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was discussed in council; fome of the ed upon the authority of his nephew members, among whom was the Comp- the Baron de Lauriston, who fays, troller General, contended (trenuoully "On fe decida, malgré l'avis de Mr for letting matters stand as they were, “ Law, et sur son rapport cependant, or if it was judged necessary to take " puisqu'il etoit Controleur General fume steps in that affair, they proposed " des Finances, mais peu ccouté, de to raise the denomination of the specie, “ lancer l'arret, &.c."--and indeed it, which had been frequently practised seems hardly credible that one so well before ; but the majority, who bore to versed in the principles of credit as Mr good will to Mr Law, favouring the Law was, could approve of a proceedproposition for lowering the value of ing fo diametrically opposite to them. the paper, it was at last, after a grave, Some

g? so far as to maintain, on the wise, and learned deliberation, deter- authority of a letter from a Duke and mined to issue an Arret to that pur- Peer of France to an English noblepofe.

man, that the most ferious apprehenAccordingly on the zift of May fions being entertained by the other 1720, an Arret was published, ftating, European states of the vaft increase that the King having judged that the ofi the power and wealth of France in general interest of his fubjects requin the event of the Syftem's succeeding, red that the price, or nominal value of the Ministers of the Quadruple Allie the India Company's Actions and of ance bplotted together to poccalion its Bank notes, should be lessened, fors miscarriage, and faggefted the above maintaining them in a just proportion mode to the enemies of Mr Law. with the coin and other commodities --Be the caufe as it may, the arret was of the kingdom ; his Majesty ordained, published, and the consequence of this zhat the Asions of the India Compan: Thameful infraction of the royal enny should be reduced, beginning from gagement, which solenıly promited, the day of the publication of the pre- thao whatever alterations thould take fent arret, to 8000 liv. on the ult of place lon's the coin, the Bank notes July to 7500 div. on the stof Auguft ihould always remain invariable; and to 7990/live and fo on by goorlivi a be paid ia full, were fach as migin have month till she i&t of December, when beentexpected. From that moment, they were to remain fixedat sooo, hıy.it ut Omnia fatis! That the Bank notes should also be ce-i "In pėjus ruere, ac retro fublapfa referri." duced 19, as they should bei received in the whole paper fabric [ell at once to payments from that date at the follow the ground, the inofesytort all credit; ing rates & Those of 10.0do livis for a no person would meddle with them ; 8000 liv. those of 1ooo livi for 800, and, although the Bunk did notimmeof 100 for 80, and 10 for 8; that diately stop payment, there was no on the ist of July the said gotes fhouldia poffibility of getting near it, the aven. be further reduced; those of royogo live 'ues being, at the first alarm, blocked to 7500 liv. and so on by 590 liv. a' up by, foldiers, and the telleis employmonth, the lesser notes being reduced ed, in changing the notes of their in the like proportion, till the ift of friends and those of the Directors, fo December, when it was declared that that the day following, May 22d, any the said notes should remain reduced body might have starved with 100 miland fixed, thofe of 10,000 liv. ai, sooo Jions in paper money in his pocket. liv. those of 1000 at 500, those of. The contternacion which teized all 100 at to, and those of 10 at 5. mwil.rariks of people upon the publication of

That this unjustifiable and fatal step this fatal arret was quickly converted was taken in opposition to the advice into rage, so that it became neceffary of the Comptroller General, is affert- to ftation a number of troops in the

market

market-place, and in other quarters of served a right of redemption within a Paris, to bridle the fury of the mob, ftated period, his fon availed himself from which a second night of St. Bar- thereof, and“ repaid the purchaser at tholomew' was dreaded * Disorder this juncture with nutes. and confusion reigned every where, When the last mentioned arret of feditious and in faramatory libels were the 27th was published, the people ported up in all places, and the life of crowded so eagerly about the Bank the Regent himself was threatened to change their potes into specie, that but that Prince, among whose failings several persons were hurt, and one want of courage could never be reckon was killed' outright; but the avenues ed, disregarded these menaces, and being strictly guarded by soldiers, very continued to give public audience eve few indeed could get near the telTy day in the Palais Royal.

