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
The excitement and frenzy however reached its highest point in the Rue
Quincampoix. Here was the Stock Exchange of the day. A short narrow
street of fifty yards in length and two or three in breadth, it ran
from the Rue aux Ours to the Rue Aubry-le-Boucher, and contained the
offices and houses of the bankers of the period. So confined was it
that the crowds of speculators entirely blocked it as a thoroughfare,
and drivers were prohibited from making use of it. Gates were erected
at each end, and guards with drums were stationed to inform people
when the street was opened or closed for business. Other restrictions
were imposed upon the use of the street. The entrance by the Rue
Aubry-le-Boucher was reserved for members of the aristocracy, and that
by the Rue aux Ours for all others, but inside the gates no distinction
of rank was respected. On Sundays and fête days the street was closed
altogether, and in order that business might not proceed to hours which
would disturb the rest of those who resided in the neighbourhood the
guards were ordered to clear the speculators from the street at a
reasonable hour in the evening.
As in the case of the tenants and proprietors of houses in the Rue
Vivienne, opportunity to even greater extent was afforded those who
resided in the Rue Quincampoix to let their houses as dwellings or
offices to the infatuated crowd of speculators. A house for which
a rent of eight hundred livres per annum was paid secured without
difficulty for its occupier a return of 5000 to 12,000 livres per
month, single rooms in many cases returning as much as 1500 livres per
month. Fortunes were made by many people who anticipated the demand
for accommodation and secured a number of houses at little above
their normal rent for the purpose of letting at these extravagant
figures. Curious, too, were the methods adopted by some for the making
of money. We read of a hunchback who converted his deformity to the
original and profitable use of a writing-desk. In a very few days he
had accumulated the sum of 150,000 livres from the fees he received
from the speculators who took advantage of the novel purpose to which
he put his hunch. The same eccentric occupation enabled a soldier,
possessed of very broad shoulders, to obtain his discharge from the
army and purchase an estate in the provinces to which he prudently
retired before the fever of speculation had enthralled him. We read
too of a cobbler who plied his trade in a very primitive manner under
four planks secured to a wall. The crowds of ladies who were drawn to
the Rue Quincampoix as interested spectators in its exciting scenes
suggested to the cobbler the means of gaining in a short time more
than the labour of a lifetime could secure for him. He furnished
his diminutive stall with chairs, and these he let out to ladies at
exorbitant charges gladly paid. He then added to his stock a supply of
pens and paper which were taken advantage of by brokers and others who
Public-domain text, read in full here on John Shaqi.
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