for the new conftitution. He next repeats, more in detail, the terms which he fubmits to the prince for the latt time; declaring that, if these were not adopted before the 30th of the an ideas of fame month, he fhould confider his filence as a refufal of confent ; and that he fhould esteem his delays and shiftings as fo many endeavours to harass his country into fubmiffion by the vexatious expence of an army, which it was obliged to fupport. not even to return immediately to his capital: -he concludes, by faying, that if this plan were not adopted, he should immediately withdraw his forces. Nothing feems to have been further from the bishop's mind, accommodation: he notice the King's letter, till after the expiration of fix weeks; and then his anfwer was as unfatisfactory as it was long it was a compound of mean fubniillion to the king, and of haughty contempt for his people. It was anfwered as it defered. I laid before you,' fays his Pruffian Majefly,in his letter dated March 9, 1790,my free and real festiments refpecting the troubles which have unhappily arifen in Liege, at the fame time I propofed articles of accommodation, which I then thought, and now think, juft, moderate, and alone proper to heal this unfortunate breach. I added that, if my propofitions were not received, and if you were determined to demand the plenary execution of the decree of the Imperial Chamber, I would in ftantly recal my troops, and abandon commiffion, which I could not execute with justice and honour. I might have expected from you a clear an fwer to clear propofitions; inftead of this, I receive nothing but declamation about rights, which, had I the inclination and the leifure, I might cafily fhew never to have existed; a heap of affertions without proof, and readily refuted; nay, in fact, already refuted in my own letters.'Ens In another part, he tells the prince, that if he can depend, as he had al-, ferted, on feven-eights of his people being in favour of his fcheme of go vernment, he has only to fuffer the magiftrates for the ensuing year to be chofen by the free voice of all the inhabitants of each town it would then appear whether the prince's fentiments were right, or thole of the deputies from Liege, who maintained that eleven-twelfths of the voices were :; The Bishop of Liege ftill defiring a farther delay, the King agreed to postpone his final refolution till the 15th of April. On this occafion, he tells him that, as a prince, firm and patriotic, he ought either nor to have given to his ftates his approbation of their conduct, and the fubfequent promife by which he had engaged himfelf in favour of the Revolution; or, having given it, he should not, without reafon, revoke it: that, by quiting his country, and leaving his countrymen, without a single attempt on his part to accommodate matters, he was refponfible to the nation and to the public in general for all the mifchiefs which he might have prevented, by liftening to juft and moderate terms. This was the language of truth, but it was fpoken to the deaf ear: the King received, in anfwer, a fupercilious epiftle, in which the writer fubmits his caufe to the juftice of the empire at large; Juftice, Sire, justice! he exclaims with energy; but had he viewed juftice in the fame light that we and fome other uncourtly and blunt men view it, he would either have altered, his conduct, or not have been fo vociferous in his exclamations. 6 The latest communication in this volume is dated Berlin, April 6th 1790, and appears to be written by his Pruffian Majefty: it contains a jul tification of his conduct in recalling his troops, and in avoiding any farther interference in the affairs of Liege. Accoun 403 Account of the Rife of the Miffilippi Scheme; from " à Sketch of the Life and Projects of John Law of Laurifton:" By I. P. W. AFTER the establishment of the General Bank, Mr Law began to develope the plan of that great and ftupendous project he had long meditated, known by the name of the Miffifip pi Syftem, which, for a while, turned the heads of the French, and attracted the attention of all Europe; a project that, if carried into full execution, would, in all probability, have exalted France to a vaft fuperiority of power and wealth over every other ftate. The fcheme was no less than the vesting the whole privileges, effects, and poffeffions of all the foreign trading companies, the great farms, the profits of the mint, the general receipt of the king's revenue, and the management and property of the bank, in one great Company, who thus having in their hands all the trade, taxes, and royal revenues, might be enabled to multiply the notes of