Read the book: «Memoirs of Louis XIV and His Court and of the Regency. Complete», page 72
I have little need to say anything more of Madame la Duchesse de Berry. These pages have already painted her. She was a strange mixture of pride and shamelessness. Drunkenness, filthy conversation, debauchery of the vilest kind, and impiety, were her diversions, varied, as has been seen, by occasional religious fits. Her indecency in everything, language, acts, behaviour, passed all bounds; and yet her pride was so sublime that she could not endure that people should dare to speak of her amid her depravity, so universal and so public; she had the hardihood to declare that nobody had the right to speak of persons of her rank, or blame their most notorious actions!
Yet she had by nature a superior intellect, and, when she wished, could be agreeable and amiable. Her face was commanding, though somewhat spoiled at last by fat. She had much eloquence, speaking with an ease and precision that charmed and overpowered. What might she not have become, with the talents she possessed! But her pride, her violent temper, her irreligion, and her falsehood, spoiled all, and made her what we have seen her.
CHAPTER XCIX
Law had established his Mississippi Company, and now began to do marvels with it. A sort of language had been invented, to talk of this scheme, language which, however, I shall no more undertake to explain than the other finance operations. Everybody was mad upon Mississippi Stock. Immense fortunes were made, almost in a breath; Law, besieged in his house by eager applicants, saw people force open his door, enter by the windows from the garden, drop into his cabinet down the chimney! People talked only of millions.
Law, who, as I have said, came to my house every Tuesday, between eleven and twelve, often pressed me to receive some shares for nothing, offering to manage them without any trouble to me, so that I must gain to the amount of several millions! So many people had already gained enormously by their own exertions that it was not doubtful Law could gain for me even more rapidly. But I never would lend myself to it. Law addressed himself to Madame de Saint-Simon, whom he found as inflexible. He would have much preferred to enrich me than many others; so as to attach me to him by interest, intimate as he saw me with the Regent. He spoke to M. le Duc d’Orleans, even, so as to vanquish me by his authority. The Regent attacked me more than once, but I always eluded him.
At last, one day when we were together by appointment, at Saint-Cloud, seated upon the balustrade of the orangery, which covers the descent into the wood of the goulottes, the Regent spoke again to me of the Mississippi, and pressed me to receive some shares from Law.
The more I resisted, the more he pressed me, and argued; at last he grew angry, and said that I was too conceited, thus to refuse what the King wished to give me (for everything was done in the King’s name), while so many of my equals in rank and dignity were running after these shares. I replied that such conduct would be that of a fool, the conduct of impertinence, rather than of conceit; that it was not mine, and that since he pressed me so much I would tell him my reasons. They were, that since the fable of Midas, I had nowhere read, still less seen, that anybody had the faculty of converting into gold all he touched; that I did not believe this virtue was given to Law, but thought that all his knowledge was a learned trick, a new and skilful juggle, which put the wealth of Peter into the pockets of Paul, and which enriched one at the expense of the other; that sooner or later the game would be played out, that an infinity of people would be ruined; finally, that I abhorred to gain at the expense of others, and would in no way mix myself up with the Mississippi scheme.
M. le Duc d’Orleans knew only too well how to reply to me, always returning to his idea that I was refusing the bounties of the King. I said that I was so removed from such madness, that I would make a proposition to him, of which assuredly I should never have spoken, but for his accusation.
I related to him the expense to which my father had been put in defending Blaye against the party of M. le Prince in years gone by. How he had paid the garrison, furnished provisions, cast cannon, stocked the place, during a blockade of eighteen months, and kept up, at his own expense, within the town, five hundred gentlemen, whom he had collected together. How he had been almost ruined by the undertaking, and had never received a sou, except in warrants to the amount of five hundred thousand livres, of which not one had ever been paid, and that he had been compelled to pay yearly the interest of the debts he had contracted, debts that still hung like a mill-stone upon me. My proposition was that M. le Duc d’Orleans should indemnify me for this loss, I giving up the warrants, to be burnt before him.
This he at once agreed to. He spoke of it the very next day to Law: my warrants were burnt by degrees in the cabinet of M. le Duc d’Orleans, and it was by this means I paid for what I had done at La Ferme.
