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
sent to the Attorney General 100,000 livres in silver and a similar
amount in notes. The First President was allowed a considerable sum in
addition for his own expenses and drew from the Regent no less than
500,000 livres in all. “He kept open table for the Parliament; all
were every day at liberty to use it if they liked, so that there were
always several tables all equally, delicately, and splendidly served.
He sent, too, to those who asked for them, liquors, &c., as they could
desire. Cooling drinks and fruits of all kinds were abundantly served
every afternoon, and there were a number of little one and two horse
vehicles always ready for the ladies and old men who liked a drive,
besides play-tables in the apartments until supper time. A large number
of the members of the Parliament did not go to Pontoise at all, but
took advantage of the occasion to recreate themselves in the country.
Only a few of the younger members mounted guard in the assembly, where
nothing but the most trivial and make-believe business was conducted.
Everything important was deliberately neglected. The Parliament, in
a word, did nothing but divert itself, leave all business untouched,
and laugh at the Regent and the government.” The Parliament adhered to
their resolution to refuse to register the edict, and remained in exile
till 17th December.
Thus the final grand expedient of Law to restore the Company’s fortunes
was destroyed.
On the 17th of July an edict was published which prohibited the people
from assembling in crowds, under pain of heavy penalties, and it was
also declared to be necessary in the interests of public peace and
safety to close the Bank for an indefinite period, and that no further
notes could be received there for conversion into coin.
CHAPTER XII
Starvation produced amongst poorer classes by issue of new
edict.--Law’s expulsion from France demanded.--Law resigns
all his offices and leaves for Venice.--Privileges of Company
withdrawn.--Commission appointed to value unliquidated
securities.--Law in vain applies for recovery of a portion
of his wealth.--His death at Venice.--Attitude of French
people towards Law.--Circumstances to be considered in passing
judgment.
[Illustration]
Public-domain text, read in full here on John Shaqi.
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