The first slight alarm that was occasioned was early in 1720. The Prince
de Conti, offended that Law should have denied him fresh shares in India
stock, at his own price, sent to his bank to demand payment in specie of
so enormous a quantity of notes, that three wagons were required for its
transport. Law complained to the regent, and urged on his attention the
mischief that would be done, if such an example found many imitators. The
regent was but too well aware of it, and, sending for the Prince de Conti,
ordered him, under penalty of his high displeasure, to refund to the bank
two-thirds of the specie which he had withdrawn from it. The prince was
forced to obey the despotic mandate. Happily for Law's credit, De Conti
was an unpopular man: every body condemned his meanness and cupidity, and
agreed that Law had been hardly treated. It is strange, however, that so
narrow an escape should not have made both Law and the regent more anxious
to restrict their issues. Others were soon found who imitated, from
motives of distrust, the example which had been set by De Conti in
revenge. The more acute stockjobbers imagined justly that prices could not
continue to rise for ever. Bourdon and La Richardiere, renowned for their
extensive operations in the funds, quietly and in small quantities at a
time, converted their notes into specie, and sent it away to foreign
countries. They also bought as much as they could conveniently carry of
plate and expensive jewellery, and sent it secretly away to England or to
Holland. Vermalet, a jobber, who sniffed the coming storm, procured gold
and silver coin to the amount of nearly a million of livres, which he
packed in a farmer's cart, and covered over with hay and cow-dung. He then
disguised himself in the dirty smock-frock, or _blouse_, of a peasant, and
drove his precious load in safety into Belgium. From thence he soon found
means to transport it to Amsterdam.

Hitherto no difficulty had been experienced by any class in procuring
specie for their wants. But this system could not long be carried on
without causing a scarcity. The voice of complaint was heard on every
side, and inquiries being instituted, the cause was soon discovered. The
council debated long on the remedies to be taken, and Law, being called on
for his advice, was of opinion, that an edict should be published,
depreciating the value of coin five per cent below that of paper. The
edict was published accordingly; but faili