The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-13

| Then, would ask you, where would you
get gold for the coinage?"
1T is not gold would CON- said Law,
but credit
1.-The kingdom hath been run on credit
for these many years."
mo, tits not that kind Of credit that I
mean I mean the credit which comes of
confidence. 1t is fate, necessity. which
demands a new system. The world has
grown too much for every man to put his
sixpence into the other mans hand, and
carry away in a basket what he buys.
we are no longer savages, to barter beads
| for hides. Yet we were as savages, did
we not realize that this insufficient coin
must be, replaced, In the evolution of
affairs just as barter has long ago been
replaced"
! And by what?"
| LAS I said, by credit"
do not annoy me by things too deep,
but rather suggest some definite plan, if
| that may be-
First of ALL then. as said to you years
ago. we need bank. bank in which all
the people Of France shall have absolute
| confidence"
You would. then, wish charter of
some sort?''
"Only provided your grace shall please.
I have Of my own funds half million
livres or more. This would put into a
bank of general nature, if your grace shall
please. That should be some small guar
antee Of my good faith in these plans"
| Monsiur Las would seem to have fol-
lowed play to his good fortune"
| Never to SO good fortune as when first
I met your grace" replied Law. Il
| have given to games of chance the
Of chance the severest thought and study.
Just as much more have I given thought
and study to this enterprise which pro-
pose now to lay before YOU"
| And ask the Datent Of the crown
| for your bank2"
1T were better If the institution re-
ceived that open Endorsement"
A slow frown settled upon the face of
the other. THAT is, at the beginning,
! impossible, monsieur Las" said the re-
gent. 1T is. you who must prove these
things which you propose"
Let it be so, them" said Law, with
conviction. II make no doubt shall OBJ
tain subscriptions for the shares. Re-
member my words Within few months
you shall see trebled the energies of
France Money is the only thing which
we have not in France. Why, your grace,
suppose the collectors Of taxes in the
south Of France succeed in raising the
kings levies. That. specie must come by
wheeled vehicle all the way to Paris.
| Consider what loss Of time Is there, and
| the provinces from which so much specie
is taken bodily, and to which 1t can re-
turn later only q little at a time. Is 1T
any wonder that usury Is eating up
France? There is not money enough-it
Is the one priceless thing; by which
mean only that there is not belief, not
confidence, not credit enough In France.
Now, given a bank which holds the con-
hdence Of the people. and I promise the
king his taxes, even as promise to aboi-
ish usury. You shall see money at work.
I money besetting money, and that beget-
~i,oo ooSNH fHrt
and comfort making easier the COLLECTION
Of the kings taxes"
"By heaven! you begin to make 1t
somewhat more plain to me-"
Zone thing beg you to observe most
carefully, your grace" said Law, NOR
must it ever be forgotten in our under
standing. The shares Of this bank must
have a fixed value in regard to the coin
of the realm. There must be no altering
Of the value of our coin. Grant that the
coin does not fuctuate, and I promise
you that my bank actions, notes Of the
chief bank Of Paris, shall soon be found
better than gold or silver in the eyes of
France. Moreover, given greater safety
} to foreign gold, and promise you that
too shall pour into Paris in such fashion
as has never yet been seen. Moreover,
the people will follow their coin. Paris
will be the greatest capital Of Europe.
This promise1yo I can do
I'm effect" said the regent, smiling,
you promise me that you can build a
5 new Paris, new world! Yet much OF
! this can in part believe and understand
, Let that be as it may. The immediate
truth Is that something must be done, and
, done at once"
"Obviously." y
"Our public debt Is twenty-six hundred
millions of livres.
It's annual interest Is eighty millions
of livres. We can not pay this in
, terest alone, not to speak Of the principal
, Obviously, as you say, the matter admits
Of no delay. Your bank-why, by heaven
let US have your bank! What can we de
: without your bank2 Lastly, how quickly
can we have tt?"
"Sire, you make me the happiest man II
all the world! '--
1.-THE advantage is quite otherwise, sir
But my head already swtms with figures
Now let us set the rest aside until to-
, morrow. Meantime, I must confess tt
+ you, my dear friend. there is somewha
else that sits upun my mind
, change came upon the demeanor o.
his grace the. regent Laying aside the
, dignity of the ruler with the questions OF
+ Philippe Of Orleans, known by his friends
as gay, care free and full Of camaraderie
: Your grace, could I be of the least
personal service, should be too happy, u
said Law.
''Well, then, must admit to you that
this is question Of q diamond