lers; this contributed still more to In this emergency the Parliament difcredit the notes, which was fur. of Paris called an extraordinary meet- ther increased by the stopping paying to deliberate upon the situation of ment at the Bank on the 29th of May. affairs; and the result of this meeting This was done under the pretext of givé was sending a deputation, composed ing commissaries constituted for that of their most illustrious members, to purpose, an opportunity for examining the Regent, to demand the revocation' the Bank books, and enquiring into

of the atret of the 21f of May. Up- the alledged frauds and kinaveries of on their representation, this was ac the clerks. It appears however, that cordingly done by another arret of the the Bank began paying again on the 27th of May., eitablishing the paper 2d of June ; but fill it was scarcely at its former denomination. But all poslible to get near the tellers, though confidence being now gone, this edict the eagerness of the public to obtain had no other effect than to increase fpecie was so great, that none grudged, the mischief, by throwing again into to give even more than 100 liv. for the channel of commerce, potes uni- one louis d'or. versally discredited, with which kna The Bank was again Thut up; but with persons pait and ruined their law- being opened on the gth of July, for fül creditors. The President de No- the payment of potes of 10 liv. an insion having some months preceding credible throng of people affembled dold an estaie to Mr Law for above at the entrance on the side of the 800,000 liv. in gold, and having re- Mazarine gardens. The guard took

care

66

* In this season of talanıity, the French, with their usual levity, could not refrain frona (porting with their own misfortunes in epigrams and the like; the following are selected from a great number of fimilar productions published at that time,:

« Lundi j'achetai des Adions,
“ Mardi je gagnai des millions,

Mercredi j'arrangeai mon menage,
so Jeudi je pris un equipage,
• Vendredi je fus au bal,

* Et Samedi a l'hopital." To the Abbe de Tencin : (who had the principal hand in Mr Law's converfion, for which he was rewarded with the Bishoprick of Grenoble, He was afterwards Archbe op of Ambrun, and a Cardinal):

« Foin de ton zele seraphique,

“ Malheureux Abbe de Tencin
5 Depuisque Laws eft catholique
* Tout le royaume et capucia:* .

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are that a very finall number should sented to give up the lease of the farms,
be admitted : and the door being im- the management and profits of the
mcdiately thur, those on the out- Mint, and the administration of the
fide began to be very clamorous, and Royal Revenues, and engaged to con.
to throw itones ai the door and into fine themselves solely to the India
the gardens, which was returned from trade, and the culture of the colonies.
within, and one of the soldiers firing These arrangements were settled by
his piece through the key-hole, killed several arrets of different dates, one
a ciachman and wounded a citizen in of which entirely suppressed all Bank
the thoulder. At latt the door was notes, declaring, that, after the ift
opened ; but ihe guards being ranged "of December 1720, they were
in the inside witia fixed bayonets, few have no currency whaterer.
chose to venture within their reach, At the time the Bank stopped pay-
and those who did fo, paid dear for their meat, it was posicfied of 1.61,316,410
temcrity, several being wounded, and liv. in notes, and 336,011,050 liv.
one run through the body. The 17th in fpccie, making together 797,327,
of July being appointed for paying 460 liv. which being deductoa fron
notes of 190 liv. lo immenle a coa- 2,696,400,000 liv. the total amount
courie affembled, and their struggles of nores fabricated, left a remainder of
were fuch, that it is said no lefs than, 1,899,072,450° liv. of cutstanding
20 persons were squeezed to ücach; notes, for which the King was ac-
This occafioned a dreaciful ferment a- countable. This sum was ordered to
mong the Parifiaas, which was quelled be brought to the Bank within a cer-
with great dificulty, by the prudent tain period, to be liquidated by pur-
condse of the Secretary of Wår. chasing perpetual annuities at the rates

