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

l.
been driven to. The old king also, Louis XIV De
tested all vstons, especially those when came
from rival nation: the project OF the bank there
fore, was utterly rejected.
Iawremaine ed for while in Paris, leading gay ana
afluent existence, owing to his handsome person. ca
sy manne rs flexible temper, and faro bank which
he had set up. His agreeable ca eer was interrupt
ed by a message from DArgenson, Lieutenant Gen.
era of Police ordering him Ia quit Paris, all ging
that he was "rather too skiLfd at the game tohich
he had introducedp'
For several succeeding wears he shifted his resi-
dence from state to state al Italy and Germany Of
ferng his scheme Of finance TO every court mat ne
visited, out uIthout success. The Duke OF savoy
Victor Amadeas, afterward King OF SARDINIA, was
much struck with his projects but after considering
it time, replied, "Iam not sufficiently p0'cer-
tUi, 10 ruin myself"
The shifting, adventurous life OF Law, and the
eqaivocai means by which he appeared TO live, play
ing hish, and ALWAYS with great success, threw
cloud of suspicion over him, wherever he went, and
caused him To be expelled by the magstrs' from
the semi commercial, semi-arisseratIcai cities OF
Venice and Genoa.
The events Of Ills brought Law back again to Pa
ris Louis XIV was dead Louis XIV was mere
child and during his min rty, the Duke of Orleans
held the rens Of government as Regent. Law had
at length found his man.
The Duke e Orleans has been differently repre-
sente. by different contemporaries lie appears to
have had lent raiural qualities, perverted by
bad education. He was of the middle size easy and
grac efu with an agreeable counienance, and open,
aGable demeanor. His mind quick and saga
tcilect. and exceilece Of mensry supplied the lack
Of studious application His wit prompt and
puugent; NJ expressed himself with vivacity and
precision; his irnmagina ion vivif his tempera-
me mt sanguine and joyous; his courage daring.
His mother, the Duchess of Orleans, expressed his
character in a jeu desprit. The fairies, said she,
'were invited to be present at his birth, and each
one conferring talent on my son. he possesses them
all. Unfortunately, we had forgotten to invite a
old fairy who arriving after all the Others excaim-
ed He shall have all the talents, excepting th at to
make good use Of them
Undee proper tuition, the Duke might hare risen
to real greatness but in his early years, he ut
under the tutelagc Of the Able Dubois, of the
subtlest and basest spirits that ever intrigued its
into eminent place and power. The Able was Of
low origin, and despicable exterior, totally destitute
OF morals, and perfidions in the extreme but tn
supple, insinuating address, and accommodating
spirit tolerant OF all kinds of pronigacy in others.
Conscious of his inherent baseness, he sought
secure Influence over his pupil by corrupting his
prime pies and fostering his vices he de based him,
I TO keep hmse from being despised. Unfortunately,
he succeeded To the early precepts Of this in
famous pander have been attributed those excuses
that dseraced the manic d Of the Regent, and gave
licentous character TO bis whole course Of govern
BY those VINO should have restrained it, led him into
all kinds OF sensual Indulgence lie had been taug lat
TO think lightly OF the most serious duties and sacred
ties to turn virtue into jest, and consider religion
mere bypocracy. He was gay misanthrcpc, that
had sovereign bat sporive cont mpt for man ind
believed that his most devoted servant would be his
enemy, If interest prompted and maint ane that an
honest man was he who had the art to ceal that
he was the contrary.
He surrounded himself with a Sc, of dissolute me
like HIMSELF who, let from the restraint under
which they had been held, during the latter hypo
critical days OF Louis XIV. now gave way To e,ery
kind of debauchery. With these men the Regent
used 10 sh himself up, after he hours of business
and excluding AL raver persons and
celebrate the most drunken aud disgusting org
where obsce sity and aphemy form Cd the
OF conversation. For the profit gate companions OF
these reves he invented the appelston Of his reuc
the literal meaning ct which is. men broken on the
wheel inteated no doubt, to express their broken
down characters and disiocated fortunes; although
contemporary asserts that il designated the punish
ment that most os them merited. Madame de Labrap
who was present at one Of the REGENTS slippers was
disgusted by the conduct aud conversation OF the
aud his guests, and observed table that God after
he had created man took the refuse clay that was
left aud made of il the souls OF lacqueys aud princes,
Such was the man that now ruled the deslinies OF
France. Law found him full OF perpexities from
the disastrous state of the finances. lie had aIrea Nv
tempered with the coinage calling in the coin Of the
nation, stamping II, and issuing il at 4 Nominal
increase Of fftk thus defraudng the nation out
of twenty per cent. Of its capital He was not likely
therefore, 90 be scrupuous about any means likely
TO relieve him from fnaacia difficulties: he had even
been led to listen TO the cruel alternative of national
bank
Under these circumstances, law confidently
brought forward his scheme Ct bank, that was 10
pay OF the national debt increase the revenue, and
al the same time diminish the taxes The flowing
il stated as the theory by which he recommended
his 81 stem TO the Regent. The credit epioyed by
banker a merchant, he observed, increases his
capital ten fold; that il To say, he W no has en- Dal
of one hundred thousand hvres, may, if he possess
sufficient credit, extend his ope rati0ns to million
and reap profits To that amount. In like manner a
state that collect in bank all the cure mt coin
Of the Kingdom would be pow erul fits CAPITAL
were inc rcased ten fold. The specie must be drawn
but in the way Of deposit This tight be elected in
different modes, Their by inspiring confidence or by
exorting authority. Oae mode, he observed, had al.
ready been in use. Each time that state makes a
coinage, IL becomes monentariIy the depnsitary
Of al the called IN, belonging IL the 4,
Of that state His bank was effect the same pur.
pose that to say, 10 receive in deposit all the coin
Of the kIndem. but to give ia exchange its bills
which, being Of an inyarisbe value bearing an int
rest, and beng payable on demand. would not only
supply the place Of coin, but prove better aad more
profitable currency.
The Regent caught with avijity at the scheme.
IL suited his bold, reckless spirit and his ping
extravagance Not that he was altogether the ia pc
OF Laws spccious projects; still he ives apt like
many other man, unskilied IN tn arcana Of finance
DUPLICATION Of wealth; not under standing that il was
a mere agent instrumf nj in the interchange Of
traffic 20 represent the value OF the various odue
ton, Of industry; and that increased circulation
Of coin bank bills, IN the shape az Currency only
adds prnportonsbly increased AMI fictitious value
te such productions. Law enlisted the vanity Of the
Regent IN his cause. He persuaded him that Re saw
more clearly than others into sublime theories of
finance which were quite above the ordinary appre.
tension He used to declare that excepting The Re.
gent and the Duke If Savoy, no one had thoroughly