Within the last twenty years commerce has been better un-
derstood in France than it had ever bcfore been， from the
reign of Phatamond to that of Louis XIV. Before this period
it was a secret art， a kind of chemistry in the hands of three or
four persons， who actually made gold， but without communi-
cating the secret by which they had been enriched It was
destined that a Scotchman called John Law should come into
France and overturn the whole economy of our government
to instruct us.
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