AN Impartial Acccount, &c.

IT was many Years ago ſince the French Court regretted very much the hight of the Publick Credit in England, they look'd upon it as the Great, and perhaps the only Advantage that Eng⯑land had over them in the War, Name⯑ly, That by the Eſtabliſh'd Reputa⯑tation of the Publick Funds here, and the Authority of Parliamentary Credit, whatever Sum of Money was Voted in England, tho' the Funds did not produce it in many Years, and tho' the [2] Loans were prodigiouſlp Great, yet the Pnblick could command the Money in a few Days, perhaps in a few Hours, Five and twenty Hundred Thouſand Pound Sterling, an Immenſe Sum told out into French Livres, has been Sub⯑ſcrib'd to the Engraftment of the Bank in a few Hours: Lotteries of a Million have been fill'd before the Lottery it ſelf could be paſs'd in Parliament, and before it could be Imagin'd poſſible to Crowd into the Office, the Tickets have been all Subſcrib'd, and the Mony all immediately paid in.

This was as much the Terror of our Neighbours, as it was the Honour and Advantage of England; and Foreigners have been heard to ſay, That there was no getting the better of England by Bat⯑tle, No, tho' Victory was always on their ſide. That while we had thus an inex⯑hauſtible Storehouſe of Money, no ſu⯑periority in the Field, could be a Match for this ſuperiority of Treaſure; for Money being the Baſis of the War, in the Modern way of carrying ſuch things on in the World, it had long ſince been a receiv'd Maxim in the Caſe of War, That the longeſt Purſe, not the longeſt Sword, would be ſure to Conquer at [3] laſt: As in two Mens Boxing, not al⯑ways he that had the ſtrongeſt Arm, but he that had the longeſt Breath, would be ſure to have the better of his Enemy.

It was in vain that the late King of France, tho' he had an Abſolute Com⯑mand of the Greateſt, and at firſt the Wealthieſt Nation in the World, tryed all the Methods, all the Arts that hu⯑man Wit could Invent to raiſe a Fund of Credit in his Kingdom, and could never bring it to paſs; the whole Council of France could never dictate to him the Method how it ſhould be done: This Coy Miſtreſs, call'd Credit, could never be woo'd; the more he pur⯑ſued her, or the farther he follow'd her, the faſter ſhe fled from him; and he had the continual Mortification to ſee his National Credit fall, even by the ſame Methods which made our Nation⯑al Credit riſe; and as our Credit here grew daily, and at laſt encreaſed to ſuch a hight, that from paying Twelve and Fourteen per Cent. for Money, and ſtrug⯑gling with infinite Difficulties to get it brought in, we came to reducing the In⯑terſt from Six per Cent. to Five per Cent. and now to have the publick Command [4] of what Money they pleas'd at Four per Cent. and have it brought in faſter than they could take it, or had any occaſion for it.

It is not poſſible to ſet down here, the Schemes, Projects, and infinite Arts and ſecret Practiſes which the King of France uſed to command Credit; all which were diſappointed and blown up, by the frequent Exigences of the Pub⯑lick Affairs, forcing him to violate the Faith and Honour of his Edicts, Decla⯑ring ſuch or ſuch a Fund of Intereſt to be Sacred and Unalterable, and not to be ſtop'd upon any account whatever; and the next Year, or perhaps ſooner, breaking thro' all thoſe Sacred Edicts, ſuppreſſing the Payment, and leaving the Lenders to Starve: Whereas in England one Parliament always Voted the making good the Deficiencies of another; and no miſapplication of Money could be made, but every Fund was kept Sacred to its particular ſpecial Appropriation; So that no Man what⯑ever having lent his Money to the Go⯑vernment on the Credit of a Parliamen⯑tary Fund, has been Deſrauded of his Property.

[5] Thus the Arbitrary Government of the King of France, the Property of every Man being intirely at his Diſpoſe, deſtroy'd the very Reaſon and Nature of Publick Credit; and the Limited Power of Great-Britains Crown, the Strings of the Purſe being in the hands of the Parliament, whoſe Appropria⯑tions, if I may be allow'd to ſpeak ſo plain, even our Kings themſelves durſt not break in upon, has been the Rea⯑ſon and Foundation of ſuch an im⯑menſe, boundleſs Credit, that nothing can hurt or deſtroy, unleſs the Parlia⯑ment ſhould Invert their way of act⯑ing, and take into their hands the ſame Abſolute Power which it is their buſi⯑neſs to Reſtrain, and Wound and In⯑jure themſelves, that is to ſay, the Peo⯑ple whom they Repreſent.

But Fate and the Fortune of France has now turn'd the Tables upon us, and we ſee the ſame Arbitrary Power that in the late Reign in France plung'd them into an inſuperable Debt, and into an ir⯑recoverable ſtate of Deficiency and Diſcount, I ſay, the ſame Arbitrary Power has rais'd an inconceivable Species of meer Air and Shadow, realizing Fan⯑cies and Imaginations, Viſions and Ap⯑paritions, [6] and making the meer ſpecu⯑lations of Things, act all the Parts, and perform all the Offices of the Things themſelves; and thus in a mo⯑ment their Debts are all vaniſh'd, the Subſtance is anſwer'd by the Shadow; and the People of France are made the Inſtruments of putting the Cheat upon themſelves, the Name of the thing is made an Equivalent to the Thing it ſelf, tranſpoſing the Debts from the King to themſelves, and being contented to Diſcharge the Publick, owe the Money to one another.

As this is the meer Conſequence of a boundleſs Power in the King by which he is made able to put every Scheme, however impracticable in other places, in a Courſe of Opperation there; ſo that very Limitation of Power, which is in other Caſes our Glory and Advantage, is the Reaſon why, let our Credit be what it will, our Debts remain, and muſt be waſted or diminiſhed off, by the ſlow fire of Parliamentary Proceedings, and by no other way.

And thus for once in the World, Tyranny has the whip hand of Liberty; for nothing can be done in England like [7] this, even the Parliament it ſelf is li⯑mited, and there are its redeemable and unredeemable Funds the laſt of which are a Burthen, nothing but the Num⯑ber Ninety Nine (Years) can put an end to: But in France they have an un⯑bounded liberty to act as they pleaſe.

Let no Man miſtake me here, as if I were bewailing the Incumbrances of National Privileges, and ſuggeſting that it was Pity we ſhould be a Nation of Liberty with ſuch a Burthen of Debt; on the other hand, let us be, ſay I, a free Nation deep in Debt, ra⯑ther than a Nation of Slaves Owing nothing; and indeed even in this the Condition of France and England ſtands in a poſture much to our Advantage when compared together, namely France, a Kingdom immenſely Rich as a Government, wretchedly Poor as a People; England, a Government Em⯑barraſs'd in Debt, Exhauſted of Funds, and not able (eaſily) to get out of Debt; But as a People immenſely Rich, Rich in the particular and private Wealths of the Subjects; Poor, that is to ſay, Encumbred in Debt, ſpeak⯑ing of the publick ſtate of Things as a Government, and yet with all this, [8] while the publick Credit remains, we can never be ſaid to be Poor: But of that in another Place, and on another Occa⯑ſion.

