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Law (JOHN a Scotch financier born)

JOHN, a Scotch financier; born in Edinburgh, Scotland, April 21, 1671.

His father was a goldsmith and banker, and proprietor of the estate of Lauris ton, near Edinburgh. Law early showed a most remarkable talent for arithmetic, algebra, and kindred sciences. At 20 he removed to London, but was soon compelled to flee, in consequence of a duel in which he killed his adversary. He went to Amsterdam, where he studied credit operations. About the year 1700 he returned to Edinburgh, a zealous advocate of a paper currency; but his proposals to the Scotch Parliament met with an unfavorable reception. He now visited different parts of the Continent, where he won and lost vast sums in gambling and speculation, but sought in vain to win the favor of governments for his financial schemes. At last he settled in Paris, and, in company with his brother William, set up in 1716 a private bank.

This was soon so successful and prosperous that the Duke of Orleans, the regent, adopted in 1718 Law's plan of a national bank, and issued prodigious quantities of bank notes, which enjoyed perfect credit. In 1719 Law originated his "Mis "Mississippi Scheme" and was made eral of finances. When the bubbles LAWRENCE