Memoir of the life of John Law of Lauriston

108 LIFE OF JOHN LAW
nounced by the before-mentioned edict, which
was followed by another of the 1 1th of March,
forbidding any payment whatever to be made
in specie.*
On the 23d of February 1720, the royal
bank was incorporated with the Company of
the Indies, the King remaining guarantee of
the bank notes, of which none were, after that
date, to be fabricated, except in virtue of
edicts of council. His Majesty moreover gave
up to the company all the profits made by the
bank since he had taken it into his hands in
December 1718 ; and the public entertaining
the idea that these profits were immense, this
contributed to raise higher than ever the re-
putation of the India company's opulence.
For some time previous and subsequent to
this incorporation, the fabrication of bank
notes went on at so great a rate, that upwards
of 2000 millions were struck off between the
29th December 1719 and 1st May 1720 ; and
during this period, it appears that a final con-
clusion was put to the reimbursement of the
* Stewart, ii. 265. Examen, i. 319, 344. Mem. Reg.
ii. 300.