Lawwasnowonthehighroadtofortune。Thestudyofthirtyyearswasbroughttoguidehiminthemanagementofhisbank。Hemadeallhisnotespayableatsight，andinthecoincurrentatthetimetheywereissued。Thislastwasamaster-strokeofpolicy，andimmediatelyrenderedhisnotesmorevaluablethanthepreciousmetals。Thelatterwereconstantlyliabletodepreciationbytheunwisetamperingofthegovernment。Athousandlivresofsilvermightbeworththeirnominalvalueonedayandbereducedone-sixththenext，butanoteofLaw’sbankretaineditsoriginalvalue。Hepubliclydeclaredatthesametimethatabankerdeserveddeathifhemadeissueswithouthavingsufficientsecuritytoansweralldemands。Theconsequencewas，thathisnotesadvancedrapidlyinpublicestimation，andwerereceivedatonepercent。morethanspecie。Itwasnotlongbeforethetradeofthecountryfeltthebenefit。Languishingcommercebegantoliftupherhead；thetaxeswerepaidwithgreaterregularityandlessmurmuring，andadegreeofconfidencewasestablishedthatcouldnotfail，ifitcontinued，tobecomestillmoreadvantageous。InthecourseofayearLaw’snotesrosetofifteenpercent。premium，whilethebilletsd’etat，ornotesissuedbythegovernment，assecurityforthedebtscontractedbytheextravagantLouisXIV，wereatadiscountofnolessthanseventy-eightandahalfpercent。ThecomparisonwastoogreatinfavourofLawnottoattracttheattentionofthewholekingdom，andhiscreditextendeditselfdaybyday。BranchesofhisbankwerealmostsimultaneouslyestablishedatLyons，Rochelle，Tours，Amiens，andOrleans。
　　TheRegentappearstohavebeenutterlyastonishedathissuccess，andgraduallytohaveconceivedtheidea，thatpaper，whichcouldsoaidametalliccurrency，couldentirelysupersedeit。Uponthisfundamentalerrorheafterwardsacted。Inthemeantime，Lawcommencedthefamousprojectwhichhashandedhisnamedowntoposterity。HeproposedtotheRegent，whocouldrefusehimnothing，toestablishacompany，thatshouldhavetheexclusiveprivilegeoftradingtothegreatriverMississippiandtheprovinceofLouisiana，onitswesternbank。Thecountrywassupposedtoaboundinthepreciousmetals，andthecompany，supportedbytheprofitsoftheirexclusivecommerce，weretobethesolefarmersofthetaxes，andsolecoinersofmoney。
　　Letterspatentwereissued，incorporatingthecompany，inAugust1717。
　　Thecapitalwasdividedintotwohundredthousandsharesoffivehundredlivreseach，thewholeofwhichmightbepaidinbilletsd’etat，attheirnominalvalue，althoughworthnomorethan160livresinthemarket。
　　Itwasnowthatthefrenzyofspeculatingbegantoseizeuponthenation。Law’sbankhadeffectedsomuchgood，thatanypromisesforthefuturewhichhethoughtpropertomakewerereadilybelieved。TheRegenteverydayconferrednewprivilegesuponthefortunateprojector。Thebankobtainedthemonopolyofthesaleoftobacco；thesolerightofrefinageofgoldandsilver，andwasfinallyerectedintotheRoyalBankofFrance。Amidtheintoxicationofsuccess，bothLawandtheRegentforgotthemaximsoloudlyproclaimedbytheformer，thatabankerdeserveddeathwhomadeissuesofpaperwithoutthenecessaryfundstoprovideforthem。Assoonasthebank，fromaprivate，becameapublicinstitution，theRegentcausedafabricationofnotestotheamountofonethousandmillionsoflivres。
　　Thiswasthefirstdeparturefromsoundprinciples，andoneforwhichLawisnotjustlyblameable。Whiletheaffairsofthebankwereunderhiscontrol，theissueshadneverexceededsixtymillions。WhetherLawopposedtheinordinateincreaseisnotknown，butasittookplaceassoonasthebankwasmadearoyalestablishment，itisbutfairtolaytheblameofthechangeofsystemupontheRegent。
