I Mississippi Bubble
1P HOW T HE STAR OF GOOD FOR/TTJNJB BOSH
K g AND SET AND ROSE AGAIN, B T A WOMAN'S
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i A Novel by EMERSON HOUGH.
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The regent again choked with anger.
Law continued. "Go on. Smooth down
the back of this animal. Continue to re
duce these taxes. The specie of the realm
of France, as I am banker enough to
know, is not more than three hundred mil
lions of livres, allowing sixty-five livres to
- the marc. Yet long before this your
grace has crowded the issue of our ac
tions until there are out not less than
twenty-six hundred millions of livres In
the stock of our company. Your
Brothers Paris, your D'Argenson,
your Dubois will tell you how you
can make the people of France continue
to believe that twice two is not four, that
twice thirteen is not twenty-six"'
"But this they are doing," broke in the
regent, with a ray of hope in his face.
"This they are doing. We have provided
for that. In the council not an hour ago
the Abbe Dubois and Monsieur d'Argen
son decided that the time had come to
make some fixed proportion between the
Bpecie and these notes. We have to-day
framed an edict, which the parliament
will register, stating that the interests of
the subjects of the king require that the
price of these bank notes should be less
ened, so that there may be some sort of
accommodation between them and the coin
of the realm. W e have ordered that the
shares shall, within thirty days, drop to
seventy-five hundred livres, in another
thirty days to seven thousand livres, and
so on, at five hundred livres a month,
until at last they shall have a value of
one-half what they were to-day. Then,
tell me, my wise Monsieur L'as, would
not the issue of our notes and the total
of our specie be equal, one with the other?
The only wrong thing is this insulting
presumption of these people, who have
sold actions at a price lower than we have
Law smiled as he replied. "You say
excellently well, my master. These plans
surely show that you and your able coun
selors have studied deeply the questions
of finance! I have told you what would
happen to-day without any decree of the
king. Now go you on, and make your
decrees. You will find that the people are
much more eager for values which are
going up than values which are going
down. Start your shares down hill, and
you will see all France scramble for such
coin, such plate, such jewels as may be
within the ability of France to lay her
hands upon. Tell me, your grace, did
Monsieur d'Argenson advise you this
morning as to the total issue of the ac
tions of this company?"
"Surely he did, and here I have it in
memorandum, for I was to have taken it
up with yourself." replied the regent.
"So," exclaimed Law, a look of surprise
passing over his countenance, until now
rigidly controlled, as he gazed at the lit
tle slip of paper. "Your grace advises me
that there are issued at this time in the
shares of the company no less than two
billion, two hundred and thirty-five mil
lion, eighty-five thousand, five hundred
ind ninety livres in notes! Against this,
your grace is good enough to agree with
me, we have thirteen hundred millions of
specie. Your grace, yourself and I have
seen some pretty games in our day. Look
you, the merriest game of all your life
is now but just before you!"
"And you would go and leave me at this
"Never in my life have I forsaken a
friend at the time of distress," replied
Law . "But your grace absolved me when
you forsook me, when you doubted and
hesitated regarding me, and believed the
protestations of those not so able as my
self to judge of what was best. And now
it is too late. Willyour grace allow me
to suggest that a place behind stout gates
and barred doors, deep within the interior
of the Palais Royal, will be the best resi
dence for him to-nightperhaps for sev
eral nights to come?"
"As for myself. It does not matter," re-
CATARRH CANNOT BE CURED
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plied Law, slowly and deliberately. "I
have lived, and I thought I had succeeded.
Indeed, success w as mine for some
months, though now I must meet failure.
I have this to console methat 'twas fail
ure not of my own fault. As for France,
I loved her. As for America, I believe in
her to-day, this very.hour. As for your
grace in person, I w as your friend, nor
was I ever disloyal to you. But it some
times doth seem that, no matter how sin
cere be one in one's endeavors, no matter
how cherished, no matter how successful
for a time ma?/ be his ambitions, there is
ever some little blight to eat the face of
the full fruit of his happiness. To-mor
row I shall perhaps not be alive. It is
very well. There is nothing I could de
sire, and it is as well to-morrow as at any
"But surely, Monslour L'as," Interrupt
ed the regent, with a trace of his old gen
erosity, "if there should be outbreak, as
you fear, I shall, of course, give you a
guard. I shall indeed see you safe out of
the city, if you so prefer, though I had
much liefer you would remain and try to
help us undo this coil, wherein I much
"Your grace, I am a disappointed man,
a man with nothing in the world to com
fort him. I have said that I would not
help you, since 'twas yourself brought
ruin on my plans, and cast down that
work which I had labored all my life to
finish. Yet I will advise this, as being
your most immediate plan. Smooth down
this France as best you may. Remit
more taxes, as I said. Depreciate the
value of these shares gently, but rapidly
as you can. Institute great numbers of
perpetual annuities. Juggle' temporize,
postpone, get for yourself all the time you
can. Trade for the people's shares all
you have that they will take. You can
never strike a balance^ and can never
atone for the egregious error of this over
isue of stock which has no intrinsic
value. Eventually you ^nay have to
declare void many of these shares and
withdraw from the currency these
actions for which so recently the people
have been clamoring."
