M. le Duc d’Orleans, after that, only saw him from time to time; but after the first rush of affairs, which followed the death of the King, Law, who had formed some subaltern acquaintances at the Palais Royal, and an intimacy with the Abbe Dubois, presented himself anew before M. le Duc d’Orleans, soon after conversed with him in private, and proposed some finance plans to him.  The Regent made him work with the Duc de Noailles, with Rouille, with Amelot—­this last for commercial matters.  The first two were afraid of an intruder, favoured by the Regent, in their administration; so that Law was a long time tossed about, but was always backed by the Duc d’Orleans.  At last, the bank project pleased that Prince so much that he wished to carry it out.  He spoke in private to the heads of finance, in whom he found great opposition.  He had often spoken to me of it, and I had contented myself with listening to him upon a matter I never liked, and which, consequently, I never well understood; and the carrying out of which appeared to me distant.  When he had entirely formed his resolution, he summoned a financial and commercial assembly, in which Law explained the whole plan of the bank he wished to establish (this was on the 24th of October, 1715).  He was listened to as long as he liked to talk.  Some, who saw that the Regent was almost decided, acquiesced; but the majority opposed.

Law was not disheartened.  The majority were spoken to privately in very good French.  Nearly the same assembly was called, in which, the Regent being present, Law again explained his project.  This time few opposed and feebly.  The Duc de Noailles was obliged to give in.  The bank being approved of in this manner, it had next to be proposed to the regency council.

M. le Duc d’Orleans took the trouble to speak in private to each member of the council, and gently to make them understand that he wished the bank to meet with no opposition.  He spoke his mind to me thoroughly:  therefore a reply was necessary.  I said to him that I did not hide my ignorance or my disgust for all finance matters; that, nevertheless, what he had just explained to me appeared good in itself, that without any new tax, without expense, and without wronging or embarrassing anybody, money should double itself at once by means of the notes of this bank, and become transferable with the greatest facility.  But along with this advantage I found two inconveniences, the first, how to govern the bank with sufficient foresight and wisdom, so as not to issue more notes than could be paid whenever presented:  the second, that what is excellent in a republic, or in a monarchy where the finance is entirely popular, as in England, is of pernicious use in an absolute monarchy, such as France, where the necessities of a war badly undertaken and ill sustained, the avarice of a first minister, favourite, or mistress, the luxury, the wild expenses, the prodigality of a King, might