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1
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6
I
mm
wmm
■prj
I
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Gr(
Down
Accui
ment
andfi
to fj
by thi
I'rinted :
Ludga
THE
MEMOIRS
Life and Character
OF THE 17C^S7
Great Mr. L J W znd his
Brother at Taris.
Down to this Prefent Year 1721, with an
Accurate and Particular Account of the Eftablifh-
ment of the Miffifi^p Company in France^ the rile
and fall of it's Stock, and all the Subtle artifices ufed
to fjpport the National Credit of that Kingdom,
by the Pernicious Prc/ 1 of Paper-Credit.
2.
Written by a Scots Gentleman.
L O N D O IST:
I'rinted for S a m. Briscoe, at the Bell-Savage on
111
ili
H:
Ludgate-hiily 1721.
(Price I s»
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I,
THE
PREFACE.
HESE Memoirs of Mr, Gv^y
coming out at this jurMure^
may fecm dcfignd to Jlgra-
vate the ^rejent Calamities
of the Nation^ and like Cato rather
Inflame^ then heal the TVomd ; but
I ajfurcjouj they are rather ajjigndto
AUevivte then Jggravate^ they Jhc^cu
you how the French and Dutch have
been, m great if not greater fools than
We, Sokitium ell Milens Multos
liaberes pares.
A a
wa^
-.j-^'.
mm
The Preface.
I was lately in Holland, ^wloere its
Incredible the 'Defolation their jijfmm"
ces have made in almoft every Town,
the famous Exchange in Amfterdam
where Bills of Exchange could be ^Dif
counted on all the habitable ^arts of the
Earthy is noip of no other ufe^ but t^
ferve Merchmts at Change timcj to
give reafons to their Creditors^ why they
cannot Tayj and fo keep the 'Dunns from
their Doors y at Hamburg it is but
fomething better ^ but in France there
is no Credit y nor hardly any Mony to
be feenj even on the great Roads you can
hardly have the common necefjaries of
Life^ till they fee whether you are to
pay in Money or Taper. The reafons
oj all this you willjmd in the following
Memoirs J which are written withfttch
an air of fincerity and Truths neither
Satyr nor Tanegirick, as muftgive them
Credit with all Unbiaffed Tenons. One
thinp
thing 2
Monej
for th
all of >
dy km
Countr
of it.
Om
in the
Miffil]
Divide
theW.
withoi
drove
none b\
Direct
in Eng
'Proceei
it wen
any iVi
Guejl 'y
The Preface,
thing indeed is amazing^ that after the
Money of all Europe has been dancing
for three Tcm to Mr. LAWS Fidle^
all of a fuddcn it vmifh'd^ and no bo^
dy knows i ^hat is become of it , every
Country complains eqmliyofthe Warn
of It.
Our Third and Fourth Suhfcripiom
in the South-Sea drew it from the
Miffilippi, W V. ^ '^^tending to ?mke
"Dividends at a^ ' iVxt. . -jijhich aU
the World f aw x^i m.. y£^ to doy
withovt hredi.^ c-n "j;on w. Captd,
drove it again from us, hut r$jbither
none but Mr. Knight and fome of the
pirec%rs can tell Terhap it is ftill
in England, and hoarded ii£ till the
Proceedings of this Tarliammt are ovcvy
iffoj fo much the better for wsy for if
tt were any where elfe J fee no rtafon
any Nation ha^ to conceal fo Glorious a
Gueft ; let us then ho£e the bejl, and
comfort
SSE
msBE
ThePREFACE.
comfort our felveSj that wc are not
mute jo had as our Neighbours.
. 1 am credibly informedy that Mr,
Law offer d his Ta^er Credit Scheme
to the Lord Godolphin, before he car^
ffd it down to the parliament of
Scotland ; that able Minifler^ after
emmining it^ told Mr, Law, That it
was a fine and nice Calculation, had a
J)laufible Face, but could never be pit
in Execution under a limited Govern^
rnent ; that it would want the Autho-
rity of an abfolute Trince to carry it
through y and made him a very hand^
fome Trefent for his hgenuity.
How it came fo foon to fail under a
defpotick Government was, that the
Government had got its End : the
Tublick T)ebts were faid off by it, and
they had no farther Occafion for it ;
yet it had fallen more gently and ynore
gniduaUyy if Mr, Law had continued
at
^
The PREF^^Ajcm'
at the Head of his own Scheme ; ha
being fut into Hands that were Enemies
to it from the Beginning, it looked as
if the Court, having gatnd their own
End, defired its fpc^dj J)e/lruJlio'n.
. The "Populace, having parted with
their ready Money for Ta£er, and fee-
ing the Ta£er tumbling down orew
outrageous; but inflead of lookingto the;
Government, by whofe EdiBs theTa.
{er.was eftablijh'd, their whole R^e
was bent againfi the T erf on of Mr.
Law, the Inventor of it; ih^y ntm
looVd M^on him, who but fome Months
lejore they caWd The Saviour of
Fra:nce, to be the Inflrument of their,
Ruin and T>eftruaion; his Lady and
'Daughter were infulted as they ^afs'd
through the Streets in their Coach, and
he^Jo)^ the Security of his Terfon, was
obliged ifj take Sanduary in the Pa-
lais-Royal, the Reftdence of the Re^^
Rent :
The Fr EF A ci!.
^t : If had been too cruel in the Go-
vsnmteyit to hcift>e exposed a Per [on to
the Refentment of the To^ulace^. n^oho
had done fo much Service to the Crown,
by ruining the Teo^le ; dtho* there were
fiveralfrejh E?iam^les of the Tunijh-
ment of thofe Partifans, that robbed
the Nation under Lewis the XI Vth ;
ina they robFd the Kingy as wdl as
tbe-Teo^le^ and oceaforid thofe ^ebts,
^hcch Mr. Law ^aid; it was there^
fom thought fro^er^ to give him'afafe
md- ^ivate Retreat : He was invi-
ted H the Duke de Bourfon to Bts
Cmttv^y Seat at Chantilly, under Tre^
mwe of a Tarty ofTleafure, tiohich that
Tri^e often makes thither-^ and from
thence^ in theTrince'^sownToJi-ChaifeSy
with very good Tafprts^ he gi)t to
Bruxdles, although he very near ran
the Risk of being fent back from Vakn-
ciennsSj where a Gentleman knew him,
and
andhis:
e^Jardi
fent biVi
bege /:
and fa
Guards
have fi
Topula
gure, 1
vy wei
Prie, (
therlai
hearing
in Hof
ed thit
Amfte
had fie
count,
at Lo
well a.
