Law had established his Mississippi Company, and now began to do marvels
with it. A sort of language had been invented, to talk of this scheme,
language which, however, I shall no more undertake to explain than the
other finance operations. Everybody was mad upon Mississippi Stock.
Immense fortunes were made, almost in a breath; Law, besieged in his
house by eager applicants, saw people force open his door, enter by the
windows from the garden, drop into his cabinet down the chimney! People
talked only of millions.
Law, who, as I have said, came to my house every Tuesday, between eleven
and twelve, often pressed me to receive some shares for nothing, offering
to manage them without any trouble to me, so that I must gain to the
amount of several millions! So many people had already gained enormously
by their own exertions that it was not doubtful Law could gain for me
even more rapidly. But I never would lend myself to it. Law addressed
himself to Madame de Saint-Simon, whom he found as inflexible. He would
have much preferred to enrich me than many others; so as to attach me to
him by interest, intimate as he saw me with the Regent. He spoke to M.
le Duc d'Orleans, even, so as to vanquish me by his authority. The
Regent attacked me more than once, but I always eluded him.
At last, one day when we were together by appointment, at Saint-Cloud,
seated upon the balustrade of the orangery, which covers the descent into
the wood of the goulottes, the Regent spoke again to me of the
Mississippi, and pressed me to receive some shares from Law.
The more I resisted, the more he pressed me, and argued; at last he grew
angry, and said that I was too conceited, thus to refuse what the King
wished to give me (for everything was done in the King's name), while so
many of my equals in rank and dignity were running after these shares.
I replied that such conduct would be that of a fool, the conduct of
impertinence, rather than of conceit; that it was not mine, and that
since he pressed me so much I would tell him my reasons. They were,
that since the fable of Midas, I had nowhere read, still less seen,
that anybody had the faculty of converting into gold all he touched;
that I did not believe this virtue was given to Law, but thought that all
his knowledge was a learned trick, a new and skilful juggle, which put
the wealth of Peter into the pockets of Paul, and which enriched one at
the expense of the other; that sooner or later the game would be played
out, that an infinity of people would be ruined; finally, that I abhorred
to gain at the expense of others, and would in no way mix myself up with
the Mississippi scheme.
M. le Duc d'Orleans knew only too well how to reply to me, always
returning to his idea that I was refusing the bounties of the King.
I said that I was so removed from such madness, that I would make a
proposition to him, of which assuredly I should never have spoken, but
for his accusation.
I related to him the expense to which my father had been put in defending
Blaye against the party of M. le Prince in years gone by. How he had
paid the garrison, furnished provisions, cast cannon, stocked the place,
during a blockade of eighteen months, and kept up, at his own expense,
within the town, five hundred gentlemen, whom he had collected together.
How he had been almost ruined by the undertaking, and had never received
a sou, except in warrants to the amount of five hundred thousand livres,
of which not one had ever been paid, and that he had been compelled to
pay yearly the interest of the debts he had contracted, debts that still
hung like a mill-stone upon me. My proposition was that M. le Duc
d'Orleans should indemnify me for this loss, I giving up the warrants, to
be burnt before him.
This he at once agreed to. He spoke of it the very next day to Law: my
warrants were burnt by degrees in the cabinet of M. le Duc d'Orleans, and
it was by this means I paid for what I had done at La Ferme.
Meanwhile the Mississippi scheme went on more swimmingly than ever. It
was established in the Rue Quincampoix, from which horses and coaches
were banished. About the end of October of this year, 1817, its business
so much increased, that the office was thronged all day long, and it was
found necessary to place clocks and guards with drums at each end of the
street, to inform people, at seven o'clock in the morning, of the opening
of business, and of its close at night: fresh announcements were issued,
too, prohibiting people from going there on Sundays and fete days.
Never had excitement or madness been heard of which approached this.
M. le Duc d'Orleans distributed a large number of the Company's shares to
all the general officers and others employed in the war against Spain.