Meanwhile the Mississippi scheme went on more swimmingly than ever. It was established in the Rue Quincampoix, from which horses and coaches were banished. About the end of October of this year, 1817, its business so much increased, that the office was thronged all day long, and it was found necessary to place clocks and guards with drums at each end of the street, to inform people, at seven o’clock in the morning, of the opening of business, and of its close at night: fresh announcements were issued, too, prohibiting people from going there on Sundays and fete days.
Never had excitement or madness been heard of which approached this.
M. le Duc d’Orleans distributed a large number of the Company’s shares to all the general officers and others employed in the war against Spain. A month after, the value of the specie was diminished; then the whole of the coin was re-cast.
Money was in such abundance—that is to say, the notes of Law, preferred then to the metallic currency—that four millions were paid to Bavaria, and three millions to Sweden, in settlement of old debts. Shortly after, M. le Duc d’Orleans gave 80,000 livres to Meuse; and 80,000 livres to Madame de Chateauthiers, dame d’atours of Madame. The Abbe Alari, too, obtained 2000 livres pension. Various other people had augmentation of income given to them at this time.
Day by day Law’s bank and his Mississippi increased in favour. The confidence in them was complete. People could not change their lands and their houses into paper fast enough, and the result of this paper was, that everything became dear beyond all previous experience. All heads were turned, Foreigners envied our good fortune, and left nothing undone to have a share in it. The English, even, so clear and so learned in banks, in companies, in commerce, allowed themselves to be caught, and bitterly repented it afterwards. Law, although cold and discreet, felt his modesty giving way. He grew tired of being a subaltern. He hankered after greatness in the midst of this splendour; the Abbe Dubois and M. le Duc d’Orleans desired it for him more than he; nevertheless, two formidable obstacles were in the way: Law was a foreigner and a heretic, and he could not be naturalised without a preliminary act of abjuration. To perform that, somebody must be found to convert him, somebody upon whom good reliance could be placed. The Abbe Dubois had such a person all ready in his pocket, so to speak. The Abbe Tencin was the name of this ecclesiastic, a fellow of debauched habits and shameless life, whom the devil has since pushed into the most astonishing good fortune; so true it is that he sometimes departs from his ordinary rules, in order to recompense his servitors, and by these striking examples dazzle others, and so secure them.
As may be imagined, Law did not feel very proud of the Abbe who had converted him: more especially as that same Abbe was just about this time publicly convicted of simony, of deliberate fraud, of right-down lying (proved by his own handwriting), and was condemned by the Parliament to pay a fine, which branded him with infamy, and which was the scandal of the whole town. Law, however, was converted, and this was a subject which supplied all conversation.
Soon after, he bought, for one million livres, the Hotel Mazarin for his bank, which until then had been established in a house he hired of the Chief-President, who had not need of it, being very magnificently lodged in the Palace of the Parliament by virtue of his office. Law bought, at the same time, for 550,000 livres, the house of the Comte de Tesse.
Yet it was not all sunshine with this famous foreigner, for the sky above him was heavy with threatening clouds. In the midst of the flourishing success of his Mississippi, it was discovered that there was a plot to kill him. Thereupon sixteen soldiers of the regiment of the Guards were given to him as a protection to his house, and eight to his brother, who had come to Paris some little time before.
Law had other enemies besides those who were hidden. He could not get on well with Argenson, who, as comptroller of the finances, was continually thrown into connection with him. The disorder of the finances increased in consequence every day, as well as the quarrels between Law and Argenson, who each laid the blame upon the other. The Scotchman was the best supported, for his manners were pleasing, and his willingness to oblige infinite. He had, as it were, a finance tap in his hand, and he turned it on for every one who helped him. M. le Duc, Madame la Duchesse, Tesse, Madame de Verue, had drawn many millions through this tap, and drew still. The Abbe Dubois turned it on as he pleased. These were grand supports, besides that of M. le Duc d’Orleans, who could not part with his favourite.
