unceremoniously dismissed by the Regent for his opposition to the vast
increase of paper money, and the constant depreciation of the gold and
silver coin of the realm. This only served to augment the enmity of
the Parliament, and when D'Argenson, a man devoted to the interests of
the Regent, was appointed to the vacant chancellorship, and made at
the same time minister of finance, they became more violent than ever.
The first measure of the new minister caused a further depreciation of
the coin. In order to extinguish the billets d'etat, it was ordered
that persons bringing to the mint four thousand livres in specie and
one thousand livres in billets d'etat, should receive back coin to the
amount of five thousand livres. D'Argenson plumed himself mightily
upon thus creating five thousand new and smaller livres out of the
four thousand old and larger ones, being too ignorant of the true
principles of trade and credit to be aware of the immense injury he
was inflicting upon both.

The Parliament saw at once the impolicy and danger of such a
system, and made repeated remonstrances to the Regent. The latter
refused to entertain their petitions, when the Parliament, by a bold,
and very unusual stretch of authority, commanded that no money should
be received in payment but that of the old standard. The Regent
summoned a lit de justice, and annulled the decree. The Parliament
resisted, and issued another. Again the Regent exercised his
privilege, and annulled it, till the Parliament, stung to fiercer
opposition, passed another decree, dated August 12th, 1718, by which
they forbade the bank of Law to have any concern, either direct or
indirect, in the administration of the revenue; and prohibited all
foreigners, under heavy penalties, from interfering, either in their
own names, or in that of others, in the management of the finances of
the state. The Parliament considered Law to be the author of all the