Réflexions politiques sur les finances et le commerce (tomes I–II)

Claims Supported by This Source

1. By letters patent of May 2 and 20, 1716, Mr. Law was permitted to establish the General Bank, and by July of the same year, "the General Bank was supporting the exchange rates" (T.I pp.105–107).
2. The moment when banknotes were accepted as cash for payments of the King's dues and receivers were to pay them without discount was "the beginning of the System and of the banknotes," as never before had the King's own bills been accepted by himself (T.I p.158).
3. Total public credit at month-end (including banknotes): End of Dec 1719: 5,056,545,000 livres, including 769,000,000 in notes. Jan 1720: notes 790,520,000. Feb: notes 1,069,727,990. Mar: notes 1,261,530,150. Apr: notes 2,054,004,870. May: notes 2,235,083,590. Jun: notes 2,380,067,660. Jul: notes 2,100,274,5470. Aug: notes 2,017,808,880. Sep: notes 2,022,762,610. The notes were abolished on Oct 10 (T.II pp.363–365).
4. He explains the error of the System, stating that when the attempt to devalue the notes in May 1720 was rejected, there was no choice but to raise the value of specie instead (which devalued the notes) (T.II p.426).

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