It remains now, that we look into this ſlagrant Deluſion of paying a Na⯑tions Debts, as it is Practiſing upon the Ignorant People in France: Never in my Opinion, was any Number of Peo⯑ple ſo hook'd in to put a ſham upon themſelves, and then call it paying off the King's Debts, or the publick Debts; for, as above, 'tis no more and no leſs, than a parcel of Fools Diſcharging the King of his Debts, and Owing it to one another. And this is another Rea⯑ſon of this piece of Magic in France, for the very Want of Credit in France, has been the Reaſon of their obtaining the Credit of paying their Debts. This Paradox ſhall be unriddled im⯑mediately thus: Had not the Publick Credit been bad, had not the State Bills, that is to ſay, the publick Credit run at Sixty to Sixty three per Cent. Diſ⯑count, the People would never have brought themſelves to part with them for the Bonds, or Shares in a New Company; a Brat of State, which has its Life in the King's Breath, and muſt [9] die whenever that Breath pleaſes to determine it, that live by the favour of the King, and Conſequently always lives at his Mercy; juſt thus, turn the Tables again, I ſay, juſt thus ſtands the Caſe in England Reverſt, the goodneſs of the Publick Credit in England, is the reaſon why we ſhall never be out of Debt; for where is the Man that ha⯑ing lent his Money to the Publick on the Credit of Parliamentary Security, will upon a whim, Diſcharge that Fund, and take a precarious Company of Private Men for the Money.

The Funds are our Security, and we are ſatisfyed fully in the ſafety of thoſe Funds, becauſe made Sacred by the Authority of Parliament; this is our advantage who are private Men, and have our Eſtates there; but this is a blow to the very poſſibility of paying the publick Debts, becauſe no Man is out of Love with his Security, and be⯑cauſe no better Security can be propoſed by any Man.

From theſe Premiſes, I come down to the very Extraordinary Mr. Laws, a Man, who being firſt acquainted with the ſolid Immovable ſtate of Credit in England, and ſeeing the fluctuating [6] [...] [7] [...] [8] [...] [9] [...] [10] manner of things in France, plainly ſaw alſo, how eaſie it was to puſh thoſe things there, which he could not ſo much as think of in England, without apprehenſions of being pull'd in pieces by the Rabble.

The firſt thing Mr. Laws did, who wiſely concluded, that a foundation of Credit muſt be laid before any ſufficient Project could be founded upon it, I ſay, the firſt thing Mr. Laws did, was to Contemplate the Raiſing a Royal Bank in France, this he Effected by the Con⯑currence of the King, whoſe Sanction there, as the Parliament would be here, was abſolutely neceſſary for ſuch a Work.

Now let the Schemes Engrafted ſince, or then deſign'd to be Engrafted upon the foot of this beginning be what they will, whether Knaviſh or Sincere, as I will not take upon me here to De⯑termine; yet I ſay, let it be one way or other, 'tis Evident Mr. Laws made a Right Judgment, and that nothing could be projected for the publick Service of any kind, without an Eſtabliſh'd Credit to Center ſome where.

As I have ſaid already, it was im⯑poſſible this should be gra [...]ted upon the [11] Government, the Endeavours to bring it to paſs before, having been rendred a⯑bortive by the frequent Exigencies of that Government, forcing them to break in upon themſelves, mortgage Faith and Honour, Royal Edicts, and Royal Pro⯑miſes, the ſtrongeſt Engagements that could at that time be made; by which means the few Men that had any Money, were made Cautious, and were grown too Wiſe to put it into hands which they could not depend upon for the Demand of it again, when it ſhould be wanted.

It remain'd then to reſolve, that Credit could now, be only raiſed upon the forming Societies of Private Men, who were Maſters of Caſh, and able to Support the Credit they took, with whom it might be ſafe to venture the Depoſite of Money, and who by an Exact Currency of payments, might in Conſequence, and by Degrees, obtain the name or Title of a ſafe Fund, and become the Center of proper Credit for the whole Kingdom; a thing at that time greatly wanted, for the advantage of Trade in France, as well as for the Purpoſe deſign'd by Mr. Laws. This al⯑moſt by the nature of the thing, would be called a Bank, and would be managed [12] by the firſt Adventuters in their own right, and independent of the King or of any Branch of the Government; ſo that except by meer Plunder, even all one as by Rifling the City of Paris, the King could never lay his hand upon any thing which was put into their keeping.

This was a well lay'd deſign, had there been no more intended than was pretended. For upon the Credit and Capital Stock of the firſt Subſcribers, there was immediately a Clear proſpect of a Currant Running Caſh, Eſtabliſh'd upon juſt Foundations, and Sufficient to anſwer all the buſineſs of France; I mean ſuch buſineſs as was fit for the managment of a Bank.

When this Scheme was ſhew'd to the Regent, he was too penetrating not to ſee immediately, that it was too Beneficial a thing not to be Encouraged, as well for the Credit of the Nation in General, as for the uſe of the Government in Particular; and therefore received it with open Arms, and aſſured Mr. Laws of his Favour and Protection: But this was not all, for every day giving new lights into the thing it ſelf, and new proſpects arriſing every day, the Regent [13] who begun even then to ſee that there was nothing which might not be hoped for from ſuch a Deſign, as well for the Service of the Government as the Ad⯑vantage of Commerce in General, and of Private Perſons intereſted in it in Par⯑ticular; for really a Face of publick Credit was a new thing in France, and had ſo long been Deſir'd, and ſo often Endeavoured without Succeſs, that it look'd like a Dream, and that Man that pretended to undertake it, was like an Angel come from Heaven to bring them good Tidings. From this time forward Mr. Laws, as he well deſerv'd, was re⯑ceived with great Diſtinction, and ad⯑mitted to ſuch Privacies as became ne⯑ceſſary by the Importance of his Un⯑dertaking; and as they found his firſt Scheme Fruitful of great Improvement, he was Encouraged to apply his thoughts Effectually to thoſe Improve⯑ments, that ſomething might be brought to paſs for the publick good, and Eſpe⯑cially to reſtore Credit to France, a thing the whole Kingdom, but eſpecially as a Government, had ſuffered many Year for the want of.

In proſecution of this Confidence, the Bank was Eſtabliſhed, the Patents [14] or Charter, as we would call it here, were Expedited for its Foundation; the King begins the Subſcription, the Duke Regent follows, and innumerable others; they are Impower'd to take in a Hun⯑dred Millions Original Stock, and to give out Bills for Currant Caſh payable at Demand, and to the Bearer, juſt after the manner in England; and from that time to this they have acted juſt as ours do here, are managed by a Court of Directors, for the Governing daily, every incident that may happen, and having preſerv'd their Credit in payments In⯑violably, it is not eaſie to concieve what Stocks of Money they have brought into their Hands, and to what monſtruous degree of Credit they are al⯑ready arrived.