"That means repudiation!" broke in the
"Certainly, your grace, and in so far
your grace has my extremest sympathy.
I know it was your resolve not to repudiate
the debts of France, as those debts stood
when I first met you some years ago. That
was honorable. Yet now the debts of
France are immeasurably greater, rich as
France thinks herself to be. Not -all
France, were the people and the produce
of the commerce counted in the coin,
could pay the debt of France as it now ex
ists. Hence, honorable or not, there is
nothing elseit is repudiation which now
confronts you. France is worse than
bankrupt. And now it would seem wise
if your grace took immediate steps, not
only for the safety of his person, but for
the safety of the government." .
"Sir, do you mean that the people would
dare, that they would presume"
"The people are not what they were.
There hath come into Eurpoe the leaven
of the new world. I had looked there to
see a nobler and a better France. It is
too late for that, and surely it is too late
for the old ways of this France which we
see about us. You can not presume now
upon the temper of these folk as you might
have done fifty years ago. The Messasebe,
that noble stream, it hath swept its puri
fying flood throughout the world! Look
you, at this moment there is tumbling
this house which you have built of bub
bles, one bubble upon another, blowing
each bubble bigger and thinner than the
last. Mine is not the only fault, nor yet
the greatest fault. I was sincere, where
others cared naught for sincerity. Another
day, another people, may yet say the world
was better for my effort, and that there
fore at the last I have not failed."
A. B. HERRMAN, Court House
Store, 400 Second Ave. So.,
n S^^^^.ii . I iHnlf I, ft-'mi, . , 1, i-V ,, .'- - ,- - , .-Vi,, I , -,,- .Tfn. -, tta-^uj-j,. 1, ,. -ff. 1' - if irf*..j
The Breaking of the Bubble'.
It was the evening of the day following
that on which John Law and the regent
of France had met in their stormy inter
view. During the morning but little had
transpired regarding the significant events
of the previous day. In these vast ^and
excited crowds, divided into groups and
cliques and factions, aided by no bulletins,
counseled by no printed page, there was
but little cohesion of purpose, since there
was little unity of understanding. 'The
price' of shares at one kiosk might be cer
tain thousands of livres, whereas a square
away, the price might vary by half as
many livres so impetuous w as the ad
vance of these continually rising prices,
and so frenzied and careless the temper, of
those who bargained for them. ....:.
Yet before noon of the day following the
decree of the regent, which fixed the value
of actions upon a descending scale, the
hews, after 'a fashio'n of Its' own, spread
ES.S5.00.- r" *- ' - ""4't-rf*53kkf
rapidly abroad, and all too swiftly the
truth W M generally known. The story
started In a rumor that shares had been
ottered and declined at a price which had
been current but a few moments before.
This was something which had not been
known in all these feverish months of the
Messasebe. Then came the story that
shares could not be counted upon to real
ize over 8,000 livres. At that the price of
all the actions dropped In a flash,, as Law
had prophesied. A sudden wave of san
ity, a panic chill of sober understanding
swept over this vast multitude of still un
reasoning souls who had traded so long
upon this impossible supposition of an
ever-advancing market. Reason still
lacked among them, yet fear and sudden
suspicion were not wanting. Man after
man hastened swiftly
vately his shares before greater drop' in
the price might come. He met others
upon the same errand.
Precisely the reverse of the old situa
tion now obtained. A s all Paris had
fought to buy, so now all Paris fought to
sellj The streets were filled with clamor
ing mobs. If earlier there had been con
fusion, now there was pandemonium.
Never was such a scene witnessed Never
was there chronicled so swift and utter
reversion of emotion in the minds of a
great concourse of people. Bitter indeed
w as the wave of agony that swept
over Paris. It began at the' Messa
sebe. in the gardens of the Hotel de
Sdison, at that focus hard by the temple
of Fortuna. It spread and spread, edging
out into all the remoter portions of the
walled city. It reached ultimately the ex
treme confines of Paris. Into the crowded
square which had been decreed as the
trading place of the Messasebe System,
there crowded from the outer purlieus yet
other thousands of excited human beings.
