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to return immediately to his capital : for the new constitution. He next he concludes, by saying, that if repeats, more in detail, the terms this plan were not adopted, he should which he submits to the prioce for the immediately withdraw his forces. lait time ; declaring that, if these were

Nothing seems to have been further not adopted before the 30th of the from the bishop's mind, than ideas of fame month, he should consider his accominodation : he did not even silence as a refusal of consent ; and that notice the King's letter, till after the he should esteem his delays and thiftexpiration of lix weeks, and then ings as so many endeavours to harass his answer was as unsatisfactory as his country into submisfion by the it was long : it a compound of vexatious expence of an army, which mean lubnillion to the king, and of it was obliged to support. haughiy con:empt for his people. It The Bishop of Liege ftill defiring a was answered as it desirued.. I laid farther delay, the King agreed to postbefore you,' says his Prulijan Majelly,in pone his final resolution till the 15th his letter dated March 9, 1790, 'my of April. On this occasion, he tells free and real sentiments respecting the him that, as a prince, firm and patriotroubles which have unhappily arisen tic, he ought either nor to have in Liege; at the same time I proposed given to his states his approbation of articles of accommodation, which I their conduct, and the subsequent then thought, and now think, just, mno- promise by which he had engaged bimderate, and alone proper to heal this self in favour of the Revolution; or, unfortunate breach. I added that, if having given it, he should not, with, my propositions were not received, out realon, revoke it : that, by quitand if you were determined to demand ing his country, and leaving his coun. the plenary execution of the decree of trymen, without a lingle attempt on the Imperial Chamber, I would in his part to accommodate matters, he ftantly recal my troops, and abandon was respongble to the nation and to a commission, which I could not exe- the public in general for all the mis. cute with justice and honour. I night chiefs which he might be prevents bave expected from you a clear ao. ed, by listeniug to just and moderate swer to clear propofitions ; initead of terms. This was the language of this, I receive nothing but declama- truth, but it was spoken to the deaf tion about rights, which, had I the ear: the King received, in answer, a inclination and the, leisure, I might supercilious epiftle, in which the wri. · casily shew never to have existed, a ter fubmits his cause to the justice of heap of affertions without proof, and the empire at large ; Justice, Sire, jus, readily refuted; nay, in fact, already tice! he exclaims with energy ; but had refuted in my own letters.'

he viewed justice in the fame light that In another part, he tells the prince, we and sunie other uncourtly and blunt that if he can depend, as he had ala, men view it, he would either have serted, on feven-eiglus of his people altered, his conduct, or not have being in favour of his fchenie, of goz: been 1a, vociferous in his exclamavernment, he baş only to suffer the tions. a magistrates for the ensuing year to be The latest communication in this chosen by the free voice of all the volume is dared • Berlin, April 6th inhabitanis of each town: it would 1790, and appears to be written by then

appear whether the prince's fen, his Pruffian Majesty : it contains ajus, timents were right, or thole of the de. tification of his conduct

in recalling puties from Liege, who maintained his troops, and in avoiding any farther that eleven-twelfths of the voices were interference in the affairs of Liege.

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perations

Áccount of the Rise of the Miffilippi Scheme ; from * à Sketch of the Life and

Projects of John Law of Lauriston :" By I. P. W. AFI

FTER the establishment of the and the subscription for them was or:

General Bank, Mr Law began to dered to he paid in billets d'etat, at develope the plan of that great and stu- that time so much discredited, by reapendous project he had long medita- fon of the bad payment of their interted, known by the name of the Misisip- est, that gob livres nominal value in pi System, which, for a while, turned them would not have fold upon 'change the heads of the French, and attracted for more than 150 or 160 livres. In the attention of all Europe ; a project the subscription they were taken at the that, if carried into full execution, full value, so this was effectually a loan would, in all probability, have exalted from the Company to the King of 100 France to a vart superiority of power and millions. The interest of that fum, to wealth over every other state. The be paid by his Majesty to the Compascheme was po less than the vesting the ny, was fixed at the rate of 4 per cent. whole privileges, effe&ts, and poffeffions the first year's interest to be employa of all the foreign trading companies, the ed for commercial purposes, and the great farms, the profits of the mint, andoul-rents of the following years to the general receipt of the king's reve. be allotted for paying regularly the dinue, and the management and

