John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc. — John Shaqi
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
In view of all these substantial advantages, the success of Law’s
scheme came in a measure as a matter of course. Business of the most
profitable nature flowed into the Bank. By enabling commercial men to
trade upon their securities at a low rate of interest, not only did
he usurp the functions of the usurer, functions which the bad policy
of the Government had placed in his hands, but the ramifications
of the Bank spread throughout the whole country, and made its
beneficent influences felt in a striking degree. Law himself very
shortly became the supreme protector of industrial prosperity. His
statesmanlike instincts led him to revive many branches of trade which
had degenerated, and to induce the establishment of others for which
he saw the resources of France were eminently suited. In order to
facilitate the business of the Bank he opened in the principal centres
branch establishments which acted both as feeders and as outlets for
the central institution. No one was more surprised than the Regent
himself at the extraordinary measure of success which had attended
Law’s scheme. Law accordingly occupied more than ever a high position
in the Regent’s estimation. He was regarded as the financial saviour of
France, a heaven-sent legislator before whom the hereditary advisers
of the Crown were small and paltry. Law was sufficiently astute to
press the advantage he had gained, and judging from the conduct of
the Duc D’Orleans at this time, he evidently had the latter under his
control. Saint-Simon tells us of the forced interviews he was compelled
by the Regent to grant to Law in order that he might be tutored into
approval, if not appreciation, of the new state of affairs. The wily
courtier was impervious, however, to the blandishments of his tutor. He
only deferred to the wish of the Regent, and merely gave a courteous
acquiescence to the arguments and statements that were showered upon
him. The object of these interviews obviously was to capture the
confidence of Saint-Simon who had been sufficiently courageous on
previous occasions to thwart Law’s designs in face of the Regent’s
wishes, and who might prove an awkward element in accomplishing
the development of his plans for the future. There was, however, a
subsidiary purpose, and Saint-Simon was not slow to recognise it. “I
soon knew,” says Saint-Simon, “that if Law had desired these regular
visits at my house, it was not because he expected to make me a skilful
financier, but because, like a man of sense--and he had a good deal--he
wished to draw near a servitor of the Regent who had the best post in
his confidence, and who long since had been in a position to speak to
him of everything and of everybody with the greatest freedom and the
most complete liberty, to try by this frequent intercourse to gain my
friendship, inform himself by me of the intrinsic qualities of those
of whom he only saw the outside, and by degrees to come to the Council;
Public-domain text, read in full here on John Shaqi.
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