“Precisely, your Grace.”

“Frankly, Monsieur L’as, I take it fittest now not so much to ponder over new worlds as over how to keep in touch with this Old World yet awhile.  France has danced, though for years she danced to the tune of Louis clad in black.  Now France must pay for the music.  My faith, I like not the look of things.  This joyful France to-day is a hideous thing.  These people laugh!  I had sooner see a lion grin.  Now to govern those given us by Providence to govern,” and the regent smiled grimly at the ancient fiction, “it is most meet that the governed should produce somewhat of funds in order that they may be governed.”

“Yes, and the error has been in going too far,” said Law.  “These people have been taxed beyond the taxation point.  Now they laugh.”

“Yes; and by God, Monsieur L’as, when France laughs, beware!”

“Your Grace admits that France has no further resources.”

“Assuredly.”

“Then tax New France!” cried Law, his hand coming down hard upon the table, his eyes shining.  “Mortgage where the security doubles every year, where the soil itself is security for wealth greater than all Europe ever owned.”

“Oh, very well, Monsieur; though later I must ask you to explain.”

“You admit that no more money can be forced from the people of France.”

“Ask the farmers of the taxes.  Ask Chamillard of the Treasury.  My faith, look out of the window!  Listen!  Do I not tell you that France is laughing?”

“Very well.  Let us also laugh.  Let us all laugh together.  There is money in France, more money in Europe.  I assure you these people can be brought to give you cheerfully all they have.”

“It sounds well, Monsieur L’as, but let me ask you how?”

“France is bankrupt—­this is brutal, but none the less true.  France must repudiate her obligations unless something be swiftly done.  It is not noble to repudiate, your Grace.  Yet, if we cancel and not repudiate, if we can obtain the gold of France, of Europe—­”

“Body of God! but you speak large, my friend.”

“Not so large.  All subjects shrink as we come close to them by study.  ’Tis easy to see that France has not money enough for her own business.  If we had more money in France, we should have more production, and if we had more production, we might have taxes.  Thereby we might have somewhat in our treasury wherewith to keep the king in the saddle, and not under foot.”

“Then, if I follow you,” said Philippe, leaning slightly forward and again placing his finger tips judicially together, “you would coin greater amounts of money.  Then, I would ask you, where would you get your gold for the coinage?”

“It is not gold I would coin,” said Law, “but credit.”

“The kingdom hath been run on credit for these many years.”

“No, ’tis not that kind of credit that I mean.  I mean the credit which comes of confidence.  It is fate, necessity, which demands a new system.  The world has grown too much for every man to put his sixpence into the other man’s hand, and carry away in a basket what he buys.  We are no longer savages, to barter beads for hides.  Yet we were as savages, did we not come to realize that this insufficient coin must be replaced, in the evolution of affairs, just as barter has long ago been, replaced.”