　　Lawfoundthathelivedunderadespoticgovernment，buthewasnotyetawareoftheperniciousinfluencewhichsuchagovernmentcouldexerciseuponsodelicateaframeworkasthatofcredit。Hediscovereditafterwardstohiscost，butinthemeantimesufferedhimselftobeimpelledbytheRegentintocourseswhichhisownreasonmusthavedisapproved。Withaweaknessmostculpable，helenthisaidininundatingthecountrywithpapermoney，which，baseduponnosolidfoundation，wassuretofall，soonerorlater。Theextraordinarypresentfortunedazzledhiseyes，andpreventedhimfromseeingtheevildaythatwouldburstoverhishead，whenonce，fromanycauseorother，thealarmwassounded。TheParliamentwerefromthefirstjealousofhisinfluenceasaforeigner，andhad，besides，theirmisgivingsastothesafetyofhisprojects。Ashisinfluenceextended，theiranimosityincreased。D’Aguesseau，theChancellor，wasunceremoniouslydismissedbytheRegentforhisoppositiontothevastincreaseofpapermoney，andtheconstantdepreciationofthegoldandsilvercoinoftherealm。ThisonlyservedtoaugmenttheenmityoftheParliament，andwhenD’Argenson，amandevotedtotheinterestsoftheRegent，wasappointedtothevacantchancellorship，andmadeatthesametimeministeroffinance，theybecamemoreviolentthanever。
　　Thefirstmeasureofthenewministercausedafurtherdepreciationofthecoin。Inordertoextinguishthebilletsd’etat，itwasorderedthatpersonsbringingtothemintfourthousandlivresinspecieandonethousandlivresinbilletsd’etat，shouldreceivebackcointotheamountoffivethousandlivres。D’Argensonplumedhimselfmightilyuponthuscreatingfivethousandnewandsmallerlivresoutofthefourthousandoldandlargerones，beingtooignorantofthetrueprinciplesoftradeandcredittobeawareoftheimmenseinjuryhewasinflictinguponboth。
　　TheParliamentsawatoncetheimpolicyanddangerofsuchasystem，andmaderepeatedremonstrancestotheRegent。Thelatterrefusedtoentertaintheirpetitions，whentheParliament，byabold，andveryunusualstretchofauthority，commandedthatnomoneyshouldbereceivedinpaymentbutthatoftheoldstandard。TheRegentsummonedalitdejustice，andannulledthedecree。TheParliamentresisted，andissuedanother。AgaintheRegentexercisedhisprivilege，andannulledit，tilltheParliament，stungtofierceropposition，passedanotherdecree，datedAugust12th，1718，bywhichtheyforbadethebankofLawtohaveanyconcern，eitherdirectorindirect，intheadministrationoftherevenue；andprohibitedallforeigners，underheavypenalties，frominterfering，eitherintheirownnames，orinthatofothers，inthemanagementofthefinancesofthestate。TheParliamentconsideredLawtobetheauthorofalltheevil，andsomeofthecounsellors，inthevirulenceoftheirenmity，proposedthatheshouldbebroughttotrial，and，iffoundguilty，behungatthegatesofthePalaisdeJustice。
　　Law，ingreatalarm，fledtothePalaisRoyal，andthrewhimselfontheprotectionoftheRegent，prayingthatmeasuresmightbetakentoreducetheParliamenttoobedience。TheRegenthadnothingsomuchatheart，bothonthataccountandbecauseofthedisputesthathadarisenrelativetothelegitimationoftheDukeofMaineandtheCountofThoulouse，thesonsofthelateKing。TheParliamentwasultimatelyoverawedbythearrestoftheirpresidentandtwoofthecounsellors，whoweresenttodistantprisons。
　　ThusthefirstclouduponLaw’sprospectsblewover:freedfromapprehensionofpersonaldanger，hedevotedhisattentiontohisfamousMississippiproject，thesharesofwhichwererapidlyrising，inspiteoftheParliament。Atthecommencementoftheyear1719anedictwaspublished，grantingtotheMississippiCompanytheexclusiveprivilegeoftradingtotheEastIndies，China，andtheSouthSeas，andtoallthepossessionsoftheFrenchEastIndiaCompany，establishedbyColbert。TheCompany，inconsequenceofthisgreatincreaseoftheirbusiness，assumed，asmoreappropriate，thetitleofCompanyoftheIndies，andcreatedfiftythousandnewshares。TheprospectsnowheldoutbyLawweremostmagnificent。Hepromisedayearlydividendoftwohundredlivresuponeachshareoffivehundred，which，astheshareswerepaidforinbilletsd’etat，attheirnominalvalue，butworthonly100livres，wasattherateofabout120percent。profit。
　　Thepublicenthusiasm，whichhadbeensolongrising，couldnotresistavisionsosplendid。Atleastthreehundredthousandapplicationsweremadeforthefiftythousandnewshares，andLaw’shouseintheRuedeQuincampoixwasbesetfrommorningtonightbytheeagerapplicants。Asitwasimpossibletosatisfythemall，itwasseveralweeksbeforealistofthefortunatenewstockholderscouldbemadeout，duringwhichtimethepublicimpatiencerosetoapitchoffrenzy。Dukes，marquises，counts，withtheirduchesses，marchionesses，andcountesses，waitedinthestreetsforhourseverydaybeforeMr。