Efichai
pf his
The Preface.'
md hisTafport being made in the Name
o/Jardin, the Governor had certainly
Jent him back-, if the Intendant (?/Mau-
bege had not by Chance came thither y
and favd him ; cmd, If he had^ no
Guards they could fend with him codd
have favd him from the Fury of the
Topuiace : He always made a good K-
otjirey wherever he went, and was ve^
vy well receivd by the Marpis d^
Prie, Governor of the Auftrian Ne-
therlands ; His Friends in Holland,
hearing of his Arrival at Bruffels, iw^r^
in Hopes that his "journey was intend*
ed thither y to fit his j^ffairs right at
Amfterdamj where feveral Merchants
had fiopt "Payment;, purely nn his Ac-
county as alfo Mr. Midleton had done
at London; ayid all the Stocks, as
well as Bubbles^ rofe ep<treamly on the
Exchange at Amfterdam, on hearing
4 Us Arrival in the Netherlands ;
B but.
7ouoh Germany and the Tirbl
The P R E F A C E.
lut^ to their great ^ifafpintment, h
jleerd his Courfe quite another JVajj
and through C ' '
got to Venice.
Venice is a Tlace, 'where an vm-
haffy Man, with a great deal of Aloney,
may^ajs his Time in the greatefl Securi<*
ty ; every Nobleman s Talace there is
a Trotc8ion from 7)ebt ; and Mr.
Law, through the great ^Acquaintance
he had acquird ^isjbcn he livd there be-
fore^ as nsueU as during his Greatncfs
^'^ France, could not mifs of a general
TroteSiion, without putting himfelf to
the Charge of buying a Nobility , which
the News4Vriters from thence feem
to make the World believe : He is now
fafe in his Terfon ; hut is not fo in his
Family : His Lady is turnd out of
the Talace of Mazarin at Paris, which
he had^urchas'd ; his Creditors £eti^
tion tofeize his EffeHs and Moveables^
and
a;/idfloe
and Hi
with h
alfo inc
fmall B
he had
Verfail
vcrnmc:
pmchas
his Cre
firflto
to Fort
Trifoni
wiU It
to his .
Abt
Tam^l
Advoc
in the ^
ing the
Amer
on the
VM-
The Preface.
mdjloe is reduced even to fell her Coach
and Horfes : Nor does it fare better
with his Brother^ whofe Hiflory is
alfo incerted in thefe Memoirs ; the
frnall Remains of bis Foyt:^)ieSy which
he had carry d off to his A^drtnent at
Verfailles, are feizd uj)on by the Go^
vcrnmcnt \ his Eftates which he had
fmchas'd in Scotland fciz*d u^on by
his Creditors^ and his Terfon confind^
firfl to the Baftille, and then carry d
to Fort L'Eveque, one of the fcvcrefl
Trifons in France, fmn whence he
will be ha^j)y^ if he cfcaj^es with Shoes
to his Tcct.
About two Tears ago there was a
Tam^hlct writ by Mr. Smithy jTwfl^^-
Advocatejor New-England, and now
in the fame Station for C^wlimjhcw-
ing the ^Danger of our plantations in
America fom the French Settlemevts
on the Miffilippi ; the Author oftheje
^B a Mc-
fa
?,'
The Preface.
Memoirs Jhews^ how groundlefs thefe
^pmhenftom are^ that the Louifiana
runs through a Country^ as big as all
Europe, to the French Settlements in
Canada, on the Back of our "Planta-
tions, is true ; hut what a dijmal
Country that k, and how inhabited, he
is the oefl J^dge^ lecauje he was there,
and how imp^aBicahle it will be ever
to make any thing of it.
There is a Ridge of Mountains that
run from Cape Florida, on the South
to the River St. Lawrence on the
North, which environ the Englifli
plantations, like a Wall, and fecures
them from the Incur ftons of thefe Na^
tions of Indians, that inhabit on the
other Side of the Mountains ; all France
hath not Teofle enough to reduce them,
and if they fhould, the Country is hard^
ly worth keeping, when they have got it.
theje
ifiana
IS all
mts in
lanta-
itjmal
idy he
thercy I
c ever
The Preface.
„ I will not detain my Reader any
h/iger from the Reading of the Hijlo*-
ry itjelfy only will conclude with ob*
fervingj that it will be fur^rizmg to
To/ferity, to find two Men of low
Birth Jhine in the Meridian of Lon-
don, at the fame Time with two of
as low Birth at Paris ; and that they
fbould both vanijh away like a J^aj^our^
and all fall together y I mean the two
Ciraggs and the two Laws.
Craggs the Elder was bom in the
Bifio£rick of Durham ; on his firfl
coming to London was entertain d in
the Family of the ^uke of York, un--
der the then Cofferer of his Royal High^
nefs^s HottJ/jold ; he was afterwards
in the Service of the then Earl of Pe-
terborough, and on his ''Daughter's
marrying the T)uke (?jf Norfolk, Mr.
Craggs camy" to the Management of
fhat Dtikes Affairs 3 he then turnd
Solicitor
(■'<•
^1
I
I-
The Preface.
Solicitor for the Old Eaft India Com-
pany^ was a ContraBor for Cloathr/ig
the Armj^ and was fent Trifoner by
the parliament to the Tower : He got
into the T>uhe and ^Dutchcfs of Marl-
borough'y Favour ^ had the Manage^
ment of all their private Affairs ; and
when his Grace zvas Maflcr of the
Ordinance^ Mr. Craggs was made
Clerk to the Dalwerys ; and on the
Kings Acceffion to the Throne^ "Joint-
^poJlmaJlcr-GeneraL
Toung Craggs, the Son of the for-
mer^ was bred up at Mr. LefevreV
School av Chellea, and then fent to
Hanover, where he pafl a good Tart
of his younger ^Days ; from thence went
to the Court <?/ Turin, nnder that great
ayid able Minifier Mr. Hill, and wa^
afterwards^ by the ^ucen^ fent to Bar-
celona, Eyivoy to the prefent Emperor^
under that great Man Mr. Stanhope;
zmtb
to
The Preface.'
with thefe great Help, and the 7)uh
<?/Marlboroiigh'i Favour^ and having
the Honour of carrying the fir ft News
from the Lords fuftices of the ^eens
'Death to Hanover, he was, upon his
Majeftjs Acceffion to the Throne^ made
Coherer to the Trince^ Secretary atWar^
and J at laft^ Secretary of State.
