on which he calculated; and the Duke of Orleans finally suffered
himself to bo led away by the brilliant prospect which was flashed before
his eyes by the Scotsman, Law, who had now for more than two years been
settled in France.

[Illustration: John Law----62]

Law, born at Edinburgh, in 1611, son of a goldsmith, had for a long time
been scouring Europe, seeking in a clever and systematic course of
gambling a source of fortune for himself, and the first foundation of the
great enterprises he was revolving in his singularly inventive and daring
mind. Passionately devoted to the financial theories he had conceived,
Law had expounded them to all the princes of Europe in succession. "He
says that of all the persons to whom he has spoken about his system, he
has found but two who apprehended it, to wit, the King of Sicily and my
son," wrote Madame, the Regent's mother. Victor Amadeo, however, had
rejected Law's proposals. "I am not powerful enough to ruin myself," he
had said. Law had not been more successful with Louis XIV. The Regent
had not the same repugnance for novelties of foreign origin; so soon as
he was in power, he authorized the Scot to found a circulating and
discount bank (_banque de circulation et d'escompte_), which at once had
very great success, and did real service. Encouraged by this first step,
Law reiterated to the Regent that the credit of bankers and merchants
decupled their capital; if the state became the universal banker, and
centralized all the values in circulation, the public fortune would
naturally be decupled. A radically false system, fated to plunge the
state, and consequently the whole nation, into the risks of speculation
and trading, without the guarantee of that activity, zeal, and prompt
resolution which able men of business can import into their private
enterprises. The system was not as yet applied; the discreet routine of
the French financiers was scared at such risky chances, the pride of the
great lords sitting in the council was shocked at the idea of seeing the
state turning banker, perhaps even trader. St. Simon maintained that
what was well enough for a free state, could not take place under an
absolute government. Law went on, however; to his bank he had just added
a great company. The king ceded to him Louisiana, which was said to be
rich in gold and silver mines, superior to those of Mexico and Peru.
People vaunted the fertility of the soil, the facility offere