A month after, the value of the specie was diminished; then the whole of
the coin was re-cast.
Money was in such abundance--that is to say, the notes of Law, preferred
then to the metallic currency--that four millions were paid to Bavaria,
and three millions to Sweden, in settlement of old debts. Shortly after,
M. le Duc d'Orleans gave 80,000 livres to Meuse; and 80,000 livres to
Madame de Chateauthiers, dame d'atours of Madame. The Abbe Alari, too,
obtained 2000 livres pension. Various other people had augmentation of
income given to them at this time.
Day by day Law's bank and his Mississippi increased in favour. The
confidence in them was complete. People could not change their lands and
their houses into paper fast enough, and the result of this paper was,
that everything became dear beyond all previous experience. All heads
were turned, Foreigners envied our good fortune, and left nothing undone
to have a share in it. The English, even, so clear and so learned in
banks, in companies, in commerce, allowed themselves to be caught, and
bitterly repented it afterwards. Law, although cold and discreet, felt
his modesty giving way. He grew tired of being a subaltern. He hankered
after greatness in the midst of this splendour; the Abbe Dubois and M. le
Duc d'Orleans desired it for him more than he; nevertheless, two
formidable obstacles were in the way: Law was a foreigner and a heretic,
and he could not be naturalised without a preliminary act of abjuration.
To perform that, somebody must be found to convert him, somebody upon
whom good reliance could be placed. The Abbe Dubois had such a person
all ready in his pocket, so to speak. The Abbe Tencin was the name of
this ecclesiastic, a fellow of debauched habits and shameless life, whom
the devil has since pushed into the most astonishing good fortune; so
true it is that he sometimes departs from his ordinary rules, in order to
recompense his servitors, and by these striking examples dazzle others,
and so secure them.
As may be imagined, Law did not feel very proud of the Abbe who had
converted him: more especially as that same Abbe was just about this time
publicly convicted of simony, of deliberate fraud, of right-down lying
(proved by his own handwriting), and was condemned by the Parliament to
pay a fine, which branded him with infamy, and which was the scandal of
the whole town. Law, however, was converted, and this was a subject
which supplied all conversation.
Soon after, he bought, for one million livres, the Hotel Mazarin for his
bank, which until then had been established in a house he hired of the
Chief-President, who had not need of it, being very magnificently lodged
in the Palace of the Parliament by virtue of his office. Law bought, at
the same time, for 550,000 livres, the house of the Comte de Tesse.
Yet it was not all sunshine with this famous foreigner, for the sky above
him was heavy with threatening clouds. In the midst of the flourishing
success of his Mississippi, it was discovered that there was a plot to
kill him. Thereupon sixteen soldiers of the regiment of the Guards were
given to him as a protection to his house, and eight to his brother, who
had come to Paris some little time before.
Law had other enemies besides those who were hidden. He could not get on
well with Argenson, who, as comptroller of the finances, was continually
thrown into connection with him. The disorder of the finances increased
in consequence every day, as well as the quarrels between Law and
Argenson, who each laid the blame upon the other. The Scotchman was the
best supported, for his manners were pleasing, and his willingness to
oblige infinite. He had, as it were, a finance tap in his hand, and he
turned it on for every one who helped him. M. le Duc, Madame la
Duchesse, Tesse, Madame de Verue, had drawn many millions through this
tap, and drew still. The Abbe Dubois turned it on as he pleased. These
were grand supports, besides that of M. le Duc d'Orleans, who could not
part with his favourite.
Argenson, on the contrary, was not much liked. He had been at the head
of the police so long that he could not shake off the habits he had
acquired in that position: He had been accustomed to give audiences upon
all sorts of police matters at dead of night, or at the small hours of
the morning, and he appeared to see no reason why he should not do the
same now that he was Keeper of the Seals. He irritated people beyond all
bearing, by making appointments with them at these unreasonable hours,
and threw into despair all who worked under him, or who had business with
him. The difficulty of the finances, and his struggles with Law, had
thrown him into ill-humour, which extended through all his refusals.