He was a very fine Gentleman^ of a
g^ood Addrefsy and had gain d a very
great ReJ>uUAion in the Houfe ofCom^
mons : He was the youngeft Secretary
oj State that can he parralUrd in Hi-
ftory ; yet^ ly^ hu Application and Af
fiduity^ his Eafinefs of Accefs and Af
facility, he fleas' d every Body : He
was alfo a T erf on of great Qallantry,
and had very good Succefs with the La^
dies y but the Father and Son were wm-
happtly at the Head of the South Sea
Scheme, as the Laws were at Paris ;
and Fate carry d them off to the other
World,
Alij
:■ if
f-' '
i:
The Preface.
ffTertd, dmofi together, juft as the Tar^
Uantent were uj^m their In^uivy tnt<f
the Mijmmagements, and have hardly
left any of the Name behind them. The.
Laws it is trm are not dead ; hutj
^when thefe Memoirs have led you thro*
all the Step of tteir Life and Gran,
deur, and have brought them down to
their primitive Nothing, one mc^ call
it a civil Trying.
I
THE
THE
Life and Character
OF T HE
Great Mr. LAW and
his Brother at Paris.
Wj t h The
Rise andFALL of the MISSIS IPPL
|EoPLE will liardly be-
lieve, but that the
Annais of France,
England and Holland
will confirm it, That
after Europe had
languiftied for Twenty fix Years un-
der the moft Expenfr/e War that
Q ever
i:*
m
i li
^ ■!
I:
J.-
si^fc.,..^i.,ijAa)i*
i!
^¥
r^^rv
The Ki{eaf!d Fall
r it felt, and had got a little Re-
>nie by the Pe^ce of Utrecht; a fingle
Jentleman of mean Parantage, a
oreigner to each of thefe Coun*
iries, having no othpr Support but
the Produftion of his own Brain,
fliould involve them all Three into
greater Calamities in t\vo Years^
than the War did in Twenty fix.
T H A T he fhould undertake and
efFeiP'uate the Payment of thofe im-
menfe Debts Lem^ the XlVth lefi:
at his Death, that he Ihould ingrofs
m a few Months all the Ready Mo-.
ney of France into his Coffers ;
that England^ that trading and
flouriiliing Kingdom fliould lay alide
their foreign Traffick to imitate
his Scheme ; and that wife Re**
pviblick of Holland^ who fifty Years
ago difputed the Soveraignty of the
Seas^
Seas,
War
up thi
in th
head]
ter hi
Poftei
out \
their
tuatio
I,
Mr. 1
from I
tivity,
toir a
troller
per-cai
to the
pily r(
Count
Place (
'^i9^n»iim9t-m^
of the Mimfippu J
Seas, fliould fufFer their Men of
War to rot in their Harbour, lay-
up their Merchantmen, that brought
in their daily Subfilience, and run
headlong upon their Exchanges at
ter his Paper Kite, is AJtrhat (I fay)
Pofterity will hardly believe, with-
out tlie undoubted Proofs from
their Annals of this Univerfal Infai
tuation* ' .
k a
I, WHO was intimate with
Mr. Law from his firft fetting out
from Scotland^ the Place of his Na-
tivity, was a Writer in his Comp-
toir at Paruy when he was Comp*
trolIer-General there -, was fent Su-
per-cargo to th<p firft Embarkation
to the Missisippi, being now hap-
pily returned to my own native
Country, think it a Duty I owe to the
Place of my Nativity, to give them
the
I.
4 The Kife and Fall
the true Hlftory of that Gentlemen,
in all the Steps of his Life, and to
draw the Curtain which hath fo
long hid from their View the perni-
■ cious Defigns of Paper Credit.
Mr. Law was born at Edin*
burgh in Scotland about the Year
167c, his Father was a Working
Silver-Smith in that City, of good
Reputation, and educated this eldeft
Son John as a Gentleman ; his
younger Son William, he brought
' up in his own Trade : John arriv-
Ing to Man's Eftate at the Revolw
tion, went to London to pufh his
Fortune ; he was handfome, tall,
with a good Addrefs, and had a
particular Talent of pleafmg the
Ladles ; he frequented the Bath,^
Tunhridge, and all other Places of
Pleafure ; but as his Fortune was
not
lien,
id to
ii fo
lerni-
Edin-
Year
rking
good
eldeft
; his
ought
arriv-
levolu'
ifti his
J, tall,
had a
ig the
Bathy
aces of
ne was
not
of the Miffifippi. ^
not able to fupport the Expence of
thefe Places, he turned his Head to
Gaming, In order to make that car-
ry on the other. No Man under-
ftood Calculation and Numbers bet-
ter than he ; he was the nrft Alan
in England that was at the Pains to
find out why Seven to Four or Ten,
was Two to One at Ha^ard^ Seven
to Eight Six to Five, and fo on in
ail the other Chances of the Dice,
which he bringing to Demonftra-
tion, was receiv'd amongft the moft
eminent Gamefters, and grew a
noted Man that way ; he always
drefs'd well, and making a good
Figure in all publick Places, was
W the Town dubbed Beau LAW
About two Years after his arrival
at London, another Beau fprung up,
very far inferior to him, either m
Parts
^j
f'-
i.
