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
take any notice of it; but at the same time, it will behove us to exert
ourselves to find out ways, without loss of time, to get rid of the
pressure of the public debts.”
A few days later Lord Stair had apparently concluded that he was
powerless to stem the advance of Law’s influence, and writes
accordingly--“Supposing I had talents, and that I were fitter to serve
you at this court than another; you will be obliged to change your
minister. You may depend on it, this court, with their fortune, will
change their measures (_i.e._, their foreign policy); and they will
desire to have a man here that they may be either able to gain or
impose upon. You must henceforth look upon Law as the first minister,
whose daily discourse is, that he will raise France to a greater
height than ever she was, upon the ruin of England and Holland. You
may easily imagine I shall not be a minister for his purpose. He is
very much displeased with me already, because I did not flatter his
vanity by putting in Mississippi. I did not think it became the King’s
Ambassador to give countenance to such a thing, or an example to others
to withdraw their effects from England, to put them into the stocks
here; which would have been readily followed by many. I have been in
the wrong to myself, to the value of thirty or forty thousand pounds,
which I might very easily have gained if I had put myself, as others
did, into Mr. Law’s hands; but I thought it was my duty, considering my
position, not to do so.
“The Abbé told me, that if some people prevailed, measures would be
changed; that Torcy of late took the ascendant very much; and that
the Regent discovered a great partiality towards him; and that, if it
continued a little longer, he, the Abbé, would lay down. I am sure Law
is in this thing, for he will be for removing everything that does not
absolutely depend on him, and that can, in any manner, stand in his
way to hinder him to be first minister. Law’s heart has been set upon
that from the beginning; and we stand too directly in the way of his
ambitious views, for France to imagine that a good understanding can
subsist long between the nations, if he comes to govern absolutely.”
On 9th September, Lord Stair returns to the question of the
displacement of Dubois, and seeks to impress the government with what
he conceives to be the gravity of the situation. “I told you, in my
former letter, what the Abbé Dubois said to me upon the subject of
Torcy’s taking the ascendant over him in the Regent’s favour, and
of the close connection he, the Abbé, apprehended was between Torcy
and Law. He has since confirmed the same thing to me in several
conversations; and seemed to be in very great concern, and to have
thoughts of laying down, which I advised him not to do. The Abbé
likewise told me that there were many things which were hid from him;
and that he apprehended there was some change of measures.
Public-domain text, read in full here on John Shaqi.
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