The end had come. The bubble had burst.
There was no longer any System of the
It was late in the day. In* fact well on
toward night, when the knowledge of the
crash came into the neighborhood where
dwelt the Lady Catharine Knollys. To
her the news was brought by a servant,
who excitedly burst unannounced into
her mistress' presence.
"Madame! Madame!" she cried. "Pre
pare! 'Tis horrible! 'Tis Impossible! All
is at an end!"
"What mean you, girl?" cried Lady
Catharine, displeased at the disrespect.
"What is happening? Is there fire? And
even if there were, could you not remem
ber your duty more seemly than this?"
"Worse, worse than fire, madame!
Worse than anything! The bank has
failed! The shares of the system are go
ing down! 'Tis said that we can get but
three thousand livres the share, perhaps
lessperhaps they will go down to noth
ing. I am ruined, ruined! W e are all
ruined! And within the month I was to
have been married to the footman of the
Marquis d'Allpuez, who has bought him
self a title this very week!"
"And if it has fallen so ill," said Lady
Catnarine, "since I have not specuated in
these things like most folk, I shall be none
the worse for it, and shall still have
money to pay your wages. So perhaps
you can marry your marquis after all."
"But we shall not be rich, madame! W e
are ruined, ruined! Mon Dieu! we poor
folk! W e had the hope to be persons of
quality. 'Tis all the work of this villain
Jean L'as. May the Bastile get him, or
the people, and make him pay for this!"
"Stop! Enough of this, Marie!" said the
Lady .Catharine, sternly. "After this have
better wisdom, and do not meddle in
things which you do not understand."
Yet scarce had the girl departed before
there appeared again the sound of run
ning steps, and presently there broke,
equally unannounced, into the presence of
his mistress, the? coachman, fresh from
his stables, and none too careful of his
garb. Tears ran down his cheeks. H e
flung out his hands with gestures as of
"The news! cried he. "The news,
my lady! The horrible news! The system
has vanished,the shares are going down!"
"Fellow, what do you here?" said Lady
Catharine. "Why do you come with
this same story which Marie has just
brought to me? Can you not learn your
"But, my lady, you -do not understand!"
reiterated the man, blankly. " 'Tis all
over. There is no Messasebe there is no
longer any system, no longer any Com
pany of the Indies. There is no lqpger
wealth for the stretching out of the hand.
'Tis all over. I must go back to horses
I, madame, who should presently have
associated with the nobility!"
"Well, and if so," replied his mistress,
"I can say to you, as I have to Marie,
that there will still be money for your
"Wages! My faith what trifles, my lady!
This Monsiur L'as, the director-general,
he it Is who has ruined us! Well enough
it is that the square in front of his hotel
is filled with people! Presently they will
break down his doors. And then, pray
God they punish him for this that he
has done!" ,
The cheek of Lady Catharine paled and
a sudden flood of contending emotions
crossed her mind. "You do not tell me
that Monsieur La's is In danger, Pierre?"
"Assuredly. Perhaps within the very
hour they will tear down his doors and
rend him limb from limb. There is no
punishment which can serve him right
him who has ruined our -pretty, pretty
system. Mon dieu! It was so beautiful!"
"Is this news certain?"
"Assuredly, most certain. Why should
it not be'? The. entire square in front of'
the v Hotel de Soisspn fs packed, Urfless my
lady needs me, I myself must" Hasten
thither to aid in the punishment of this
"You wiil stay here," said Lady Cath-
i UrPPi*'* '\ ^?i*~*i3&
# away to sell pri-
**- * ^,
w fc^ v ^ -* *$& i ? feV? s-^f a,,^ -^A^il**-*-'* *
arine. "Wait! There may be need!
the present, go!"
Left alone, Lady Catharine stood for a
moment pale, and motionless, in the cen
ter of the room., She strode then to the
window and stood looking fixedly out. Her
Wli61-i figure w as tense, rigid. Yonder,
ovor there., across the gabled roofs of
Paris, they were clamoring at. the door of'
him who had given back Paris to the
king, and France again toxits people. They
were assailing himthis m an so long un
faltering, so insistent on his ambitions,
soso steadfast! Could she call him
steadfast? And they would seize.him in
spite of the courage she Knew would
never fail. They would kill, they would
rend, they would trample1
Would crush that glorious body, abase
the lips that had' spbke'so' well of love!
