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 order that the Company and the Bank might be housed in a style of
magnificence befitting the brilliance of their careers, the Hotel
Mazarin had been purchased at a cost of one million livres. Both
were now under one roof, and Law was thus enabled to devote himself,
with greater ease and less inconvenience, to their management. This
was all the more necessary since the Bank and the Company, although
nominally distinct and separate undertakings carrying on different
classes of business, were yet in reality part and parcel of the same
system, engaged in accomplishing the same ultimate objects and working
in co-operation in all their transactions. Of both, Law was the
controlling spirit. The Bank, now the property of the Crown, was placed
entirely under the management of its founder upon whom no restrictions
were laid, and the Company although under the directorate of thirty
proprietors was equally in his hands. Their will was invariably his
wish, and in everything they yielded with ready compliance to the
suggestions of the great financial genius.
While the Hotel Mazarin was the centre from which the fuel for the
prevailing excitement was distributed, its intensity was only really
felt and displayed in another quarter. When the day of issue of shares
arrived, the Rue Vivienne in which the Company’s offices were situated,
and all the adjoining streets and squares, were crowded by speculators
of all degrees. Unseemly rushes took place amongst the throng. Each one
regarded his neighbour as a rival for the possession of the coveted
scrip, and crushed and jostled himself though the crowd towards the
enchanted building so that he might be amongst the first to enter when
its doors were opened to hand over the shares to successful applicants.
Lemontey compared them to a phalanx which “advanced for several days
and nights towards the Exchange office, like a compact column, which
neither sleep, hunger, nor thirst could destroy. But at the fatal cry
which announced the delivery of the last share, the whole vanished at
once.” So great was the number of applicants that on several occasions
considerable difficulty and delay were experienced in compiling the
lists of allottees. Public patience at these times was thoroughly
exhausted, and gave way to frantic disorder and not infrequently to
scenes of violence. The aristocracy, in order that they might not
be compelled to mix with the crowds on the street in their patient
wait to know the result of their efforts to secure allotment, rented
rooms and houses in the Rue Vivienne, and so great was the demand for
accommodation that fortunate proprietors were in a position to charge
the most exorbitant rates.
Public-domain text, read in full here on John Shaqi.
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