Page:The Economic Journal Volume 1.djvu/301

 RICHARD CANTILLON 279 and that, putting everything to the worst, you cannot be hurt in the Business.' ' The plaintiff (Lord Montgomery) explains the drift of this letter. He says that 500 ]vres Tournos were pad upon each action, and that '1,200' means so much per cent., so that an action would, n Cant]]on's opinion, n a short time afterwards, sell for no more than 6,000 lvres; though then, and till the 22nd May following, they passed for 9,000. '28d.' means that a French crown would only be wortl 28d.; though by A rrt of 11th March preceding it December or January; would have its intended was to be worth about 50d. the next and the Herberrs thought this effect. As Cantllon and Hughes ook the crown at 28d. (for which they had advanced only 18d.) Can- tillon did not doubt but that they would make a profit of 3,000 lvres on each actaeon. ' Scaramouch wll brighten, and that you have the finest Game in the World to play,' meant that 'the actions and other the paper credit of France would greatly snk n value, and that darkness and msfortune would fall upon the people of that kingdom, whereby the sad partnership would be great ganers by reason that they had or would sell at 9,000 lvres each' all the actions left as securities, and replace them at a cheaper rate. The Regent's At reducing the actions from 9,000 to 6,000 livres was dated 21 May, 1720, new sttle. ' Ever after ths Art the actions and paper credit of France did con- tinue to snk n value, and finally became worth little or nothing.' Immediately the At was known t was communicated by Hughes to Cantllon, whose replies are dated 15th and 19th May; but this s old sttle. ' 15 May, 1720..I observe what you mention of R and L [meaning the then Regent of France and Mr. John Law] and it is plain Scaramouch begins to appear. If he continues we shall get consider- ably; and you are made in Reputation as well as Fortune.' 'London, 19 May, 1720. I could not well contain my Pleasure in the gain I suppose made by this Turn; but I told Furnese  I did not expect it so soon, and gave him or any other now the Bank Bills are that I told you I would disinherit you if you the least Hint of our views. But 'tis reported reinstated. Be that as it will, I shall always have an Eye to the Teaster and splendid Shilling. I am surprised Mr. L--[meaning the late Mr. John Law] should say they were declared Enemies who remitted, since there was no declaration against it. I have Stock for the P s and Lady M [meaning the Princess d'Auvergne and Lady Mary Herbert], but everything is strangely risen One of his intimate friends.