The clenched Angers of Lady Catherine
broke apart, her arms were flung wide in
a gesture of resolution. She turned from
the window, looking here and there about
the room. /Unconsciously she stopped be
fore the great cheval-glass, that hung
against the wall. She stood there, look
ing at her own image, keenly, deeply.
She saw indeed a woman fit for sweet
usages of love, comely and rounded, deep
bosomed, her oval face framed in the
piled masses of glorious red-brown hair.
But her wide, blue eyes, scarce seeing this
outward form, started into the soul of
that other whom she witnessed.
It w as as though the lady Catharine
Knollys at last saw another self and rec
ognized it! A quick, hard sob broke from
her throat. In haste she flew, now to one
part of the room, now to another, picking
up first this article and then that which
seemed of need. And so at last she hur
ried to the bell-cord.
"Quick," cried she, asi the servant at
length appeared. "Quick! Do not de
lay an instant! My carriage at once!"
good"coin which he brought here to Paris I agent, 127 Guaranty buildtng.Minneapolis.
That Which Remained.
As for John Law, all through that fatal
day which meant for him the ruin of his
ambitions, he continued in the ipy calm
which, for days past, had distinguished
him. H e discontinued his ordinary em
ployments, and spent some hours in sort
ing and destroying numbers of papers and
documents. His faithful servant, the
Swiss, Henri, he commanded to make
ready his apparel for a Journey.
"At 6 this evening," said he, "Henri, we
shall be ready to depart. Let us be quite
ready well before that time."
"Monsieur is leaving Paris?" asked the
Swiss, respectfully. .
"Quite so." h.-
"Perhaps for a.stay?of some duration?"
"Quite so, indeed, l^nri."
"Then, sir," expostulated the Swiss,' "it
would require a day ors for me.to prop
erly arrange your luggag^."
"Not at all," replied Law. - "Two valises
will suffice, not more, 'and I shall per
haps not need even these."
"Not all the apparel, the mony coats,
"Do not trouble over them."
"But what disposition shall I make?"
"None at all. Leave aill these things as
they are. But stay-this package which
I shall prepare for youtake it to the
regent, and have it marked in his care
and for the parliament of France."
Law raised in his hands a bundle of
parchments, which one by one he tore
across, throwing, the fragments Into a
basket as he did so. ,:.
"The seat of Tancarville," he said.
"The estate of Berviile the Hotel Maz
arin the lands, of Bourget "the MargJiiisat
of Gliarlesviile the lands of Orcher the
estate of Rolssy-^Gad! what a number of
them I find."
"But monsieur," expostulated the Swiss,
"what is that you do? Are these not your
"Not so, mon ami," replied Law. "They
once were mine. They are estates in
France. Take back these deeds. Dead
Sully may have his own again, and each
of these late owners of the lands. I
wished them for a purpose. That purpose
is no longer possible, and now J wish
them no more. Take back your deeds, my
friends, and bear in yifcir minds that John
Law tore them in two qtnd thus canceled
"But the moneys you have paidthey
are enormous. Surely you will exact
"'Sirrah, could I not afford these
"Admirably at the time," replied the
Swiss, with the freedom of long service.
"But for the future, what do we know?
Besides, it is a 'matter of right and Jus-
"Ah, mon ami," said Law, "right afjd
justice are no more. But since you speajc
of money, let us take precautions as 0
that. W e shall need some money for o*kv
journey. See, Henri! Take this note anti
get the money which it calls for. But
no! The crowd may be. too great. LdCk
in the drawer of my desk yonder, and taJte
out what you find." . r: -
The Swiss did as he was bidden, but at
length returned with troubled face.
"Monsieur," said he, "I can find but a
hundred louis." 5 '
"Put half at It back," said Law. "We
shall not need so much."
"But, monsieur, I do not understand."
"We shall not need moro than fifty
IQUIS. That is enough. Leave the rest,"
said Law. "Leave it where you found it."
"But for whom? Does monsieur soon
"No. Leave it for him who may be first
to find it. These dear people without,
these same people whom I have enriched,
and who now will claim that I have im
poverished them, these people will demand
of me everything that I have. They shall
have every jot and stiver of the property
of John Law,F even the million or so of
him! . They
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with him. The coat on my back, the
wheels beneath me, gold enough to pay
for the charges of the inns through France
that is all that John Law will take away
The arms of the old servant fell helpless
at his side. '.'Sir, this is madness," he
"Not'so, Henri," replied Law, leniently.
"Madness enough there has been in Paris,
it is true, but madness not mine nor of my
making. For madness, look you yonder."
He pointed a finger through the window
where the stately edifice of the Palais
(To be continued Monday.)
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