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 hopes of being able to realise his ambitions in his native land
were now at an end. He saw no prospect of attaining that position in
the control of public affairs to which he aspired, and for which he
considered himself eminently fitted. He was, accordingly, compelled
to fall back upon his old gambling career, which had been practically
suspended since his return to Scotland. To such advantage did he
indulge his skill in this direction, that in the course of a few months
he found himself an extremely wealthy man, amongst his gains being the
estate of Sir Andrew Ramsay of a yearly value of £1200 Scots, and an
annuity of £1455 Scots secured upon the estate of Pitreavie in Fife,
purchased in 1711 by Sir Robert Blackwood from the Earl of Rosebery.
The negotiations for the Union of the two kingdoms were now fast
approaching a successful conclusion. Law felt his safety in a somewhat
precarious condition, the death of Wilson still rendering him liable
to arrest should he cross the Border, and the Union in all probability
likely to remove the element of safety from his residence in Scotland.
He petitioned the Crown for a pardon, but Wilson’s brother, an
influential banker of Lombard Street, protested against its being
granted, thus leaving no excuse upon which a pardon might be extended,
had the royal prerogative been inclined in his favour.
The Continent furnished the only safe asylum, and thither Law removed
himself in 1707, or at the latest, early in 1708. He seems first to
have taken up residence at the Hague, and then at Brussels, living in
luxurious fashion, and impressing every one by his extravagance and
apparently inexhaustible resources. With a keen eye for the weaknesses
of a people, Law introduced the Dutch to the exciting possibilities
of the lottery system. So far was he received into their good favour
that not only was a State lottery established, but every town of any
consequence had a smaller lottery of its own. The lottery was to be the
great panacea for all financial embarrassments, national and municipal.
Law, however, was not a disinterested participant in all these dazzling
schemes. His suggestions, if worth adoption, were worth remuneration,
but unfortunately he did not himself disclose the source of it, with
results which necessitated his removal from the country. “Mr. Hornbeck,
Great Pensionary of Holland, being also a nice calculator, finding
out that Mr. Law had calculated these lotteries entirely to his own
benefit, and to the prejudice of the people, having got about 200,000
guilders by them, Mr. Law was privately advised by the States to leave
their dominions.”
Public-domain text, read in full here on John Shaqi.
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