Argenson, on the contrary, was not much liked. He had been at the head of the police so long that he could not shake off the habits he had acquired in that position: He had been accustomed to give audiences upon all sorts of police matters at dead of night, or at the small hours of the morning, and he appeared to see no reason why he should not do the same now that he was Keeper of the Seals. He irritated people beyond all bearing, by making appointments with them at these unreasonable hours, and threw into despair all who worked under him, or who had business with him. The difficulty of the finances, and his struggles with Law, had thrown him into ill-humour, which extended through all his refusals. Things, in fact, had come to such a pass, that it was evident one or the other must give up an administration which their rivalry threw into confusion.
Argenson saw the storm coming, and feeling the insecurity of his position, wished to save himself. He had too much sense and too much knowledge of the world not to feel that if he obstinately clung to the finances he should not only lose them but the seals also. He yielded therefore to Law, who was at last declared comptroller-general of the finances, and who, elevated to this (for him) surprising point, continued to visit me as usual every Tuesday morning, always trying to persuade me into belief of his past miracles, and of those to come.
Argenson remained Keeper of the Seals, and skilfully turned to account the sacrifice he had made by obtaining through it the permission to surrender his appointment of Chancellor of the Order of Saint-Louis to his eldest son, and the title, effectively, to his younger son. His place of Conseiller d’Etat, that he had retained,—he also gave to his eldest son, and made the other lieutenant of police. The murmur was great upon seeing a foreigner comptroller-general, and all abandoned to a finance system which already had begun to be mistrusted. But Frenchmen grow accustomed to everything, and the majority were consoled by being no longer exposed to the sharp humour of Argenson, or his strange hours of business.
But Law’s annoyances were not over when this change had been made. M. le Prince de Conti began to be troublesome. He was more grasping than any of his relatives, and that is not saying a little. He accosted Law now, pistol in hand, so to speak, and with a perfect “money or your life” manner. He had already amassed mountains of gold by the easy humour of M. le Duc d’Orleans; he had drawn, too, a good deal from Law, in private. Not content with this, he wished to draw more. M. le Duc d’Orleans grew tired, and was not over-pleased with him. The Parliament just then was at its tricks again; its plots began to peep out, and the Prince de Conti joined in its intrigues in order to try and play a part indecent, considering his birth; little fitting his age; shameful, after the monstrous favours unceasingly heaped upon him.
Repelled by the Regent, he turned, as I have said, towards Law, hoping for more success. His expectations were deceived; prayers, cringing meanness (for he stopped at nothing to get money) being of no effect, he tried main strength, and spared Law neither abuse nor menaces. In fact, not knowing what else to do to injure his bank, he sent three waggons there, and drove them away full of money, which he made Law give him for paper he held. Law did not dare to refuse, and thus show the poverty of his metallic funds, but fearing to accustom so insatiable a prince to such tyranny as this, he went, directly the waggons left, to M. le Duc d’Orleans, and complained of what had occurred. The Regent was much annoyed; he saw the dangerous results, and the pernicious example of so violent a proceeding, directed against an unsupported foreigner, whom rather lightly he had just made comptroller-general. He flew into a violent rage, sent for the Prince de Conti, and, contrary to his nature, reprimanded him so severely, that he was silenced and cried for mercy. But annoyed at having failed, and still more at the sharp scolding he had received, the Prince de Conti consoled himself, like a woman, by spreading all sorts of reports against Law, which caused him but little fear, and did him still less harm, but which did slight honour to M. le Prince de Conti, because the cause of these reports, and also the large sums he had drawn from the financier, were not unknown to the public; blame upon him was general, and all the more heavy, because Law had fallen out of public favour, which a mere trifle had changed into spite and indignation.
This is the trifle. The Marechal de Villeroy, incapable of inspiring the King with any solid ideas, adoring even to worship the deceased King, full of wind, and lightness, and frivolity, and of sweet recollections of his early years, his grace at fetes and ballets, his splendid gallantries, wished that the King, in imitation of the deceased monarch, should dance in a ballet. It was a little too early to think of this. This pleasure seemed a trifle too much of pain to so young a King; his timidity should have been vanquished by degrees, in order to accustom him to society which he feared, before engaging him to show himself off in public, and dance upon a stage.
