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
In the middle of January, 1720, Lord Stanhope intimated the recall
of Lord Stair to the French minister, and a few days afterwards it
was known throughout Paris. The manner of his recall was by no means
courteous, but Lord Stair received the news with apparently unruffled
temper, and expressed no regret in dimitting office since he recognised
the difficulty and the delicacy of the position in which he had placed
himself. Notwithstanding, however, the manner of his discharge--a
discharge which was virtually a disgrace--he declared that it would
not alter his unchangeable devotion to the service of his King and
country. So serious a view did the English government take of the
probable consequences of Stair’s efforts to circumvent Law that they
deemed it necessary to send Lord Stanhope himself to Paris in order to
conciliate Law and to disclaim any animosity on the part of England
towards him. Such a step showed at once a callous indifference to the
feelings of Lord Stair, and greatly gratified Law, who seemingly
occupied the proud position of being able to bring England to the
humiliating necessity of asking his pardon for the hostility to him
of her minister. Stanhope also promised to give Law’s son a regiment,
and to secure that a writ of summons should be issued calling Lord
Banbury, his brother-in-law, to the House of Lords, a question as to
his title having arisen which had hitherto denied him this privilege.
Lord Stair refers to this step by his government in a letter dated 14th
February, 1720. “As to Lord Stanhope, I have ever had a very great
value and esteem for him; and I have upon all occasions endeavoured to
give him the sincerest proofs of my friendship and faithful attachment
to him; and I dare say it, with great truth, that I have not given him
the least reason to complain of me personally. I am sorry if I have
not been able to deserve his esteem, but I am sure I have deserved his
friendship, at least his good-will. What has happened lately, I own to
you, has piqued me very much, especially the manner of doing it; but
I reckon that has proceeded from his views as a minister, in which I
think he has been very much mistaken. I shall readily agree with you
that if his lordship has gained Mr. Law, and made him lay aside his
ill-will and ill-designs against his country, he did very right to make
all sorts of advances to him, to give his son a regiment, to engage to
bring Lord Banbury into the House of Lords, to sacrifice the King’s
ambassador to him. If I had thought Mr. Law to be gained, I should
very readily have advised to do all these very things and a great deal
more. But if his lordship has not gained Mr. Law I am afraid we shall
not find our account in Lord Stanhope’s supporting, when he is ready
to fall, in making him first minister, and in destroying the personal
credit I had with the Regent, and recalling me from this court, when
my long stay should have enabled me to be better able to judge of
Public-domain text, read in full here on John Shaqi.
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