•
6 T/je Rife a;i^ Fall
m
Parts or Addrefs. call'd Beau WIL"
SON; this Gentleman had been an
Enfign in Flanders, but whether the
Trenches were too cold for his Con-
ftitution, or that he did not like
Fighting, he quitted his Commit
fion and returned to London, where,
to the Surprize of all the Town, he
commenc'd Beau ; he took a great
Houfe, tiirnilli'd it richly, kept his
Coach and Six, had abundance of
Horfes in Body Cloaths, kept abun-
dance :)f Servants, no Man enter-
tained nobler, nor paid better ; he
had Credit with the moft confidera-
ble Bankers of the City, had no
vifible Hliite, never gam'd but for
Trifles, and c^cn thefe he crenerallv
loft. ^ ^
As
A!
dom
theE
were
could
they ;
upon
Play,
laft I\
Run ;
Coura
an int
was C
was t(
WIL^
rally c
in the
fince a
him tc
Monej
\^-
of the MifTifippi. 7
A s two People of a Trade fel-
dom agree, this blazing Star grew
the Envy of the other Beans ; Trains
were often laid to find out how he
could do all this, but all in vain ;
they made him drunk, put Whores
upon him, got him into Parties at
Play, but nothing would do; at
laft Mr. LAW having had an ill
Run at Dice, refclved to tr/ his
Courage.' AnEnfignofthe Guards,
an intimate Friend o( WILSON's
was Confederate in the Plot 3 LAW
was to make a Sham-Qiiarrel with
WILSON', and as he would natu-
rally confult the other what to do
in the Matter, the Enfiga (who is
fince a greater Man) was to advife
him to make it up vv' 1 a Piece of
Money.
This
k
8 The Rife and Fall
*.*
Ik
I
. This Bate, however, did not
take ; for WILSON concluded, if
he paid LAW 2L Piece of Money ta
prevent Fighting, every Beau in
Town would follow LAW's Ex-
ample, and pick Qiiarrels with
him every Day, and fo there would
never be an end of it ; and there-
fore takes Heart-of-gracc, accepts
the Challenge, and meets him in
Bloomshurj'Sqiiarey where LA W kills
him.
Wilson was certainly what
camiot be parallel'd in any Hiftory \
a Perfon of no Fortune, very indif-
ferent Parts, fpent above Six Thou-
£md Pounds a Year, ran in no Bo-
dy's Debt, and had no Ready Mo-
ney by him when he died ; yet
xiiuit have had ibme fecret, great
Sup-
not
' if
jy to
1 in
Ex-
with
oiild
here-
:cepts
n m
' kills
what
lory ;
indif-
rhoi.i-
to Bo-
Y Mo*
; yet
great
Sup-
df the Mifflfippi. p
Support, by the violent Profecution
of Mr. L AW for his Murder.
I HAVE read a Roniantiek Stoty
in the Atalantis of this Affair^ in a
Letter faid to be writ by my Lord
I>— — — ;/, in Mr. Dryden^s Collec-
tion of Letters^ but the whole of
them is mere Chimera ; Mr. L A IV
hath often affur'd me that never
any Lady employ'd him in this Af--
fair, and the Manner and Means
of making his Efcape very different
from what is there represented, but
Romances muft be embelliflied with
Refemblances of Truth to make
them go down.
Mr. L A w was taken tip, tried
and condemird to be hang'd ; and
notwithftanding very powerful So"
D licitationSt
J
hi)
10 The KifeandF Sill
licitatlons. King WiUUm was inflexi-
ble, and would not pardon him.
He was carried loaded with
Iroas to the Prifon in Southward
wli ere by an Opiat he had prepared
for his Guards, and Files to take
cfF his Fetters ; he got over a high
Wall, above two Story high, two
Days before his Execution, and'
made his Efcape, he fprained his
Ancle with the Jump, yet his Friends
carry'd him oft- to Sulfex y and, in
a little Time got a Boat which car-
ried him to France,
A T his arrival at Parisy he ap-
p!y\l himfelf to the Court of St.
Germans^ having always had a warm
Liclination to that Party, but they
were as poor as he ; he had never
fecn an Army, nor was his Pocket
ftrong
of the Miffifippi. 1 1
ftrong enough for Play ; but he
luckily fell in with a Sifter of my
Lord Banbury% marry'd to one
Seignieury who liked him fo well
as to pack up her Awls, leave her
Hulband, and run away with hun
to Italy.
They took their firft Reiidence
at Genoay where Mr. LAW began
to ftudy Games of Skill, as he had
before thofe of Chance, and how
to turn all of them t-o his Advan-
tage y and altho' the Italians are a
very flibtile, cunning People, he
found Cullies enough to pick up a
great deal of Money from ; and it
was here that he laid the firft Foun-
dation of his Fortune.
Flushed with Succefs and Skill
at all manner of Play, lie goes from
D 'z Genoa
:?til
Is
It The Rife and Fall
Genoa to r<?»/V^, where his good
jFortune continued fo, that he was
worth twenty Thoiifand Pounds
Sterhng.
With this Foundation he begau
to look about him, and confider
how to improve this Stock in a fo-
lid way of Trade; the Bank of
Vem':e gave him a great Opportuni-
ty, he conftantiy went to the Riaho
at Change-Time^ no Merchant upon
Conimiffio i was punftualler, he
obferved the Courfe of Exchange all
the World over, the manner of
Difcounting Bills at the Bank, the
vafl yfefulnefs of Paper Credit,
bow rUdly People parted with their
Money for Paper, and how the
Prpfits accrued to the Proprietors
from this Paper. Having made
bimfelf iutirely IVic-.iler of thefe
,H>I
of the Miliifippi. 13
Things, he fran. ^-^ a Paper Scheme
of his own, a.iu jcfolves with it
to make himfelf happy and great in
his own Native Country.
With his Madam and Family
he leaves Venice^ goes through Ger^
many down to Hollandy and there
he embarks for Scotland^ where he
was fafe from the Murder of WIL'
SONy becaufe the Union of the two
Kingdoms was not then compleated.
A T his arrival at Edenburgh^ the
Place of his Nativity, the Duke of
Argyle was then holding the laft
Parliament, as Lord High Commif-
fionerfrom Qiieen Anne ; Mr. Lan^s
offers his Scheme to the Parliament,
but the then Lord Chancellor look*
ed upon it as too Chimerical to be
put in Fraflice, and fo it was re-
iefled ;
■^''i
W'-'
14 TheKifeandFall
tefled 'y thus was Scotland faved
from that pernicious Scheme that
hath fince been fo deftruftive m
Englandy France and Holland ', yet
not but that it had Friends in the
Scots Parliament, but they were
then fo intent upon an Union with
Ey^glandy or oppolnig it, that no
Scheme, howfoever advantageous,
would be Uftened to there,
Mr. Law finding there was no-
thing to be done by the way of
Trade in his Native Country, ra-
ther than lie idle, fell to his old
Trade of Gaming ; he afociated
himfelf with Colonel Chartres, and
in a little time won the Eftate of
Sir Andrav Ramjay^ one of the
fineft Gentlemen of his Time,
worth above twelve Hundred
Pounds Sterling a Year, who after
lofi
nff
of the Miffirippi. 1$;
lofing his Eftate, retired with hisr
lafl: Hundred Pound to Florence:^
where he died.