The deceased King,—educated in a brilliant Court, where rule and grandeur were kept up with much distinction, and where continual intercourse with ladies, the Queen-mother, and others of the Court, had early fashioned and emboldened him, had relished and excelled in these sorts of fetes and amusements, amid a crowd of young people of both sexes, who all rightfully bore the names of nobility, and amongst whom scarcely any of humble birth were mixed, for we cannot call thus some three or four of coarser stuff, who were admitted simply for the purpose of adding strength and beauty to the ballet, by the grace of their faces and the elegance of their movements, with a few dancing-masters to regulate and give the tone to the whole. Between this time and that I am now speaking of was an abyss. The education of those days instructed every one in grace, address, exercise, respect for bearing, graduated and delicate politeness, polished and decent gallantry. The difference, then, between the two periods is seen at a glance, without time lost in pointing it out.
Reflection was not the principal virtue of the Marechal de Villeroy. He thought of no obstacle either on the part of the King or elsewhere, and declared that his Majesty would dance in a ballet. Everything was soon ready for the execution. It was not so with the action. It became necessary to search for young people who could dance: soon, whether they danced ill or well, they were gladly received; at last the only question was, “Whom can we get?” consequently a sorry lot was obtained. Several, who ought never to have been admitted, were, and so easily, that from one to the other Law had the temerity to ask M. le Duc d’Orleans to allow his son, who danced very well, to join the ballet company! The Regent, always easy, still enamoured of Law, and, to speak truth, purposely contributing as much as possible to confusion of rank, immediately accorded the demand, and undertook to say so to the Marechal de Villeroy.
The Marechal, who hated and crossed Law with might and main, reddened with anger, and represented to the Regent what, in fact, deserved to be said: the Regent, in reply, named several young people, who, although of superior rank, were not so well fitted for the ballet as young Law; and although the answer to this was close at hand, the Marechal could not find it, and exhausted himself in vain exclamations. He could not, therefore, resist the Regent; and having no support from M. le Duc, superintendent of the King’s education and a great protector of Law and of confusion, he gave in, and the financier’s son was named for the ballet.
It is impossible to express the public revolt excited by this bagatelle, at which every one was offended. Nothing else was spoken of for some days; tongues wagged freely, too; and a good deal of dirty water was thrown upon other dancers in the ballet.
At last the public was satisfied. The small-pox seized Law’s son, and (on account of its keeping him from the ballet) caused universal joy. The ballet was danced several times, its success answering in no way to the Marechal de Villeroy. The King was so wearied, so fatigued, with learning, with rehearsing, and with dancing this ballet, that he took an aversion for these fetes and for everything offering display, which has never quitted him since, and which does not fail to leave a void in the Court; so that this ballet ceased sooner than was intended, and the Marechal de Villeroy never dared to propose another.
M. le Duc d’Orleans, either by his usual facility, or to smooth down the new elevation of Law to the post of comptroller-general, bestowed a number of pecuniary favours; he gave 600,000 livres to La Fare, captain of his guard; 200,000 livres to Castries, chevalier d’honneur to Madame la Duchesse d’Orleans; 200,000 livres to the old Prince de Courtenay, who much needed them; 20,000 livres pension to the Prince de Talmont; 6000 livres to the Marquise de Bellefonds, who already had a similar sum; and moved by cries on the part of M. le Prince de Conti, 60,000 livres to the Comte de la Marche his son, scarcely three years old; he gave, also, smaller amounts to various others. Seeing so much depredation, and no recovery to hope for, I asked M. le Duc d’Orleans to attach 12,000 livres, by way of increase, to my government of Senlis, which was worth only 1000 livres, and of which my second son had the reversion. I obtained it at once.