Their buſineſs is juſt as it is with our Bank here; they receive and Pay vaſt Sums of Money for the King and their Bills paſs in the Royal Treaſury at Ready Money; they have built a New Bureau or Office, and it was a prodigy not often ſeen in Paris, to ſee about Three hundred Carriages Loaden with Silver and Gold, carried under the Guard of a par [...]y of Dragoons, through the Streets to the New Houſe, where they [15] made a large Vault, which they call the Charter-houſe, for the keeping it ſafe and preſerving with it their Writings, Pledges, &c.

They lend Money upon Jewels, Plate, and things of real Value, not Periſhable by keeping; and upon Mort⯑gage of Lands at three per Cent. Intereſt; they Diſcount Bills, and take in Money, Iſſuing Bills of Credit payable at De⯑mand; and it is inconcievable the mighty Encreaſe of buſineſs they have upon their hands in ſo little time, and the immenſe Sums of Money they have by them in Specie.

Mr. Laws having thus ſucceſsfully finiſhed this great Affair, was at Leaſure to enquire what further Projects might be founded upon this of a Royal Bank He was too knowing not to have in his Head the General Idea of all thoſe things which have happened ſince, tho' not perhaps of the Succeſs they have met with, which I cannot but believe have Exceeded his own Expectation: But he that knew that nothing could be done without a Fund of Credit firſt Eſtabliſhed, knew alſo that ſuch a Fund of Credit being once throughly Eſta⯑bliſhed, nothing could miſcarry that was [16] founded upon it; for as half the Projects In the World fail, and become abortive for want of ready Money and Credit, ſo when once a Project is backed and ſupported with a fluſh of Ready Money, they muſt be weak Mannagers indeed, if they miſcarry; for being well backed, the Execution is in a manner ſecured.

The firſt thing of Moment he went upon, was the planting a Collony in the Weſt-Indies, or in North-America; not that Mr. Laws did not know that the Planting the Louiſiania; or the Country on the River Miſſiſippi, would not pro⯑duce any great Effects, at leaſt in his time; for the Settling a Collony, how⯑ever proſperous in its begining is a Work of time, and muſt take up not many Years only, but ages of Years; and that the utmoſt he could have before him in ſuch an Undertaking, was to die in the Faith of its ſucceſs, and to have the Satisfaction of having his Name very much talked of when he was Dead.

But Mr. Laws, like a Man of juſt Reach and Penetration, knew that two things would be abſolutely neceſſary to his Deſign, I. To have the King approve and Embark in his deſigns, and, 2. To [17] make his Scheme Popular, to have ſomething in View that ſhould look Capital; have a view and proſpect of Succeſs, beyond, not only what he could manage, but even beyond what he ever intended in the Propoſal.

Having ſtarted the Project of Miſſiſ⯑ſippi, he branch'd it out in a Different manner from all Projects; for he did not deſcend from the Miſſiſſippi Scheme as the General, to the ſubſequent things as the Particulars; but he aſcended from the Miſſiſſippi Scheme as a Particular, to a Weſt-India Company as the General; and a General it was, fruitful of many Particulars, every one in themſelves, capable of as great things, and perhaps greater than the Planting the Colonies of Miſſiſſippi was in it ſelf.

When the Company was thus for⯑med, his next work was to propoſe the Foundation on which they were to be Eſtabliſh'd, and this was a Subſcription of Stock; and here he ſhewed his firſt Maſterly Stroke, and that he had Con⯑certed all the ſteps and meaſures of his Management from the beginning: The Publick Credit in France was ſtill low, nor did the Riſing Credit of the Royal Bank add any thing to it, but rather [18] diminiſh'd, it and let the World ſee that private Credit in France might revive, but publick Credit could not: The State Bills, and Credits, Annuities on the Town-houſe, Loans, and all the publick Papers which the Government had Drawn the People in to part with their Money to purchaſe, were at this time exceeding low, namely from 57, to 63 per Cent. loſs, and like to be more; it was the eaſSieſt thing in the World to Eſtabliſh a Fund for any New Under⯑taking that was but tollerablypromiſing, where the Subſcribers could be allow'd to ſubſcribe theſe Dying Credits at a PAR, and put that into Stock at 100 Livres, which Coſt the Purchaſer but 37 to 40 Livres per Cent. And this thing alone fill'd his Subſcription, which at firſt conſiſted of 100 Millions, and was very quickly full.

The firſt Bite Mr. Laws may be ſaid to put upon the Country was, to give out by way of premio, Ten Thouſand Piftoles, or thereabouts, at the Rate of [...] per Cent. for the Refuſing of the Miſſiſ⯑ſippi, or Weſt-India Stock, now ſubſcrib'd and full, at 100 Livres each Action for a Years time: This was what we call, The baying of the Bear-skin; and was a dear [19] Bear skin to thoſe that ſold it, as we ſhall hear preſently.

This was the time they begun to banter Mr. Laws: Some ſaid he was Mad, and knew not what to do with his Money; others Laugh'd at him, and ſaid, He was not in England, where he could hedge one way to day, and another way to morrow; could give in the morning and take in the afternoon; And thus they took the Money greedi⯑ly, not Conſidering what might be hid under the management of a Man whoſe Talent they had not yet tryed.

I purpoſely paſs over here the many Movements which Mr. Laws made in this part, to ſecure to himſelf the Ad⯑vance he ſhould get by the Riſe of his Stock; for he who had the Power of adding Credit to his Project whenever he pleas'd, had nothing to do but to make ſure of the Profits of the firſt Riſe to himſelf; and therefore he took Care to give out his whole Sum, as I have heard, of 10000 Piſtoles, before he ſet his other Wheels at work. And after this let us ſee how he went on:

He had now a Bank of Currant Caſh Eſtabliſh'd on one hand; this he has kept free and unconcern'd in all Adven⯑tures [20] or Projects, as what might one way or other ſhake their Credit; but he kept them perfectly unincumbred, always able to anſwer all Demands upon them, and to reſiſt every ſhock that might be made upon them, by the force of their ready Money in ſpecie; none of which he would ſuffer to be Diminiſhed, ex⯑cept by Loans on ſufficient Securities. And I ſhall give preſently an Account how this method was their real Securi⯑ty, and how they had been overthrown at once, by the Chicannry of their and his Enemies if this Courſe had not been taken; of which by and by.

He had on the other hand a Sub⯑ſcription of Adventurers, as they might truly be call'd; and as the nature of the thing indeed Imported, whoſe Stock did not coſt them much, being bought as above; with what Coſt them not a⯑bove, 37 to 40 per Cent. and even was not indeed very Currant at that Price neither: Theſe therefore were fit to run any reaſonable riſque, to embark in any probable Undertaking; to advance the Credit of that Undertaking; and, if poſſible, to raiſe their Imaginary Stock, for it was no more at firſt, to a Real Stock of 100 Livres in Value, for 100 [21] Livres Subſcription; and the way how to do this, therefore was the next pro⯑per buſineſs of the Company to Conſider.

