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’s escape from the violent intentions of the angry Parliament was
however but a prelude to other difficulties and opposition. D’Argenson,
smarting under the feelings of jealously engendered by the subordinate
position he was compelled to play to a foreigner, and actuated by an
exaggerated conceit of his abilities, conceived the notion of meeting
Law on his own ground and damaging the importance of the latter by the
adoption of a scheme which might supersede Law’s by its brilliance and
attract to himself the admiration of the financial world. Depreciated
securities issued by the various government departments were afloat
to incredible amounts. Their value was purely speculative, and any
tendency to fluctuation was usually downward, so that unfortunate
holders were always uncertain of the extent to which they might be
calculated as realisable assets. Here was the groundwork of a scheme
for the display of financial genius which might eclipse the schemes
of Law by converting them at face value into securities of a more
substantial and liquid character. The idea of conversion was of course
merely an adaptation of Law’s methods, but D’Argenson was bent on
something less speculative, and so far as prospects were concerned,
less remote, if not less illusory, than the Mississippi Scheme. He
found ready instruments for his purpose in the four brothers Paris,
great government contractors, men of considerable wealth, but most
unscrupulous in the manner of their dealings. Not only were they
envious of Law, but they feared a restriction of their own field of
operations should his influence be left unchecked. With them therefore
D’Argenson conspired in the initiation of a bold Anti-Système.
Public-domain text, read in full here on John Shaqi.
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