Regent every day conferred new privileges upon the fortunate
projector. The bank obtained the monopoly of the sale of tobacco; the
sole right of refinage of gold and silver, and was finally erected
into the Royal Bank of France. Amid the intoxication of success, both
Law and the Regent forgot the maxim so loudly proclaimed by the
former, that a banker deserved death who made issues of paper without
the necessary funds to provide for them. As soon as the bank, from
a private, became a public institution, the Regent caused a
fabrication of notes to the amount of one thousand millions of livres.
This was the first departure from sound principles, and one for which
Law is not justly blameable. While the affairs of the bank were under
his control, the issues had never exceeded sixty millions. Whether Law
opposed the inordinate increase is not known, but as it took place as
soon as the bank was made a royal establishment, it is but fair to lay
the blame of the change of system upon the Regent.

Law found that he lived under a despotic government, but he was
not yet aware of the pernicious influence which such a government
could exercise upon so delicate a framework as that of credit. He
discovered it afterwards to his cost, but in the mean time suffered
himself to be impelled by the Regent into courses which his own reason
must have disapproved. With a weakness most culpable, he lent his aid
in inundating the country with paper money, which, based upon no solid
foundation, was sure to fall, sooner or later. The extraordinary
present fortune dazzled his eyes, and prevented him from seeing the
evil day that would burst over his head, when once, from any cause or
other, the alarm was sounded. The Parliament were from the first
jealous of his influence as a foreigner, and had, besides, their
misgivings as to the safety of his projects. As his influence
extended, their animosity increased. D'Aguesseau, the Chancellor, was