John Law of Lauriston: Financier and Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc. — John Shaqi
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
Amusing too, are many of the stories of those who found themselves so
suddenly raised from extreme indigence to excess of wealth. Carriages
thronged the streets whose occupants were formerly coachmen and
footmen, cooks and scullery-maids, butlers and valets. A footman who
had established himself in a palatial residence betrayed his former
station by mounting behind his own carriage instead of entering it,
and when reminded of his mistake excused himself by the remark that he
wished to engage more footmen, and desired to know if there were room
for them. Another footman, according to the Regent’s mother, was in
the habit of doing the same thing, but in his case intentionally, in
order that he might the more experience the pleasure of the change his
newly gained wealth had brought to him. Amongst menials none were more
fortunate than those who were in attendance on Law himself. It is said
that his coachman, having made for himself a competency, desired to
leave the financier’s service, and on expressing his desire to Law was
allowed to do so on condition that he provided a substitute. This was
naturally easily complied with, and in a short time he returned with
two suitable men, of whom he offered one to Law, mentioning that he
intended retaining the other for himself.
[Illustration: DUC D’ORLEANS,
Regent of France during the minority of Louis XV.]
It was, however, amongst the higher ranks of society that the greatest
scramble for wealth took place, and amongst the entourage of the
court that the deepest gambling in shares was indulged in. Peers,
court favourites, ladies of fashion, judges, bishops, and practically
everyone of standing in society or in the public service, were to be
found day after day in the Rue Quincampoix, engaged in the purchase
and sale of the Mississippi stock. The Regent himself was one of the
most successful participants in the national gamble, and with princely
and lavish generosity, marked his sudden and easy access of enormous
wealth. Amongst charitable institutions he distributed several million
livres, giving in particular one million each to the Hotel-Dieu, the
Hospital General, and the Foundlings. The debts of prisoners to the
extent of one and a half millions were discharged, and to many of his
friends he gave gifts of varying, but extravagant, amounts. The Marquis
de Nocé, the Count de la Motte, and the Count de Roie, were each
recipients of 100,000 livres, and the Count de la Marche, a child of
thirteen years, son of the Prince de Conti, had conferred upon him a
pension of 60,000 livres. He also increased by 130,000 livres, the
pension enjoyed by his mother, the Princess Palatine, who wrote in her
letters that “we hear nothing but millions spoken of now; my son has
given me two millions in shares, which I have distributed among my
household. The King has also taken some millions for his household. All
the royal household have received some, all the children of France, the
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