The firſt thing to be Enquir'd was, to find out ſomething to do, ſomething to Trade in, for as to Planting in Meſſiſſippi, tho' that was to be kept going on, as the Denominating Buſineſs of the whole; yet it was plain, that Mr. Laws never Deſign'd a Hundred Millions of Livres ſhould be Employ'd in People⯑ing a Wilderneſs: He therefore turns back to the King, from whom he Re⯑ceived the Life of the whole, and by whoſe Authority and Buſineſs all the Wheels were to be ſet to Work.

The Publick was a large Field, were one Man has no Credit, and another great Credit; 'tis eaſy to ſee who of the two ſhould be the gainer by the other: He that has no Credit can do no⯑thing without Money, he that has Credit wants no Money tho' he has none.

A Government ſunk into Debt, and her Securities bought at 60 per Cent. Diſcount, gives Room for vaſt Advan⯑tages, where the Party has Money to work with; in a Word the Buſineſs was to buy Low, and then bring up [22] the Price of what was bought; namely to buy at 60 per Cent. coſt, and then fell at a PAR, as we now ſee is ſince done.

The King, I ſay, was their firſt Mer⯑chant they had to deal with, and theſe were the Goods he had to ſell (viz.) State Bills of Several Kinds, Annuities, Intereſts on Loans, Rents of the Town-Houſe, and the like; and here I muſt ob⯑ſerve, that the performing this Wonder I'am now to ſpeak of, (viz.) of Reſtoring the publick Credit, ſo as to bring a Sum ſo monſtrouſly great as Fifteen Hundred Millions, and ſunk ſo very low as from 60 to 65 per Cent. Diſcount, to be Sale⯑able at a PAR; nay to 10, 20, and 30 per Cent. advance, for that they would have been at, but Mr. Laws himſelf Checkt it; I ſay the Entertaining a thought that ſuch a Scheme was practi⯑cable, and laying a Scheme to do it, was as great a Teſtimony of Mr. Laws Genius and Capacity, as the Performance has been of his good Fortune.

It was a Sea, ſo full of dangerous Shoals, and Rocks, ſo ſubject to ſudden Storms and Hurricanes, in a Word, ſo threat⯑ning of certain Shipwreck; that no Pilot but this alone, would ever have [23] ventured to have Launched out in it.

But we muſt ceaſe the Wondering, and go back beyond Wonder it ſelf, Mr. Laws had begun well, the Bank was Eſtabliſh'd, and began to gain upon the World; the Credit of it, as I have already obſerv'd, appear'd openly, and ſeem'd to be Invulnerable; it was foun⯑ded upon a Subſtantial baſis, nay, indeed the only baſis that could ſupport Publick Credit, (viz.) it always had the Money in Specie and in its own keeping, ſuffici⯑ent to anſwer all Demands; upon this almoſt any thing might be under⯑taken.

But here I muſt not only give another inſtance of the maſterly Genius of Mr. Laws, the Contriver of all theſe things, but muſt let the World ſee, that as no Deſign however good in it ſelf, and adapted for the general good of our Country, can be without Enemies, Envy conſtantly oppoſing itſelf to the beſt Deſigns; ſo it was here; this Bank had a Formidable attack made upon it by a ſet of Merchants in Paris; ſome ſaid they were Jews of Amſterdam, o⯑thers that they were Dutch Merchants Dwelling in Paris, and others, that [24] they were French; be that as it will, poſſibly they might be ſome of all the three ſorts, for it could not be done by a few: The Sum they appeared with, being no leſs than Twenty five Millions. The Plot in a few Words was to muſter up a large Number of Bills, to be Demanded altogether, and if poſſible to give a Blow to the Credit; in a Word, and to Expreſs it in our Terms, to make a Run upon the Bank. The Particulars of the Story are related thus.

This was a home Thruſt at the Bank, but as it was Parry'd with ſo much Art, and the Loſs of it turn'd upon the Contrivers, it Eſtabliſh'd the very Foundation which it was form'd to ſhake, and gave ſuch a Credit, not only to the Bank, but to Mr. Laws the prin⯑cipal Manager and Director in that Exigence, that it ſecured them both from any future attempts of that na⯑ture; it alſo let the World ſee, that not only they were ſtrong in the ſub⯑ſtance of their Caſh, and able to an⯑ſwer all Demands, and not only that [27] they had a ſuperior Genius at the head of their management, which was al⯑ways able to Counter-act their Projects, but that they had the Government hard and faſt to ſupport them upon all Oc⯑caſions; and this indeed was ſuch a Foundation, that when the Miſſiſſipi or Weſt-India Company was firſt formed, it was apparent, that tho' there was little or nothing in the thing itſelf, yet there were other Engraftments to be made upon it by the Government, that it could not miſs of Succeſs; and that in a Word, that Miſſiſſipi was only the Name, but that the Thing was intended to be a Fund of Credit, upon which the ſink⯑ing Fortunes of the Government were to riſe again.

The firſt thing we found gave life to the Company was the Coinage, the next was the Farm of Tobacco, either of theſe were Things of a magnitude ſufficient to have given Credit to any new Fund; but ſeem'd to be but Tri⯑f [...]es in the hand of the Company, who apparently aim'd at the General Ma⯑nagement of the Revenues of France: However, as the undertaking of the Coinage was a vaſt thing in its Nature, ſo the manner of the Contract, the Pru⯑dence [28] with which the Company engag'd in it, the viſible Advantage which the Company would make by it, and above all the Advance which they were to make to the King for it, were ſuch Great things that it ſtartled the World, and they began to talk of the Weſt-India Company, as of an Opulent Powerful Body, that being Headed by an Enter⯑priſing Man, who apparently had un⯑dertaken what never Man before him undertook, and perfectly underſtood what he had undertaken, had more in it than was at firſt imagin'd, and would arrive to ſome greater hight than had been thought poſſible.

Upon theſe Thoughts, and the Re⯑putation of the Company's underta⯑king beginning to be Popular, every body enquired into it, and the farther they look'd into it, the better they be⯑gan to like it; and this ſet People firſt upon buying the Stock, and the Num⯑ber of the [...]yers, by the meer nature of the thing, would riſe the Value.

Now it appear'd every day more and more, that Mr. Laws had lay'd his Meaſures right when he gave away his Piſtoles, as I have ſaid above, to have the refuſal of the Stock at 100 per Cent. [29] for on a ſudden the Stock jumpt up to PAR, and in three or four days more to 150. Had Mr. Laws ſtay'd the full time, and not Demanded the Stock till it was Advanc'd as we now ſee it riſen, he muſt in all probability have loſt the Advantage he had due to him, ſeeing very few of the Perſons he had Con⯑tracted with would have been able to make good a difference of a Stock riſen from under a Hundred to a Thouſand: But as he ſhew'd his Moderation in De⯑manding the Stock, within the advance of about 200 per Cent. the Perſons who loſt that Money to him, were ſoon made amends if they had any Stock, by finding it ſtill riſing upon their hands to a prodigious degree in a few days.

