Law, John

Born: Apr, 1671 AD
Died: 1729 AD, at 57 years of age.

Nationality: Scottish
Categories: Bankers


1671 - A Scottish economist, best known as the originator of the "Mississippi scheme," was born at Edinburgh in April.

1694 - In London he gambled, drank and flirted till in April, a love intrigue resulted in a duel with Beau Wilson in Bloomsbury Square. Law killed his antagonist, and was condemned to death. His life was spared, but he was detained in prison.

1705 - He propounded plans for the relief of his country in a work entitled "Money and Trade Considered", with a proposal for supplying the nation with money.

1708 - He was in Paris, and made some proposals to the government as to their financial difficulties, but Louis XIV declined to treat with a "Huguenot," and d'Argenson, chief of the police, had Law expelled as a suspicious character.

1716 - By an edict on the 2nd of May, a private institution called La Banque generate, and managed by Law, was founded.

1717 - By a decree on August, Law was allowed to establish the Compagnie de la Louisiane ou d'Occident, and to endow it with privileges practically amounting to sovereignty over the most fertile region of North America.

1719 - The system was now complete; but it had already begun to decay. In December it was at its height.

1720 - The system collapsed, and Law fled France in disgrace. He left France secretly on December and resumed his wandering life.

1729 - He died at Venice, poor and forgotten, on the 21st of March.
Page last updated: 11:58pm, 07th Mar '07
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