THE PROJECTOR	69
which their author expressed himself as with the proposals themselves,
promised lo lay the debt project before the King. In the meantime he
requested Law to let him have full details of the banking scheme. There
seems to have been some delay about this — partly due no doubt to the
time which it took Law to work out the details as applicable to France
and possibly also to an attack of some illness which confined Law to his
room at this lime. At all events it was not until the middle of July that
Law took his coach and, bearing his drall scheme of a slate bank
in writing (Memoire stir Ze.s Banques), drove down to Marly where the
minister was staying with the rest of the court. Meanwhile its details had
become known among the principal private bankers in Paris, and they
were far from being sanguine as to the prospects of Law's bank. *I saw
Bernard', wrote Stair of one of them ^l in his journal during this month.
He told me the Council would refuse Law's project, there being no foun-
dation for the bank he proposes in a country where everything depends
on the King's pleasure*.
Law followed up his Memoire with a detailed outline of the proposed
bank's constitution and two letters explaining its working and refuting
anticipated object ions to it. He even drafted the letters patent authorizing
its creation which he fervently hoped the King would sign and publish.
The bank's charier as a royal bank was to run in the first instance for
a term of twenty years with Law as managing director. In the meantime
business was to be conducted in Law's house in the Place Vcndomc until
nioro suitable premises could be found. Tn other particulars the scheme
closely resembled his previous proposal to King Victor Amadeus, The
notes, which the bank were empowered to issue, were to be payable on
demand and, following the custom of the Bank of Amsterdam which had
impressed Law for many years, to represent specie of a given weight on
the particular date of issue. The notes (ccm de Ixinquc) were lo be in
denominations of ]000, 100 and 10 crowns (ecus) ^a and to be of different
sixes so as lo safeguard against false change being given. There was to
'bo a cash reserve of 10 million crowns with the customary precautions
against over-issue of notes, The bank was therefore to be operated on
strictly orthodox lines.
Neither the banking nor the national debt project seems to have
reached the Council chamber. They were, however, placed by Dcsmarets
^1 Samuel Bernard (c. 165M789), wdl-kncwn French hanker, ib saki to have: acquired
a fortune o£ 3,'J million* during Cliamillard'K tenure of the finance ministry. He lent
aonsidurublti HiimH to Louis XIV who flatten*! him oulrugcously lo secure his loans.
" An ucu was worth 5 livres or about 7 shillingB in English money.