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
Here was such a field as Law alone could fully appreciate. Fortune at
last seemed about to smile upon him. His star was about to assume a
meteoric brilliance, and to mount towards its zenith with marvellous
rapidity. Circumstances moulded themselves to his successful progress;
and with rare capacity Law took full advantage of every opportunity.
In order to remove as far as possible, social obstacles to his easy
access to Court, he took up residence in a fine mansion, and lived as
a man with unlimited means at his disposal. He entertained, in the
extravagant way that marked his previous visits to Paris, all those
whom he thought he could utilise for his own advancement; and the death
of Mr. Segnior enabled him to marry the latter’s widow, with whom he
had hitherto been living, thus removing the taint of illicitness from
his cohabitation with her, and legitimatising his family.
Law’s objective was the good favour of the Duc d’Orleans. He recognised
the importance of obtaining the support of the man who promised to
occupy the Regency within a very short time, and who would thus possess
sufficient power to impose upon the Government any scheme towards
which he was favourably inclined. With great prudence Law did not
seem to be over-anxious in the prosecution of his aim, lest he might
induce suspicion as to his disinterestedness. He, accordingly, devoted
himself at first to the entertainment of the Prince by bringing into
play all his varied gifts, and by gratifying his tastes for gambling
and pleasure as far as he was able. “His good address and skill at
play, made him particularly taken notice of by the Regent, who used
to play with him at baggammon, a game the Regent likes mightily, and
Mr. Law plays very well at.” By this process, Law succeeded in placing
his intimacy with the Duc upon a solid foundation, and in securing his
influence when the opportune moment arrived for its exercise.
Law’s fame as a potential financier of national grasp was at this time
exercising the minds of the British Government of the day. The Earl
of Stair had been newly appointed Ambassador to the Court of France,
and was so impressed with Law’s ability that he recommended him to
Lord Halifax and to Secretary Stanhope as a man who might be useful in
suggesting some means of liquidating the debts of the British Treasury,
which at that time were somewhat complicated and assuming enormous
proportions. On Feb. 12, 1715, Stair wrote to Stanhope:--
Public-domain text, read in full here on John Shaqi.
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