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Irving, Washington, 1783-1859

"The Crayon Papers"


There was a mixture of ingratitude in his conduct that characterized the
venal baseness of the times. He had received from time to time enormous
sums from Law, as the price of his influence and patronage. His avarice had
increased with every acquisition, until Law was compelled to refuse one of
his exactions. In revenge the prince immediately sent such an amount of
paper to the bank to be cashed that it required four wagons to bring away
the silver, and he had the meanness to loll out of the window of his hotel
and jest and exult as it was trundled into his portecochere.
This was the signal for other drains of like nature. The English and Dutch
merchants, who had purchased a great amount of bank paper at low prices,
cashed them at the bank, and carried the money out of the country. Other
strangers did the like, thus draining the kingdom of its specie, and
leaving paper in its place.
The regent, perceiving these symptoms of decay in the system, sought to
restore it to public confidence by conferring marks of confidence upon its
author.


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