Histoire du Système des finances sous la minorité de Louis XV, pendant les années 1719 et 1720

Claims Supported by This Source

1. Pièce IV: The King's letters patent of May 2, 1716, granted Law and his company the privilege of establishing a "Banque générale" (General Bank), and the Council of State decree in Pièce V ordered that the notes of the bank established by the letters patent of May 2 and 20 of the same year be accepted in payment of all taxes and duties just as cash, and be paid by accountants and tax farmers without discount (Table des pièces).
2. Pièce VI: The "letters patent in the form of an edict" of August 1717 established a commercial company under the name "Compagnie d'Occident" (Western Company) (Table des pièces).
3. Pièce XIX: Edict issued in Paris in May 1719, which merged the East India Company and the China Company into the Company of the West (beginning of the text, pp. 191–).
4. Pièce LXXXI (Council of State decree of May 21, 1720): The preamble cites the dire state of the kingdom before the establishment of the bank and the company, the decree of March 5 (interchangeability of shares and notes), and the declaration of March 11 (devaluation of specie), and states that since the devaluation of specie causes a fall in prices and fortunes, shares and notes should also be reduced. Article 1: The shares of the Indies Company are reduced from the date of publication to 8,000 livres, then to 7,500 on July 1, 7,000 on August 1, 6,500 on September 1, 6,000 on October 1, 5,500 on November 1, and 5,000 on December 1. Article 2: Banknotes of 10,000 livres are to be accepted at 8,000 from the date of publication, then reduced monthly to be fixed at 5,000 on December 1 (1,000, 100, and 10 livre notes at the same ratio). Article 3: Until January 1, 1721, notes are to be accepted at their pre-reduction face value at tax collection offices and salt warehouses (pp. 95–101).
5. Pièce LXXXII (May 27, 1720): Stating that the reduction of notes by the decree of the 21st had, contrary to its intention, caused a disruption to all commerce, it was decreed that the notes would continue to circulate at the same value as before the decree of the 21st, and the decree of the 21st was revoked (pp. 102–103).
6. Pièce LXXXIII (June 1, 1720): After citing the decree of January 28 (searches of houses) and the decree of February 27 (prohibition on holding more than 500 livres in specie, with a fine of 10,000 livres), it was decreed that anyone may hold as much specie as they wish (pp. 103–104).
7. Pièce LXXXIV (June 2, 1720): Those who had received payment in notes according to the reduction of the 21st were ordered, in accordance with the revocation of the 27th, to return the difference with the pre-reduction value (pp. 105–106).

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