Things, in fact, had come to such a pass, that it was evident one or the
other must give up an administration which their rivalry threw into
confusion.
Argenson saw the storm coming, and feeling the insecurity of his
position, wished to save himself. He had too much sense and too much
knowledge of the world not to feel that if he obstinately clung to the
finances he should not only lose them but the seals also. He yielded
therefore to Law, who was at last declared comptroller-general of the
finances, and who, elevated to this (for him) surprising point, continued
to visit me as usual every Tuesday morning, always trying to persuade me
into belief of his past miracles, and of those to come.
Argenson remained Keeper of the Seals, and skilfully turned to account
the sacrifice he had made by obtaining through it the permission to
surrender his appointment of Chancellor of the Order of Saint-Louis to
his eldest son, and the title, effectively, to his younger son. His
place of Conseiller d'Etat, that he had retained,--he also gave to his
eldest son, and made the other lieutenant of police. The murmur was
great upon seeing a foreigner comptroller-general, and all abandoned to a
finance system which already had begun to be mistrusted. But Frenchmen
grow accustomed to everything, and the majority were consoled by being no
longer exposed to the sharp humour of Argenson, or his strange hours of
business.
But Law's annoyances were not over when this change had been made. M. le
Prince de Conti began to be troublesome. He was more grasping than any
of his relatives, and that is not saying a little. He accosted Law now,
pistol in hand, so to speak, and with a perfect "money or your life"
manner. He had already amassed mountains of gold by the easy humour of
M. le Duc d'Orleans; he had drawn, too, a good deal from Law, in private.
Not content with this, he wished to draw more. M. le Duc d'Orleans grew
tired, and was not over-pleased with him. The Parliament just then was
at its tricks again; its plots began to peep out, and the Prince de Conti
joined in its intrigues in order to try and play a part indecent,
considering his birth; little fitting his age; shameful, after the
monstrous favours unceasingly heaped upon him.
Repelled by the Regent, he turned, as I have said, towards Law, hoping
for more success. His expectations were deceived; prayers, cringing
meanness (for he stopped at nothing to get money) being of no effect, he
tried main strength, and spared Law neither abuse nor menaces. In fact,
not knowing what else to do to injure his bank, he sent three waggons
there, and drove them away full of money, which he made Law give him for
paper he held. Law did not dare to refuse, and thus show the poverty of
his metallic funds, but fearing to accustom so insatiable a prince to
such tyranny as this, he went, directly the waggons left, to M. le Duc
d'Orleans, and complained of what had occurred. The Regent was much
annoyed; he saw the dangerous results, and the pernicious example of so
violent a proceeding, directed against an unsupported foreigner, whom
rather lightly he had just made comptroller-general. He flew into a
violent rage, sent for the Prince de Conti, and, contrary to his nature,
reprimanded him so severely, that he was silenced and cried for mercy.
But annoyed at having failed, and still more at the sharp scolding he had
received, the Prince de Conti consoled himself, like a woman, by
spreading all sorts of reports against Law, which caused him but little
fear, and did him still less harm, but which did slight honour to M. le
Prince de Conti, because the cause of these reports, and also the large
sums he had drawn from the financier, were not unknown to the public;
blame upon him was general, and all the more heavy, because Law had
fallen out of public favour, which a mere trifle had changed into spite
and indignation.
This is the trifle. The Marechal de Villeroy, incapable of inspiring the
King with any solid ideas, adoring even to worship the deceased King,
full of wind, and lightness, and frivolity, and of sweet recollections of
his early years, his grace at fetes and ballets, his splendid
gallantries, wished that the King, in imitation of the deceased monarch,
should dance in a ballet. It was a little too early to think of this.
This pleasure seemed a trifle too much of pain to so young a King; his
timidity should have been vanquished by degrees, in order to accustom him
to society which he feared, before engaging him to show himself off in
public, and dance upon a stage.
