Complete Fictional Works of Washington Irving (Illustrated) (161 page)

Paris now became the center of attraction for the adventurous and the avaricious, who flocked to it, not merely from the provinces, but from neighboring countries. A stock exchange was established in a house in the Rue Quincampoix, and became immediately the gathering place of stock-jobbers. The exchange opened at seven o’clock, with the beat of drum and sound of bell, and closed at night with the same signals. Guards were stationed at each end of the street, to maintain order and exclude carriages and horses. The whole street swarmed throughout the day like a beehive. Bargains of all kinds were seized upon with avidity. Shares of stock passed from hand to hand, mounting in value, one knew not why. Fortunes were made in a moment, as if by magic; and every lucky bargain prompted those around to a more desperate throw of the die. The fever went on, increasing in intensity as the day declined; and when the drum beat, and the bell rang, at night, to close the exchange, there were exclamations of impatience and despair, as if the wheel of fortune had suddenly been stopped when about to make its luckiest evolution.

To engulf all classes in this ruinous vortex, Law now split the shares of fifty millions of stock each into one hundred shares; thus, as in the splitting of lottery tickets, accommodating the venture to the humblest purse. Society was thus stirred up to its very dregs, and adventurers of the lowest order hurried to the stock market. All honest, industrious pursuits, and modest gains, were now despised. Wealth was to be obtained instantly, without labor and without stint. The upper classes were as base in their venality as the lower. The highest and most powerful nobles, abandoning all generous pursuits and lofty aims, engaged in the vile scuffle for gam. They were even baser than the lower classes; for some of them, who were members of the council of the regency, abused their station and their influence, and promoted measures by which shares rose while in their hands, and they made immense profits.

The Duke de Bourbon, the prince of Conti, the Dukes de la Force and D’Antin were among the foremost of these illustrious stock-jobbers. They were nicknamed the Mississippi Lords, and they smiled at the sneering title. In fact, the usual distinctions of society had lost their consequence, under the reign of this new passion. Bank, talent, military fame, no longer inspired deference. All respect for others, all self-respect, were forgotten in the mercenary struggle of the stock-market. Even prelates and ecclesiastical corporations, forgetting their true objects of devotion, mingled among the votaries of Mammon. They were not behind those who wielded the civil power in fabricating ordinances suited to their avaricious purposes. Theological decisions forthwith appeared, in which the anathema launched by the Church against usury was conveniently construed as not extending to the traffic in bank shares!

The Abbe Dubois entered into the mysteries of stockjobbing with all the zeal of an apostle, and enriched himself by the spoils of the credulous; and he continually drew large sums from Law, as considerations for his political influence. Faithless to his country, in the course of his gambling speculations he transferred to England a great amount of specie, which had been paid into the royal treasury; thus contributing to the subsequent dearth of the precious metals.

The female sex participated in this sordid frenzy. Princesses of the blood, and ladies of the highest nobility, were among the most rapacious of stock-jobbers. The regent seemed to have the riches of Croesus at his command, and lavished money by hundreds of thousands upon his female relatives and favorites, as well as upon his
roués
, the dissolute companions of his debauches. “My son,” writes the regent’s mother, in her correspondence, “gave me shares to the amount of two millions, which I distributed among my household. The king also took several millions for his own household. All the royal family have had them; all the children and grandchildren of France, and the princes of the blood.”

Luxury and extravagance kept pace with this sudden inflation of fancied wealth. The hereditary palaces of nobles were pulled down, and rebuilt on a scale of augmented splendor. Entertainments were given of incredible cost and magnificence. Never before had been such display in houses, furniture, equipages, and amusements. This was particularly the case among persons of the lower ranks, who had suddenly become possessed of millions. Ludicrous anecdotes are related of some of these upstarts. One, who had just launched a splendid carriage, when about to use it for the first time, instead of getting in at the door, mounted, through habitude, to his accustomed place behind. Some ladies of quality, seeing a well-dressed woman covered with diamonds, but whom nobody knew, alight from a very handsome carriage, inquired who she was of the footman. He replied, with a sneer: “It is a lady who has recently tumbled from a garret into this carriage.” Mr. Law’s domestics were said to become in like manner suddenly enriched by the crumbs that fell from his table. His coachman, having made his fortune, retired from his service. Mr. Law requested him to procure a coachman in his place. He appeared the next day with two, whom he pronounced equally good, and told Mr. Law: “Take which of them you choose, and I will take the other!”

