MEMOIRS OF LOUIS XIV AND HIS COURT AND OF THE REGENCY

BY THE DUKE OF SAINT-SIMON




VOLUME 8.




CHAPTER LV

Although, as we have just seen, matters were beginning to brighten a
little in Spain, they remained as dull and overcast as ever in France.
The impossibility of obtaining peace, and the exhaustion of the realm,
threw, the King into the most cruel anguish, and Desmarets into the
saddest embarrassment. The paper of all kinds with which trade was
inundated, and which had all more or less lost credit, made a chaos for
which no remedy could be perceived. State-bills, bank-bills, receiver-
general's-bills, title-bills, utensil-bills, were the ruin of private
people, who were forced by the King to take them in payment, and who lost
half, two-thirds, and sometimes more, by the transaction. This
depreciation enriched the money people, at the expense of the public; and
the circulation of money ceased, because there was no longer any money;
because the King no longer paid anybody, but drew his revenues still; and
because all the specie out of his control was locked up in the coffers of
the possessors.