trollor General, rendered a perfectly clear statement, by which it appeared that there were bank bills in circulation to the amount of two milliards, seven hundred millions of livres, without any evidence that this enormous sum had been emitted in virtue of any ordinance from the general assembly of the India Company, which alone had the right to authorize such emissions.

The council was astonished at this disclosure, and looked to the Regent for explanation. Pushed to the extreme, the Regent avowed that Law had emitted bills to the amount of twelve hundred millions beyond what had been fixed by ordinances, and in contradiction to express prohibitions; that the thing being done, he, the Regent, had legalized or rather covered the transaction, by decrees ordering such emissions, which decrees he had antedated.

A stormy scene ensued between the Regent and the Duke de Bourbon, little to the credit of either, both having been deeply implicated in the cabalistic operations of the system. In fact, the several members of the council had been among the most venal ' beneficiaries' of the scheme, and had interests at stake which they were anxious to secure. From all the circumstances of the case, I am inclined to think that others were more to blame than Law, for the disastrous effects of his financial projects. His bank, had it been confined to its original limits, and left to the control of its own internal regulations, might have gone on prosperously, and been of great benefit to the nation. It was an institution fitted for a free country; but unfortunately, it was subject to the control of a despotic government, that could, at its pleasure, alter the value of the specie within its vaults, and compel the most extravagant expansions of its paper circulation. The vital principle of a bank is security in the regularity of its operations, and the immediate convertibility of its paper into coin; and what confidence could be reposed in an institution, or its paper promises, when the sovereign could at any moment centuple those promises in the market, and seize upon all the money in the bank? The compulsory measures used, likewise, to force bank-notes into currency, against the judgment of the public, was fatal to the system; for credit must be free and uncontrolled as the common air. The Regent was the evil spirit of the system, that forced Law on to an expansion of his paper currency far beyond what he had ever dreamed of. He it was that in a manner compelled the unlucky projector to devise all kinds of collateral companies and monopolies, by which to raise funds to meet the constantly and enormously increasing emissions of shares and notes. Law was but like a poor conjuror in the hands of a potent spirit that he has evoked, and that obliges him to go on, desperately and ruinously, with his conjurations. He only thought at the outset to raise the wind, but the Regent compelled him to raise the whirlwind.

The investigation of the affairs of the Company by the council, resulted in nothing beneficial to the public. The princes and nobles who had enriched themselves by all kinds of juggles and extortions, escaped unpunished, and retained the greater part of their spoils. Many of the suddenly rich,' who had risen from obscurity to a giddy height of imaginary prosperity, and had indulged in all kinds of vulgar and ridiculous excesses, awoke as out of a dream, in their original

poverty, now made more galling and humiliating by their transient elevation.

The weight of the evil, however, fell on more valuable classes of society; honest tradesmen and artizans, who had been seduced away from the safe pursuits of industry, to the specious chances of speculation. Thousands of meritorious families, also, once opulent, had been reduced to indigence, by a too great confidence in government. There was a general derangement in the finances, that long exerted a baneful influence over the national prosperity; but the most disastrous effects of the system were upon the morals and manners of the nation. The faith of engagements, the sanctity of promises in affairs of business, were at an end. Every expedient to grasp present profit, or to evade present difficulty, was tolerated. While such deplorable laxity of principle was generated in the busy classes, the chivalry of France had soiled their pennons; and honor and glory, so long the idols of the Gallic nobility, had been tumbled to the earth, and trampled in the dirt of the stock-market.

As to Law, the originator of the system, he appears eventually to have profited but little by his schemes. 'He was a quack,' says Voltaire, to whom the state was given to be cured, but who poisoned it with his drugs, and who poisoned himself.' The effects which he left behind in France, were sold at a low price, and the proceeds dissipated. His landed estates were confiscated. He carried away with him barely enough to maintain himself, his wife, and daughter, with decency. The chief relique of his immense fortune was a great diamond, which he was often obliged to pawn. He was in England in 1721, and was presented to George the First. He returned shortly afterward, to the continent; shifting about from place to place, and died in Venice, in 1729. His wife and daughter, accustomed to live with the prodigality of princesses, could not conform to their altered fortunes, but dissipated the scanty means left to them, and sank into abject poverty. I saw his wife,' says Voltaire, at Bruxelles, as much humiliated as she had been haughty and triumphant at Paris.' An elder brother of Law remained in France, and was protected by the Duchess of Bourbon. His descendants have acquitted themselves honorably, in various public employments; and one of them is the Marquis Lauriston, some time Lieutenant General and Peer of France.