We muſt take the liberty to make a Digreſſion here, to the Volatile Tem⯑per of the French Nation, whoſe levity only can account for what we are now to take notice of, and the warmth of the French Temper muſt indeed be an⯑ſwerable for the running up an Imagi⯑nary Stock; for except about 37 or 40 Livres, upon a 100 in the firſt Sub⯑ſcription, it was no other to ſuch a ſud⯑den and ſuch an unaccountable extra⯑vagant hight.

[30] This warmth of the French Temper, which prompts them to puſh things up to the Extremity, was certainly the Rea⯑ſon, I mean the Original Reaſon of the ſudden Advance of theſe things, for as yet there was no weight in the things themſelves, that could bear any pro⯑portion to the New Credit they aſ⯑ſum'd; The Company had indeed en⯑gag'd with the Government, and had taken the Coinage of the King, as above, and in Nine years it was calcu⯑lated they would get near Fifty Milli⯑ons by their Contract, provided alſo the Government kept their Word with them, and made no new alterations in the Coin to their Detriment: But even this, in an Arbitrary Adminiſtration, ſuch as that of France is known to be, was not ſo certain, but that the Riſque of it was worth ſomething to Enſure; and all the Doubt that could be juſtly rais'd on that Head, pleaded in abate⯑ment to the Credit of the Company.

It muſt therefore, I ſay, be placed to the account of the ſluttering, raſh Diſpoſition of the People of France, that a thing who had yet no farther or greater proſpect than that of the Coin⯑age, ſhould in a few days mount up its [31] Credit to near 200 per Cent, upon the Value.

But as we are immediately to ſee things more prodigious than this, let us Diſcharge our ſelves of this Particular firſt, that we may clear things as they go; The Arret for Granting to the Company the Coinage, as above, will fully deſcribe the Circumſtances of their Contract, and the View of Ad⯑vantages they had by it; and there⯑fore I cannot go on, till I have given it at large, as follows:

It was ſome Weeks that the Credit of the Company fed upon this Under⯑taking, and Mr. Laws, who prudently gave every thing time to Work, let it run on ſome time, upon this view only. till the People began to talk a little du⯑bious about it; That it was true, the Company would get Money by the Coinage, but it muſt be in a length of time; and that this was not ſo conſider⯑able, that the Stock ſhould mount up to ſuch a hight upon that Advantage only.

When theſe things began to be the ſubject of Diſcourſe, Mr. Laws began to think of playing another Mine; for I am to ſuppoſe all along this Gentleman to [48] have built his whole fabrick in his Ima⯑gination at once, and to have Digeſted every part even from the beginning in his Thoughts, but reſolved to bring every thing about by juſt degrees, and to give every thing that he ſtarted into the World its full ſcope, to extend it ſelf to the utmoſt.

On a ſudden then, for all his Mo⯑tions were like Mines, ſprung from beneath, not the leaſt Notice being given of any thing till it burſt out like a ſudden Fire, I ſay, on a ſudden he Declares at his Levee, which now be⯑gan to be as Great as that of a Publick Miniſter, That the King had United the Eaſt-India Company to that of Miſ⯑ſiſſippi or the Weſt-India, and immedi⯑ately after, that is to ſay, the next morning an Arret of the King's Coun⯑cil appear'd, by which the two Com panies were United, and the Stock of the Eaſt-India Company Ingrafted into the other Company, as by the Arret it ſelf is beſt explain'd, and which has in it ſeveral Clauſes infinitely to the Ad⯑vantage of the Company, in Trade as well as in Credit, tho' even in this Con⯑junction, and all the Advantages of a Commerce to the Eaſt-Indies encreaſed [49] as they might be able to encreaſe it, were in themſelves but remote things, and could produce no great things for ſome Years to come, and therefore could not be an addition of an Intrin⯑ſick worth, on which to raiſe ſuch an immenſe inexpreſſible fund of Credit as immediately appear'd: But let us go on gradually, and firſt look into the Arret it ſelf, that we may the better judge of what it is the Company en⯑joy, and what they ought to be valued at upon that particular Account. The Arret is as follows:

It is not to be expreſs'd with what ſurpriſe, and even aſtoniſhment the World look'd on at theſe ſteps of Mr. Laws, his Fame for an Enterprizing Man was now Eſtabliſh'd, and thoſe who had before run pretty much upon [54] his Crdit, and talk'd to his prejudice among the common People, began to ſay now he was Ʋne habile homme, and that he was capable of great things; for the noiſe of this new Eaſt-India Company ſpread like a Clap of Thun⯑der far and wide, and People began to ſee a new world of Profit attending it, the Eaſt-India Trade being carried on in Great-Britain and in Holland to ſuch a magnitude and to ſo much advantage, as we all know it to be done.

All this while the on looking World regarded in their Calculations nothing but the Profits of Trade, and the Ad⯑vantages the Company might make by great Returns, having a Capital Stock, and a good Oeconomy in their Affairs, keeping their eyes upon the Number of Ships to be ſent annually to the Eaſt-Indies, the Extent of their Colonies and Plantations in the Louiſiana and on the Banks of the Miſſiſſ [...]ppi, what Rents in time ſhall accrue to the Stock, and what Annual Incoms the Company would receive, whereby they would be enabled to make Dividends propot⯑tion'd to 250 per Cent. upon their Sub⯑ſcriptions as they were then advanc'd, not imagining what was yet behind.

[55] But Mr. Laws, whoſe Views lay another way, regarded all theſe things, only as they tended to raiſe Fund of Credit at home, which was from the beginning the Point he aim'd at, lea⯑ving all other things to work their own way; not but the remoteſt Proſpects concurr'd to anſwer the ſame End, and a Complication of Advantages however remote, ſerv'd to bring about the great Point, viz. The making the Credit of the whole to riſe beyond ima⯑gination, and ſufficient to anſwer all the great Things he had ſtill in View.

The Stock was now riſen to an ex⯑ceſſive hight, from 325 to 350 per Cent. and now was the Time for Mr. Laws to let the world ſee what a Fund of Credit is able to do, and to make good the undoubted Maxim, That a Fund of Credit, is a Fund of Money, and able to make it ſelf equal to all the Money in the World; for now was the time to ſtrike the blow, that Coup d'Eclat, which ſhould ſurprize and aſto⯑niſh the World, and which will for ever be ſpoken of as an Action, that the World never heard of the like be⯑fore.

[56] Nor did Mr. Laws bring it out all at once, but ſuffer'd it to be diſcours'd of gradually, That the Company was about to take upon them the manage⯑ment of the King's Revenue; in a few days after, for Mr. Laws never ſuffer'd the Town to be Maſter of his Mea⯑ſures before they were ripe, but it had not been long ſpoken of that the Com⯑pany would take upon them the ma⯑nagement of the Revenue, when at once, juſt as before, and Arreſt was pub⯑liſhed, Diſſolving the Leaſes of the General Farmers of the Revennue, tho' their Leaſes had five Years to run, and veſting the whole Collection in the new Eaſt-Indsa Company.

