Memoirs of Extraordinary Popular Delusions, Vol 1

Book Excerpt: ...millions per annum; leaving only three millions to pay the interest upon 3000 millions. The first care of the Regent was to discover a remedy for an evil of such magnitude, and a council was early summoned to take the matter into consideration. The Duke de St. Simon was of opinion that nothing could save the country from revolution but a remedy at once bold and dangerous. He advised the Regent to convoke the States-General, and declare a national bankruptcy. The Duke de Noailles, a man of accommodating principles, an accomplished courtier, and totally averse from giving himself any trouble or annoyance that ingenuity could escape from, opposed the project of St. Simon with all his influence. He represented the expedient as alike dishonest and ruinous. The Regent was of the same opinion, and this desperate remedy fell to the ground.The measures ultimately adopted, though they promised fair, only aggravated the evil. The first, and most dishonest measure, was of no advantage to the state. A recoinage wa...