The Union of the two King-
doms, being now almoft concluded^
Mr. LAW began to look about for
liis own Safety ; he had tried to»
obtain a Pardon from Q. J NiVJB,
but. WILSON had a Brother, a
Banker in Lombard-fireety London^
who lodged an Appeal. Mr LA W
upon this carries his Family with
him to HoUandj and takes one of
the fineft Houfes in the Hague.
The Duuh are a very clofe wary
People, but will give into any thing
where there is any Profpeil: of Gain.
Mr. LAW kntw this very well ; he
had brought with him allMr.Ni?^/'s
Schemes o^EngliJh Lotteries, he im-
proveit
>''!'
1 6 The Ki£e and Fall
proves upon them ; and fo, manages
with fome of the States^ to whom
he marked out certain Oain, that
he prevailed upon that cautious Na-
tion to fet up a State Lottery, which
bad fo much the Approbation of
the People, that almoft every Town
followed its Example : But Mr.
Hornbec'K Penfionary of Rotterdam^
and now great Penfionary of Hoi*
land, being alfo a nice Calculator,
finding out that Mr. LA W had ral-
culated thefe Lotteries intirely t»
his own Benefit, arid to the Preju-
dice of the People, having got about
200,000 Gilders by them, lAx.LAW
' was privately advifed by the States
to leave their Dominions,
i
r Mr. LA W departs with liis Fanif-
ly, which was now increafed by ^
on and a Daughter, and goes n>
S
of the Miflifippi. 17
p4ris, juft after the Death of Lewlf
the XlVth, when the Affairs of
France were in the greateft Confu-
fion. One Incident was lucky to
him, the Death of Mr. Segnior,
whofe Wife he had lived with in
open Adultery for fo many Years,
he now marries her^ and legiti-
mates the Children, fets up a hand-
fome Equipage, takes a line Hoiafe,
and by the Means of his old Ac-
quaintance gets to Court -, his good
Addrefs and Skill at Play, made
him be partici^larly taken Notice of
by the Regent, who ufed to play
with him at Bag-gammon, a Game
the Regent likes mightily, and Mr,
LA W plays very well at.
The Debts which the long War
had brought upon the Crown of
E France
s i
1 8 The Kife and Fall
Frmce were fo immenfc,that it was
thought imprafticable to extricate it
out of them.
i»r
I .,f.
v- "'»
1^1
m
Monfieur de Marets^ who fuc-
cecd^d Monfiuer Chimillard in the
Adminiftratioii of the Revenue,
found it a Weight too heavy for him
to bear; and therefore on ^\t French
King's Death, defired to be eafed of
that Burthen ; fo the Comptroller-
General of the Finances, the great-
eft and moft benificial Poft in France
fbeing the flime with a Lord Hidi-
Treafurer of England) went a beg-
'/nw : And altho' the Regent tried
feveral, yet there was none that
couid undertake (with all the vaft
Revenues of France, totafcp off that
Load of Debts, which lay heavy on
the Grown. Mr. L A IV feeing the
Regent under thefe Dilemma's, nade
a bold
ney,
il
of the MifTifippi. 19
a bold offer at once, and undertook
to pay off the Debts of the Crown
by Paper-Credit ; and if he v/ould
clofely purfue his Scheme, he would
alfo bring all the Ready Moiiey of
Europe into his Coffers ; he firft
laid before him my Lord of O.y-
ford\ Scheme in England^ by which
he paid off Ten Millions Sterling of
the Debts of the Nav^y, without
laying one ShiUing Tax upon the
People, by Paper-Credit, but under
the fpecious Pretext of a Trade to
the South-Sea ; he alfo laid before
him the Paper-Credit of Venice^
which hath Supported that celebra-
ted Bank for fo many Ages, and
where Paper paffes better than Mo'
ney, the manner of difcounting of
Bills in the Banks of Genoa and Am-
flerdam ; and laft, a Scheme which
he had form'd and improv'd upon
E 2 them
i.4'
'i-\
i^-Al
m
•if 'I
li
m
zo The Rife and Fall
them ; all which, under an abfo«t
kite Government, cculd not fail the
Ends he propos'd by it,
M A c H I A V £ L tells you, in his
Hiftory of Florence, That the Re-
publick of Genoa, after a long and
tedious War with the Venetians, find-
ing themfelves unable to pay the
large Sums of Money they had bor-
rowed of their Subjefls, thought it
the beft and honeftelt Way to fet up
a Bank to receive the Revenues of
the Government, in w^\iJi every
Subjeft was to have a Stock to the
Value of his particular Debt, and a
quarterly Dividend in Proportion,
c f the Gain accruing by that Bank,
and this Bank was called the
Bank of St. George ; a great Houfc
wasaffigu'd for the Proprietors' to
meet
of the MKTifippi. 21
meet in, and to chufe amongft
themfelves Direilors and other ne-
ceffary Officers, and to eftablifh
proper Offices for receiving and
paying ; all Bills of Exchange were
paid m this Bank, Ships, Goods and
Houfes were infured, and even the
meaner Sort could have Money at all
times out of it, on Plate, Goods,
or Houiliold Furniture,
m
The Bank became fo rich in a
little time, that the Prcfervation
and Security of the Commonwealth
depended upori it : And King P/;/^
li^ IL of Spain often borrowed Mo-
ney of them, as feveral of the Kings
cf SpaU have done fmce, affigning
jhe publick Revenues of the King-
dom for paying the Intereft.
A MOST
aaiMtai«»>ategiji;^fejai*^i»#fetefflMS
iW
22 The Rife and Fall
A MOST excelkat and rare thing,
lays Madiorvcly never found out
by any of the Ancients in their fe-
veral Forms of Government, that
in the fame State, and fame People
one might fee at once both Liberty
and Tyranny, J\iftice and Oppref-
iion-
'I
The Regent relifh'd the Scheme
very well, and defired to confult
fome of tiie moft knowing in the
Revenne about it ; which Mr. LA W
agrees to, as to the Scheme '"^ gene-
ral, but rcferves the Secret of the
manner of putting his Scheme in
Execution intirely to himfelf.
