The history of the famous Comptroller-General, whose fertile brain
evolved the Mississippi Scheme, is too well-known to repeat here;
but it is only just to his memory to say that he was no ordinary
speculator. He believed as firmly in the reality of these golden
dreams as the most enthusiastic of his followers; and his system
appears to have been founded on a real intention to extend the
commerce and improve the credit of France. It was against his
wish, and in opposition to his advice, that the fatal edict was
promulgated, which, by lowering the value of the bank-note, brought
about the downfall of public credit; and in the crash that followed
Law lost everything, including the large private fortune he had
inherited from his father. The end of his life was a sad one, for he
died at Venice in great poverty in 1729, at the comparatively early
age of fifty-seven. It is a touching trait of his character, that,
even in the height of his power and prosperity, his thoughts still
fondly turned to his distant Lauriston. Archibald, Duke of Argyle,
then Lord Islay, relates that, going to wait upon him by appointment,
he found the antechambers filled with persons of the highest
quality in France. Being by special order admitted to Law's private
apartments, he found him writing what, from the number and the rank
of those left to await his leisure, he took to be most important
despatches. On saying this to his old friend, to his amusement he
learnt that Law was only writing to his gardener at Lauriston, and
giving him directions to plant cabbages in a particular spot. This
was at a time when he stood at a giddy height, which few subjects
have ever reached. He was the object of the adulation, almost the
worship of the whole nation. After his death, and that of his only
son, Lauriston Castle passed to his brother William and to his
descendants, who were all in the French service.[64]
[64] The Laws of Lauriston bear ermine, a bend between two cocks,
gules. The cock in their arms is supposed by Nisbet to refer to the
concluding part of the crow of that bird having a similar sound to
the name Law.
William Law's son was Baron de Lauriston and Governor of Pondicherry.
His grandson was Napoleon's distinguished general, Alexander, Marquis
de Lauriston (born 1768, died 1828). He served in most of Napoleon's
campaigns, and was sent on important embassies to London and St.
Petersburg. After the Restoration he reconciled himself to the royal
family, and was given various posts at court, and finally was created
Maréchal de France in 1823. His son Auguste was an almost equally
distinguished officer. When hardly more than a boy, he served in the
Imperial campaigns from 1808-1814. He carried on the line of the
family in France, where they still exist, and are known by their
French title. Their Scottish home was sold early in this century
to Mr. Allan, a banker in Edinburgh. It has since belonged to Lord
Rutherfurd, and is now the property of Mr. Macknight Crawford.
Public-domain text, read in full here on John Shaqi.
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