considerable difficulty; for many preferred to retain the falling
paper of Law's Company, in the hope that a favourable turn might take
place. On the 15th of August, with a view to hasten the conversion, an
edict was passed, declaring that all notes for sums between one
thousand and ten thousand livres; should not pass current, except for
the purchase of annuities and bank accounts, or for the payment of
instalments still due on the shares of the company.

In October following another edict was passed, depriving these
notes of all value whatever after the month of November next ensuing.
The management of the mint, the farming of the revenue, and all the
other advantages and privileges of the India, or Mississippi Company,
were taken from them, and they were reduced to a mere private company.
This was the deathblow to the whole system, which had now got into the
hands of its enemies. Law had lost all influence in the Council of
Finance, and the company, being despoiled of its immunities, could no
longer hold out the shadow of a prospect of being able to fulfil its
engagements. All those suspected of illegal profits at the time the
public delusion was at its height, were sought out and amerced in
heavy fines. It was previously ordered that a list of the original
proprietors should be made out, and that such persons as still
retained their shares should place them in deposit with the company,
and that those who had neglected to complete the shares for which they
had put down their names, should now purchase them of the company, at
the rate of 13,500 livres for each share of 500 livres. Rather than
submit to pay this enormous sum for stock which was actually at a
discount, the shareholders packed up all their portable effects, and
endeavoured to find a refuge in foreign countries. Orders were
immediately issued to the authorities at the ports and frontiers, to
apprehend all travellers who sought to leave the kingdom, and keep