CHAPTER C
About the commencement of the new year, 1720, the system of Law approached its end. If he had been content with his bank his bank within wise and proper limits—the money of the realm might have been doubled, and an extreme facility afforded to commerce and to private enterprise, because, the establishment always being prepared to meet its liabilities, the notes it issued would have been as good as ready money, and sometimes even preferable, on account of the facility of transport. It must be admitted, however, as I declared to M. le Duc d’Orleans in his cabinet, and as I openly said in the Council of the Regency when the bank passed there, that good as this establishment might be in itself, it could only be so in a republic, or in a monarchy, like that of England, where the finances are absolutely governed by those who furnish them, and who simply furnish as much or as little as they please; but in a trivial, changing, and more than absolute state like France solidity necessarily is wanting, consequently confidence (at least of a discreet and proper kind): since a king, and under his name, a mistress, a minister, favourites; still more, extreme necessities, such as the deceased King experienced in the years 1707-8-9 and 10,—a hundred things, in fact, could overthrow the bank, the allurements of which were, at once, too great and too easy. But to add to the reality of this bank, the chimera of the Mississippi, with its shares, its special jargon, its science (a continual juggle for drawing money from one person to give it to another), was to almost guarantee that these shares should at last end in smoke (since we had neither mines, nor quarries of the philosopher’s stone), and that the few would be enriched at the expense of the many, as in fact happened.
What hastened the fall of the bank, and of the system, was the inconceivable prodigality of M. le Duc d’Orleans, who, without bounds, and worse still, if it can be, without choice, could not resist the importunities even of those whom he knew, beyond all doubt, to have been the most opposed to him, and who were completely despicable, but gave with open hands; and more frequently allowed money to be drawn from him by people who laughed at him, and who were grateful only to their effrontery. People with difficulty believe what they have seen; and posterity will consider as a fable what we ourselves look upon as a dream. At last, so much was given to a greedy and prodigal nation, always covetous and in want on account of its luxury, its disorder, and its confusion of ranks, that paper became scarce, and the mills could not furnish enough.
It may be imagined by this, what abuse had been made of a bank, established as a resource always ready, but which could not exist as such without being always delicately adjusted; and above all, kept in a state to meet the obligations it had contracted. I obtained information on this point from Law, when he came to me on Tuesday mornings; for a long time he played with me before admitting his embarrassments, and complained modestly and timidly, that the Regent was ruining everything by his extravagance. I knew from outsiders more than he thought, and it was this that induced me to press him upon his balance-sheet. In admitting to me, at last, although faintly, what he could no longer hide, he assured me he should not be wanting in resources provided M. le Duc d’Orleans left him free. That did not persuade me. Soon after, the notes began to lose favour; then to fall into discredit, and the discredit to become public. Then came the necessity to sustain them by force, since they could no longer be sustained by industry; and the moment force showed itself every one felt that all was over. Coercive authority was resorted to; the use of gold, silver, and jewels was suppressed (I speak of coined money); it was pretended that since the time of Abraham,—Abraham, who paid ready money for the sepulchre of Sarah,—all the civilised nations in the world had been in the greatest error and under the grossest delusion, respecting money and the metals it is made of; that paper alone was useful and necessary; that we could not do greater harm to our neighbours—jealous of our greatness and of our advantages—than to send to them all our money and all our jewels; and this idea was in no way concealed, for the Indian Company was allowed to visit every house, even Royal houses, confiscate all the louis d’or, and the coins it could find there; and to leave only pieces of twenty sous and under (to the amount of not more than 200 francs), for the odd money of bills, and in order to purchase necessary provisions of a minor kind, with prohibitions, strengthened by heavy punishment, against keeping more; so that everybody was obliged to take all the ready money he possessed to the bank, for fear of its being discovered by a valet. But nobody, as may be imagined, was persuaded of the justice of the power accorded to the Company, and accordingly authority was more and more exerted; all private houses were searched, informations were laid against people in order that no money might be kept back, or if it were, that the guilty parties might be severely punished.
Never before had sovereign power been so violently exercised, never had it attacked in such a manner the temporal interests of the community. Therefore was it by a prodigy, rather than by any effort or act of the government, that these terribly new ordonnances failed to produce the saddest and most complete revolutions; but there was not even talk of them; and although there were so many millions of people, either absolutely ruined or dying of hunger, and of the direst want, without means to procure their daily subsistence, nothing more than complaints and groans was heard.
