The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1883-12-01

From the Gettysburg, Pa, Compiler
John Law, the originator of the "West-
ern Company" or the mississippi Com
pany," and afterwards the Company of
the Indies, was the son of goldsmith and
banker of Scotland. He was born and ed
ucated in Edinburg, being left an orphan
at the age of fourteen years. He became
so remarkably proficient in mathematics
that he could solve, with the greatest facil-
ity, the most difficult problems in that abb
struse science He also devoted his atten-
ton to the study of trade and manufactures,
of the principles of public and private
credit, and Investigated the theory and
practice of taxation, and all matters per-
tanning to the subject of political economy.
But he was yotary of pleasure as we'll
as of study, and whenever he emerged from
his closet, he was often to be found at the
gaming table, the racing ground, and in
dulged in convivial exploits of all sorts. In
1894, he paid visit to London, where his
wit, his graces, his manly beauty, his nu-
merous attainments, gained him admittance
into the best society His profusions, how
ever, of every sort, his love of deep play,
and his gallanties, soon rid him of his pa
trimonirl lands of Lauriston and Raudle-
ton. And thus in early life, through his
own folly, he is reduced to bankruptcy
A love intrigue brought him into colli-
sion with a Mr.. Wilson, whom he killed
in duel Tried for muder, he is found
guilty, sentenced to death, and pardoned
by the crown But an appeal was taken
by brother of the deceased, and the ap-
peal was pending before the Kings Bench,
when Law, not deeming 1t prudent to await
the result, escaped from his prison and fed
to the continent He was then but twenty
three years of age; bankrupt, a murderer,
and an outlaw.
To Holland he retired for an asylum,
During his stay they there he took care to
improve every opportunity to make himself
thoroughly acquainted with the constitu-
ton and practical operation of the Bank of
Amsterdam. He was not the man even in
foreign country, to remain long without
friends and protectors, but the phlegmatic
temperament of the Dutch not presenting
him with the materials which he wished
for the accomplishment of such schemes as
were ripening in his brain, and having re-
ceived assurances that he had no longer
anything to fear on account of the death OF
Wilson, he returned to Edinburg in 100,
and in the following year he published q
pamphlet under the title Of Proposals and
Reasons for establishing a Council of Trade, ="
The proverbial prudence of the Scotch re-
ceived this work with coldness.
law left Scotland and returned to the
continent, and rambled over Europe pro-
posing his financial system everywhere and
to everybody. During a short stay at
Turin, he pressed the subject on the King
of Sardinia, Victor Amadeus, but that
prudent sovereign answered ~ am not
rich enough to afford being ruined, France
is the proper field where your speculative
genius ought to cast its seed, where | am
sure your schemes will be to the taste of
my mercurial neighbors, and you will reap
rich harvest To them, therefore, l
would advise you to go"
This seemed to Law sensible advice.
He accordingly repaired to Paris with the
large sum Of two millions five hundred
thousand francs, which he had accumulat-
ed in successful gaming and specializing in
stocks and public funds. Soon after his
arrival Louis the Fourteenth died, which
was circumstance favorable to his project,
In l7l6, when the Duke of Orleans, as
Regent of France, Louis the Fifteenth be-
ing but child, found himself at the head
of the government, the financial situation
of France had become desperate. The
public debt was immense; it was legacy
bequeathed to the French nation by the
military glory of Louis the Fourteenth,
and the other pompous and expensive
vanities of his long reign. The conse-
queHce was that the load Of taxation was
Overwhelming, Merely to pay the inter
est of this debt, without any hope of d.
minishing the capital, with the resources
of the kingdom diminished as they were
seemed impossible, and the dangers of an
awful crisis became such that it was actu
ally proposed in the Council of State to
expunge the public debt by an act of ma
tional bankruptcy,
1t was at this time, when the wises
heads of France were not able to see then
way through the embarrassments of the
treasury, nor to relieve the distress OF tht
people, that John Law came forward witt
his panacea. 1t was to lquidate the deb
of the state, to increase the revenue, tt