The deceased King,--educated in a brilliant Court, where rule and
grandeur were kept up with much distinction, and where continual
intercourse with ladies, the Queen-mother, and others of the Court, had
early fashioned and emboldened him, had relished and excelled in these
sorts of fetes and amusements, amid a crowd of young people of both
sexes, who all rightfully bore the names of nobility, and amongst whom
scarcely any of humble birth were mixed, for we cannot call thus some
three or four of coarser stuff, who were admitted simply for the purpose
of adding strength and beauty to the ballet, by the grace of their faces
and the elegance of their movements, with a few dancing-masters to
regulate and give the tone to the whole. Between this time and that I am
now speaking of was an abyss. The education of those days instructed
every one in grace, address, exercise, respect for bearing, graduated and
delicate politeness, polished and decent gallantry. The difference,
then, between the two periods is seen at a glance, without time lost in
pointing it out.
Reflection was not the principal virtue of the Marechal de Villeroy. He
thought of no obstacle either on the part of the King or elsewhere, and
declared that his Majesty would dance in a ballet. Everything was soon
ready for the execution. It was not so with the action. It became
necessary to search for young people who could dance: soon, whether they
danced ill or well, they were gladly received; at last the only question
was, "Whom can we get?" consequently a sorry lot was obtained. Several,
who ought never to have been admitted, were, and so easily, that from one
to the other Law had the temerity to ask M. le Duc d'Orleans to allow his
son, who danced very well, to join the ballet company! The Regent,
always easy, still enamoured of Law, and, to speak truth, purposely
contributing as much as possible to confusion of rank, immediately
accorded the demand, and undertook to say so to the Marechal de Villeroy.
The Marechal, who hated and crossed Law with might and main, reddened
with anger, and represented to the Regent what, in fact, deserved to be
said: the Regent, in reply, named several young people, who, although of
superior rank, were not so well fitted for the ballet as young Law; and
although the answer to this was close at hand, the Marechal could not
find it, and exhausted himself in vain exclamations. He could not,
therefore, resist the Regent; and having no support from M. le Duc,
superintendent of the King's education and a great protector of Law and
of confusion, he gave in, and the financier's son was named for the
ballet.
It is impossible to express the public revolt excited by this bagatelle,
at which every one was offended. Nothing else was spoken of for some
days; tongues wagged freely, too; and a good deal of dirty water was
thrown upon other dancers in the ballet.
At last the public was satisfied. The small-pox seized Law's son, and
(on account of its keeping him from the ballet) caused universal joy.
The ballet was danced several times, its success answering in no way to
the Marechal de Villeroy. The King was so wearied, so fatigued, with
learning, with rehearsing, and with dancing this ballet, that he took an
aversion for these fetes and for everything offering display, which has
never quitted him since, and which does not fail to leave a void in the
Court; so that this ballet ceased sooner than was intended, and the
Marechal de Villeroy never dared to propose another.
M. le Duc d'Orleans, either by his usual facility, or to smooth down the
new elevation of Law to the post of comptroller-general, bestowed a
number of pecuniary favours; he gave 600,000 livres to La Fare, captain
of his guard; 200,000 livres to Castries, chevalier d'honneur to Madame
la Duchesse d'Orleans; 200,000 livres to the old Prince de Courtenay, who
much needed them; 20,000 livres pension to the Prince de Talmont; 6000
livres to the Marquise de Bellefonds, who already had a similar sum; and
moved by cries on the part of M. le Prince de Conti, 60,000 livres to the
Comte de la Marche his son, scarcely three years old; he gave, also,
smaller amounts to various others. Seeing so much depredation, and no
recovery to hope for, I asked M. le Duc d'Orleans to attach 12,000
livres, by way of increase, to my government of Senlis, which was worth
only 1000 livres, and of which my second son had the reversion. I
obtained it at once.