the bank to any extent they pleased, doubling or even trebling at will the circulating cash of the kingdom; and, by the greatnefs of their funds, poffeffed of a power to carry the foreign trade, and the culture of the colonies, to a height altogether impracticable by any other means. The outlines of the plan being laid before the regent, met with the approbation of that prince; measures were taken for the eftablifh ment of the propofed company, and directions iffued for making the requifite grants to enable them to begin their operations, og g Accordingly, by letters patent, da ted in August 1717, a commercial company was erected, under the name of the Company of the Weft, to whom was granted the whole province of LouiLiana, or the country on the river Miffi fippi; from which laft circumftance, its fubfequent proceedings came to be included under the general name of the Miffifippi Syftem. Of this Company 200,000 actions (or fhares) were created, rated at 500 livres each 3 E 2 and the fubfcription for them was ordered to he paid in billets d'etat, at that time fo much difcredited, by rea fon of the bad payment of their intereft, that 500 livres nominal value in them would not have fold upon 'change for more than 150 or 160 livres. In the fubfcription they were taken at the ful! value, fo this was effectually a loan from the Company to the King of 100 millions. The intereft of that fum, to be paid by his Majefty to the Company, was fixed at the rate of 4 per cent. the first year's intereft to be employa ed for commercial purpofes, and the annual-rents of the following years to be allotted for paying regularly the dividend on the actions, which was fix ed at 20 livres per annum on each, exclufive of the profits of the trade. Of this Company of the Weft, Mr Law (who had now advanced fo high in the Regent's favour, that the whole miniflerial power was reckoned to be divided betwixt him, the Abbe dữ Bois. Minifter of Foreign Affairs, and M. D'Argenfon, Keeper of the feals), was named Director General. The actions were eagerly fought after, Louifiana having been reprefented as a region abounding in gold and filver, of a fertile foil, capable of every fort of cultivation. The unimproved parts of that country were fold for 30,00€ livres the fquare league, at which ma-' ny purchafed to the extent of 600,000 livres; and vigorous preparations were made for firting out veffels to transport thither labourers and workmen of every kind. The demand for Billets d'etat, for the purchase of actions, occafioned their immediately ris fing to their full nominal value. On the 4th of September 1718, the Company of the Weft undertook. the Farm of Tobacco, for which they paid 2,020,000 liv. advanced rent to the King; and on the 15th of December following, they acquired the charter and and effects of the Senegal Company: But by far the most important grant was that made in May 1719, when an edict was published transferring to this Company the exclufive privilege of trading to the East Indies, China, and the South Seas, with all the poffeffions and effects which had belonged to the China and India Companies, on condition of their paying the lawful debts of thefe Companies now diffolved, The Company of the Weft affumed on this occafion, the title of the Company of the Indies; 50,000 new ac tions were ordered to be created, rated at 550 liv. each, payable in coin, to be employed partly in fatisfying the creditors of the old Companies, and partly in building of veficis, and other preparations for carrying on the trade. The price of Actions quickly rofe to 1000 liv. the hopes of the public be ing raifed by the favourable profpes of a most lucrative commerce. mi? X 50,000 with fuch eagerness, that nearly double the requifite fum was fubfcribed for, and the greateft intrigues and quarrels were employed to fecure a place in that fubfcription. It was fome weeks before the names of the actioners were declared, during which time Mr Law's door was fhut, and all the people of quality in France appeared on foot in hundreds, before his houfe in the Place Vendome. The company now came under an obligation to lend the king, that he might pay off his creditors, the fum of 15.00 million of livres, at the rate of 3 per cent per annum, to which rate the intereft of the 100 millions formerly lent to his majefty, (on the fift creation of actions at 4 per cent) was alfo reduced; the king confequently had to pay them, in all 48 millions a-year. To raife this fum of 1500 millions, there were, in the months of September and October 1719, 300,000 new actions created, fubfcription for which was fixed at 5000 livres each. The actions