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In February, 1720, shortly after Law's installment in office, a decree came
out uniting the bank to the India Company, by which last name the whole
establishment was now known. The decree stated that as the bank was royal,
the king was bound to make good the value of its bills; that he committed
to the company the government of the bank for fifty years, and sold to it
fifty millions of stock belonging to him, for nine hundred millions; a
simple advance of eighteen hundred per cent. The decree further declared,
in the king's name, that he would never draw on the bank until the value of
his drafts had first been lodged in it by his receivers-general.
The bank, it was said, had by this time issued notes to the amount of one
thousand millions; being more paper than all the banks of Europe were able
to circulate. To aid its credit, the receivers of the revenue were directed
to take bank notes of the sub-receivers. All payments, also, of one hundred
livres and upward were ordered to be made in banknotes.


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