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
During this first visit of Law to Paris, which apparently lasted not
more than a year, Law succeeded in gaining the good favour of the Duc
de Chartres, afterwards, as Duc d’Orleans, Regent of France during the
minority of Louis XV., and of Chamillard, the Comptroller-General.
With these he had frequent conversations concerning the embarrassed
condition of the French Treasury, and discussed proposals for
its improvement. He captivated them by the apparent soundness of
his knowledge of finance, and by his brilliant theories for the
establishment of the National Exchequer on a stable foundation. Every
opportunity was embraced by Law for holding these discussions, and
although they had no immediate effect beyond securing the adherence
of two of the most powerful men in the Government, they laid the
foundation of his future greatness. Unfortunately, however, for Law,
the continuity of his acquaintance with the man with whom he desired
most to cultivate friendship was rudely and unexpectedly suspended.
D’Argenson, Lieutenant-General of Police, was suspicious of Law and his
methods. His reports to the Government were unfavourable and framed
with a view to Law’s expulsion from Paris. This he ultimately succeeded
in getting authority to do, and Law was immediately served with a
notice to leave the capital within twenty-four hours on the ground
“that he knew how to play too well at the games he had introduced.”
For a considerable time Law remained away from Paris, visiting the
principal cities of Italy, Hungary, and Germany, and in all leaving
behind him the reputation of being one of the most remarkable men
of his age. He became a frequent and well-known visitor at all the
gambling resorts on the Continent. His progress from city to city
resembled the progress of a royal court, and rumour preceded him to
herald his coming. He was no common gambler. He was an accomplished man
of the world, exquisitely courteous, and with interests that rose above
the sordid pursuits from which he derived his pecuniary prosperity.
His political instincts were always allowed free play, and by close
observation he acquired the amplest knowledge of the industrial and
economic conditions of the various countries he visited.
Public-domain text, read in full here on John Shaqi.
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