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
By birth, Law belonged to a family which held a position of
considerable social rank and influence in the Scottish capital. He was
born at Edinburgh, on the 21st of April, 1671, and his father, William
Law, described in the records of his time as a goldsmith carrying on
business in the capital, followed a profession more nearly allied
to that of banking as now understood. Some conflict appears to have
existed as to his lineage, but on the authority of Walter Scott,
Writer to the Signet, father of Sir Walter Scott, who acted for some
time as agent for the family, it may be taken that Law was the grandson
of James Law of Brunton, in Fife, by Margaret, daughter of Sir John
Preston, Bart. of Prestonhall, and great-great-grandson of James Law,
Archbishop of Glasgow from 1615 to 1632. The claim of his mother, Jane
Campbell, to relationship with the ducal house of Argyll may have been
somewhat remote, but is not at all improbable.
With a view no doubt to educating his son to a career which the
fortunes of the family were sufficient to enable him to follow, and
perhaps because he early perceived evidences of uncommon capacity,
William Law embraced every opportunity which the educational facilities
of the time afforded. In order to put him beyond the possible
prejudicial influences of the city, he sent young Law at an early age
to Eaglesham, where he was placed under the care of the Rev. James
Hamilton, whose son subsequently married his eldest sister. There
he received his early education in a school established by the Rev.
Michael Rob, the first Presbyterian minister ordained after the liberty.
Unfortunately for the future of his promising son, William Law died
in 1684, and to his mother’s care, but probably less restraining
influence, young Law was now entirely entrusted. In the year preceding
his death, however, William Law had acquired territorial dignity by the
purchase of the estates of Lauriston and Randleston, situated along
the Firth of Forth a few miles west of Edinburgh, the right to which
was taken in life-rent for himself and his wife, and in fee to John
Law, their eldest son.
[Illustration:
_From a Photograph._
LAURISTON CASTLE.]
Public-domain text, read in full here on John Shaqi.
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