ItwasafterthisrepulsethathevisitedItaly。Hismindbeingstilloccupiedwithschemesoffinance，heproposedtoVictorAmadeus，DukeofSavoy，toestablishhisland-bankinthatcountry。TheDukerepliedthathisdominionsweretoocircumscribedfortheexecutionofsogreataproject，andthathewasbyfartoopoorapotentatetoberuined。Headvisedhim，however，totrytheKingofFranceoncemore；
　　forhewassure，ifheknewanythingoftheFrenchcharacter，thatthepeoplewouldbedelightedwithaplan，notonlysonew，butsoplausible。
　　LouisXIVdiedin1715，andtheheirtothethronebeinganinfantonlysevenyearsofage，theDukeofOrleansassumedthereinsofgovernment，asRegent，duringhisminority。Lawnowfoundhimselfinamorefavourableposition。Thetideinhisaffairshadcome，which，takenattheflood，wastowafthimontofortune。TheRegentwashisfriend，alreadyacquaintedwithhistheoryandpretensions，andinclined，moreover，toaidhiminanyeffortstorestorethewoundedcreditofFrance，boweddowntotheearthbytheextravaganceofthelongreignofLouisXIV。
　　Hardlywasthatmonarchlaidinhisgraveerethepopularhatred，suppressedsolong，burstforthagainsthismemory。Hewho，duringhislife，hadbeenflatteredwithanexcessofadulation，towhichhistoryscarcelyoffersaparallel，wasnowcursedasatyrant，abigot，andaplunderer。Hisstatueswerepeltedanddisfigured；hiseffigiestorndown，amidtheexecrationsofthepopulace，andhisnamerenderedsynonymouswithselfishnessandoppression。Thegloryofhisarmswasforgotten，andnothingwasrememberedbuthisreverses，hisextravagance，andhiscruelty。
　　Thefinancesofthecountrywereinastateoftheutmostdisorder。Aprofuseandcorruptmonarch，whoseprofusenessandcorruptionwereimitatedbyalmosteveryfunctionary，fromthehighesttothelowestgrade，hadbroughtFrancetothevergeofruin。Thenationaldebtamountedto3000millionsoflivres，therevenueto145
　　millions，andtheexpenditureto142millionsperannum；leavingonlythreemillionstopaytheinterestupon3000millions。ThefirstcareoftheRegentwastodiscoveraremedyforanevilofsuchmagnitude，andacouncilwasearlysummonedtotakethematterintoconsideration。TheDukedeSt。Simonwasofopinionthatnothingcouldsavethecountryfromrevolutionbutaremedyatonceboldanddangerous。HeadvisedtheRegenttoconvoketheStates-General，anddeclareanationalbankruptcy。TheDukedeNoailles，amanofaccommodatingprinciples，anaccomplishedcourtier，andtotallyaversefromgivinghimselfanytroubleorannoyancethatingenuitycouldescapefrom，opposedtheprojectofSt。Simonwithallhisinfluence。
　　Herepresentedtheexpedientasalikedishonestandruinous。TheRegentwasofthesameopinion，andthisdesperateremedyfelltotheground。
　　Themeasuresultimatelyadopted，thoughtheypromisedfair，onlyaggravatedtheevil。Thefirst，andmostdishonestmeasure，wasofnoadvantagetothestate。Arecoinagewasordered，bywhichthecurrencywasdepreciatedone-fifth；thosewhotookathousandpiecesofgoldorsilvertothemintreceivedbackanamountofcoinofthesamenominalvalue，butonlyfour-fifthsoftheweightofmetal。Bythiscontrivancethetreasurygainedseventy-twomillionsoflivres，andallthecommercialoperationsofthecountryweredisordered。A
　　triflingdiminutionofthetaxessilencedtheclamoursofthepeople，andfortheslightpresentadvantagethegreatprospectiveevilwasforgotten。
　　Achamberofjusticewasnextinstituted，toinquireintothemalversationsoftheloan-contractorsandthefarmersoftherevenues。
