the Tuileries, at
four o'clock in the afternoon, principally for the purpose of examining
the state of the finances and of Law's Bank and India Company. It was,
in fact, high time to do something to diminish the overgrown disorder and
confusion everywhere reigning. For some time there had been complete
stagnation in all financial matters; the credit of the King had step by
step diminished, private fortune had become more and more uncertain. The
bag was at last empty, the cards were cast aside, the last trick was
played: The administration of the finances had passed into the hands of
La Houssaye, and his first act was to call the attention of the Regency
Council to the position of the bank and the company. We were prepared to
hear that things were in a very bad state, but we were scarcely prepared
to find that they so closely resembled utter ruin and bankruptcy.

I need not relate all that passed at this council; the substance of it is
enough. From the statement there of M. le Duc d'Orleans, it appeared
that Law had issued 1,200,000,000 livres of bank notes more than he ought
to have issued. The first 600,00,000 livres had not done much harm,
because they had been kept locked up in the bank; but after the 22nd of
May, another issue of 600,000,000 had taken place, and been circulated
among the public, without the knowledge of the Regent, without the
authorisation of any decree. "For this," said M. le Duc d'Orleans, "Law
deserved to be hanged, but under the circumstances of the case, I drew
him from his embarrassment, by an ante-dated decree, ordering the issue
of this quantity of notes."

Thereupon M. le Duc said to the Regent, "But, Monsieur, why, knowing
this, did you allow him to leave the realm?"

"It was you who furnished him with the means to do so," replied M. le Duc
d'Orleans.

"I never asked you to allow him to quit the country," rejoined M. le Duc.

"But," insisted the Regent, "it was you yourself who sent him his
passports."

"That's true," replied M. le Duc, "but it was you who gave them to me to
send to him; but I never asked you for them, or to let him leave the
realm. I know that I have the credit for it amongst the public, and I am
glad of this opportunity to explain here the facts of the case. I was
against the proposition for sending M. Law to the Bastille, or to any
other prison, because I believed that it was not to your interest to
sanction this, after having made use of him as you had;