of the company became patrons who were very much courted. As
to the higher officers and Law himself, they received as much adulation
as if they were the actual dispensers of the favors of Fortune. The
approaches to Law's residence were encumbered with carriages. All that
was most brilliant among the nobility of France came to beg humbly for
the subscriptions, which were already much above the nominal price of
shares, and which were sure to rise much higher. By a clause creating
the company, the ownership of the shares entailed nothing derogatory to
rank. The nobility, therefore, could indulge in this speculation without
endangering its titles. It was as much in debt as the King, thanks to
its prodigality and the long wars of that century, and it sought to win,
at least, the amount of its debt by fortunate speculations. It
surrounded, it fawned upon Law, who, very anxious to gain partisans,
reserved very few shares for himself, but distributed them among his
friends of the court.

This new subscription was also taken up in a few days. If we reflect
that fifty millions in cash was sufficient to secure five hundred
millions of each issue, we shall understand how the state notes which
remained in market and the receipts already delivered would suffice to
monopolize the shares offered to the public. The creditors who had not
liquidated their claims--and the greater number had not--could not avail
themselves of the right to subscribe for shares, and were obliged to buy
them in the market at an exorbitant price. The shares subscribed for at
the Hotel de Nevers for five thousand francs were re-sold in the Rue
Quincampoix for six, seven, and eight thousand francs. To the need of
having some of this investment was joined the hope of seeing the shares
rise in the market to an indefinite extent, and it is not surprising
that the eagerness to obtain them soon increased to frenzy. In order to
satisfy this demand a third subscription was opened on October 2d, three
days after the second. Similar in every respect to the first two, it
ought to bring in a capital of five hundred millions and complete the
fifteen hundred millions which the company needed to redeem the public
debt.

The concourse of people was as great as ever at the treasury, where the
receipts were given and at the Hotel de Nevers, where the applications
for shares were received. The occasion of this eagerness is evident,
since that which was obtained at the Hotel de Ne