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 was now becoming anxious to secure an opportunity of putting into
practice the schemes he had mentally constructed for the improvement of
trade and commerce. The more he observed the prevailing unhealthiness
of industry, and the more he satisfied himself as to the apparent
causes of industrial depression, the more did he feel that his scheme
was the only royal remedy. He accordingly returned to Paris shortly
before the close of the reign of Louis XIV., purposing to gain the
support of that monarch for the adoption of his system in France.
Chamillard did not now occupy the office of Comptroller-General,
but Law through the influence of the Abbé Thesul was received by
Desmarets his successor, who not only discussed in thorough detail the
scheme laid before him by Law for the rehabilitation of the financial
condition of the country, but became so enamoured of it that he decided
upon submitting it to the King himself. Louis XIV., however, was not a
man of large mental horizon. His decisions were often the outcome of
the impulse of the moment. Frequently they were determined by religious
bias, even where religious scruples were wholly foreign to the matter
under consideration. Law’s proposal seems to have been placed under the
latter category by Louis XIV. Report has it that the bigoted monarch
was more anxious to learn the faith to which the Scotsman belonged than
to know the merits of his scheme, and that on being informed Law was
not a Catholic, he brushed aside the matter and refused to accept his
services.
Disappointed, but not discouraged, Law was more determined than ever
to have his system put to practical test. If France did not accept
salvation at his hands, he doubted not some other country would.
He accordingly approached the King of Sardinia, one of the needy
sovereigns of the day. Law’s proposal to him was the establishment of a
land-bank, which he held out in glowing terms as the certain foundation
of great national prosperity, but the wily monarch was not to be drawn,
and with a touch of sarcasm recommended Law again to urge his scheme
upon France. “If I know,” he said, “the disposition of the people of
that kingdom, I am sure they will relish your schemes; and, therefore,
I would advise you to go thither.”
Public-domain text, read in full here on John Shaqi.
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