Memoirs of Extraordinary Popular Delusions — Volume 1 by Charles Mackay
page 52 of 314 (16%)
page 52 of 314 (16%)
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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 |
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