After many Struggles andOp-
politions hi the feveral ^ Councils
where it was examin'd, it was at
at
" "-i.fi"rfBlii^^l-ii«i1ffiaj
<?/ the Miflirippi. 2^
at laft accepted of in the Council of
the Regency, and all the Princes of
the Blood refolved heartily to fup-
port what would fo readily pay crfF
the Debts, and make the Crowa
flourish. Monfieur D'Agejau^ Chan-
cellor of France was turned out for
oppoiing it, and Monfieur D'Jr^^ff-
jon^ Lieutenant of the Pollice was
put in his room ; but tlie other was
afterwards reftored for coming into
Mr. LA Wh Meafures, and D'Argen-
fon turned out again for oppofing
fome part of them: At laft his
Bank was eftabliftied with univerfal
Applaufe, all Europe run madly
with their Money into it, and it
feemed at once to ingrofs all the
Ready Money of the World. Mr.
LAW was made Comptroller-Gene-
ral of the Finances, Counfellor of
State, and indeed feemed to be firfl
Mini-
1^ i
24 The Rife and Fall
Minifter of State in France ; mord
court was made to him, than ever
was to any Miniftet in France, I
have feen i oo Coaches at his Levee
in a Morning, and Dukes and Peers
waiting for Hours together to fpeak
with him, and could not get withm
two Rooms of him for the Crowd }
and yet he was of very eafy Accefs,
affable and dilcreet to every Body,
and like a fofc Mountebank on the
Stage, with fine Words putting off
his Druggs to every Body, without
Diitinftion.
As he was unable to go through
fo great a Work by himfelf, Williara
Law, the working Goldnuith at
Edenhurgh, (his Brother), was or-
dered for Lcndon ; and his firft Ap-
pearance on the Exchange of Lon-
don, as his Brother's Faflor and
Cor-
of the Miflifippi. 2^
Correfpondent, was with Bills of
Fifties and Hundred Thoufand
Pounds, immediately the Brokers
and yews got about him ; all Re*
mittances for France were brought
to him ; and if his Brother had
not greater Work for him in France^
he had ingrofs'd all the Remittances
between the two Kingdoms to him-
felf
Before he went he Marries a Wife,
and to (how that he was no proud
Man, took up with a Coal-fellers
Daughter on Fket-ditch very hand-
fome ; but neither Fortune nor E-
ducation, he fends his Emifaries to
Birmingham^ and every other part of
England, where Artificers that ex-
celled in any Trades lived, and gave
them vaft hicouragement to go over
with him : The belt Watch-makers,
C^hain-makers, and all other Work-
F crs
m
»Mi
i
M
26 The Rife and Fall
ers in GoU, Silver, or Steel, he in-
sages and obtains a Manufa^Gry
Houfe too them, by the Regent's
Patents at Ver failles ; he fettles alfo a
Bank for RemiltanGes in the Hands
of Mr. George Middleton in the Strand,
and appointed him chief Banker for
the grand Bank at Pmi, andfofetts
out with his Spoufe to France, "
At his Arrival at Taris, Mr.
Law prefents him to the Regent,
as the firft Projedor of moft of his
Schemes, reprefents him as the bell
judge in Manufadure, in Silver and
Gold, magnifies the vaft Advantages
that vi^ould accrue to France, by his
having laid a Foundation of drain-
ing Englandoi^W its beft Handicrafts.
And fo powerful his Intereft was
with the Regent, that at once Mr.
Wiliiam Law is made, not only
Poftmafter- General of all France;
but
(f the Miflifippi. 27
but one of the chief Direaors of the
Bank. Altho' Mr. ^ohn Law had one.
ef the nobleft Palaces in Taris ; yet
his Brother muft live feparately in
another, different Coaches for them-
felves and their Ladies; but, as
their Liveries were the fame, one
would have thought by the Num-
ber of Coaches in the fame Livery,
that fome of the greateft Families
in Europe were at Tans. "Wmle JV^.
kohl Law was purchafing great E-
llates in JJ^nd in Normandy, and
other Parts; of France, to convince
the People that he defign'd to make
himfelfaFraJc/b-iV/aw, Uv.WtUtam
Law was not idle, but purchafes
two fine Eftates in Scotland, the
LordOiip of Errd, and Mr. Stew-
art''?, Eftate in Angm, in order to
eftablifli his Family in his Native
Country. .,
•' F 3 Ml-
m
»5f
¥
Si
28 r/b^ Rife ^«J Fall
Ml. jr<3/6;z Law J to make him-
feif agreeable to the Ckvgy of Frawce,
who very much influenc'd the com-
mon People, turn'd, or rather de-
clared himkK Roman Catholick ; for
I don't remember that ever he pro-
fefs'd 2ny manner of Religion be-
fore : He was bred up, 'tis true,, in
the Proteftant Church of Scotlmidy
but, after he came to England^ liv'd
as other Beaus did, and, if he went
to Church, it was more to fee the La-
dies, than any thing elfe : He was
always a profefs'd Jacobite, and was
vaftly ferviceable to that Party at
'T^aris ; for after the Defeat of the
Lord Mary in Scotland^ that fo ma-
ny Lords and Gentlemen of his Na-
tive Country were forced to fly for
France^ his Table was not only open
to all of them at all Times, but he
got fome of them very good Eftates
m his Mtjfifi^fiy lending Money to
them
of the Miflifippi. ap
them to buy, and telling them when
to fell ; and had laid a Plan for do-
ing more for them, if King Gewse
had not had fo vigilant a Minifter
as the Lord Stairs to counter-aft
him : He was not ungrateful nei-
ther to his old Englijh Acquaintance,
who had ferv'd him in Adverfity
and came over to him to rejoice'
with him in his Profperity, only
he could not be fo much with them
as when in Btghnd, nor could he
allow his Houfe to be crouded with
4^ '^'^^ ^^^ ^^^ °^ ^^^^ return-
ed, I believe, without fome Marks
of his Bounty.
C^^ Ti *'°"§'' '" ^^^ great
Offices of State, as if he had been
tho he did a vaft deal of Bufinefs
bv himfelf, was never feen in a
Hurry or Confufion.
