n place during the previous February, had led to transactions which
made the former debtor to the latter to an immense amount. But the bank
being a governmental establishment, the King became thus the creditor of
the Company. It was decreed, in fact, that the Company should be
considered as debtor to the King. It was decided, however, that other
debtors should receive first attention. Many private people had invested
their money in the shares of the Company. It was not thought just that
by the debt of the Company to the King, these people should be ruined;
or, on the other hand, that those who had left the Company in good time,
who had converted their shares into notes, or who had bought them at a
low price in the market, should profit by the misfortune of the bona fide
shareholders. Accordingly, commissioners, it was decided, were to be
named, to liquidate all these papers and parchments, and annul those
which did not proceed from real purchases.

M. le Duc said, upon this, "There are at least eighty thousand families,
the whole of whose wealth consists of these effects; how are they to live
during this liquidation?"

La Houssaye replied, that so many commissioners could be named, that the
work would soon be done.

And so the Council ended.

But I must, perforce, retrace my steps at this point to many other
matters, which I have left far behind me in going on at once to the end
of this financial labyrinth. And first let me tell what happened to that
monstrous personage, Alberoni, how he fell from the lofty pinnacle of
dower on which he had placed himself, and lost all consideration and all
importance in the fall. The story is mightily curious and instructive.

CHAPTER CIII

Alberoni had made himself detested by all Europe,--for all Europe, in one
way or another, was the victim of his crimes. He was detested as the
absolute master of Spain, whose guides were perfidy, ambition, personal
interest, views always oblique, often caprice, sometimes madness; and
whose selfish desires, varied and diversified according to the fantasy
of the moment, were hidden under schemes always uncertain and oftentimes
impossible of execution. Accustomed to keep the King and Queen of Spain
in chains, and in the narrowest and obscurest prison, where he allowed
them to communicate with no one, and made them see, feel, and breathe
through him, and blindly obey his every wish; he caused all Spain to
tremble, and had annihilat