The Crayon Papers

sagacious, rather than profound; and his quickness of intellect, and excellence of memory, supplied the lack of studious application. His wit was prompt and pungent; he expressed himself with vivacity and precision; his imagination was vivid, his temperament sanguine and joyous; his courage daring. His mother, the Duchess of Orleans, expressed his character in a jeu d’esprit. “The fairies,” said she, “were invited to be present at his birth, and each one conferring a talent on my son, he possesses them all. Unfortunately, we had forgotten to invite an old fairy, who, arriving after all the others, exclaimed, ‘He shall have all the talents, excepting that to make a good use of them.’”
    Under proper tuition, the duke might have risen to real greatness; but in his early years he was put under the tutelage of the Abbe Dubois, one of the subtlest and basest spirits that ever intrigued its way into eminent place and power. The abbe was of low origin and despicable exterior, totally destitute of morals, and perfidious in the extreme; but with a supple, insinuating address, and an accommodating spirit, tolerant of all kinds of profligacy in others. Conscious of his own inherent baseness, he sought to secure an influence over his pupil, by corrupting his principles and fostering his vices; he debased him, to keep himself from being despised. Unfortunately he succeeded. To the early precepts of this infamous pander have been attributed those excesses that disgraced the manhood of the regent, and gave a licentious character to his whole course of government. His love of pleasure, quickened and indulged by those who should have restrained it, led him into all kinds of sensual indulgence. He had been taught to think lightly of the most serious duties and sacred ties; to turn virtue into a jest, and consider religion mere hypocrisy. He was a gay misanthrope, that had a sovereign but sportive contempt for mankind; believed that his most devoted servant would be his enemy, if interest prompted; and maintained that an honest man was he who had the art to conceal that he was the contrary.
    He surrounded himself with a set of dissolute men like himself; who, let loose from the restraint under which they had been held, during the latter hypocritical days of Louis XIV., now gave way to every kind of debauchery. With these men the regent used to shut himself up, after the hours of business, and excluding all graver persons and graver concerns, celebrate the most drunken and disgusting orgies; where obscenity and blasphemy formed the seasoning of conversation. For the profligate companions of these revels, he invented the appellation of his roués , the literal meaning of which is men broken on the wheel; intended, no doubt, to express their broken-down characters and dislocated fortunes; although a contemporary asserts that it designated the punishment that most of them merited. Madame de Labran, who was present at one of the regent’s suppers, was disgusted by the conduct and conversation of the host and his guests, and observed, at table, that God, after he had created man, took the refuse clay that was left, and made of it the souls of lackeys and princes.
    Such was the man that now ruled the destinies of France. Law found him full of perplexities, from the disastrous state of the finances. He had already tampered with the coinage, calling in the coin of the nation, restamping it, and issuing it at a nominal increase of one-fifth; thus defrauding the nation out of twenty per cent of its capital. He was not likely, therefore, to be scrupulous about any means likely to relieve him from financial difficulties; he had even been led to listen to the cruel alternative of a national bankruptcy.
    Under these circumstances, Law confidently brought forward his scheme of a bank, that was to pay off the national debt, increase the revenue, and at the same time diminish the taxes. The following is stated as the theory by which he recommended his system to the regent. The credit enjoyed by a banker or a merchant, he observed, increases his capital tenfold; that is to say, he who has a capital of one thousand livres, may, if he possess sufficient credit, extend his operations to a million, and reap profits to that amount. In like manner, a state that can collect into a bank all the current coin of the kingdom, would be as powerful as if its capital were increased tenfold. The specie must be drawn into the bank, not by way of loan, or