In this difpofition of the people, of 2, 21, and 3 per cent, and annuities who could think of nothing but gef- upon lives at 4 per cent, making altoting quit of their paper money, all at- gether an annual intereft of 43 miltempts to restore the credit of the lions; to this lum the

9

millions paynotes and of the A&tions were of no able by the King to the Company avail. The Regene doing all heart; being added, the result is $7 millions and becoming perfuaded that the blug- a year, the total interest which his der of the arit of May was irreparable, Majesty had to pay, initeat of 80 milresolved to put a-linal conclufion to lions as at first; the capital, however, the fyftem, shut up the Bank altogé. had undergone little alteration, fince ther, pat a stop to the course of the the 1,899,072,540 liv. of outstandnoies, bid a long farewell to credit ing notes, together with the 100 miland to confidence, and return to the old lions due to the Company, come withmode of raising money by regts upon in a trifle of 2600 millions, the athe Towá House of Paris. In par- mount of his Majesty's debts as ekaLuance of the deliga, he agreed with the blified by the Fifa in 1916. Thus, India Company to burn the 400,000 in consequence of these arbitrary pro, Axions in his pofletion ; and they ceedings, the King was a gainer of engage: in return to cancel 1500 mile more than 23 millions a year; for lions of the debt due to them by the many nezk cting the opportunity of King, and to give up 39 millions of funding their Bank notes within the the intereft payable by his Majelly, limited time, in hopes they would the other 4 millions of anaval-rents again recover their credit, or that being reserved partly, as the interelt of better terms miglit be obtained, greac the original loan of 109 millions, funs of these notes were irreparably which still fubfiited, and partly on ac- loit, and remain useless at this day in count of other claims remaining against the posteñion of individuals. him. The Company, moreover, conVOL. XIV. No. 83.

Account

3 F

410

Account of the Silk Mills of Derby; by W. Hutten, 1. S. A. A. From bis

History of Derby

ΑΙ LL the writers, from Gregory to gret; a tyrant with pleasure. He

Gough, who have travelled thro' who mourns over the chastisement he Derby, for half a century, give us a must ipflict, will endeavour to reduce description of the silk-milt. But it is it ; he who rejoices will augment it: doubtful, whether an adequate idea one displays a great, the other a little can be formed of that wonderful ma- mind. It was again my unhappy lot, chine, when defcribed by an aurkor at the close of this servitude, to be who does not understand it himself. bound apprentice to a stocking-maker, Some have earnestly wished to see this for a fecond seven years ; so that, like fingular piece of mechanism ; but I Jacob, I served two apprenticeships ; have fincerely willed I never had. I but was not, like him, rewarded eihave lamented, that while almost everyther with wealth or beauty. The time man in the world was born out of spent at the filk mill is not includedDerby, it shonld be my unhappy lot in the last fifty years. The erection to be born in. To this corious, but of other mills has given a choice of wretched place, I was bound appren place, and humanity has introduced tice for seven years, which I always a kinder treatment. considered the most unhappy of my

i, The Italians had the exclusive art life; these I fajthfully served ; which of filk-throwing : consequently an abwas equalled by ao other, in my time, folute command of that lucrative trafexcept a'worthy brother, then my fic. The rear of silks was the taste companion in distress, and now my of the ladies ; and the British merintelligent friend. It is therefore no chant was obliged to apply to the Itawonder if I am perfectly acquainted lian with ready money, for the article, with every niovement in that fuperb at an exorbitant price.. work. My parents, through mere A gentleman of the name of Croneceflity, put me to labour before Na- chet thought he saw a fine opening to ture had made me able. Low as the raise a fortune ; he therefore erected engines were, I was too úrort to reach a small fil-milk in 1702, which joins them. To remedy this defect, a pair the prefent work, and is called The of high pattens were fabricated, and Old Shop, now used for fabricating or : Jashed to my feet, which I dragged naments of the Derbyshire petrifactions. after me till time lengthened my ita- Every prospects of the future under

