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
should the profits of the Company warrant it.
In the fifth category of securities the brothers Paris caused the
whole of the properties belonging to Law and to his brother William
to be classed, an act of revenge for the failure of the Anti-Scheme
with which they had identified themselves three years before. Law made
several efforts to recover at least a portion of his wealth, but they
were of no avail, and the subsequent years of his life were years
of misery and often times direst poverty. After wandering about the
Continent for several months, he returned to England in October, 1721,
and resided in London until 1725, in which year he returned to Venice,
whither he had proceeded on his departure from France. Here he remained
until his death on 21st March, 1729, leading the precarious life of a
gambler and general speculator and leaving at his death the valuable
ring which alone had escaped the arbitrary and cruel proceedings of his
enemies in France.
For several generations after the downfall of the System, Law was
held in deep and bitter hatred by the people of France. The name of
the author of the System was associated, not unnaturally, with the
financial ruin which it brought to so many individuals, and it was
convenient that those who were really responsible for its disastrous
end should foster that attitude of hostility to the man who was now
unable to appeal to the better reason of the people. It is perfectly
clear that at no time did Law seek to advance alone his own material
interests by the schemes he put into operation. No circumstance reveals
this more clearly than the fact that at the date of his flight all his
possessions were in France and that no attempt was made by him during
the latter half of 1720 to transfer any part of his wealth to foreign
countries for safety, although events were at that period rapidly
leading to a financial collapse and determining many to pursue such a
course as a measure of prudent provision for the future. Law himself
puts this very forcibly in a letter written on 15th October, 1724,
to the Duke of Bourbon, in which he seeks that nobleman’s interest
on his behalf in his efforts to secure the restitution of at least a
portion of the wealth he left behind him. The Company owes its birth
to me. “For them I have sacrificed everything, even my property and my
credit, being now bankrupt, not only in France, but also in all other
countries. For them I have sacrificed the interest of my children,
whom I tenderly love, and who are deserving of all my affection; these
children, courted by the most considerable families in France, are
now destitute of fortune and of establishments. I had it in my power
to have settled my daughter in marriage in the first houses of Italy,
Germany, and England; but I refused all offers of that nature, thinking
it inconsistent with my duty to, and my affection for, the state in
whose service I had the honour to be engaged. I do not assume to myself
Public-domain text, read in full here on John Shaqi.
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