Nor were these
novi homini
treated with the distance and disdain they would formerly have experienced from the haughty aristocracy of France. The pride of the old noblesse had been stifled by the stronger instinct of avarice. They rather sought the intimacy and confidence of these lucky upstarts; and it has been observed that a nobleman would gladly take his seat at the table of the fortunate lackey of yesterday, in hopes of learning from him the secret of growing rich!

Law now went about with a countenance radiant with success and apparently dispensing wealth on every side. “He is admirably skilled in all that relates to finance,” writes the Duchess of Orleans, the regent’s mother, “and has put the affairs of the state in such good order that all the king’s debts have been paid. He is so much run after that he has no repose night or day. A duchess even kissed his hand publicly. If a duchess can do this, what will other ladies do?”

Wherever he went, his path, we are told, was beset by a sordid throng, who waited to see him pass, and sought to obtain the favor of a word, a nod, or smile, as if a mere glance from him would bestow fortune. When at home, his house was absolutely besieged by furious candidates for fortune. “They forced the doors,” says the Duke de St. Simon; “they scaled his windows from the garden; they made their way into his cabinet down the chimney!”

The same venal court was paid by all classes to his family. The highest ladies of the court vied with each other in meannesses to purchase the lucrative friendship of Mrs. Law and her daughter. They waited upon them with as much assiduity and adulation as if they had been princesses of the blood. The regent one day expressed a desire that some duchess should accompany his daughter to Genoa. “My lord,” said some one present, “if you would have a choice from among the duchesses, you need but send to Mrs. Law’s, you will find them all assembled there.”

The wealth of Law rapidly increased with the expansion of the bubble. In the course of a few months he purchased fourteen titled estates, paying for them in paper; and the public hailed these sudden and vast acquisitions of landed property as so many proofs of the soundness of his system. In one instance he met with a shrewd bargainer, who had not the general faith in his paper money. The President de Novion insisted on being paid for an estate in hard coin. Law accordingly brought the amount, four hundred thousand livres, in specie, saying, with a sarcastic smile, that he preferred paying in money as its weight rendered it a mere encumbrance. As it happened, the president could give no clear title to the land, and the money had to be refunded. He paid it back
in paper
, which Law dared not refuse, lest he should depreciate it in the market.

The course of illusory credit went on triumphantly for eighteen months. Law had nearly fulfilled one of his promises, for the greater part of the public debt had been paid off; but how paid? In bank shares, which had been trumped up several hundred per cent above their value, and which were to vanish like smoke in the hands of the holders.

One of the most striking attributes of Law was the imperturbable assurance and self-possession with which he replied to every objection, and found a solution for every problem. He had the dexterity of a juggler in evading difficulties; and what was peculiar, made figures themselves, which are the very elements of exact demonstration, the means to dazzle and bewilder.

Toward the latter end of 1719 the Mississippi scheme had reached its highest point of glory. Half a million of strangers had crowded into Paris in quest of fortune. The hotels and lodging-houses were overflowing; lodgings were procured with excessive difficulty; granaries were turned into bedrooms; provisions had risen enormously in price; splendid houses were multiplying on every side; the streets were crowded with carriages; above a thousand new equipages had been launched.

On the eleventh of December, Law obtained another prohibitory decree, for the purpose of sweeping all the remaining specie in circulation into the bank. By this it was forbidden to make any payment in silver above ten livres, or in gold above three hundred.

