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
When twenty-one years of age, Law, with the feeling of independence
due to the competency with which he had been provided by his father,
desired to find a wider field for the proper display of his various
accomplishments, and accordingly found his way to London, whence he
made frequent visits to Tunbridge Wells, Bath, and other popular places
of pleasure of the day. There he mixed with the highest social and
political circles, to which his talents obtained him ready access, but
in a society where gambling, hard drinking, and general dissipation
were marks of distinction, Law’s popularity made serious inroads in
a very short time upon his pecuniary position. An accumulation of
debts necessitated a re-arrangement of the fee of Lauriston in order
to provide for their payment. This he conveyed to his mother in
consideration of her advancing the requisite sum, and whatever other
money he required for immediate and legitimate purposes. The burden
thus imposed upon the estate, however, was not to be allowed to remain.
By severe economy his mother was able within a comparatively short
period to remove it, and to secure the estate free of encumbrance in
entailed succession to her family.
An event, however, shortly occurred, which almost resulted in an
ignominious termination to Law’s career, but, as it happened, he
succeeded in escaping its consequences although it necessitated his
departure from the country. As an exponent of masculine fashions, he
had a rival in one Edward Wilson, a younger son of a Leicestershire
landlord. Their rivalry, as may be judged, did not conduce to friendly
relations, and ill-concealed feelings of hatred existed between the
two. This Wilson had been an ensign in Flanders, but having resigned
his commission--from what cause it is not known, whether it was that
his daintiness rebelled against the roughness of soldiery or that his
courage was not equal to its dangers--he found his way to London,
and there was a source of the greatest mystery to his friends and
associates. Possessed of little or no patrimony, he yet maintained a
magnificent establishment with an army of servants, and drove a coach
and six. His lavish entertainments, and his social splendour, were the
envy of the wealthiest. With unlimited credit, he nevertheless incurred
no debts but were speedily paid, and on his death left no estate or
evidence of the source of his abundant means.
Public-domain text, read in full here on John Shaqi.
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