were thus brought to their full number of 600,000, (for it is needless to take any notice of 24,000 more created on the 4th of October by the private orders of the Regent, but afterwards fuppreffed;) to anfwer the dividends upon which the Company had, according to fome, the following annyal revenue, viz. On the 25th of July 1719, the Mint was made over to the Company of the Indies, for a confideration of 50 millions of livres, to be paid to the King within fifteen months; and 50,000 new Actions, rated at 1000 liv. each, were directed to be created, in order to raise that fum. On the 27th of Auguft following, the Regent, took the great farms out of the bands of the Farmers General, and made over the leafe to the Company of the Indies, who agreed to pay 3,500,000 liv. advanced rent for them; and on the 31ft of the fame month, the Company, obtained the general receipt of other branches of the King's revenue. Farmis, Ditto the Mint, Ditto upon the Farm Intereft paid by the When they had acquired all thefes, grants, and had thus coucentered in themselves the whole forcign trade and poffeffions of France, and the collection and management of all the royal revenues, they promifed an an, nual dividend of 200 livres on every fhare, the confequence of which was, that the price of Actions inftantly rofe in the market to 5000 livres; the public run upon the last creation of of Tobacco, Ditto upon the general' aclivres. 48,000,000. 15,000,000 ၂,၁၀၀,၀ 4,000,000. 2,000,000. receipt of taxes, &c. 1,500,000. Diuto upon the trade, 10,000,000. making a total of 80,500,000 liv. open to be improved by the extenfion of their commerce abroad, and by a good adminiftration at home. Other Writers writers on this fubject, however, computed the annual revenue of this great Company at no less than 131 millions of livres, viz. 48 millions intereft from the King, 39 millions profits upon the farms, the mint, and the receipt of taxes, and 44 millions profits upon their trade, in which cafe they could well afford a dividend of even more than 200 livres on every Action. The covetoufnefs which thefe fair profpects of profit, and the prodigious gains of the first proprietors, excited among all ranks, was fuch as no nation had ever beheld before. An univerfal infatuation for the acquifition of fhares in the India Company feemed to occupy the whole kingdom, from the lowest of the people up to Magiftrates, Prelates, and Princes. This infatuation, of which, at the prefent day, we can fcarcely form a conception, increafed in proportion to the difficulty of obtaining fuccefs; for the whole 300,000 Actions laft created, being, by a particular agreement, kept up in order to be fold to the Regent, who had alfo got poffeffion of 100,000 of former creations, no more than 200,000 remained in the hands of the public, of which only a part, quite inadequate to the demand, was now brought tto market. The frenzy prevailed fo far, that the whole nation, clergy and laity, peers and plebeians ftatefmen and princes, nay even ladies, who had or could procure money for that purpose, turned ftock-jobbers, outbidding each other with fuch avidity, that in November 1719, after fome fluctuations, the price of Actions rofe to about 10,000 liv. more than fixty times the fum they originally fold for, ! taking into the account the difcredit of the Billets d'etat. So much indeed were the people interested in this bufinefs, that no thing was talked of but Actions, and every place echoed with Missisippi and Quinquempoix *. All claffes appear ed to have but one object, the acquifi tion of fhares of the India Company's mechanics laid by their work, trade men forfook their fhops, all degrees entirely neglected their employments to embark in this new occupation; and the few that did not proceed to that extreme, conducted themselves in a manner which manifefted the little concern they took in any thing foreign to the Mihippit. The courtiers, according to their ufual cuftom of fol lowing implicitely the royal example, engaged fo deeply in this bufinefs, that it was faid only five perfous of that defcription (the Marechals de Vit leroi and de Villars, the Dukes de St Simon and de la Rochefoucault, and the Chancellor) had kept free from the contagion. The négociations for Actions were at first carried on in the Rue Quinquempoix, to the great emolument of the occupiers of houfes in that street, apartments letting at the moft enormous rates. At length it becoming impoffible for all to procure the accommodation of a room, most of the stock-jobbers tranfacted their bufinefs in the open air. So great was the concourfe, that the fireet was quite choacked up by