THE EARLY LOST.

SHE whose last bed beneath this turf is made,
Was wont, herself, to pause on every stone
That marked the place of others, earlier laid,
And think how soon their lot must be her own!

Oft would she turn her languid eye to heaven,
So sweetly sad; so tranquil oft appear,
As to her soul already had been given
Repose and happiness, for virtue here.

Let me, all unperceived, at early morn,

Through the still church-yard take my pensive way;
Sweet budding flowers shall thy new grave adorn,
Expressive of thy mild and fleeting day.

BALL AT THRAM'S HUDDLE.

A PENCIL SKETCH BY MRS. MARY CLAVERS, AUTHOR OF 'A NEW HOME: WHO 'LL FOLLOW ?'

IT was on the sultriest of all melting afternoons, when the flies were taking an unanimous siesta, and the bees, baked beyond honey or humming, swung idly on the honey-suckles, that I observed, with half-shut eye, something like activity among the human butterflies of our most peaceful of villages. If I could have persuaded myself to turn my head, I might doubtless have ascertained to what favored point were directed the steps (hasty, considering all things,) of the Miss Liggits, Miss Pinn, and my pretty friend, Fanny Russell; but the hour was unpropitious to research, and slumber beguiled the book from my fingers, before the thought Where can they be going!' had fairly passed through my mind. Fancy had but just transported me to the focus of a circle of glass-blowers, the furnace directly in front, and the glowing fluid all round me, when I was re-called to almost equally overcoming realities, by a light tap at the door. I must have given the usual invitation mechanically, for before I was fairly awake, the pink face of one of my own hand-maidens shone before my drowsy eyes.

'If you don't want me for nothin', I'd like to go down to the store to get some notions for the ball.'

The ball! what! a red-hot ball!' I replied, for the drowsy influence was settling over me again, and I was already on the deck of a frigate, in the midst of a sharply-contested action.

'Massy no, marm! this here Independence ball up to Thram's Huddle,' said Jane, with a giggle.'

I was now wide awake with astonishment. A dance, Jane, in such weather as this!'

Why law! yes; nothin' makes a body so cool as dancin' and drinkin' hot tea.'

This was beyond argument. Jane departed, and I amused myself. with the flittings of gingham sun-bonnets and white aprons up and down the street, in the scorching sun.

It was waxing toward the tea-hour, when that prettiest of Fannies, Fanny Russell, her natural ringlets of shadowy gold, which a duchess might envy, looking all the richer under the melting influence of the time, came tripping into the little porch.

'If you would be so kind as to lend me that large feather fan; I would take such good care of it! It's for the ball.'

'Sweet Fanny! one must be churlish indeed, to deny thee a far greater boon!'

Next came that imp, Ring Jones; but he goes slyly round to the kitchen-door, with an air of great importance. Presently, enter

Jane.

'Ring Jones has brought a kind of a bill, marm, for our Mark; and Mark ain't to hum, and Ring says he can't go without an answer.'

But I cannot answer Mark's billets, you know, Jane.'

'No, marm; but

this 'ere is something about the team, I guess.' And in the mean time Jane had, sans ceremonie, broken the wafer, and was spelling out the contents of Mark's note.

'I can 't justly make it out; but I know it's something about the team; and they want an answer right off.'

Thus urged, I took the note, which was after this fashion :

The agreeable Cumpany of Mr. Mark Loring and Lady is requested to G. Nobleses Tavern to Thram's huddle Independence the 4th July.'

And here followed the names of some eight or ten managers.
But, Jane, here's nothing about the team, after all.

'Jist look o' t' other side, marm; you see they did n't want to put it right in the ticket, like.'

Upon this hint, I discerned, in the extreme corner of the paper, a flourish which might be interpreted' over.' Over I went accordingly, and there came the gist of the matter.

Mark we want to hav you be ready with your Team at one o'clock precisely to escort the ladies if you can 't let us know and don't forgit to Put in as many Seats as you can and All your Buffaloes.'*

I ventured to promise that the team, and the seats, and the buffaloes, should be at Mark's disposal at one precisely,' and Ring Jones departed, highly exalted in his own opinion, by the success of his importunity.

