Maumee express. [volume] (Maumee City, Ohio) 1837-1838, 1837-04-22
RATEs or ApyERrIsINa.


From the American Monthly for March.
AN ACCOUNT OF THE MISSISSIPPI
SCHEME OF JOHN LAW.
It is often curious to observe how fre-
quently mankind are found acting over
the same scenes. Turn back into the
page of History, and you will discover
whole periods Of popular excitement and
delusion, which seem to be the exact pro-
totypes Of what is going on in your own
times. Whether it be that the passions
and propensities ofmen are so much alike
in all ages and countries, that they will
always, from a kind of necessity, under
similar circumstances, be found doing
precisely the same things, in spite of the
warnings of history: or whether it be
that there is kind OF procession in hu-
man affairs, and only limited number
-ofchanges through which human actions
can be rung, it is not easy to determine.
JOHN LAW, the author of the most
splendid and daring speculation that the
world ever saw, was the son of William
Law, a goldsmith and banker of Eden
burgh; and was born in that city on the
3lst of April, 1871. In early childhood
he addicted himself to the study of math-
ematics; and as he advanced into youth,
gave great attention to the subjects of f.
nance and political economy. While he
was still very young, he was employed
by the government Of Scotland to man
age the public accounts of the kingdom,
which were in the greatest confusion,
and to settle public revenues and dis
bursements upon some permanent sys-
TEN of finance "a task which he perform
ed with great ability. His father died
in 1855, leaving him a respectable for
tune, but one by no means equal 10 his
habits of life, or bis love Of great opera
tions. He Immediately went to London,
the great theatre of enterprise and ad-
'venture,to push his fortunes in the world.
His fine figure, his many accomplish
ments, his fondness for deep play, and.
above all, most extraordinary talent
Tor calculating chances and winning wa
.sgsers, soon made him extremely popular
: and notorious in the fashionable world.
! But he had not been long in London be-
fore he killed gentleman in a duel, which
grew ont of AN affair of galantry, and
was obliged to leave the kingdom. He
passed over to the Continent. and there
spent his time in studying his favorite
subjects of trade and finance. and in prac-
aising his talent for gaming and betting.
In l70O he returned to Scotland, and in
december of that year published at Ed
inburgh work called Proposals and
Reasons for constituting a Council of
Trade" This book, the object OF which
waste difuse more accurate and liberal
motions on the subjects of trade and COM
Fmerce that were then prevalent, was
sound in lis reasonings and proposals.
But 1t did not excite any great attention,
and was not noticed by the governm ent.
lin the year l705, he submitted propo-
-sition to Parliament for the establishment
Ola paper currency, as machine with
(which to manage and pay the public debt;
and his scheme went SO far as to propose
Issues Of paper to the extent of the value
ofihe whole landed property of the coun-
try. Il was rejected by the influence of
The landed interest. Disappointed at not
being able to make any thing succeed at
home, he went again upon the Continent,
and for five or six years rambled up and
down Europe, leading the life of game
ster and financial protector. During this
period he arrived at Turin, the capital
of the Duke of Savoy, and submitted to 4
the reigning Duke.a PROJECT for manag
ing his revenues, and carrying on the
trades Of his dominions, by great joint
stock company. The Duke was for a
while amused with the project, but saw
through its iallacy. Your scheme is
plausible one,' said he, but when you
have put all the money of my subjects
intothe Golfers ofyour company, ] should
be glad to know what they are to pay
their taxes with-Y As this was ali impure
ry to which there was no answer to be
made, the protector made his bow, and
xetised-ffom the Court of Turin.
During his rambles up and down Eu-
rope, Law,had acquired, by play and by
his ingenuity in betting, fortune gilmore
than 100000; and with he went and
established himself at Paris in TIA. The
finances and public credit ofFrance had
fallen into lnostidisastrous confusion du-
ring the long reign of Louis XIV, who
was just then dying; and Law 'discov- {
cred in this state Of things an excellent {
tomake his peculiar talents !
useful TO the new government which {
should come into power on the death Of !
the old king. Louis XIV. died, and was
succeeded by his grandson, then mere Fl