Such
r
I'
I
tfi:
4
M
20 The Rife and Fall
Such was the Infatuation of the
Aae, that Money came fafter into
hi! Bank than he expeaed or de-
fir'd, and this rais'd the Value of
his Stock higher than he defign d .
He knew thtt this Rifmg could not
"ontinue long ; yet he perfdrmed
effeaually what he undertook ; he
Sv'd ott all the Debts of the Crown
li France ; he fill'd the Treafury and
Mint with Money, and fent ben-
tlemen from all the Provinces^ m
f ranee Home with Paper mftead ctf
Money, which thev were perfe%
well Iktisfy'd with, as were the
Gemms and £#jj that ran into
theDance;and,ifhehadcontinud
at the Head of his own^Scheme,
would have kept up the Credit of
his Bank much longer; but bnvy
to fee a Foreigner at the Head of
ti^ Treafury, Diftruft, and Com-
"■"^ •' petition
''of the Miffifippi. 31
petition brought him under fo ma^
ny needlefe Examinations about his
Conduft and Management, as ren^
der'd him lufpefted by the Popu-
lace, and funk the Credit of his
Bank. He knew that upon Enquiry
whether the Revenues that were
pay'd into his Bank for paying off
the Publick Debts, they would, o»
a Computation, find, that that In-
come could not anfwer Dividends
to the Value of the high Price
of the Subfcriptions ; and there-
fore, to fupp'^^t his Bank, he pro-*
pofes to the Council of Regency a
Weft and Eaft Iwc/k Company, to
trade to the Lomjiana on the River
Mijjifi^p ; and that on the inragi^
nary Trade thither, (more imagi^
nary, if poffible, than the Engltp
South-Sea) the Bank would be fup-
ported J this was readily comply'd
' - with.
=1
'M
i 1
3
The Rife and Fall
with. Books were publilh'd fhew»
ing the Largenefs and Fertility of
that Country, extending it from the
Bay of Mexico, round the Enghjh
Plantations in America, to the french
ones at Canada, a Country larger
than all £««/ e : From fo large a
Country, what would not the Sub-
fcribers expeft ; 500 pr Cent, was
nothing', every Body run to fell
their Lands in frame, to purchale
Shares m the Louiftana, or Mi0t
fi ; Ships were bought to begin the
■Navigation ; young Gentlemen floc-
ked in to be the firft Adventurers,
as the Siots did to their darling 2)a-
rien ; and, to furniOi the Country
with Labourers, the Punifliments in
France were changed for Whores
and Rogues to be tranfported to
the Mi0ppi-
But
of the Miffifippii 33
But, before I proceed to my
Voyage, I muft tell you hov^' we
were cajol'd into this Affair.
Firft Mr. ^olliafs Expedition was
publifli'd, being fent by the G)unt
de Fontenac in the Year 1 674. to find
out, if poffible, a Paffage through
the Bay of Calif urnia into the South
Sea y but inftead of that fell into
the River Miffifi^pj but durit not
go to the Moutii of it ; only difco-
verM, that it did not empty itfelf
into the South Sea, but fome where
about Ca^e Florida ; and fo retarri'd
to the Count at Canada.
Then Monfienr de la Salle is fent
h 1676, and carries with him Fa-
ther fienepeny ( whofe Voyage was
printed in England in 1696, and
presented to King JViUiam by that
G tVieft;
m
t^m
Vi
r Li
W
h i^
The Rife and Fall
the River,
3^
Prieft ;) they find out
fail many hundred Leagues down
it but return to Canada,^ without
going to its Mouth, and give a very
romantick Account of the Country.
Monfieur la Salle goes again in
1681, finds the River divide in two
Branches, within 60 Leagues of the
Sea ; but not knowing which might
be deepeft, he returns to Canada^
and took Shipping for France, to
make the jOifcovery to the French
King, who, being an Encourager of
all advantageous Projefts, order'd
him three Ships and a Man of War
to find out the Mouth of the Ri-
ver ; but after all his Search from
Cafe Florida along the Bay of Mesi-
CO in vain, he was forced a-fhore
under the Cafe^ where he dy'd.
At
of th Miffifippi. 35
At laft Monfieur Ti'IbbemUe^ a
Native of Canada, after the Peace
concluded at Refwick, finding the
French King at Leifure to liften to
Projects, goes upon it, finds out the
Mouth of this River, and builds a
Fort upon it ; and goes up through
that vaft Country to ^i:-* Native
Country of Canada^ and then re-
turns to France^ and made fuch a
florid Report, that the French King
grants to Monfieur Crofard^ his Se-
cretary, the fole Power of grant-
ing Liberty to trade to this Coun-
try ; and Monfieur Crojardy for va^
luable Confiderations, renounces his
Right to tiie Conripany, and obtains
for them a Royal Charter with the
following Declaration.
TH £ King having by his Tb^eU
ters patents of the Month of
Auguft, 1 7 1 7, efiablijh'd a Trading'-
G 7 Com*
>■ u
iiiAi
The Rife and Fall
Qom^my^ mder the Name of the Weft
India Company ; and^ by his EdiSl of
JMay lajl, remitted to the fatd ComfOf
ny the Trade to the Eaft Indies and
China : His Majefty fees with reat
SatisfaiBiony that that Company lakes
the befi Meafures for jecwing the Sue-
cefs of its Eftablijhment ; that they fend
a great Npmler of Inhabitants to the
Country \jQm(w^?^y which wa^ granted
them ; that many private Terfons make
Settlements in that Colony y and fend
thither Hus^mdmen., Tiller s, and other
Handicraftj.nen, to manure and improve
the handy fow Corn, flant Tobacco,
breed Silk-lVorms, and do whatever is
neceffary to improve the Country. Far*
themore, his Majefty being informed^
that the fatd Indian Company is at
great Charge for tranf^orting the [aid
Inhabitants, andfurnijhing the Colony
with Med, and other Neceffaries, %!/
the Land affords a fujficient %imtity
4
of the Miflifippt 37
pfTrmponsfor their Sulfiftance ; that
the Company fends thither all Sorts of
Gaods and Merchandizes^ to render th^
hife of the Inhabitants more comforta^
hie y and that for preventing of Abufesj
too frequent in Colonies ^ they have ta-*
hen Care to fettle the Trice thereof at
a moderate Rate^ hy a general Tariff,
which ^iffofitions have appeared fo
wife and neceffary^ that his Majefly
is refolv^d to favour the Eseci^ion there-
of'^ and knowing that the Exchanging
of Goods not being fufficient to carry on
Commerce in its full Extent, it is ne-
ceffary in the Beginning of Eftablijh-
ments of this Nature, to give them all
pffible Trote^ion and Countenance, his
Majefly is refolved to fu^fy the faid
Company with a Sum of Bank Bills,
to enable the Inhabitants of Louifiana
to trade among fl themf elves, and bring
into France the Fruits of their Labour^
Induflry^
i
38 The Ki£e and Fall
Induflryj and OEconoriy'^ without my
Rijque or Charge.