The repeated decrees of this nature, the object of which was to depreciate the value of gold, and increase the illusive credit of paper, began to awaken doubts of a system which required such bolstering. Capitalists gradually awoke from their bewilderment. Sound and able financiers consulted together, and agreed to make common cause against this continual expansion of a paper system. The shares of the bank and of the company began to decline in value. Wary men took the alarm, and began to
realize
, a word now first brought into use, to express the conversion of
ideal
property into something
real
.

The prince of Conti, one of the most prominent and grasping of the Mississippi lords, was the first to give a blow to the credit of the bank. There was a mixture of ingratitude in his conduct that characterized the venal baseness of the times. He had received from time to time enormous sums from Law, as the price of his influence and patronage. His avarice had increased with every acquisition, until Law was compelled to refuse one of his exactions. In revenge the prince immediately sent such an amount of paper to the bank to be cashed that it required four wagons to bring away the silver, and he had the meanness to loll out of the window of his hotel and jest and exult as it was trundled into his portecochère.

This was the signal for other drains of like nature. The English and Dutch merchants, who had purchased a great amount of bank paper at low prices, cashed them at the bank, and carried the money out of the country. Other strangers did the like, thus draining the kingdom of its specie, and leaving paper in its place.

The regent, perceiving these symptoms of decay in the system, sought to restore it to public confidence by conferring marks of confidence upon its author.

He accordingly resolved to make Law Comptroller General of the Finances of France. There was a material obstacle in his way. Law was a Protestant, and the regent, unscrupulous as he was himself, did not dare publicly to outrage the severe edicts which Louis XIV., in his bigot days, had fulminated against all heretics. Law soon let him know that there would be no difficulty on that head. He was ready at any moment to abjure his religion in the way of business. For decency’s sake, however, it was judged proper he should previously be convinced and converted. A ghostly instructor was soon found, ready to accomplish his conversion in the shortest possible time. This was the Abbe Tencin, a profligate creature of the profligate Dubois, and like him working his way to ecclesiastical promotion and temporal wealth, by the basest means.

Under the instructions of the Abbe Tencin, Law soon mastered the mysteries and dogmas of the Catholic doctrine; and, after a brief course of ghostly training, declared himself thoroughly convinced and converted. To avoid the sneers and jests of the Parisian public the ceremony of abjuration took place at Melun. Law made a pious present of one hundred thousand livres to the Church of St. Roque, and the Abbe Tencin was rewarded for his edifying labors by sundry shares and bank bills; which he shrewdly took care to convert into cash, having as little faith in the system as in the piety of his new convert. A more grave and moral community might have been outraged by this scandalous farce; but the Parisians laughed at it with their usual levity, and contented themselves with making it the subject of a number of songs and epigrams.

Law now being orthodox in his faith, took out letters of naturalization, and having thus surmounted the intervening obstacles, was elevated by the regent to the post of comptroller-general. So accustomed had the community become to all juggles and transmutations in this hero of finance, that no one seemed shocked or astonished at his sudden elevation. On the contrary, being now considered perfectly established in place and power, he became more than ever the object of venal adoration. Men of rank and dignity thronged his antechamber, waiting patiently their turn for an audience; and titled dames demeaned themselves to take the front seats of the carriages of his wife and daughter, as if they had been riding with princesses of the blood royal. Law’s head grew giddy with his elevation, and he began to aspire after aristocratical distinction. There was to be a court ball, at which several of the young noblemen were to dance in a ballet with the youthful king. Law requested that his son might be admitted into the ballet, and the regent consented. The young scions of nobility, however, were indignant and scouted the “intruding upstart.” Their more worldly parents, fearful of displeasing the modern Midas, reprimanded them in vain. The striplings had not yet imbibed the passion for gain, and still held to their high blood. The son of the banker received slights and annoyances on all sides, and the public applauded them for their spirit. A fit of illness came opportunely to relieve the youth from an honor which would have cost him a world of vexations and affronts.