Page:Memoirs of Extraordinary Popular Delusions and the Madness of Crowds Vol 1.djvu/45

Rh in silver. All these measures were nugatory to restore confidence the paper, though the restriction of cash payments within limits extremely narrow kept up the credit of the bank.

Notwithstanding every effort to the contrary, the precious metals continued to be conveyed to England and Holland. The little coin that was left in the country was carefully treasured, or hidden until its scarcity became so great, that the operation of trade could no longer be carried on. In this emergency, Law hazarded the bold experiment of forbidding the use of specie altogether. In February