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
Notwithstanding Stair’s efforts, however, the English government were
not inclined to adopt his views as to Law’s designs, and indicated
that he had simply allowed himself to be carried away by pique and bad
temper. Stair could not of course allow an accusation such as this to
pass unchallenged and replied, “God knows, that I was only actuated by
feelings of zeal and of attachment towards my King and to my country.
I have spoken truly, as a clear-headed man, whilst you have treated
me as a dreamer; although I can say, without conceit, that you have
reason to trust me and to distrust those to whom you have given trust.
I do not speak of Lord Stanhope. I know him to be an honest man, and
a faithful servant of the King. I respect him and honour him; and
although I have had cause to complain of him, I have no resentment
against him. He believed he was serving the State in humiliating me. He
was deceived. Any man can be deceived. I’ll be bound for it, if you had
left it to me, Law would have been lost at the present moment, and the
understanding between the King and the Duke of Orleans would have been
closer than ever. At the present time it is necessary to think as soon
as possible about sending another minister to this court. For God’s
sake, send an honest man here before everything; and a clever man if
you can find him.”
Stair seems to have created an impression in the mind of his government
that he wished the King to demand from the Regent a promise that he
would depose Law from office at the risk of going to war; and early in
March, Mr. Secretary Craggs wrote that the King would not entertain
such a proposal. Stair had not, however, reduced the matter to such an
issue, and on 12th March stated clearly the position he had taken up.
“I must beg pardon,” he wrote, “to say two things, first that I never
did put things upon that issue, and in the next place, that there was
no need of putting things upon that issue. You will find in my letters
that I represented to the Duke of Orleans that Law, by his vanity and
presumption, was leading him into great dangers and inconveniences,
both at home and abroad; that Law, by going too fast, and by taking
arbitrary measures, was in a way to ruin his Royal Highness’s credit
with the nation, and to overturn the whole system of the finances; and
that, at the same time, Law was, by his discourse and conduct, doing
everything that lay in his power to destroy the good understanding
between the King and the Regent, and between the Regent and the rest
of his allies, and I bade the Regent beware how he trusted the reins
of his chariot to that Phæton Law, because he would overturn it. The
answer the Regent made me to these representations was, that he knew
that vanity and ambition had turned his head; but that he, the Regent,
would take care to keep a hand over him, and to contain him within
bounds in the management of the finances; that he should have nothing
Public-domain text, read in full here on John Shaqi.
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