As an Inducement to this, the Com⯑pany undertake to encreaſe the pay⯑ment to the King, no leſs than four Millions a Year, a Sum too Conſidera⯑ble not to be Vallued: But at the end of this comes a Clauſe, which none but ſuch a Man as Mr. Laws could have ventur'd upon, a thing Poſterity will look back upon as a Romance, and which no Hiſtory can give any thing like it, namely, the paying the King's Debts, that is to ſay, the Company to take upon them at once the Diſcharging [57] all the King's Debts upon whatſoever Doubtful Funds, upon whatever pre⯑carious Circumſtances they ſtood, what⯑ever Diſcounts they were at, all are to be transferr'd at once from the Royal Treaſury, where they would never have been able to Diſcharge them, to the Treaſury of the Company where they are to be paid at Demand.

Two things make this Undertaking a Prodigy of Management, the like of which was never heard of before:

• 1. The King's Debts amounted to about Fifteen Hundred Mil⯑lions.
• 2. The Company had not any Fund of Money, or the Value of Money to pay them with.

But before I go on, I muſt go back to the Arreſts or Proclamations, Di⯑recting the Execution of this unparal⯑lel'd Contract, which by miſtake is al⯑ready placed Page 49. but ſhould have come in here.

Here is ſuch a blow ſtruck, as the World never heard of before; and in this very ſtroke we may behold the Power of Credit, and what immenſe [58] Structures may be built, and Mr. Laws has built upon this ſingle foundation, by which he has reſtor'd a Govern⯑ment overwhelm'd with Debt and which was turn'd Bankrupt to the Peo⯑ple, and has deliver'd a Nation op⯑preſs'd with Taxes, in ſuch a manner, and in ſo ſhort a time, that Poſterity will never believe the relation, but will all look like a Fable or Romance in their Eyes.

The Arret or Act of the King's Coun⯑cil above mention'd, for the ſettling this Point, tells us expreſly what the Company are to do, and expreſſes the Sum which they are to lend the King for the doing it, (viz.) That they ſhould lend the King Twelve Hundred Millions of Livres at 3 per Cent. and afterwards they added three Millions more, for the paying off all the pub⯑lick Debts, and ſtrictly ties them down to ſo punctual a Diſcharge of thoſe Debts, and of all the Sallaries of the Officers, &c. that it ſhall be wholly in the choice of the Perſons who are to be paid, whether they will accept of the Company's Bonds, or have their Rea⯑dy Money paid them. But the Arrets do not at all meddle with the Method [59] by which the Company ſhall raiſe ſuch an Infinite maſs of Money to pay, but ſuppoſes the Money ſhall all be actually ready in Caſh, in Specie to pay, only gives the Company Power to Borrow ſuch a Sum, that is to ſay, if any one will lend it; for they do not oblige any one to Lend, much leſs to accept the Company's Security for the Debt; for that would but have been exchanging the Government for the Company, and leaving the Debt ſtill in being.

Nor on the other hand was here the leaſt Conſideration to the Company for ſo great an Advantage to the Go⯑vernment, as that of clearing them at once of all the publick Debts; had the Company reſerv'd but the ſmall ad⯑vantage of One per Cent. on the Intereſt as they were empowered to Borrow, the 1200 Millions at 3 per Cent. had the Government paid 4 per Cent. which had been juſt 1 per Cent. Gain, there had been then ſome viſible Profit, (viz.) there had been Twelve Milli⯑ons per Annum in the Company's Poc⯑ket, to have enabled them, or help'd at leaſt, to make ſome proportion'd Dividends to the monſtrous advance of their Stock.

[60] But the whole Scene may be one con⯑tinued Prodigy, they ſeek no Advan⯑tage, they Demand no more than Three per Cent. and propoſe to Borrow, if they want it, at Three per Cent. acting in every part of it upon the foundation of Publick Service, with⯑out Gain to themſelves.

But neither is this all, for we ſhall preſently ſee them not only take no Surplus of Intereſt, no Gain of Intereſt more than they pay; But we ſhall ſee the Credit riſing to an immenſe hight, and the Company growing Powerful by the Aſſiſtance of the Government, and the management of Mr. Laws their Director: I ſay, we ſhall ſee the fol⯑lowing Myſteries, or, indeed, Mira⯑cles, wrought in the compaſs of a few Weeks, Things as incredible as the greateſt Impoſſibility in Nature could be thought to be; things which now they are done they are as a Dream even to thoſe that ſee them; even the People who have the Money in their hands, and who has receiv'd their an⯑tient Debts, fo long given over, ſo ef⯑fectually deſpair'd of, they look amaz'd, and Conſider again and again, whether they are awake or aſleep, they handle [61] it, weigh it, and roll it about, as if they would try whether it is really Gold or Air; whether there is no Magic, no Necromancy in it or not; and I am told of one to whom the Government ow'd Ten Thouſand Crowns, which he would have been glad to have ſold for Two Thouſand five Hundred, be⯑ing an Arrear for Secret Service only, that cauſed an Iron Cheſt to be bought, and put the Money into it, then drove Poſts into the Ground in his Cellar, and chain'd the Iron Cheſt down to the Stakes, then chain'd it alſo to the Wall, and Barricadoed the Doors and Window of the Cellar with Iron, and all for fear, not of Thieves to Steal the Money, but for fear the Money, Cheſt and all ſhould fly away into the Air; For he ſaid he could never believe it was Money. But to return to the Par⯑ticulars, which I ſay have been done by this Company, ſubſequent to this new Arret of paying the publick Debts: We have ſeen them ſince that do ſtrange things indeed!

• 1. We have ſeen them bring the People to refuſe payment, or de⯑cline payment of what they [62] would before have given half the Debt to be ſecur'd of.
• 2. The State Bills that were before little better than waſt Paper, made worth 10 per Cent. and 20 per Cent. above PAR.
• 3. We have ſeen them Gain Thir⯑teen Hundred and Fifty Millions of Money in leſs than a Months time by ſelling the Air, and put⯑ting a real Value upon an ima⯑ginary value.
• 4. We have ſeen the King's Reve⯑nue augmented to Millions a year, by abating the Taxes to the People.
• 5. We have ſeen the General Farms rais'd Four Millions a Year to the King, and yet twelve Millions a Year paid leſs by the People.
• 6. We have ſeen them Pay Fifteen Hundred Millions of Debt for the King, without one Penny of Money.
• 7. Laſtly, We have ſeen a private Gentleman raiſe himſelf by the Dexterity of this Management, to be the greateſt Subject in the World; to have all the Nobili⯑ty, [63] the Princes, the Publick Miniſters, and even the Go⯑vernment it ſelf at his beck, and above 300 Coaches in a Morning at his Levee, himſelf behaving with all the Modeſty and Hu⯑mility imaginable; not Elevated by his good Fortune, not Hur⯑ried or Diſcompos'd by the application to ſo much buſineſs, but Calm and Cool, always pre⯑ſent to himſelf, anſwering brief⯑ly and pertinently to every new Diſcourſe, receiving Six or Se⯑ven Hundred Gentlemen in a Morning, diſpatching every Bu⯑ſineſs with a Readineſs inimi⯑mitable, perfectly Compos'd and Retir'd, and every Day produ⯑cing new Wonders in the great Affair of the Publick which is upon his Hands.