　　Law’sdoortoknowtheresult。Atlast，toavoidthejostlingoftheplebeiancrowd，which，tothenumberofthousands，filledthewholethoroughfare，theytookapartmentsintheadjoininghouses，thattheymightbecontinuallynearthetemplewhencethenewPlutuswasdiffusingwealth。Everydaythevalueoftheoldsharesincreased，andthefreshapplications，inducedbythegoldendreamsofthewholenation，becamesonumerousthatitwasdeemedadvisabletocreatenolessthanthreehundredthousandnewshares，atfivethousandlivreseach，inorderthattheRegentmighttakeadvantageofthepopularenthusiasmtopayoffthenationaldebt。Forthispurpose，thesumoffifteenhundredmillionsoflivreswasnecessary。Suchwastheeagernessofthenation，thatthricethesumwouldhavebeensubscribedifthegovernmenthadauthorisedit。
　　Lawwasnowatthezenithofhisprosperity，andthepeoplewererapidlyapproachingthezenithoftheirinfatuation。Thehighestandthelowestclasseswerealikefilledwithavisionofboundlesswealth。Therewasnotapersonofnoteamongthearistocracy，withtheexceptionoftheDukeofSt。SimonandMarshalVillars，whowasnotengagedinbuyingorsellingstock。Peopleofeveryageandsex，andconditioninlife，speculatedintheriseandfalloftheMississippibonds。TheRuedeQuincampoixwasthegrandresortofthejobbers，anditbeinganarrow，inconvenientstreet，accidentscontinuallyoccurredinit，fromthetremendouspressureofthecrowd。Housesinit，worth，inordinarytimes，athousandlivresofyearlyrent，yieldedasmuchastwelveorsixteenthousand。Acobbler，whohadastallinit，gainedabouttwohundredlivresadaybylettingitout，andfurnishingwritingmaterialstobrokersandtheirclients。Thestorygoes，thatahump-backedmanwhostoodinthestreetgainedconsiderablesumsbylendinghishumpasawriting-desktotheeagerspeculators！Thegreatconcourseofpersonswhoassembledtodobusinessbroughtastillgreaterconcourseofspectators。TheseagaindrewallthethievesandimmoralcharactersofParistothespot，andconstantriotsanddisturbancestookplace。Atnightfall，itwasoftenfoundnecessarytosendatroopofsoldierstoclearthestreet。
　　Law，findingtheinconvenienceofhisresidence，removedtothePlaceVendome，whitherthecrowdofagioteursfollowedhim。ThatspacioussquaresoonbecameasthrongedastheRuedeQuincampoix:
　　frommorningtonightitpresentedtheappearanceofafair。Boothsandtentswereerectedforthetransactionofbusinessandthesaleofrefreshments，andgamblerswiththeirroulettetablesstationedthemselvesintheverymiddleoftheplace，andreapedagolden，orratherapaper，harvestfromthethrong。TheBoulevardsandpublicgardenswereforsaken；partiesofpleasuretooktheirwalksinpreferenceinthePlaceVendome，whichbecamethefashionableloungeoftheidle，aswellasthegeneralrendezvousofthebusy。Thenoisewassogreatallday，thattheChancellor，whosecourtwassituatedinthesquare，complainedtotheRegentandthemunicipality，thathecouldnotheartheadvocates。Law，whenappliedto，expressedhiswillingnesstoaidintheremovalofthenuisance，andforthispurposeenteredintoatreatywiththePrincedeCarignanfortheHoteldeSoissons，whichhadagardenofseveralacresintherear。A
　　bargainwasconcluded，bywhichLawbecamethepurchaserofthehotel，atanenormousprice，thePrincereservingtohimselfthemagnificentgardensasanewsourceofprofit。Theycontainedsomefinestatuesandseveralfountains，andwerealtogetherlaidoutwithmuchtaste。
　　AssoonasLawwasinstalledinhisnewabode，anedictwaspublished，forbiddingallpersonstobuyorsellstockanywherebutinthegardensoftheHoteldeSoissons。Inthemidstamongthetrees，aboutfivehundredsmalltentsandpavilionswereerected，fortheconvenienceofthestock-jobbers。Theirvariouscolours，thegayribandsandbannerswhichfloatedfromthem，thebusycrowdswhichpassedcontinuallyinandout——theincessanthumofvoices，thenoise，themusic，andthestrangemixtureofbusinessandpleasureonthecountenancesofthethrong，allcombinedtogivetheplaceanairofenchantmentthatquiteenrapturedtheParisians。ThePrincedeCarignanmadeenormousprofitswhilethedelusionlasted。Eachtentwasletattherateoffivehundredlivresamonth；and，astherewereatleastfivehundredofthem，hismonthlyrevenuefromthissourcealonemusthaveamountedto250，000livres，orupwardsof10，000