Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-04-01

y TUT c1BuV0tn mOnths. Law had ncaTIy Tu1hIIed
one OF his promises for the greater part Of the pub
lac debt had been paid of but how paid In bank
shares, winch had been tIumped up several hundred
per cent. above their value and which were TO va
nish like smoke In the hands of the holders.
One OF the most striking attributes Of Law was the
imperturable assurance and sell poss ession with
luton for every problem. lie had the dexterity of
juggler in evading difficulties and hat was PEE
culisr, made figures themselves, which are the very
elements OF exact demonstration the means TO dazzle
| and bewIlder.
Tow ards the latter end of 49, the Mississippi
scheme had reached its point of glory Half MIL
lion Of strangers had crowded into Paris in quest
Of fortune. The hotels aud lodging houses were
overlooking lodgings were procured with excessive
difficulty grsnaries were turned into bedrooms
provisions had risen enormously in price splendid
houses were multiply ing on every eide the streets
were crowded with carriages above thousand
new equipages had been launched.
On the eleventh Of December Law obtained
another prohibtory decree for the purpose of sweep
ing all the remaining specie in circulation into the
bank. BY this it was oIbidden TO make any pay
ent in silver, above ten livres, in gold, above
three hundred
The repeated DEGREES Of this nature the object of
which was TO deprecate the value Of gold and In
crease the Elusive credit of paper began to awaken
doubts Of system which required such bolstcring.
Capitalists gradually awoke from their bewder.
ment. Sound and able fnancers consu ted together,
| and agreed to make common cause against this con
tinual expansio. OF a paper spstem. The shares Of
| the bank and oil the company began to decline in
| value. Wary men took the alarm, and began to
realize word now first brought into use 20 express
the conversion Of ideal property into something real
The Prince Of Cont, one Of the most prominent
and grasping Of the Mississippi lords the first
to give blow to the credit OF the bank There
was mixture of ingratitude in his conduct that
! characterized the venal baseness Of the times He
had received, from time to time, enormous sums
from Law, as the price Of his influence and patron
age. His avarice had increased with every acqui-
sition until Law compelled to refuse Of his
exactions. In revenge, the Prince Immediately
sent sue ameunt of paper to the bank be cashed
that it required four wagons to bring away the sill
ver and Ne had the meanness to lol out of the win
dow OF his hotel and jest and eXult, it truE-
died into his port cocbere.
This the signal for other draiss of ike nature
| The English and Dutch merchants, who had pur-
chased great amount Of bank paper a, low prices,
cashed them at the bank and carr ed the money out
Of the country. Other strangers did the like thus
draining the Kingdom ofis specie, and leaving paper
| in its place.
The Regent, perceiving these symptoms of decay
in the SYSTEM sought to restore it to public conf
dence by comforting marks of confidence upon Its
author He accordingly resolved to make Law
Comptroller General Of the Finances of France.
| There was material obstacle IN the way Law was
a Protestant, and the Regent, interruptions as he
severe edic,s which Iouis XIV, n bis bigot days,
had Illuminated against all heretics. Law soon let
him know that there would be M difficulty on that
head He was ready a: any moment TO abJure his
religion in the way of business. For deceRcy's
sake, however, Il was judged proper he should pre-
viousy be convinced and converted. ghostly
Instructor was soon found, ready TO mpish his
version in the shortest possible time. This
Able Tencin, pro1gate cTea ure OF the prohgate
| Dubois, and, like him, working his way 10 eccle-
siasticai promotion and temporal wca III by the
basest means.
Under the instructions of the Able Teucin, Law
n mas cred the my steries ani dogmas Of the Ca
tholic doctrine and, after brief course Of ghostly
training declared hims elf thoroughly convinced and
converted To avoid the sneers and Jests OF the Pa
rsian pubic the ceremony OF alb uration took place
at Melun. Law made pous present o. one hundred
thousand livres 10 the Church Of ST. Rogue and the
Able Tencin was rewarded for his cdiiyi ing aboors
by sundry shares and bank bills which he shrewdly
took TO convert into cash, having little faith
in the system, as in the piey IL his new convert.
A more grave and moral community mir ht have been
| outraged by this scandalous farce bgt the Par-
SLAMS laughed at it with their usual lery, and con-
tented themselves with making it tie subject Of a
| number OF songs and epigrams.
Law being now orthodox in his faith. took out let
tiers Of saturaIiza ion, and having thus surmounted
the intervening obstacles, was elevated by the Re-
gent TO the post OF Comptro Ter General SO ac-
customed had the community become to all j.gelcs
and ransnutations in this hero of finance, that
one seemed shocked or astonishei az his sudden
elevation. On the contrary, benZ now considered
perfectly established in place and power, he became
more than ever the object Of venal alteration ben
of rank and dignity thronged his antechamber, watt
ing patiently their turn for audience and titled
danes demeaned themselves TO take the { ont seats
OF the carriages Of his wife and daughter, as if they
had been rid ng with princesses &C the bio royal
Laws head grew giddy with his walton, and he
began 20 aspire after aristocrstical distinction.
| There was TO be a court ball at which several Of
the young noblemen were to dance in a ballet with
the youthful king. Law requestt6 that his son
might be admitted into the ballet, ard the Regent
consented. The young scions Of mobility, however,
werr Indignant and secuted the 'injruding up.tart
Their more worldly parents, fearful of displessing
the modern Midas, eprimanded them IL vain The
sripplngs bad not yet imbbed the passion for gain,
and still held to their high blood. be OF the
banker received lights and annoy all sides,
and the public appauded them for their spirit A
fit OF illness came opGortuney 20 relieve the youth
from an honour which would have cost Him a world
| Of vexatious asd sifronts.
In February, 1870 shortly after Laws instalmeRt
in Office, ecrec came oft, uniting the bank the
India Company, by which last name the whole
| adjustment was now known. The decree stated
that as the bank was royal, the king was bound TO
make good the value Of its bills that he committed
to the company the government a. the bank for fifty
years, and sold TO Il 6ny millions Of stock belonging
| 10 him. for nine hundred millions; simple advance
Of eighteen hundred per cent. The decree farther de-
cisred in the king nane. that h. wou'd never draw
on the bank, until the value Of his drafts had first
been lodged in IL by his receivers general
The bank, II was said, had by this ime issued notes
| 10 the amount of ore thousand millions; being more
paper than all { banks Of Europe able TO cir
cuise. To aid its credit, the receivers e the
nae were directed to take bank ties ui the sub
ceivers. All payments, also, Of one Lurdrsd lvres
and upward were ordered 10 be made IN bank notes.
These compulsory measures for a short time gave
false credit 20 the bank which proceeded 10 discount
IS notes. To lend money jewels, plate, and
| other vslusbles, as well as on mortgages.
Sill farther force IN sfput edirf newt