proper

vidend on the actions, which was fixa ty of the bank, in one great Company, ed at 20'livres per annum on each, exwho thus having in their hands all the clutive of the profits of the trade: trade, taxes, and royal revenues, might Of this Company of the West, Mr be enabled to multiply the notes of the Law (who had now advanced so high bauk to any extent they pleased, doub- in the Regene's favour, that the whole ling or even trebling at will the circu. minifterial power was reckoned to be lating cash of the kingdom; and, by divided betwixt him, the Abbe du the greatness of their funds, poffeffed Bois, Minister of Foreign Affairs, and of a power to carry the foreign trade, M. D'Argenson, Keeper of the seals), and the culture of the colonies, to a was named Director General. The height altogether impracticable by any actions were eagerly fought after, other means. The outlines of the Louifiana having been represented as plan being laid before the regent, met a region abounding in gold and filter, with the approbation of that prince; of a fertile soil, capable of every fort measures were taken for the eftablift- of cultivation. The unimproved parts ment of the proposed company, and di- of that country were fold for 30,000 rections iffaed for making the requisite livres the square league, at which ma

livres ; and vigorous preparations Accordingly, by letters påtent, da were made for firting out vessels to ted in Auguft 1717, a commercial transport thither labourers and work. company was erected, under the name men of every kind. The demand for of the Company of the Weft, to whom Billets detat, for the purchase of acwas granted the whole province of Loui- tions, occafioned their immediately ria Liana, or the country on t the river Milli ling to their full nominal value. fippi; from which laft circumstance, On the 4th of September 1718, its fubfeqüent proceedings came to the Company of the West undertook be included under the generał name the Farm of Tobacco, for which they of the Milfifippi System. Of this paid 2,020,090 liv. advanced rent to the Company 200,000 a Stions (or sharcs) King; and on the 15th of December wer: created, rated at soc livres eacht following, they acquired the chartet 3 E 2

and

2

and effects of the Senegal Company: 50,000 with such eagerness, that nerBut by far the most important grant ly double the requisite fum was subwas that made in May 1719, when an scribed for, and the greatest intrigues edict was published transferring to this and quarrels were employed to secure Company the exclufive privilege of a place in that subscription. It was trading to the Eat Indies, China, and some weeks before the names of the the South Seas, with all the possessions actioners were declared, during which and effi cts which had belonged to the time Mr Law's door was shut, and all China and India Companies, on con the people of quality in France apdition of their paying the lawful de bts peared on foot ia hundreds, before of these Companies now diffolved. his house in the Place Vendome. The Company of the Welt alsumed The company now came under an on this occasion, the title of the Com obligation to lend the king, that he pany of the Indies; 50,000 new ac. miglit pay off his creditors, the fum tions were ordered to be created, ra' of 1500 million of livres, at the rate ted at 550 liv. each, payable in coin, of 3 per cent per annum, to which to be employed partly in fatisfying the rate the interest of the 100 millions ereditors of the old Companies, and formerly lent to his majelty, (on the partly in building of reliels, and other fist creation of actions at 4 per cent) preparations for carrying on she trade, was also reduced; the king confeThe price of Actions quickly ruse 19 quently had to pay them, in all 48 rooo liv, the hopes of the public be millions a-year. To raise this sum of ing raised by the favourable prospeáts 1500 millions, there were, in the of a most lucrative commerce. (1sť? months of September and O&ober On the 25th of Judy