The confinement and the la- taking was favourable, still the scheme bour were no burden ; but the feveri. was put in practice, when the bright ty was intolerable, the marks of which ideas died away. Crochet - foon beI yet carry, and shall carry to the came insolvente et soits grave. The inadvertencies of an in- t.John Lombe, a man of spirit, a good fant, committed without design, can draughtsman, and an excellent me. never merit the extreme of harih traat- chanic, jitravelled into Italy, with a ment. A love of power is predomi- view of penetrating the secret. He nant in every creature:xa, love to pu- staid fome time, but as he knew adnish is often attendant on that power. mission was prohibited, he adopted the The man who delights: in pynishment usual mode of accomplishing his end is more likely to infli& ityothan the by corrupting the servants. This gainoffender to deserve it. He who feels ed him frequent access in private. for another will not torture from choice. Whatever part he became master of, A merciful judge punilhes with se- he committed to paper before he slepto..

By:

ture.

water.

ise piles of oak, from fixteen to cousin Sir Thomas Lombe. I believe

By-perseverance and bribery he ac- ral years before the leases were exequired the whole, when the plot was cuted, which was not done till 1724, discovered, and he Hed with the ut- and extended to seventy-nine years. molt precipitation, on board a fhip, at Being established to his wish, he the hazard of his life, taking with procured in 1718 a patent from the him two natives, who had favoured Crown, to secure the profits during his interest and his life, at the risk of frurteen years. But, alas ! he had their own.

But though he judged pot pursued this lucrative commerce the danger over, he was yer to become more than three or four years when a sacrifice.

the Italians, who felt the effects of Arriving safe with his acquired the theft from their want of trade, deknowledge, he fixed upon Derby as termined this destruction, and hoped a proper place for his purpose, because that his works would fulluw. the town was likely to supply him with i An artful woman came over in the a suficient number of hands, and the character of a friend, associated with able stream with a constant fapply of the parties, and ashtted in the business.

This happened about the year She attempted to gain both the Ita1717.

7. liaoswand succeeded with one, - By He agreed with the Corporation for thefe two, low poison was supposed, an island or swamp in the river, five and perhaps i juftly, to have been adhundred feet long, and fifty-two wide, v ministerect to John Lombe, who lin. at eight pounds per no where he gered two or three years in agonies, erected the present works, containing and departed. The Italian ran away cight apartments, and 468 windows, to his owo country; and Madam was at the expence of about 30,000l. This interrogated, but nothing transpired iflund, with aeother, called the Bye- except what Atrenthened lufpicion. Hat, were part of the continent, but John dying a batchelor, his properseparated, ages patt, by cutting two ty tell into the hands of his brother sluices to workii four: fets of mills. Williahıy who enjoyed, or rather porThe ground continuing Hat, farther feffed the works, but a short time; welt, would yet allow one or two sets forgsbeing of a melancholy turn, he

thot himlelf. This fuperb erection, This ponderous building stands up therefore, became the property of his twenty feet long, driven close to each this happened about the year 1726. other with an engine made for the If the Italians destroyed the man, purpose. Over this folid mass of tim- they miscarried in their defigo upen ber is laid a foundation of itune, the works , for thoy became more luc

During three or four years, while cefsful, and continued to employ athis grand affair was contructing, he bout 300 people. hired various rooms- in Derby, and - In 1732 the patent expired; when particularly the Towa-hall, where he Sir Thonias, a true picture of human erected temporary engines, turned by nature, petitioned Parliament for a hand. And although he reduced the renewal, and pleaded, “That the prices fo far below thofe of the Italians, works had taken fo long a time in peras to enable him to monopolize the feeting, and the people in teaching, trade, yet the overdowings of profit that there had been none to acquire were fo very considerable, as to en. emolument from the patent." But he able him to pay for the grand machine forgot to inform them that he had alas the work went od. ready accumulated more than 80,0001.

It appears that the building was thus veracity Aies before profit. It is, completed, and in full employ, seve- however, no wonder disguise shuuld

appear

more

. woman get a low one of two ler

on

3 F2

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