Washington sentinel., 1854-02-28
JOHN LAw--A sRIng skEEOH or HIN.
THE FAMOUS x1ssIssIrrI SCHEME.

THE FAMOUS MISSISSIPPI SCHEME.
The january number Of Homans's Bankers
Magazine contains very interesting history Of
the celebrated John Law, the protector of the
well-known Mississippi scheme and the author
of paper money in France. Laws life is al
most like romance. He was born in Edin-
burg in l76l. His father was both goldsmith
and banker. Young Law entered into his
fathers business at the age Of seventeen. He
studied diligently the principles of banking.
When his father died, he inherited his property,
quit the business, and lived extrayaganty in
London. Several years passed. Meanwhile he
became famous gambler. His success was
astonishing. But reverses came, and close on
the heels of them duel, in which ne killed his
adversary. He narrowly escaped the gallows.
He then wandered all over Europe, and was
distinguished in all the chief cities as bold
adventurer and successful gamester. But
still he devoted many of his hours to the
study of financial affairs. He conceived q
theory in reference to paper money, which he
proposed to several potentateA for ne kept high
company. Amongst others, he made the ac-
quaintance, in the gambling saloons Of Paris,
of the Duke of Orleans, who became convert
to his theory. The King Louis XIV. died.
The duke became regent. He found France
bankrupt and knew not what to do. Law op.
portunely made his appearance, and proposed
to the regent the scheme about which they had
SO often conyersed 1t was adopted. The re-
suits we're startling. In the course Of year,
Laws notes rose to fifteen per cent. premium
attracted the attention Of the whole kingdom,
and his credit rose from day to day. Branches
of his bank were almost simultaneously estab-
lshed at Lyons, Rochelle, Tours, Amiens, and
Orleans.
Cheered by success, Law commenced the fa-
nous project which has handed his name down
to posterity. He established, with the consent
Of the regent, company that should have
the exclusive privilege Of trading to the great
river Mississippi, and the province Of Louisiana
on its western bank The country was sup
posed to abound in precious metals. The capi-
tai was divided into 100000 shares Of 500
livres each.
Laws bank had worked such financial mira
cles that everybody expected the same dazzling
success from the Mississippi scheme" The
phrenzy Of speculation seized upon the mobiles
and upon the masses. Everybody, high and
low, wanted the stock. Crowds of thousands
upon thousands thronged Laws house to buy
the stock. Dukes and duchesses would wait
for hours for an audience. Men who we're poor
in the morning found themselves rich at night.
But at length, both Of his schemes failed.
France was thrown into worse condition than
ever. The people who had worshipped Law,
now became incensed against him. Those who
had humbly craved audience Of him now de-
manded his execution; for ruin, and through his
means, had fallen upon thousands. He quit
Paris poor, when he might have amassed mil
lions. He resumed his old occupation of
gaming, and finally died in straitened circum-
stances. 1t seems that he was q sincere be-
lever in his schemes, and attributed their failure
to mislnanagement.