　　Taxcollectorsareneververypopularinanycountry，butthoseofFranceatthisperioddeservedalltheodiumwithwhichtheywereloaded。Assoonasthesefarmers-general，withalltheirhostsofsubordinateagents，calledmaltotiers[Frommaltote，anoppressivetax。]，werecalledtoaccountfortheirmisdeeds，themostextravagantjoytookpossessionofthenation。TheChamberofJustice，institutedchieflyforthispurpose，wasendowedwithveryextensivepowers。Itwascomposedofthepresidentsandcouncilsoftheparliament，thejudgesoftheCourtsofAidandofRequests，andtheofficersoftheChamberofAccount，underthegeneralpresidenceoftheministeroffinance。Informerswereencouragedtogiveevidenceagainsttheoffendersbythepromiseofone-fifthpartofthefinesandconfiscations。Atenthofallconcealedeffectsbelongingtotheguiltywaspromisedtosuchasshouldfurnishthemeansofdiscoveringthem。
　　Thepromulgationoftheedictconstitutingthiscourtcausedadegreeofconsternationamongthoseprincipallyconcernedwhichcanonlybeaccountedforonthesuppositionthattheirpeculationhadbeenenormous。Buttheymetwithnosympathy。Theproceedingsagainstthemjustifiedtheirterror。TheBastilewassoonunabletocontaintheprisonersthatweresenttoit，andthegaolsalloverthecountryteemedwithguiltyorsuspectedpersons。Anorderwasissuedtoallinnkeepersandpostmasterstorefusehorsestosuchasendeavouredtoseeksafetyinflight；andallpersonswereforbidden，underheavyfines，toharbourthemorfavourtheirevasion。Somewerecondemnedtothepillory，otherstothegallies，andtheleastguiltytofineandimprisonment。Oneonly，SamuelBernard，arichbanker，andfarmer-generalofaprovinceremotefromthecapital，wassentencedtodeath。Sogreathadbeentheillegalprofitsofthisman，——lookeduponasthetyrantandoppressorofhisdistrict，——thatheofferedsixmillionsoflivres，or250，000poundssterling，tobeallowedtoescape。
　　Hisbribewasrefused，andhesufferedthepenaltyofdeath。
　　Others，perhapsmoreguilty，weremorefortunate。Confiscation，owingtotheconcealmentoftheirtreasuresbythedelinquents，oftenproducedlessmoneythanafine。Theseverityofthegovernmentrelaxed，andfines，underthedenominationoftaxes，wereindiscriminatelylevieduponalloffenders。Butsocorruptwaseverydepartmentoftheadministration，thatthecountrybenefitedbutlittlebythesumswhichthusflowedintothetreasury。Courtiers，andcourtiers’wivesandmistresses，cameinforthechiefshareofthespoils。Onecontractorhadbeentaxedinproportiontohiswealthandguilt，atthesumoftwelvemillionsoflivres。TheCount***，amanofsomeweightinthegovernment，calleduponhim，andofferedtoprocurearemissionofthefine，ifhewouldgivehimahundredthousandcrowns。“Vousetestroptard，monami，“repliedthefinancier；“Ihavealreadymadeabargainwithyourwifeforfiftythousand。“[ThisanecdoteisrelatedbyM。delaHode，inhisLifeofPhilippeofOrleans。Itwouldhavelookedmoreauthenticifhehadgiventhenamesofthedishonestcontractorandthestillmoredishonestminister。ButM。delaHode’sbookisliabletothesameobjectionasmostoftheFrenchmemoirsofthatandofsubsequentperiods。Itissufficientwithmostofthemthatananecdotebebentrovato；thevetoisbutmatterofsecondaryconsideration。]
　　Aboutahundredandeightymillionsoflivreswereleviedinthismanner，ofwhicheightywereappliedinpaymentofthedebtscontractedbythegovernment。Theremainderfounditswayintothepocketsofthecourtiers。MadamedeMaintenon，writingonthissubject，says，“WeheareverydayofsomenewgrantoftheRegent；thepeoplemurmurverymuchatthismodeofemployingthemoneytakenfromthepeculators。“Thepeople，who，afterthefirstburstoftheirresentmentisover，generallyexpressasympathyfortheweak，wereindignantthatsomuchseverityshouldbeusedtosolittlepurpose。