It was to be supposed that we had now contributed our quota of aid, on this patriotic occasion; but it seemed that more was expected. The evening was far advanced, when the newly-installed proprietor of the half-finished hotel' at Thram's Huddle, alighted at our door; and, wiping his dripping brow, made known the astounding fact that he had scoured the country for dried apples, without success, and informed us that he had come, as a dernier resort, to beg the loan of some; for,' as he sensibly observed, 'a ball without no pies, was a thing that was never heerd on, no wheres.'

When this matter was settled, he mustered courage to ask, in addition, for the great favor of a gallon of vinegar, for which he declared himself ready to pay any price; that is, any thing that was reasonable.'

I could not refrain from inquiring what indispensable purpose the vinegar was to serve.

Why, for the lettuce, you see! and if it's pretty sharp, it'll make 'em all the spryer.'

Mr. Noble departed, in a happy frame of mind, and we heard no more of the ball that night.

The next day, the eldest Miss Liggitt 'jist called in,' as she happened to be passing, to ask if I was a-goin' to want that 'ere flowery white bunnet-curting' of mine.

Some time ago I might not have comprehended that this description applied to a blonde-gauze veil, which had seen its best days, and was now scarce presentable. It did not require any great stretch of feminine generosity to lend this; but when it came to 'a pair of white lace gloves,' I pleaded poverty, and got off.

* IT may be necessary to inform the civilized reader, that the use of buffalo robes in July, is to serve the purpose of cushions, and not of wrappers.

Our Jane, who is really quite a pretty girl, though her hair be of the sandiest, and her face and neck, at this time of the year, one continuous freckle, had set her heart upon a certain blue satin ribbon, which she did not like exactly to borrow, but which she had none the less made up her mind to have, for the grand occasion. So she began, like an able tactician, by showing me one of faded scarlet, on which she requested my opinion.

'Do n't you think this 'll look about right?'

That horrid thing! No, Jane, pray do n't be seen in that!' 'Well! what kind o' color do you think would look good with this belt?' holding up a cincture, blue as the cloudless vault above us. 'Blue, or white; certainly not scarlet.'

'Ah! but I ha' n't got neither one nor t' other;' and she looked very pensive.

I was hard-hearted, but Jane was not without resource.

'If you'd a-mind to let me have that 'ere long blue one o' your'n: you do n't never wear it, and I'd be willin' to pay you for 't.

Who could hold out? The azure streamer became Jane's, in fee simple. Spruce and warm looked our good Mark, in his tight blue coat, with its wealth of brass buttons, his stock five fathoms - I mean inches deep, and his exceeding square-toed boots, bought new for this very solemnity. And a proud and pleased heart beat in his honest bosom, I doubt not, as he drove to the place of rendezvous, buffaloes and all, with cerulian Jane at his side, a full half hour before the appointed time. They need not have cautioned Mark to be 'percise. For my part, I longed for the receipt of fern-seed to walk invisible,' or some of those other talismans which used in the good old times to help people into places where they had no business to be; and in this instance, the Fates seemed inclined to be propitious, in a degree at least.

The revellers had scarcely passed on the western road in long and most rapid procession the dust they raised had certainly not subsided when a black cloud, which had risen stealthily while all were absorbed in the outfit, began to unfold its ominous shroud. The fringes of this portentous curtain had scarcely passed the zenith, when a low, distant muttering, and a few scattering but immense drops, gave token of what was coming; and long ere the gay cortége could have reached the Huddle, which is fully six miles distant, a heavy shower, with thunder and lightning acompaniments, must have made wet drapery of every damsel's anxiously elaborate ball-dress. Beaver and broad-cloth might survive such a deluge, but alas for white dresses, long ringlets, and blonde-gauze 'bunnet-curtings!' The shower was too violent to last, and when it had subsided, and all was

'Fresh as if Day again were born,
Again upon the lap of Morn,'

I fortunately recollected an excellent reason for a long drive, ('man is his own Fate,') which would bring us into the very sound of the violins of the Huddle. A young woman, who had filled the very important place of help' in our family, was lying very ill at her father's, and the low circumstances of her parents made it desirable

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