserving tranquillity, the council of the regency was obliged to stultify its own proceedings, by publishing within seven days another edict, restoring the notes to their original value.
On the same day (the 27th of May) the bank stopped payment in specie. Law and D'Argenson were both dismissed from the ministry. The weak, vacillating, and cowardly Regent threw the blame of all the mischief upon Law, who, upon presenting himself at the Palais Royal, was refused admitance. At nightfall, however, he was sent for, and admitted into the palace by a secret door,(Duclos, Memoires Secrets de la Regence.) when the Regent endeavoured to console him, and made all manner of excuses for the severity with which in public he had been compelled to treat him. So capricious was his conduct, that, two days afterwards, he took him publicly to the opera, where he sat in the royal box, alongside of the Regent, who treated him with marked consideration in face of all the people. But such was the hatred against Law that the experiment had well nigh proved fatal to him. The mob assailed his carriage with stones just as he was entering his own door; and if the coachman had not made a sudden jerk into the court-yard, and the domestics closed the gate immediately, he would, in all probability, have been dragged out and torn to pieces. On the following day, his wife and daughter were also assailed by the mob as they were returning in their carriage from the races. When the Regent was informed of these occurrences he sent Law a strong detachment of Swiss guards, who were stationed night and day in the court of his residence. The public indignation at last increased so much, that Law, finding his own house, even with this guard, insecure, took refuge in the Palais Royal, in the apartments of the Regent.
The Chancellor, D'Aguesseau, who had been dismissed in 1718 for his opposition to the projects of Law, was now recalled to aid in the restoration of credit. The Regent acknowledged too late, that he had treated with unjustifiable harshness and mistrust one of the ablest, and perhaps the sole honest public man of that corrupt period. He had retired ever since his disgrace to his country-house at Fresnes, where, in the midst of severe but delightful philosophic studies, he had forgotten the intrigues of an unworthy court. Law himself, and the Chevalier de Conflans, a gentleman of the Regent's household, were despatched in a post-chaise, with orders to bring the ex-chancellor to Paris along with them. D'Aguesseau consented to render what assistance he could, contrary to the advice of his friends, who did not approve that he should accept any recall to office of which Law was the bearer. On his arrival in Paris, five counsellors of the Parliament were admitted to confer with the Commissary of Finance, and on the 1st of June an order was published, abolishing the law which made it criminal to amass coin to the amount of more than five hundred livres. Every one was permitted to have as much specie as he pleased. In order that the bank-notes might be withdrawn, twenty-five millions of new notes were created, on the security of the revenues of the city of Paris, at two-and-a-half per cent. The bank-notes withdrawn were publicly burned in front of the Hotel de Ville. The new notes were principally of the value of ten livres each; and on the 10th of June the bank was re-opened, with a sufficiency of silver coin to give in change for them.
These measures were productive of considerable advantage. All the population of Paris hastened to the bank, to get coin for their small notes; and silver becoming scarce,