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

streets at night, seizng upon honest mechancs, or
houses for the sole purpose of extorting none from
them q ransom. The populace was reused to IN
dignstion by these abuses The officers oil ponce
tons and Sc veral or them killed, which put an
end to this fragrant abuse Of power.
In March, most extraordn mary decree OF the coun.
Gil fixed the price of shares of the India Company at
nine thousand hvres each. All ecclesiastical com
munities and hospitals were prohibited from IN
vesting money at interest, in any thing but Indis
stock. With all these props and stays, the system
continued Ia totter How could il be otherwise an
der despoic government that could alter the value
of property al every moment The very compulsory
measures mat were adopted to estaoiisn l'e .Ieu
OF the bank FASTENED its falls plainly showing therc
was a want of solid security. Law caused pamhpe's
to be published setting forth, in eloquent language,
the vast profits that must accrue TO ho.aers y, tms
stock, and the inpossbtv OF the kings ever DONG
it any harm On the very back OF these assertions,
came forth an ejct of tho kim, dated the I'D OF
May, wherein, under preence OF having reduced the
value of his coin it declared necessary 10 reduce
the value OF his bank notes half and Of the India
shares from nine thousand to five thousand liyres
This decree came like clap Of thunder upon
shareholders. hey fourd one half Of the pretended
value of the paper in their hands anil Hated in
instant; and what certainty had they with respect
to the ether hdfl The rich considered themselves
ruined; those IN humber circumstances looked Tor
ward to AFFECT begsary.
The parliament seized the occasion to stand forth
the pr,tec'or OF the public. and refused to regis
ter the decree 1t gained the credit of compelling
the Regent 60 retrace his step, though is pro
bable he yielded to the universal burst of pablo
constituent and reprobaton. On the 9th of May, the
edct was revoked and bank bills were restored to
their previous value. But the fatal blow had been
struck; the delasiop at end. Government
itself had lost all ubic confidence, equally with the
bank il had en- rendered, and which its own arbi
acts had brought into discredit "Ali Paris" says
the Regents mother, in her letters, +" has been
mourning at the cursed decree which Law has per-
suaded my son to make. have received anon nous
letters, stating that have nothing TO fear on my
own account but that my son shall be pursued with
fire aud sword
The r gent now endea vered to avert the odium Of
his ruinous schemes from himself He affected to
have suddenly lost confidence in Law, and on the
18th Of Nav, discharged him from his employ, as
Comptroller Gtnera, and stationed a Swiss gard Of
sixteen men in his house. He even refused to see
him. VII N on the following day, he applied at the
portal of the Paas Royal for admission; but having
play ed of this free before the public he admitted
HIM secretly the same sight, by private or, and
continued as fore, to cooperate with him in his
6nanc al schemes.
On the frs, Of Jane, the Recent issued decree,
permitting persons to nave as much money as they
pleased in their possession. Few, however, were
in a state to benefit by this permission. There was
a upon the bank, bat royal ordinance immedi
ately suspen led payment until further orders. To
relieve the pubic mind city stock created Of
twenty-five millions, bearing an interest OF two and
a half per cent. for which bank notes were taken in
exchange. The bank notes thus withdrawn from
circulation were publicly burnt before the Hotl de
Vile the public, however, had lost confidence in
every thing every body, and frand and
COLLISION in those who pretended TO bura the bills
A general confusion now took place in the finan-
cial world. Families who hal lived in opuence,
found themselves suddenly reduced to Indulgence
Schemers who hal been revealing in the delusion Of
princey fortunes, foand their estates anshing into
thin air. Those who had any property remaining,
sought to secure It against reverses Cautious per-
foand there safety for proparty in coun-
try where the coin continually shifting in value,
and where a despotism exercised over public
securities. and even over the private parses Of ndi
viduas They to send their effects into other
IT, Al. slst.ts
commando them To- bring back their effects, under
penalty Of forieing twice their vaue; and forbade
them under like penalty, from investing their money
in foreign stocks This was soon followed by another
decree forbiddny any TO retain precious stones
in his possession, to sell them TO foreigners; all
must be deposited in the bank in exchange for de-
preciating paper!
Execratioas re now poured out, on all sides,
against Law. and menaces OF vengeance. What q
q contrast IN short urne to the venal incense that
was offered mp TO him! 'rhis person. writes the
Reg -nt's mother, who was former,y worshippsd as
q god, is of his life Ii is astonishing
how greatly terrified he 10. He is dead man; he
is pale sheet aud il is said he never get ov
er II. My Is not dismayed, though he is threat.
ened ON all sides, and is very much amused with
Laws terrors.'
About the middle Of July, the last grand attempt
was made by Law and the Regent, to keep up the
system, ard provide Tor the immense emission Of
paper. A decree was fab 'ieateu, giving tn India
Company the entire monopoly of commerce, on con
dition tina u wou d, in the course of a year, REIN
the rate of fifty millions per mouth.
On the l7th, this decree was sent TO par'iamentto
be registered. Ii at once raised storm Of oppose
tion in that assembly; and vehement discussion
took place While that was going on, q disastrous
sccne pas stag out 81 doors.
The caiirn,tous effects Of the system had reached
the humblest concerns Of human life. Provisions
had rises enormous price; paper money was
refused at all he shops; the people had not where
witnal TO buy bread u d been found absolutely
spensshe to relax little from the suspension OF
specie paym 1nts and tn allow small sums tn ba
tIv exohang ID for p per The doors Of the bank
and he neighbOring street were Immediately tbroDg
ed with famis hing multitude, see ing cash for bank
notes of ten hyres. So great the press and
ed to death. TIE NOS carried three Of the bodies
to the court. ard OF the Ptlais Royal Sone cried
for the Regru to come forth, aud behold the effect
Of his system; others de handed the death Of Law,
tn imDos,er who hsj brought this misery and ruin
upon the nation.
The moment was critical: the popular fury was
rising To a trmpcst, when lie Blanc, the Secretary
of State, pped forth lie had previously sent for
the military. aud now only sought To gain time -
Snglin- out SIX seven stout fellows. who seemed
20 be the rang leaders 81 the mob: My good lei.
lows said he. calmly, carry away these bod e. and
place them in some church, and tden come back
quickly to me for our pay They Immediately
obeyed: Kind Of funerai procession was formed;
the arrival of troop, dispersed those who ha nger-
ed behind; aud Paris vas probably saved from an
insarrection.
Abpsi ten o'clock ia the morning, all being quiet,
Law vcntnrcd to goin bis carriage TO the PaIas Roy
al lie was salued with cries and curses, as ne
passed along the stEeets and he reached the Psais
Royal ia terrible fright. The Regent amu.e ed him
self with his ears bot retained h IA with him, and
sent ~ his carri,se, which assaied by the mob
IL