This violence was, however, too excessive, and in every respect too indefensible to last long; new paper and new juggling tricks were of necessity resorted to; the latter were known to be such—people felt them to be such—but they submitted to them rather than not have twenty crowns in safety in their houses; and a greater violence made people suffer the smaller. Hence so many projects, so many different faces in finance, and all tending to establish one issue of paper upon another; that is to say, always causing loss to the holders of the different paper (everybody being obliged to hold it), and the universal multitude. This is what occupied all the rest of the government, and of the life of M. le Duc d’Orleans; which drove Law out of the realm; which increased six-fold the price of all merchandise, all food even the commonest; which ruinously augmented every kind of wages, and ruined public and private commerce; which gave, at the expense of the public, sudden riches to a few noblemen who dissipated it, and were all the poorer in a short time; which enabled many financiers’ clerks, and the lowest dregs of the people, profiting by the general confusion, to take advantage of the Mississippi, and make enormous fortunes; which occupied the government several years after the death of M. le Duc d’Orleans; and which, to conclude, France never will recover from, although it may be true that the value of land is considerably augmented. As a last affliction, the all-powerful, especially the princes and princesses of the blood, who had been mixed up, in the Mississippi, and who had used all their authority to escape from it without loss, re-established it upon what they called the Great Western Company, which with the same juggles and exclusive trade with the Indies, is completing the annihilation of the trade of the realm, sacrificed to the enormous interest of a small number of private individuals, whose hatred and vengeance the government has not dared to draw upon itself by attacking their delicate privileges.
Several violent executions, and confiscations of considerable sums found in the houses searched, took place. A certain Adine, employed at the bank, had 10,000 crowns confiscated, was fined 10,000 francs, and lost his appointment. Many people hid their money with so much secrecy, that, dying without being able to say where they had put it, these little treasures remained buried and lost to the heirs.
In the midst of the embarrassments of the finances, and in spite of them, M. le Duc d’Orleans continued his prodigal gifts. He attached pensions of 6000 livres and 4000 livres to the grades of lieutenant-general and camp-marshal. He gave a pension of 20,000 livres to old Montauban; one of 6000 livres to M. de Montauban (younger brother of the Prince de Guemene); and one of 6000 livres to the Duchesse de Brissac. To several other people he gave pensions of 4000 livres; to eight or ten others, 3000 or 2000 livres. I obtained one of 8000 livres for Madame Marechal de Lorges; and one of 6000 livres was given to the Marechal de Chamilly, whose affairs were much deranged by the Mississippi. M. de Soubise and the Marquis Noailles had each upwards of 200,000 livres. Even Saint- Genies, just out of the Bastille, and banished to Beauvais, had a pension of 1000. Everybody in truth wanted an augmentation of income, on account of the extreme high price to which the commonest, almost necessary things had risen, and even all other things; which, although at last diminshed by degrees, remain to this day much dearer than they were before the Mississippi.
The pensions being given away, M. le Duc d’Orleans began to think how he could reduce the public expenditure. Persuaded by those in whose financial knowledge he had most confidence, he resolved to reduce to two per cent. the interest upon all the funds. This much relieved those who paid, but terribly cut down the income of those who received, that is to say, the creditors of the state, who had lent their money at five per cent., according to the loan—and, public faith and usage, and who had hitherto peacefully enjoyed that interest. M. le Duc d’Orleans assembled at the Palais Royal several financiers of different rank, and resolved with them to pass this edict. It made much stir among the Parliament men, who refused to register it. But M. le Duc d’Orleans would not change his determination, and maintained his decree in spite of them.
By dint of turning and turning around the Mississippi, not to say of juggling with it, the desire came to establish, according to the example of the English, colonies in the vast countries beyond the seas. In order to people these colonies, persons without means of livelihood, sturdy beggars, female and male, and a quantity of public creatures were carried off. If this had been executed with discretion and discernment, with the necessary measures and precautions, it would have ensured the object proposed, and relieved Paris and the provinces of a heavy, useless, and often dangerous burthen; but in Paris and elsewhere so much violence, and even more roguery, were mixed up with it, that great murmuring was excited. Not the slightest care had been taken to provide for the subsistence of so many unfortunate people, either while in the place they were to embark from, or while on the road to reach it; by night they were shut up, with nothing to eat, in barns, or in the dry ditches of the towns they stopped in, all means of egress being forbidden them. They uttered cries which excited pity and indignation; but the alms collected for them not being sufficient, still less the little their conductors gave them, they everywhere died in frightful numbers.
