he country with paper money, which, based upon no solid foundation, was
sure to fall, sooner or later. The extraordinary present fortune dazzled
his eyes, and prevented him from seeing the evil day that would burst over
his head, when once, from any cause or other, the alarm was sounded. The
parliament were from the first jealous of his influence as a foreigner,
and had, besides, their misgivings as to the safety of his projects. As
his influence extended, their animosity increased. D'Aguesseau, the
chancellor, was unceremoniously dismissed by the regent for his opposition
to the vast increase of paper money, and the constant depreciation of the
gold and silver coin of the realm. This only served to augment the enmity
of the parliament, and when D'Argenson, a man devoted to the interests of
the regent, was appointed to the vacant chancellorship, and made at the
same time minister of finance, they became more violent than ever. The
first measure of the new minister caused a further depreciation of the
coin. In order to extinguish the _billets d'etat_, it was ordered that
persons bringing to the mint four thousand livres in specie and one
thousand livres in _billets d'etat_, should receive back coin to the
amount of five thousand livres. D'Argenson plumed himself mightily upon
thus creating five thousand new and smaller livres out of the four
thousand old and larger ones, being too ignorant of the true principles of
trade and credit to be aware of the immense injury he was inflicting upon
both.

The parliament saw at once the impolicy and danger of such a system, and
made repeated remonstrances to the regent. The latter refused to entertain
their petitions, when the parliament, by a bold and very unusual stretch
of authority, commanded that no money should be received in payment but
that of the old standard. The regent summoned a _lit de justice_, and
annulled the decree. The parliament resisted, and issued another. Again
the regent exercised his privilege, and annulled it, till the parliament,
stung to fiercer opposition, passed another decree, dated August 12th,
1718, by which they forbade the bank of Law to have any concern, either
direct or indirect, in the administration of the revenue; and prohibited
all foreigners, under heavy penalties, from interfering, either in their
own names, or in that of others, in the management of the finances of the
state. The parliament considered Law to be the author of all the evil, and