The Mississippi Bubble: How the Star of Good Fortune Rose and Set and Rose Again, by a Woman's Grace, for One John Law of LauristonHough, Emerson
General
The Mississippi Bubble: How the Star of Good Fortune Rose and Set and Rose Again, by a Woman's Grace, for One John Law of Lauriston
Hough, Emerson
Law, John, 1671-1729 -- Fiction
"Let us take up this matter directly with Parliament, not seeking to
evade the knowledge of Parliament in any fashion; for, as we know, the
Parliament and the king are not the best bed-fellows these days, and the
one is ready enough to suspect the other. Let us have a bill framed for
Parliament--such bill made upon the decisions of these learned gentlemen
present. Above all things, let us act with perfect openness.
"As to the plan itself, it seems that a few things may be held safe and
sure. Since we can not use the old coin, then surely we must have new
coin, milled coin, which Charles, the earlier king of England, has
decreed. Surely, too, as our learned friend has wisely stated, the loss
in any recoinage ought, in full justice and honesty, to fall not upon
the people of England, but upon the government of England. It seems
equally plain to me there must be a day set after which the old coin may
no longer be used. Set it some months ahead, not, as my Lord Keeper
suggests, but a few days; so that full notice may be given to all. Make
your campaign free and plain, and place it so that it may be known, not
only of Parliament, but of all the world. Thus you establish yourselves
in the confidence of Parliament and in the good graces of this people,
from whom the taxes must ultimately come."
Montague's hands smote again upon the table with a gesture of
conviction. John Locke shifted again in his chair. Sir Isaac and the
lord keeper gazed steadfastly at this young man who stood before them,
calmly, assuredly, and yet with no assumption in his mien.
"Moreover," went on John Law, calmly, "there is this further benefit to
be gained, as I am sure my countryman, Mr. Paterson, has long ago made
plain. It is not a question of the wealth of England, but a question of
the confidence of the people in the throne. There is money in abundance
in England. It is the province of my Lord Chancellor to wheedle it out
of those coffers where it is concealed and place it before the uses of
the king. Gentlemen, it is confidence that we need. There will be no
trouble to secure loans of money in this rich land, but the taxes must
be the pledge to your bankers. This new Bank of England will furnish you
what moneys you may need. Secure them only by the pledge of such taxes
as you feel the people may not resent; give the people, free of cost, a
coinage which they can trust; and then, it seems to me, my Lords and
gentlemen, the problem of the revenue may be thought solved simply and
easily--solved, too, without irritating either the people or the
Parliament, or endangering the relations of Parliament and the throne."
The conviction which fell upon all found its best expression in the face
of Montague. The youth and nervousness of the man passed away upon the
instant. He sat there sober and thoughtful, quiet and resolved.
Public-domain text, read in full here on John Shaqi.
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