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
Law’s position was now becoming highly critical. On the one hand the
people were clamouring for his expulsion from the country, and even for
his life. On the other hand, the Parliament, still at Pontoise, had not
forgotten the author of their exile. His ingenuity had been used to
the utmost to escape from the daily accumulating complications which
surrounded him. All his efforts had failed in their purpose, and now he
was resourceless. He stood alone a foreigner in a hostile country. His
erstwhile friends had now deserted him, the tie of friendship broken
by his inability to further increase their fortunes. One man, and one
alone, the Regent himself, remained faithful to the last, and yet not
openly. The safety of the crown forbade the Regent from employing his
influence and power in order to retain the financier in his service,
and prohibited him from ignoring indefinitely the demands of the people.
Law, accordingly, perceiving the extreme folly and danger of further
continuing to direct the affairs of the Bank and of the Company,
resolved after consultation with the Regent to resign the offices he
still retained. He was anxious to leave the country at the same time,
but the Regent considered such a step impolitic and refused to grant
permission. He was allowed, however, to leave Paris, and retire to his
estate at Guermande, which he did on 13th December. At the interview he
had with the Regent before his departure, he advised the appointment
of Pelletier de la Houssaye as Controller General of Finances, and
in referring to the failure of his schemes is said to have remarked,
“I confess I have committed many faults. I committed them because I
am a man, and all men are liable to error; but I declare to you most
solemnly that none of them proceeded from wicked or dishonest motives,
and that nothing of that kind will be found in the whole course of my
conduct.” Two days after his departure, Law received from the Regent a
letter according permission to depart from the kingdom, and informing
him that the Duke of Bourbon had been ordered to send him the necessary
passports and such money as he might require for his journey. Two
messengers arrived at Guermande on the following day, bringing the
passports and a large sum of money, but Law respectfully refused to
accept the latter. The postchaise of Madame de Prié, with an escort of
six horse guards was also sent for his conveyance, and in it he set
out with his son for Brussels on 16th December. On his way Law was
unfortunately recognised by the Governor of Valenciennes and arrested
as an ordinary fugitive from the kingdom. This was due to Law having
offered passports drawn in another name, his identity being known to
the Governor. He thereupon produced a second passport in his own name,
but this only served to increase the perplexity of the Governor, who
replied that the authorities frequently granted to men such as he,
passports of convenience, because they had not the courage to refuse
Public-domain text, read in full here on John Shaqi.
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