John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc.Wiston-Glynn, A. W.
History
John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc.
Wiston-Glynn, A. W.
Law, John, 1671-1729
Since the Rue Quincampoix had been closed to the stock-jobbers no place
had been allotted to them for carrying on their business. Transactions,
however, were not less numerous now than they were before, and the
events of the past few months did not destroy speculation in the shares
of the company. The extreme inconvenience of having no recognised place
for meeting induced the Regent to consider the appeals made to him,
and accordingly on 2nd June they were allowed to establish themselves
in the Place Vendôme. In the beautiful open square, of which the
Place Vendôme consisted, assembled daily the fashionable Parisians of
the day. Tents were erected for the accommodation of stock-jobbers,
and the host of gamesters, saloon-keepers and others who catered for
the pleasures of the crowd. The noise however of the great multitude
of people proved a source of much annoyance to the Chancellor whose
court was held in the vicinity, and on his complaint being made to the
Regent it was necessary to arrange for the removal again of the place
of exchange. Thereupon the Prince de Carignan sold to Law his Hotel de
Soissons at the price of 1,400,000 livres, reserving the gardens which
extended to several acres. In these the Prince erected a large number
of tents for the jobbers which he let at 500 livres per month, the
revenue from all producing about 500,000 livres per annum. In order
to secure that the tents should be utilised, the Prince succeeded in
obtaining an edict prohibiting the conclusion of any transaction except
in one of them, and this was done under pretext of providing against
the loss and theft of pocket-books containing money. For three months
the stock-exchange of Paris was held in the gardens of the Hotel de
Soissons, and on 29th October, stock-jobbing was entirely prohibited,
a penalty of 3000 livres being imposed upon any one found dealing in
shares or notes.
Public-domain text, read in full here on John Shaqi.
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