The Denison review. [volume] (Denison, Iowa) 1867-current, 1904-11-23

cent MIN 0I bubbles, light as air.
Wider and wider spread the balloon OF
phantasm. Higher and higher it float
ed, on it fixed the eyes of France. And
France laughed, and asked THAT yet
other bubbles should be blown.
All France was mad, and to its mad
ness there was joined that of all
Europe The population of Paris
doubled. The prices of labor and COM
modities trebled in day. There was
now none willing to be called artisan.
Every man was broker in stocks. Bub-
bles, bubbles, dreams, fantasies-these
were the things all carried in their
hands and in their hearts. These
made the object of their desire, of
their pursuit unimaginably passionate
and frenzied.
With leap from the somberness Of
the reign of Louis, all France went to
the extreme of levity. Costumes
changed. Manners. but late devout,
grew debonair. Morals, once lax, now
grew yet more lax. The blaze and
tinsel, the music and the rouge, the
wine, the flowing, uncounted gold-all
Paris might have been called golden
brothel of delirious delight. tenanted
by people. utterly gone mad.
1t was house made Of bubbles. Its
domes were of bubbles. Its roof was
of bubbles. and its walls. Its windows
were of that nacreous film. Even it's
foundations had naught in them more
substantial than an evanescent dream
of gauze-like web, frail as the spiders
house upon the dew-hung grasses.
Yet as to this latter there should be
somewhat of qualification. The wizard
who created this fairy structure saw
it swiftly grow beyond its original
plan, saw unforeseen results spring
from those causes which were first
we'll within his comprehension.
Berated by later generations as an
adventurer, schemer, a charlatan,
Law originally deserved anything but
such verdict of his public. Dishon-
est he was not, insincere he never was;
and as a student of fundamentals, he
was in advance Of his age, which is
ever to be accursed. His method was
but the forerunner of the modern COM
mercial system, which is of itself to-
day but tougher faith bubble, as may
be seen in all the changing cycles Of
finance and trade. His bank was but
a portion of a nobler dream. His sys-
TEN was but one vast belief, one glori-
GUS hope.
The Company Of the West-this 1t
was that made John Laws heart throb.
America-its trade-its future! John
Law, dead now and gone-he was the
colossal pioneer. He saw in his dreams
what we see to-day in reality; and no
bubble of all the frenzied Paris streets
equaled this splendid dream of a re-
newed and revived humanity that is
fact to-day.
But there came to this dreamer and
doer, at the very door of his success,
that which arrested him even upon his
entering in. There came the prelim-
mary blow which in a flash his far
seeing mind knew was to mean ulti-
mate ruin. In word, the loose prin-
ciples Of dissolute man were to ruin
France, and with it one who had once
saved France from ruin.
Philippe Of Orleans found it ever
difficult to say no to a friend, and more
SO if that friend were a woman; and
OF the latter sort, none had more than
he. Men and women alike, these could
all see only this abundance of money
made OF paper. What, then, was to
prevent the regent, all powerful, from
printing more and yet more OF it, and
giving it to his friends? The regent
did so. Never were mistresses better
paid than those of Philippe of Orleans,
receiving in effect faithlessness in re-
turn for insincerity.
The notes of the private bank of Law
were an absolute promise to pay
certain and definite sum, not change
able or indefinite sum; and Law made
1t part of his published creed that
any banker was worthy of death who
issued notes without having the specie
wherewith to pay them. He insisted
that the payment should mean specie
in the value of the day on which the
note was issued. This item the re-
gent liked little, as being too irksome
for his temper. Was it not of record
how Louis, the Grand Monarque, had
twice made certain millions for him
self by the simple process of chang
ing the value of the coin? Dicing,
drinking, amorous Philippe, easy
going, shallow-thinking, truly vert
thou better fitted for throne than for
a bankers chair!
The royal bank, which the. regent
himself fastened to foster when he
saw the profits of the first private bank
OF circulation and discount France had
ever known. issued notes against which
Law entered Immediately his firm pro-
test. He saw that their tenor spelled
ruin for the whole system of finance
which, at such labor. he had erected.
These notes promised to pay, for in
stance, fifty livres Sin silver coin," not
in coin of the weight of the standard
of this day." as had the honester notes
OF Laws bank. That is to say, the
notes meant nothing sue and nothing
definite. They might be money for a
time, but not forever; and this the
director-general was too shrewd a man
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