break of day, and the crowd ftifl continued to increafe till the evening bell was rung, when they were obli ged to be driven away by force. It now became neceffary to shift the bufinefs to a more commodious fitua tion, The street where the stock-jobbing was carried on. It is related of a phyfician called Chirac, that on his way to vifit a female patient, having heard the price of Actions was falling, he was fo much affected by that piece of news he could think of nothing elfe; and accordingly, when feeling the lady's pulfe, he kept crying out, good God, it falls, it it falls, falls! The invalid, naturally alarmed, began to ring the bell with all her force, crying out that he was a dead woman, and had almoft expired with apprehenfion, till the doctor affured her that her pulfe was in a very good state, but that his mind ran fo much upon Actions, he came to utter the expreffions hat terrified her, in reference to the fall of their value. tion, and the stock-jobbing was accordingly transferred to the Place Vendome *, from whence it was in a fhort time removed, on account of the complaints made by the Chancellor, that the noife prevented him from attending to the caufes in the chancery. Mr Law thereupon agreed with the Prince of Carignan to purchase his Hotel of Soiffons, at the enormous price, as is faid, of 1,400,000 liv. and in the spacious gardens of that edifice caufed about 100 pavilions to be erected, each of which was rated at 500 liv. a month. To oblige the brokers to make ufe of them, an ordonnance was iffued prohibiting any bargains for ftock to be concluded except in these pavilions †. Account of the Deftruction of the Miffifippi Scheme; from the Same. THE envy that generally is the attendant on perfons raised to high offices of ftate, Mr Law had the misfortune to experience; and in his cafe it was hieghtened in a fuperlative degree, from the circumstances of his being a foreigner. He was hated by almost all the Ministry, and obnoxious to all the old retainers of the court. Cardinal Du Bois in particular, formerly the Regent's tutor, one of the moft profligate of mankind, could not, without the greatest pain, obferve his wonted influence over the mind of his old pupil quite deftroyed by the fuperior powers of the Comptroller General, who, he had reason to fufpect, was determined to have him dismissed from his office. This made him attempt all methods to injure Mr Law in the opinion of the Regent, in which he was joined by feveral of his colleagues, A favourable opportunity foon after occurred, and was eagerly embraced by them, of engaging the Duke in a scheme which completely ruined the great defigns of the Comptroller General, by putting an end to his plans of public credit and national affluence. It has been before mentioned, that at the 1ft of May 1720, Bank notes had been fabricated to the amount of 2600 millions of livres. The specie in the kingdom, at the rate of 65 liv. to the marc, was estimated at 1300 millions. Cardinal Du Bois, M. D'Argenfon, and others of the Miniftry, now reprefented to the Regent that it was become abfolutely neceffary to form an equal proportion betwixt the notes and the coin, by either raifing the denomination of the latter to 130 liv. the mare, by which the 1300 millions of fpecie would have been augmented to 2600 millions; or reducing the value of the notes one half, that is, to 1300 millions. This point was * The memoirs of the Regency take notice of a hump-backed man, who acquired in the courfe of a few days 150,000 livres by letting out his hump as a writingsdef to the brokers in the Rue Quinquempoix.-A plan of Paris being about this time laid before Louis XV..then only ten years of age, the young monarch found fault with it because that ftreet was not distinguished from the others by being gilded. The murder and robbery of a rich frock-jobber, by a young Flemish nobleman, Count Horn, and two affociates, who, under pretence of bargaining for Actions, conducted the unfortunate man to a private room in a tavern in the Rue de Venife, and there dispatched him with a poignard 22d March 1720, was one of the reafons for t for this restriction. The Count, who was only 22 years of age, being taken the fame day, was condemned to be broken alive upon the wheel, and this fentence was put in execution, notwithstanding he was allied to feveral fovereign houfes and related to the Duke of Orleans himself. The greateft intereft was made for his life, but all folicitations on that head were unvailing, Mr Law fhewing the Regent the abfolute neceffity of making an example of him, at a time when moft people carried their whole fortunes in their pockets, |