scheme. “Mr. Law having some time since proposed a scheme for erecting a bank, which should consist of our own money, and be administered in our own name, and under our authority, the project was examined in our Council of Finances, when several bankers, merchants and deputies from our trading cities being convened and required to give their advice, they were unanimous in the opinion that nothing could be more advantageous to our kingdom, which, through its situation and fertility, added to the industry of its inhabitants, stood in need of nothing more than a solid credit for acquiring the most extensive and flourishing commerce. They thought, however, that this present conjunction was not favourable for the undertaking; and this reason, added to some particular clauses of the project, determined us to refuse it.” Law was thus foiled again, but weakness of purpose was far from being a feature of his character. Irrefragable determination steeled him against all rebuffs. He saw more than ever that France was his last and only opportunity. He saw that the plastic minds of most of the ministers were susceptible to the pressure of the Regent’s influence if applied with sufficient strength. This was not difficult of operation. The Regent’s influence was at Law’s command, and he made unsparing use of it. With prudent calculation, however, of the future, should his plans fail in their object by some mishap, he modified his scheme to the extent of petitioning for permission to establish a private instead of a national bank. In order, too, that the members of the Council and those who would be called to the deliberations in connection with his proposal should have some more definite and complete knowledge of his theories than could be conveyed in conversation, or in course of an address at the Council table, Law translated his book on Money and Trade, published in Edinburgh in 1705, supplementing what he had written there by separate papers giving his maturer ideas. Early in 1716 every preparation had been made, and all contingencies provided against. The Regent called again the Assembly of the previous October. The scheme was solemnly discussed. Opposition dwindled to a mere shadow. The scheme was passed, and remitted to the Regency Council for final ratification. This last stage in the process is well described by the Duc de Saint-Simon, whose opposition not even the Regent could overcome.