　　Theydidnotseethejusticeofrobbingonesetofroguestofattenanother。Inafewmonthsallthemoreguiltyhadbeenbroughttopunishment，andthechamberofjusticelookedforvictimsinhumblerwalksoflife。Chargesoffraudandextortionwerebroughtagainsttradesmenofgoodcharacter，inconsequenceofthegreatinducementsheldouttocommoninformers。Theywerecompelledtolayopentheiraffairsbeforethistribunalinordertoestablishtheirinnocence。
　　Thevoiceofcomplaintresoundedfromeveryside，andattheexpirationofayearthegovernmentfounditadvisabletodiscontinuefurtherproceedings。Thechamberofjusticewassuppressed，andageneralamnestygrantedtoallagainstwhomnochargeshadyetbeenpreferred。
　　InthemidstofthisfinancialconfusionLawappeareduponthescene。NomanfeltmoredeeplythantheRegentthedeplorablestateofthecountry，butnomancouldbemoreaversefromputtinghisshouldersmanfullytothewheel。Hedislikedbusiness；hesignedofficialdocumentswithoutproperexamination，andtrustedtootherswhatheshouldhaveundertakenhimself。Thecaresinseparablefromhishighofficewereburdensometohim；hesawthatsomethingwasnecessarytobedone，buthelackedtheenergytodoit，andhadnotvirtueenoughtosacrificehiscaseandhispleasuresintheattempt。
　　Nowonderthat，withthischaracter，helistenedfavourablytothemightyprojects，soeasyofexecution，ofthecleveradventurerwhomhehadformerlyknown，andwhosetalentsheappreciated。
　　WhenLawpresentedhimselfatcourt，hewasmostcordiallyreceived。HeofferedtwomemorialstotheRegent，inwhichhesetforththeevilsthathadbefallenFrance，owingtoaninsufficientcurrency，atdifferenttimesdepreciated。Heassertedthatametalliccurrency，unaidedbyapapermoney，waswhollyinadequatetothewantsofacommercialcountry，andparticularlycitedtheexamplesofGreatBritainandHollandtoshowtheadvantagesofpaper。Heusedmanysoundargumentsonthesubjectofcredit，andproposed，asameansofrestoringthatofFrance，thenatsolowanebbamongthenations，thatheshouldbeallowedtosetupabank，whichshouldhavethemanagementoftheroyalrevenues，andissuenotes，bothonthatandonlandedsecurity。HefurtherproposedthatthisbankshouldbeadministeredintheKing’sname，butsubjecttothecontrolofcommissioners，tobenamedbytheStates-General。
　　Whilethesememorialswereunderconsideration，LawtranslatedintoFrenchhisessayonmoneyandtrade，andusedeverymeanstoextendthroughthenationhisrenownasafinancier。Hesoonbecametalkedof。TheconfidantsoftheRegentspreadabroadhispraise，andeveryoneexpectedgreatthingsofMonsieurLass。[TheFrenchpronouncedhisnameinthismannertoavoidtheungallicsound，aw。
　　Afterthefailureofhisscheme，thewagssaidthenationwaslassedelui，andproposedthatheshouldinfuturebeknownbythenameofMonsieurHelas！]
　　Onthe5thofMay，1716，aroyaledictwaspublished，bywhichLawwasauthorised，inconjunctionwithhisbrother，toestablishabank，underthenameofLawandCompany，thenotesofwhichshouldbereceivedinpaymentofthetaxes。Thecapitalwasfixedatsixmillionsoflivres，intwelvethousandsharesoffivehundredlivreseach，purchasableone-fourthinspecieandtheremainderinbilletsd’etat。Itwasnotthoughtexpedienttogranthimthewholeoftheprivilegesprayedforinhismemorialsuntilexperienceshouldhaveshowntheirsafetyandadvantage。