From tliefe Encouragements we
promis'd great Things to ourfelves ;
no lefs than furnifhing all Europe
with Tobacco and Sugars, at a much .
cheaper Rate than England ; and by
being near Mepckoj we fliould, in
Time, fall into a Trade with the
Spaniards for their Silver : Our
Stocks rofe prodigioufly upon this,
and the dirty Street of ^inquam-
pix was more throng'd than i5V-
change -Alley at London; that the
Bank thought it more convenient
to remove the Jobbing to the Ho-^
t4 de Soifonsj where Offices were
built for the Clerks and Brokers:
Our iirft Embarkation for the JVIif-
fifyp was at St. A'ialo; we v/ere
twelve Ships, and carry'd with us
Agents, Clerks, Labourers, fome
Troops^
of the MiflifippL 39
Troops, and Provifions : After a te-
dious Voyage, we avriv'd at Hijfa^
niohy in the Bay, and took Tenpco^
la from the Spaniards on the Conti-
nent, being neceffary for fecuring
our Navigation into the River, it
lying almoft at the Mouth of it :
The Bay, which makes the Mouth
of the River Miffifyp, is wider
than from Orfordnefs to the North-
Foreland, and fuller of Banks and
Shoals ; fo that it is very difficult
for Ships of any Burthen to get in-
to it, without very skilful Pilots, of
which there are none as yet ; it hath
three large Openings, and one can
hardly judge which is the Mouth,tho'
they all three come out of it, except
by Monf. "D'Uberville's Fort, which
one hardly fees, 'till you are juft
upon it ; after you have got into
the River, it is Hill very flioal, tho'
broad, 'till you get up to Monfieur
ns
ft i
'A I
r
I i
b ;|
46 The Rife and Fall
TflbhrviUes fecond Fort, at both of
which we are to begin ourFaSories,
and carry them hi^er, as our Peo-
ple increafes. Our Fort lies in about
a 8 Degrees of Latitude: The &)un-
try is prddigioufly fandyj and, I
muft fay, they might as well have
fent us to the Deferts of JJbia^ ot
Barcoy to have fettled a Colony, as
thither : ^t met with no Inhabi-
tants near the Sea-fide, nor indeed
for a great many Leagues up the Ri-
ver : If you believe fome People
ivom Canada J that came to us, their
Navigation down this River was
from 42 Degrees tp a8, direftly
South and North, the Mountains,
Water-falls, in the Way from Cam^
day and Lakes are incredible ; one
Lake, call'd Jlenoisy is fo large, that
they fail'd 40 Leagues over it. The
different Nations up the Country,
running along the Back of the En-
gltjh
hi.iitil,
mMi
imii
of the Miffifippi. 4 1
Plantations, I leave to others
defcribe, that is no Part of my
Bufinefs ; iDUt the Iroquois^ who we
were told in France were the Inha-
bitants, are not within a thoufand
Miles of itj nor any other Inhabi-
tants : I faw for many hundred Miles
but here and there fome ftragling
Indians J Natives ofFlonda, and poor,
innocent, harmlefs. People. I went
up the River in a Canoe for fome
hundred of Miles, without feeipg
the Country mend, and after three
Months Stay embark'd again for
France;
People may talk [of a jCommuni-
cation between Canada and the Lou-
ifiana by Land ; I don't deny but
it is prafticable ; but I fliould be
glad to know the Ufe of it ; for all
the People of France would be too
few
i1
5 <
I
4 2 The Rife rt«<^ Fall
few to plant the vaft Space of bar-
ren Land that runs between.
19
On my Way Home we touch'
at Sir * Robert Montgomery^ Golden
Iflands, which, to my Grief, I found
were as fandy as Louifana ; 1 fay to
my Grief, for 1 had a Share in the
Bubble that was then fet up at L(?w-
don for improving them, which I
plainly faw was impradicable : In
paffing through the Straits of Baha-
ma^ 1 faw indeed fome very impro-
vable lilands, which the E?iglijh have
a Right to, but lye negledted, and
are now the rendevous of Pyrates :
On my Arrival at St. Malo, I fiound
the Company had fwallowed up the
Bank, and the Crown was fwallow-
ing up the Company ; my Mafter
La^jo gone to Italj, and his Brother
IVtHiam reduc'd : However, at my
Arrival at Taruy the Company or-
der'd
IIM
of the Miflifippi, 45
der'd me to VerJaiUes^ I fuppofe,
with a Defign that I fliould not tell
Tales ; there I ftay'd with my other
ftarving Manafafturers for about a
Month, and^ like them, was dif-
mifs'd without being pay'd ; and
glad we are all to get to Old En^^
landj without a Shilling in our Pock-
ets, after almoft three Years con-
tinual Service in the Manufaftory
of Verjailles. I cannot help in con-
cluding to draw a Parallel between
two contemporary Families, the
Craggs in England^ and the Laws in
Fr^mce,
The firft defcended from an ob-
fcure Race in the Bilhoprick of Z)«r-
ham^ fhould, in the Father and Son,
blaze like a Comet in the Meridian
of London^ for a few Years, and
difappear without leaving any of
the Name behind them.
The
Jkam
W'1
&r
W
1a
44. The Rife md Fall
The fecond did the fame in Fnmce^
even with greater Splendor, and
now become fo low, that the El-
der Brother is become a Fugitive
all over Europe ; the Younger re-
duced to his primitive Nothing;
and, if ever he is fo happy to get
out of Francey may retwn to Edm-'
htrgh poorer than he went away.
F J M t S.
HPt'lKv
id
ve
e-
;et