and printing a new batch of notes, to the amount of another $300,000,000. Law’s two corporations were also doctored in several ways. The distress and fright grew worse. An edict was issued that Law’s notes and shares should depreciate gradually by law for a year, and then be worth but half their face. This made such a tumult and outcry that the Regent had to retract it in seven days. On this seventh day, Law’s bank stopped paying specie. Law was turned out of his public employments, but still well treated by the Regent in private. He was, however, mobbed and stoned in his coach in the street, had to have a company of Swiss Guards in his house, and at last had to flee to the Regent’s own palace.
I have not space to describe in detail the ruin, misery, tumults, loss and confusion which attended the speedy descent of Law’s paper and shares to entire worthlessness. Thousands of families were made paupers, and trade and commerce destroyed by the painful process. Law himself escaped out of France poor; and, after another obscure and disreputable career of gambling, died in poverty at Venice, in 1729.
Thus this enormous business-humbug first raised a whole nation into a fool’s paradise of imaginary wealth, and then exploded, leaving its projector and many thousands of victims ruined, the country disturbed and distressed, long-enduring consequences, in vicious and lawless and unsteady habits, contracted while the delusion lasted, and no single benefit except one more most dearly-bought lesson of the wicked folly of mere speculation without a real business basis and a real business