I return to the Stock, and the pro⯑ceeding of the Company: As the Advan⯑tages of Publick buſineſs thus flow'd in, the Credit of the Stock neceſſarily Ad⯑vanc'd; and we were ſurpriz'd in Eng⯑land to find that every Poſt the Price ſtarted up whole Hundreds in a Day, [64] till at length we ſaw the Stock up at 1150 per Cent. 1200, and ſince that to 2050 per Cent.

Now was the Juncture of Mr. Laws to give the blow he had in View, the multitude of People who came every Hour to Paris, and run their Money into the Stock, made his Project not Rational only but Natural, (viz.) That they might enlarge the Capital Stock by Engrafting a farther Sub⯑ſcription, and that the New Subſcribers might have Encouragement to Sub⯑ſcribe, they ſhould be allowed to Sub⯑ſcribe at 1000 Livres each, Original Stock.

Purſuant to this Reſolution, an Arreſt was publiſhed, empowering the Com⯑pany to take new Subſcriptions upon the firſt Foot of the Stock for 50 Mil⯑lions, the Subcribers paying 10000 Livres each; and that I may explain it as I go, you are to underſtand, that for the Ten Thouſand Livres, the Sub-ſcribers has Credit in the Companies Books for one Action or Share, that is to ſay, for One Hundred Livres Origi⯑nal Stock.

This being the Caſe, it is eaſie to Calculate what the Company's Gain by [65] by this new Subſcription, but of that in its Place: In the mean, time it is to obſerv'd, that ſo eager were the People to throng in their Money into the Stock, that they were ready to tread one ano⯑ther to death to get to the Books, and it was the greateſt Favour in the world to be admitted; ſo that the Books were not only fill'd up in about Six Hours, but if there had been room for Two Hundred Millions, it would have been fill'd up at the ſame time.

No ſooner was the Subſcription de⯑clared full, and no more hands to be taken, but thoſe who could not get in their Money, falls to work with thoſe that had, and buy of them part of what they had ſubſcrib'd, and this rais'd the Price ſo, that the new Stock riſe immediately 100 per Cent. even the ſame day that it was ſubſcrib'd.

As this had been clos'd with ſo eager⯑ly, and with ſo much ardour by the People, Mr. Laws, who knew very well how to make his Advantage of the Temper of the People, obtains a ſe⯑cond Order for 50 Millions more, and in a Word had it fill'd with the ſame eagerneſs and forwardneſs as before, and after this a third of 50 Millions; [66] the Arreſt of theſe Subſcriptions are publick in our Papers, and will ſhew ſomething of the Proof of what I have affirm'd, of the forwardneſs of Sub⯑ſcribers; they are indeed too long to be Copied here, neither is it of great uſe to us to ſee the Form, which is only what is uſual in the Publick Acts on like Occaſions.

It is now proper to Examine what Immenſe Gain accrues to the Company by theſe Subſcriptions, as alſo the Ori⯑ginal Stock as then Advanc'd: I begin with the Subſcriptions, which, as a⯑bove, were taken in at a 1000 Livres upon each 100 Livres Original Stock.

If then the Subſcription was for Fifty Millions Stock, at 100 Livres each Sub⯑ſcription, this advanc'd to a 1000 Li⯑vres, each Stock amounts to no leſs than 500 Millions of Livres; ſo that the Company receiving 1000 Millions of Livres, for 50 Millions Original Stock, advance, and are clear Gainers by the Subſcription no leſs than 450 Millions of Livres, and this doubled by the ſecond Subſcription of 50 Milli⯑ons make the Company's Gain amount to 900 Millions of Livres, and that to a third, it makes it 1350 Millions.

[67] Add to this, the firſt Stock of the Company was much of it Subſcrib'd by the Government itſelf, by the King, by Mr. Laws as in the Company's Name, and being ſold ſince at 1000 and 1100 per Cent. has put, as I am credibly inform'd, above 200 Millions into their Pockets; beſides what Mr. Laws is ſaid to have Gain'd for his private Account.

It will now be no longer a Wonder how, and with what Coin the Compa⯑ny ſhould undertake to pay off 1500 Millions of Debt, or how they could begin to pay, as was the Caſe, Four Months before the appointed Time, for here is 1340 Millions Clearly gain'd, Tout d'une Coup, at one blow, to go on upon the payment with whenever they pleas'd, beſides what was to come; and no body then doubted but that Mr. Laws would ſet up a third Subſcription; but he found it convenient to ſtop here for the preſent, and not only not to take a farther Subſcription, but to put that out of doubt, he obtain'd a pub⯑lick Arret declaring, that there ſhould be no new Subſcriptions granted.

But in this new Experiment Mr. Laws found himſelf a little embarraſs'd, for [68] there being ſuch a run for their New Subſcriptions, there were Conſequently no Buyers, or fewer Buyers than be⯑fore for the Old Stock, every one ha⯑ving, as we ſay in England, a Penny for a new Shop; neither was this all, but as the new Subſcribers paid but 100 Livres down upon their Subſcription, the reſt being allow'd to be paid in by [...]qual payments in Nine Months, 100 [...] per Month, it was with much [...] [...]ſcrib'd, becauſe they paid, as [...] 100 Livres for an Action, [...] bought an Old one, was oblig'd to pay 1000 Livres down, this carried away the Buyers from the old Stock; but this likewiſe was not all, for thoſe who had a mind to ſubſcribe to the New Stock, on purpoſe to Sell out again, and Jobb them about, ſold out the Old Stock, becauſe for two Old Actions, for which when ſold the Sel⯑ler receiv'd 2000 Livres, he might with that Money Subſcribe, or buy Subſcriptions for 20 Shares or Actions in the New; and laying down the firſt payment, get to Quinquampoix ſtreet, the Exchange-Alley of Paris, and ſel⯑ling them again at 1100 Livres each, put 2000 Livres in his Pocket, and be juſt where he was.

[69] Theſe Things had their Influence upon the Old Stock, and there being abundance wanted to Sell, and few to Buy, the Price fell at once, and indeed began to fall ſo Conſiderably, that from 1250 it fell to 760, which was a threatning Article; but Mr. Laws gave a new Life to it all at once, for he per⯑ceiving it, and knowing it would run too faſt for him to ſtop it if it was not taken in time, applied an immediate Remedy to it which could not fail to anſwer his end, this was to publiſh, and fix it up at the Door of the Bank, and at other publick places of the City, That the Company would take in all the Old Shares that any Man was willing to part with, at 900 Livres per Share.

This was another Teſtimony of the Maſterly Genius of Mr. Laws; for as ſoon as ever this publication was made the Old Stock mounted again, and Sold Currently for 1050 and 1030 or there⯑about, no body coming, or but few to ſell them.

