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 magnitude and diversity of interests to which Law’s time and
attention was now devoted were such as to cause him to enlist the
services of his brother, William Law, a man of parts but much inferior
in ability to his more brilliant brother.
William Law was first appointed representative of the Bank on the
London Exchange, and so great was the standing of the Bank in the
opinion of English commercial circles that the bulk of remittances
for France passed through his hands. His business capacity, however,
was such as to warrant Law in bringing his brother over to Paris, and
accordingly a London office was established in the Strand under the
management of one George Middleton. Before setting out for Paris,
William Law had made arrangements for the importation into France
of considerable numbers of skilled workmen, chiefly gold and silver
smiths. It had always been one of Law’s objects to develop France
into a great industrial nation, and one of the methods he adopted to
accomplish this end was to rob England of its best workmen by offering
substantial inducements. A factory was established at Versailles in
which it was intended to carry on, on a large scale, a business which
would gradually absorb certain classes of trade that had hitherto been
practically the monopoly of British manufacturers. Success however
did not come as Law had anticipated. No doubt his efforts were a
stimulating influence, but he was to discover that trade, which was not
of natural growth, seldom prospered by purely artificial means.
William Law on his arrival in Paris was received with that welcome
which his relationship with the Comptroller-General naturally secured
for him. He was introduced immediately to the Regent, and was not
only made one of the directors of the Bank, but was also appointed
to the office of Postmaster-General--a circumstance which alone
indicates the commanding influence Law exercised over the Regent and
the government of France. These two brothers lived in princely fashion
in Paris, honoured and courted by everyone from the Regent downwards.
Each accumulated enormous wealth, but directed its investment into
different channels. William purchased land and estates in his native
country, not that he foresaw the possibility of the collapse of his
brother’s schemes, but because he had no desire to permanently settle
in France. John, on the other hand, with the intention of becoming
a Frenchman so far as that was possible in spite of his origin,
acquired great estates throughout the land of his adoption, and thus
incidentally evinced his confidence in the sterling value of his
financial schemes. His nephew compiled a list of his more important
investments, aggregating almost 8,000,000 livres:--
Public-domain text, read in full here on John Shaqi.
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