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until half of the national debt had been paid off by this swindling transaction. The nation was furious. A panic spread among all classes; the bank had no money with which to redeem its notes; the shares fell almost to nothing; and universal bankruptcy took place. Those who, a few days before, fancied themselves rich, now found themselves poor. Property of all kinds fell to less than its original value. Houses, horses, carriages, upholstery, every thing, declined in price. All were sellers, and few were purchasers. But popular execration and vengeance pursued the financier who had deceived the nation. He was forced to fly from Paris. His whole property was confiscated, and he was reduced to indigence and contempt. When his scheme was first suggested to the regent, he was worth three millions of livres. He had better remained a private banker. The bursting of the Mississippi bubble, of course, inflamed the nation against the government, and the Duke of Orleans was execrated, for his agency in the business had all the appearance of a fraud. But he was probably deluded with others, and hoped to free the country from its burdens. The great blunder was in the over-issue of notes when there was no money to redeem them. Nor could any management have prevented the catastrophe. [Sidenote: Fatal Effects of the Delusion.] It was not possible that the shares of the company should advance so greatly, and the public not perceive that they had advanced beyond their value; it was not possible, that, while paper money so vastly increased in quantity, the numerical prices of all other things should not increase also, and that foreigners who sold their manufactures to the French should not turn their paper into gold, and carry it out of the kingdom; it was not possible that the disappearance of the coin should not create alarm, notwithstanding the edicts of the regent, and the reasonings of Law; it was not possible that annuitants should not discover that their old incomes were now insufficient and less valuable, as the medium in which they were paid was less valuable; it was not possible that the small part of society which may be called the sober and reasoning part, should not be so struck with the sudden fortunes and extravagant enthusiasm which prevailed, as not to doubt of the solidity of a system, unphilosophical in itself, and which, after all, had to depend on the profits of a commercial company, the good faith of th
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