. 1719, the 17'9, 300,000 new actions created, Mint was made over to the Company of subscription for which was fixed at the Indies, for a confideration of 50 sopo livres each. The actions were millions of livres, to be paid to the thus brought to their fell number of King within fifteen mouths; and 600,000; (for it is needless to take 50,000 new AAions, rated'ati cooliv. any notice of 24,000 more created on each, were directed to be created, in the 4th of October by the private erorder to raise that fum. On the 27th ders of the Regent, but afterwards of 'August following, the Regent took fuppreiled ;) to an fwer tlie dividends the great farmas out of the bands of the upon which the Company had, acFarmers General, and made over the cording to some, the following annual leafe to the Company of the Indies, revenue, viz. who agreed to pay 3,500,000 liv. ad

... livres. vanced rent for them; and on the 31st Interest paid by the

48,000,000 of the fanie month, the Company ob- Ring to the Company, tained the general receipt of other Profits upon the Great branches of the King's reyenge.

15,000,coc. When they had acquired all these Dinto upon the Mint, 4,000,000. grants, and had thus coucentered in Dito upon die Farm

of Tobacco,

2,000,000. themselves the whole forcigo tride and possessions of France, and the col. Ditto upon the general lection and management of all the

receipt of taxes, &c. . 1,500,0€* royal revenues, they promised an an. Dito upon the trade, 10,000,000, nual dividend of 200 livres on every fare, the consequence of which was, making a total of 80,500,000 liv. that the price of A&tions instantly role open to be improved by the extension ja ihe market to foco livres; the pub- of their commerce abroad, and by 2: lic run upon the last creation of good adminiftration at home. Other

writers

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writers on this subject, however, com- taking into the account the discredit
pured the annual revenue of this of the Billets d'etat.
ġreat Company at no less than 131 So much indeed were the people
millions of livres, viz. 48 millions in interested in this business, that no.
terest from the King, 39 millions pro- thing was talked of but Actions, and
fits upon the farms, the mint, and the every place echoed with Millifippi and
receipt of taxes, and 44 millions pro- Quinquempoix *. All classes appear.
fits upon their trade, in which cafe ed to have but one object, the acquisi
they could well afford a dividend of tion of shares of the India Company;
even more than 200 livres on every mechanics laid by their work, tradet
Action.

men forfook their shops, all degrees
The covetousnefs which these fair entirely neglected their employments
prospects of profit, and the prodigi- to embark in this new occupation;
ous gains of the first proprietors, ex and the few that did not proceed to
cited among all ranks, was such as that extreme, conducted themselves in
no nation had ever beheld before. An a manner which manifefted the little
universal infatuation for the acquifi- concern they took in any thing foreigp
tion of Phares in the India Company to the Millsippi t. The courriers, ac-
seemed to occupy the whole kingdom, cording to their usual custom of fol-
from the lowest of the people up to lowing implicitely the royal example,
Magistrates, Prelates, and Princes. engaged fo deeply in this Bufiness, that
This infatuationing of which, at the it was said only five perfons of that
present day, we can scarcely form â defcription (the Marechals de Vis
conception, increased in proportion to leroi and de Villars, the Dukes de
the difficulty of obtaining success; for St Simon and de la Rochefoucault,
the whole 300,000 Adions last create and the Chancellor) had kept free trom
ed, being, by a particular agreement, the contagion.
kept up in order to be fold to the Ree The negociations for Actions were
gent, who had also got poffession of at first carried on in the Rue Quin-
100,000 of former creations, no more que'mpoix, to the great emolument of
than 200,000 remained in the hands the occupiers of houfes in that street, a.
of the publis, of which only, a part, partments letting at the most enormous
quite loadequate to the demand, was rates. At length it becoming impol-
bow brought to market. The frenzy fible for all to procure the accommoda-'
prevailed fo far, that the whole nation, tion of a room, most of the stock.job-
clergy and laity, peers and plebeians 'bers tranfacted their buliness in the
ftatesmen and princes, nay even ladies, open air. So great was the concourse,
who had or could procure money for that the fireet was quite choacked up
that purpose, turned Itock-jobbers, out.' by break of day, and the crowd full
bidding each other with such avidity, continued to increase till the evening
that in November 1719, after some Bell was rung, when they were oblia
Nuctuations, the price of Actions rofe ged to be driven away by force.
to about 10,000 liv. more than sixty It tiow became neceflary to shift the
çimes the sum they originally fuld for, businefs to a more commodious situa.

