Page:History of the French in India.djvu/73

 THE COMPANY ACQUIRES THE TOBACCO MONOPOLY. 51 one of those that survived the golden reign of Law, and chap contributed in later times even to the prolongation of IL its existence. They acquired from the Government, for 1719 4,020,000 francs, the monopoly of tobacco. The value of this monopoly increased to such an extent, that in after years it brought in an annual revenue of eight millions, a sum almost sufficient, at 8 per cent., to pay the total interest on the capital of the Company, as it was fixed in 1725. There was granted to it about the same time the farming of the salt mines of Alsace and Franche Comte. But great as had been the previous measures of Law, and unexampled as had been their success, he was pre- pared to go still further. It was his great ambition to extinguish, by means of the Company, the public debt of France. This debt amounted at that time to from 1,500 to 1,800 millions of francs, and its yearly interest to 80 millions. Law believed it possible, in the then state of confidence and excitement, to substitute for the public debt, the shares of the Company of the Indies. He offered then to lend to the State twelve hundred millions, a sum afterwards increased to fifteen hundred millions, at 3 per cent, per annum, on the condition of receiving authority to issue shares to that amount, and of being intrusted with the collection of the public taxes. On the 2nd of September the Government officially accepted these offers. The Company at once created 324,000 new shares, bearing the nominal value of 500 francs each, but as the value of the other shares had by that time risen to 1,000 per cent. — each share being thus worth in the market 5,000 francs — it was at first determined to offer them to the public at that rate. Subsequently, however, it was resolved to sell them, in series, by public auction, in front of the magnificent palace which the Company had just then purchased at the corner of the Rue Vivienne. Here, and in the neighbouring streets, crowds were wont to sit through E 2