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
While Law was publicly carrying through transactions in such a manner
as to rouse enthusiasm and inspire confidence in his projects, he was
also at the same time engaged in securing by every possible means the
good offices of those in high places without whose favourable support
his plans would not likely reach maturity. The Duc de Saint-Simon
reveals the nature of the efforts by which Law endeavoured to engage
the good opinion of himself and others. “Law,” he says, “often pressed
me to receive some shares for nothing, offering to manage them without
any trouble to me, so that I must gain to the amount of several
millions. So many people had already gained enormously by their own
exertions that it was not doubtful Law could gain for me even more
rapidly. But I never would lend myself to it. Law addressed himself to
Madame de Saint-Simon, whom he found as inflexible. He would have much
preferred to enrich me than many others, so as to attach me to him
by interest, intimate as he saw me with the Regent. He spoke to M. le
Duc d’Orléans, even so as to vanquish me by his authority. The Regent
attacked me more than once, but I always eluded him. At last, one day
when we were together by appointment at Saint Cloud, seated upon the
balustrade of the orangery, which covers the descent into the wood of
the goulottes, the Regent spoke again to me of the Mississippi, and
pressed me to receive some shares from Law.
“The more I resisted the more he pressed me and argued. At last he
grew angry, and said that I was too conceited, thus to refuse what the
king wished to give me (for everything was done in the king’s name),
while so many of my equals in rank and dignity were running after
these shares. I replied that such conduct would be that of a fool,
the conduct of impertinence, rather than of conceit; that it was not
mine, and that since he pressed me so much I would tell him my reasons.
They were, that since the fable of Midas, I had nowhere read, still
less seen, that anybody had the faculty of converting into gold all
he touched; that I did not believe this virtue was given to Law, but
thought that all his knowledge was a learned trick. A new and skilful
juggle, which put the wealth of Peter into the pockets of Paul, and
which enriched one at the expense of the other; that sooner or later
the game would be played out, that an infinity of people would be
ruined finally, that I abhorred to gain at the expense of others, and
would in no way mix myself up with the Mississippi Scheme.
“M. le Duc d’Orléans knew only too well how to reply to me, always
returning to his idea that I was refusing the bounties of the king.
I said that I was so removed from such madness that I would make a
proposition to him, of which assuredly I should never have spoken but
for his accusation.
Public-domain text, read in full here on John Shaqi.
John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc. — John Shaqi
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