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
resorted to his stall to carry out their transactions. By these means
he drew an income of 50,000 livres per month.
But these and other similar methods of acquiring fortunes were only
incidental to the main business of the Rue Quincampoix. Great and
unexpected fortunes were made by speculators in the Company’s shares,
and these by no means were confined to the wealthy capitalists or
even persons possessed of moderate sums available for operation.
The methods provided for exchange were of the crudest description,
and provided means of amassing wealth for those who were absolutely
without capital but were unscrupulous enough to take advantage of the
opportunities that were opened up to them. Innumerable instances are
recorded where servants, the most menial, enriched themselves in this
way. One shareholder desirous of disposing his holding was too unwell
to carry out the sale himself and sent his servant to carry through the
transaction. He was instructed to sell two hundred and fifty shares at
8000 livres per share. On arrival at the Rue Quincampoix, he found the
shares had meanwhile risen to 10,000 livres. The difference of 500,000
livres he retained, and with it speculated further until he succeeded
in multiplying it four times, when he retired from the scene of his
good fortune to enjoy the fruits of his ill-earned money. Another,
who had been entrusted with the realisation of two hundred shares,
took advantage of the rapidly rising market to postpone the disposal
of them until the price enabled him to obtain 1,000,000 livres beyond
their value on the day upon which they were handed to him, and this he
regarded as his own, only paying to his principal the price they would
have brought had they been immediately realised.
Public-domain text, read in full here on John Shaqi.
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