, The street where the stock-jobbing was carried on. + It is related of a physician called Chirac, that on his way to visit a fcinale patient, having heard the price of Actions was falling, he was fo niucht affectcd by that piece of news he could think of nothing elle; and accordingly, when feeling the lady's pulse, he kept crying out, 0 good God, it falls, it it falls, falls! The invaliił, naturally a karuled, began to ring the bell with all her force, crying out that he was a dcad woman, and had almost expired with apprehension, till the doctor assured her that her pulse was in a very good state, but that his mind ran fo nzuch upron Actions, be came to utter the exprelians hat terrified ber, in reference to the fall of incir value.

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tion, and the stock.jobbing was ac- price, as is faid, of 1,400,000 liyo cordingly transferred to the Place and in the spacious gardens of that Vendome *, from whence it was in a edifice caused about 100 pavilions to short time removed, on account of the be erected, each of which was rated complaints made by the Chancellor, at 500 liv. a month. To oblige the that the noise prevented him from at- brokers to make use of them, an ortending to the causes in the chan- donnance was issued prohibiting any cery. Mr Law thereupon agreed with bargains for stock to be concluded exthe Prince of Carignan to purchase cept in these pavilions t. his Hotel of Soissons, at the enormous

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Account of the Deftrullion of the Milli Appi Scheme; from the Same.
HE envy that generally is the by them, of engaging the Duke in a

attendant on persons raised to scheme which completely ruined the high offices of state, Mr Law had the great designs of the Comptroller Gemisfortune to experience; and in his neral, by putting an end to his plans case it was hieghtened in a fuperlative of public credit and national affludegree, from the circumstances of his ence. being a foreigner. He was bated by It has been before mentioned, that almost all the Ministry, and obnoxi- at the 1st of May 1720, Bank notes ous to all the old retainers of the court. had been fabricated to the amount of Cardinal Du Bois in particular, for- 2600 millions of livres. The specie merly the Regent's tutor, one of the in the kingdom, at the rate of 65 liv. most profligate of mankind, could not, to the marc, was estimated at 1 300 without the greatest pain, observe his millions. Cardinal Du Bois, M. wonted influence over the mind of his D'Argenson, and others of the Miniold pupil quite destroyed by the supe- ftry, now represented to the Regent rior powers of the Comptroller Gener- that it was become abfolutely necessary al, who, he had reason to fufpect, was to form ao equal proportion betwixt determined to have him dismissed from the notes and the coin, by either' raihis office. This made bim attempt sing the denomination of the latter 'to a!ł methods to injure Mr Law in the 130 live the marc, by which the 1300 opinion of the Regent, in which he millions of fpecie would have been was joined by several of his colleagues, augmented to 2600 millions ; or redu

A tavourable opporcunity focn after cing the value of the notes one half, occurred, and was eagerly embraced that is, to 1300 millions. This poine

1909 101 was * The memoirs of the Regency take notice of a hump-backed'man, who acquired in the course of a few days 150,000 livres by letting out his hump as a writing-delk to the brow kers in the Rue Quinquempoix. A plan of Paris being about this time laid before Louis XV. then only ten years of age, the young monarch founç'fault with it because that Itreet was not distinguished from the others by being gilded.

The murder and robbery of a rich fock.jobber, by a young Flenith noblemant, Count Horn, and two associates, who, under pretence of bargaining for Actions, conducted the unfortunate man to a private room in a tavern in the Rue de Venise, and these dispatched him with a poignard 22d March 1720, was

one of the reasons for this reftri&ipn. The Count, who was only 22 years of age, being taken the fame day, was condemned to be broken alive upon the wheel ; and this fentence was put in execution, notwithstanding he was allied to several sovereign houses and related to the Duke of Orleans himself. The grcates interest was made for bis life, but all folicitations on that head were unválla ing, Mr Law fh:wing the Regent the absolute necessity of making an example of him, at a time when most people carried thcir whole fortunes in their pockets,

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