Visitors to Venice whose curiosity may have led them into the church of S. Moisè, will remember to have seen there a monument to a famous Scotchman--John Law. This is the last home of an outlaw, a gambler, and an adventurer, who, by his amazing skill and effrontery, plunged the regency into a vortex of speculation, and for a time controlled the finances of France. He persuaded the regent that by a liberal issue of paper money he might wipe out the accumulated national deficit of 100,000,000 livres, revive trade and industry, and inaugurate a financial millennium. In 1718 Law's Bank, after a short and brilliant career as a private venture, was converted into the Banque Royale, and by the artful flotation of a gigantic trading speculation called the Mississippi Company, the bank-notes and company shares were so manipulated that the latter were inflated to twenty times their nominal value. The whole city of Paris seethed in a ferment of speculation. The premises of the Banque Royale in the Rue Quincampoix were daily besieged by a motley crowd of princes, nobles, fine ladies, courtesans, generals, prelates, priests, bourgeois and servants. A hunchback made a fortune by lending his back as a desk; lacqueys became masters in a day, and a _parvenu_ footman, by force of habit, jumped up behind his own carriage in a fit of abstraction. The inevitable catastrophe came at the end of 1719. The Prince of Conti was observed taking away three cartloads of silver in exchange for his paper. A panic ensued, every holder sought to realise, and the colossal fabric came down with a crash, involving thousands of families in ruin and despair. Law, after bravely trying to save the situation and narrowly escaping being torn in pieces, fled to poverty and death at Venice, and the financial state of France was worse than before. Law was not, however, absolutely a quack; there was a seed of good in his famous system of mobilising credit, and the temporary stimulus it gave to trade permanently influenced mercantile practices in Europe. In 1723, Louis XV. reached his legal majority. The regent became chief minister, and soon paid the penalty of his career of debauchery, leaving as his successor the Duke of Bourbon, degenerate scion of the great Condé and one of the chief speculators in the Mississippi bubble. A perilous lesson had two years before been instilled into the mind of the young Louis. After his recovery from an illness, an immense concourse of people had assembled at a _fête_ given in the gardens of the Tuileries palace; enormous crowds filled every inch of the Place du Carrousel and the gardens; the windows and even the roofs of the houses were alive with people crying "_Vive le roi!_" Marshal Villeroi led the little lad of eleven to a window, showed him the sea of exultant faces turned towards him, and exclaimed, "Sire, all this people is yours; all belongs to you. Show yourself to them, and satisfy them; you are the master of all."