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
Law’s mother, although no more than an ordinary degree of womanly
grace and force of character can be attributed to her, possessed what
was of equal, if not of greater, value at such a juncture as this,
when the loss of the head of a family may mean so much--a capacity to
direct with prudence, tact, and business capacity the affairs of her
estate. The family was large; of eleven children nine survived, and
the burden imposed upon her resources by the education and maintenance
of so many, without entailing at least outward change of appearance,
is eloquent testimony to her cautious and careful management. Upon Law
himself she bestowed the greatest concern, continuing his education
upon the lines directed by his father, and in particular giving him
every encouragement towards the study of mathematics, in which his
youthful mind took the deepest delight. At an age when the majority of
children have merely mastered the preliminary stages of a branch of
knowledge presenting so many difficulties--and seldom indeed caring
or willing to go beyond its threshold--Law was able to find the most
genial occupation in solving the most complicated problems in geometry,
and in comprehending the subtleties of algebraic formulæ. At a time
also when political economy as a science was undeveloped, and
when the dominating principle of finance consisted of meeting daily
exigencies by daily expedients, Law devoted a considerable portion of
his time to inquiring into the basis of national and private credit,
the laws governing the currency of money, the problems of taxation,
and generally all the intricacies of economic phenomena that presented
themselves to his observation. The theories which he formulated as
scientific explanations of these phenomena indicate a philosophic grasp
of mind, although they may now appear crude and untenable, and bear
the marks of his proneness to hasty conclusion. They soon, however,
procured for him distinction as an economist of novel ideas, and formed
the foundation for the development of the various schemes by which he
afterwards acquired a European reputation.
Added to his undoubted intellectual abilities, Law possessed an
engaging manner, a generous disposition, and a handsome personal
appearance. By his fastidiousness in dress, he gained a degree of
notoriety amongst his fellows, and was known amongst the ladies of his
acquaintance by the appellation of Beau Law, whilst the gentlemen of
the city conferred upon him the nickname of Jessamy John.
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