Thus he warded off the blow: But this was one Reaſon why he durſt not venture to form any additional Sub⯑ſcriptions, and a good Reaſon too: But [70] from this time forward, the Stock is Grown up to a Prodigy of 2050 per Cent. It is true it has ſunk a little on the approach of the time of Payment for the firſt Three Months, which is to be paid in the firſt of January, viz. 300 Livres per Share, and this for want of Money has ſunk the Stock to about 1850; but Mr. Law, that never wants a Remedy for theſe Diſeaſes, imme⯑diately calls a meeting of the Directors, and agrees to declare a Dividend of Pro⯑fits to amount to 6 per Cent. upon the Stock, which tho' it be a Trif [...] on the preſent advanc'd Price, yet was really Conſiderable in it ſelf, and amounts to a very great Sum, no leſs than Six Mil⯑lions and upwards: However 'tis agreed that the Company have really gain'd near 100 Millions Extraordinary, by ſelling her own Subſcriptions, and buy⯑ing and ſelling her own Stock; ſo that they may very eaſily Divide 20 per Cent. on the 1ſt Stock, which would have been 1 per Cent. upon the preſent Advance; but of this hereafter. This is a brief Account of the prodigious Riſe and Greatneſs of the Eaſt-India Stock, and of its preſent State and Condition.

[71] It remains to give ſome account of its progreſs, and the ſteps Mr. Law is taking to eſtabliſh the Trade which it has in View; for tho' indeed the Tra⯑ding part has been the leaſt of Mr. Law's deſign, yet as it is the Denominating quallity of the Company, and they are called the Miſſiſſippi and Eaſt-India Com⯑pany, he puſhes this part alſo.

The Proceeding of the Miſſiſſippi part, is partly ſeen in the Arret of the Council, miſplaced by miſtake, Pag. 31, and which ought to have been placed here: Wherein the Bank gives, or ra⯑ther lends the Company 25 Millions in Bank-Bills, for ſmall Sums to be Cur⯑rent in the Colony of Louiſania or Miſſiſſippi, and partly in the multitude of People which are every Day all for Planting ſent thither.

As for the Eaſt-India Trade, we find them launching out into a Prodigious Trade that way, and ſending out about Twenty Ships with Soldiers and vaſt Cargoes, to make Settlements, and place Factories in the Eaſt-Indies, and all the Twenty Ships to come Home Loden with things proper for the Trade they are upon.

[72] Theſe are great things it muſt be confeſt, but as I have ſaid, theſe are not the chief end in View; Mr. Law's aims are at Popularity, and keeping up the Imaginary part which is raiſed to ſuch a degree, as the Profit of Ten Eaſt-India Trades could not ſupport, and which never can be ſupported with⯑out ſomething that can bring in a Pro⯑fit equal to 3 or 4 per Cent per Annum, upon the 2000 per Cent. which it ſtands advanc'd.

To bring this to paſs, we find he does every thing, and the Government in his behalf does every thing that can recommend them to the People, and particularly acts of Generous Charity, Publick Spirited Muneficence, taking off the heavy Taxes upon the ordinary Neceſſaries of Life and Convenience, by which the Poor, who are more Senfible of thoſe things, are touch'd, and en⯑gage to Bleſs both the Perſon and the Undertaking.

Innumerable Projects are in his Head for publick good, he has already cauſed all the Turnpikes and Tole-bars at the Entrance into the Streets of Paris to be taken down; an innumerable number of Collectors and Officers, that teiz'd [73] the Poor for Money upon every Trifle that enter the City of Paris, are [...] miſſed, the People pay nothing [...] Coals or Wood, or Turff to Hay or Oats, or Straw for Horſes, Fleſh or Fiſh, Herbs or Garden ſtuff, and Fruits or Wine to Drink; all things go free into Paris, ſo that the Families live a fifth part cheaper than they did before; the very Duty on Fiſh, which is now aboliſhed, brought in to the King two Millions a Year; but now as the Rents of the Town-Houſe of Paris are Reimburſed, and they have no more Annuities to pay, they have likewiſe no Taxes to Levy, and all is made free.

Beſides theſe things, which are the Conſequence of paying the publick Debts, he has new Projects of ſo many kinds, that it would require a large Book to give an account of them.

He has undertaken a New Canal, from the River Loyer to the Seine, to bring more Water into the latter, by the River Loyng, and anſwerable to the Canal de Briare, ſo to bring Veſſels of large Burthens down thoſe Rivers, and bring Wine and Brandy, and all bulky Goods quite from Nants in Bre⯑taign, [74] and from the Sea, as well as from the Inland Country about Orleans.

He has lay'd a Scheme to Reduce the River Seine to a narrower Channel be⯑tween Paris and Roan, that ſo the Chan⯑nel may be Deepen'd and kept Clear, by which means Ships of good Burthen ſhall come up even to Paris it ſelf, and to Roan, Ships of 400 Tuns Burthen ſhall come freely up to the Town Key.

He has deſign'd to make Roan the Capital of all France, for Commerce, Navigation and Manufactures, all his Eaſt-India and Miſſiſſipi Tradede ſhall be carried on there, and the Magazines, Warehouſes and places for Publick Sales, ſhall be fixt and built there; and as the City of Roan itſelf is not ſufficient for the Number of People that will be drawn together by theſe things, and by the Wollen Manufactures and Silk Manufactures, which he deſigns to ſettle there, He has projected, as Fame reports, a New City on the other ſide the Seine over againſt Roan, and a Stone Bridge of a moſt Magnificent Structure, and which muſt be prodi⯑gious Strong, the Water there being very deep and Rapid.

[75] This Tract would be far too ſhort to give a full Scheme, even of this one deſign, a thing of ſuch a Magnitude as no Private Man ever undertook, or any Stock leſs than that of a Prince or of a Nation accompliſhed.

But all theſe things ſeem to me to be rather amuſements to alarm the World, and make the Company Famous among Forreigners, than that they are to be really Executed.

And they have their end, for Fo⯑reigners are amuſed, and all the World ſeems to be running to Paris, the pro⯑digious Sums Strangers lay out in the Stock, and the Numbers that come to Negotiate there, has fill'd Paris with Money and with People, and Conſe⯑quently with Trade; and they tell us there is nothing to be ſeen but New Coaches, New Equipages, New Live⯑ries, and buying New Furniture; in⯑numerable Families having been En⯑rich'd by this ſurprizing advance of Stock; in a word, they write from thence, that there are 1200 New Coaches ſet up in Paris, and half a Million of People come to the City more than was there before, ſo that no Lodg⯑ings are to be had; and they Build New [74] [...] [75] [...] [76] Houſes and Streets in every Place where they have Room

When I begun this Work, it was not poſſible to imagine, but I might have given ſome account of the Ebb, as I have of the Flood of this Phantoſme, for I can call it yet no more; its fate without queſtion muſt come ere long, ſince there is no Foundation equal to the Structure that now ſtands upon it.

But the time is not yet, the little de⯑creaſe, or fall which happened a few days ago, is not of the kind of that which muſt blow up the Machine; but it ſtop'd as above, by the appearance of an approaching Dividend of Profits; But this cannot ſupport it long, it muſt fall at laſt, and all I can ſay of it at pre⯑ſent can be only this, that when it comes Great will be the fall of it.