This manifestation, which so strongly interested the shareholders, and the holders of bank notes, especially those who had received shares or notes as favours due to their authority, and who could show no other title to them, threw every one into despair.  The most important holders, such as the Princes of the Blood, and others, whose profits had been immense, had by force or industry delayed this manifestation as long as possible.  As they knew the real state of affairs, they felt that the moment all the world knew it also, their gains would cease, and their paper become worthless, that paper from which they had drawn so much, and which had not cost them a farthing!  This is what induced M. le Duc d’Orleans to hide from them the day of this manifestation, so as to avoid being importuned by them; and by a surprise, to take from them the power of preparing any opposition to the measures it was proposed to carry out.  M. le Duc, when he learned this, flew into a fury, and hence the strange scene between him and M. le Duc d’Orleans, which scandalised and terrified everybody in the Council.

M. le Duc d’Orleans, who, from taste, and afterwards from necessity, lived upon schemes and trickery, thought he had done marvels in saddling M. le Duc with the passport of Law.  He wished to lay the blame of Law’s departure upon M. le Duc; but as I have shown, he was defeated by his own weapons.  He had to do with a man as sharp as himself.  M. le Duc, who knew he had nothing to fear, would not allow it to be supposed that he had sanctioned the flight of the financier.  That was why he pressed M. le Duc d’Orleans so pitilessly, and forced him to admit that he had never asked him to allow Law to leave the country.

The great and terrible fact brought out by this Council was, that Law, without the knowledge or authority of the Regent, had issued and disseminated among the public 600,000,000 livres of notes; and not only without being authorised by any edict, but contrary to express prohibition.  But when the Regent announced this, who did he suppose would credit it?  Who could believe that Law would have had the hardihood to issue notes at this rate without the sanction and approbation of his master?

However, to leave once and for all these unpleasant matters, let me say what was resolved upon by way of remedy to the embarrassments discovered to exist.  The junction of the India Company with the bank, which had taken place during the previous February, had led to transactions which made the former debtor to the latter to an immense amount.  But the bank being a governmental establishment, the King became thus the creditor of the Company.  It was decreed, in fact, that the Company should be considered as debtor to the King.  It was decided, however, that other debtors should receive first attention.  Many private people had invested their money in the shares of the Company.  It was not thought just that by the debt of the Company to the King, these people should be ruined; or, on the other hand, that those who had left the Company in good time, who had converted their shares into notes, or who had bought them at a low price in the market, should profit by the misfortune of the bona fide shareholders.  Accordingly, commissioners, it was decided, were to be named, to liquidate all these papers and parchments, and annul those which did not proceed from real purchases.