The Crayon Papers. Washington Irving
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parliament; which body, disgusted more and more with the abuses of the regency, and the system of Law, had gone so far as to carry its remonstrances to the very foot of the throne.
He determined to relieve himself from these two ministers, who, either through honesty or policy, interfered with all his plans. Accordingly, on the 28th of January, 1718, he dismissed the chancellor from office, and exiled him to his estate in the country; and shortly afterward removed the Duke de Noailles from the administration of the finances.
The opposition of parliament to the regent and his measures was carried on with increasing violence. That body aspired to an equal authority with the regent in the administration of affairs, and pretended, by its decree, to suspend an edict of the regency, ordering a new coinage and altering the value of the currency. But its chief hostility was leveled against Law, a foreigner and a heretic, and one who was considered by a majority of the members in the light of a malefactor. In fact, so far was this hostility carried, that secret measures were taken to investigate his malversations, and to collect evidence against him; and it was resolved in parliament that, should the testimony collected justify their suspicions, they would have him seized and brought before them; would give him a brief trial, and, if convicted, would hang him in the courtyard of the palace, and throw open the gates after the execution, that the public might behold his corpse!
Law received intimation of the danger hanging over him, and was in terrible trepidation. He took refuge in the Palais Royal, the residence of the regent, and implored his protection. The regent himself was embarrassed by the sturdy opposition of parliament, which contemplated nothing less than a decree reversing most of his public measures, especially those of finance. His indecision kept Law for a time in an agony of terror and suspense. Finally, by assembling a board of justice, and bringing to his aid the absolute authority of the king, he triumphed over parliament and relieved Law from his dread of being hanged.
The system now went on with flowing sail. The Western or Mississippi Company, being identified with the bank, rapidly increased in power and privileges. One monopoly after another was granted to it; the trade of the Indian seas; the slave trade with Senegal and Guinea; the farming of tobacco; the national coinage, etc. Each new privilege was made a pretext for issuing more bills, and caused an immense advance in the price of stock. At length, on the 4th of December, 1718, the regent gave the establishment the imposing title of "The Royal Bank," and proclaimed that he had effected the purchase of all the shares, the proceeds of which he had added to its capital This measure seemed to shock the public feeling more than any other connected with the system, and roused the indignation of parliament. The French nation had been so accustomed to attach an idea of everything noble, lofty, and magnificent to the royal name and person, especially during the stately and sumptuous reign of Louis XIV., that they could not at first tolerate the idea of royalty being in any degree mingled with matters of traffic and finance, and the king being in a manner a banker. It was one of the downward steps, however, by which royalty lost its illusive splendor in France, and became gradually cheapened in the public mind.
Arbitrary measures now began to be taken to force the bills of the bank into artificial currency. On the 27th of December appeared an order in council, forbidding, under severe penalties, the payment of any sum above six hundred livres in gold or silver. This decree rendered bank bills necessary in all transactions of purchase and sale, and called for a new emission. The prohibition was occasionally evaded or opposed; confiscations were the consequence; informers were rewarded, and spies and traitors began to spring up in all the domestic walks of life.
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