This marriage, however, did not take place, the pretext for its cancellation being found in the subsequent fall of André on the collapse of the scheme. The marriage of the Count D’Evreux was of the same class. His wife was a young girl of twelve, daughter of the famous Crozat. The Count received a sum of 2,000,000 livres on the marriage, but, subsequently gaining enormous profits on successful share transactions, repaid the dowry and obtained release from the nuptial tie.
During these months of excitement, Paris was a centre of a attraction equally for the foreigner as for the Frenchman. The brilliance of the capital was dazzling, and the facilities for spending money were even greater than those for making it. The influx was from all nations and drawn from every grade. The sovereigns even of foreign countries did not disdain to engage in the general business of share speculation, and sent to Paris specially appointed agents for the purpose, or made use of their ministers already at the French court. Britain too supplied its quota of speculators. The Earl of Ilay, a friend of Law’s, and anxious to benefit his friends at home by turning his friendship to account, in writing to Mrs. Howard in Sept., 1719, said, “I have laid out the money you bid me. It is very difficult in a letter to give you an idea of the funds of this country; but in fact everybody has made estates that have been concerned in them for four or five months. As a little instance of this, cousin Jack has got, I believe, near £10,000, and has lost the half of that sum by a timorous silly bargain he made; for my part, I came after all was in a manner over, and as I never meddle with these matters, I do nothing but buy books and gimcracks. It is true it is now very late, and yet, by what I am informed by him who knows all, and does all, I am of opinion that whatever sum you remit here may be turned to great profit. The stocks are now at 950, and if no accidents happen of mortality, it is probable they will be 1500 in a short time. The money I laid out for you was 5000 livres, as a subscriber to the fifty millions of stock lately added, of which the tenth part only is paid down, so that 5000 is the first payment of 50,000 livres. The subscription was full, but Mr. Law was so kind as to allow it me; some of the subscribers have already sold their subscriptions for 230, that is their own money back again and 130 per cent. profit. Whatever you think fit to do, you may bid Middleton remit to me as many livres. I shall acknowledge the receipt of them and do the best I can. You will think that the levity of this country has turned my head when I tell you your master might, within these few months, have made himself richer than his father.”
It was estimated that at the end of 1719, no fewer than 305,000 foreigners were in Paris, drawn there in the hope of securing immediate wealth. So large an accession to the population had the effect of stimulating business. Housing accommodation became exceedingly scarce, and every available out-house was utilised as a temporary place of abode. Not only did the necessaries of life rise greatly in price, but all articles of luxury shared in the general increase of value. The effect was to create an appearance of great prosperity which permeated every class of the community, and elicited expressions of deep respect and admiration for the man who had inaugurated this new era of apparent greatness for France.
CHAPTER VIII
Law’s importance causes him to be courted by all classes.—Socially ostracised by nobility.—Law’s conversion to Roman Catholicism.—The part of the Abbé Dubois and the Abbé Tencin in the conversion.—Difficulties in its accomplishment.—Law becomes naturalised.—Law appointed Controller-General of Finance.—Regent celebrates appointment by a distribution of pensions.—Law honoured with the freedom of the City of Edinburgh.—Elected member of Academy of Sciences.—William Law brought to France and made Postmaster-General.—Law’s private investments.—His fiscal reforms.—His introduction of free university education.
In the midst of all this excitement, gaiety and brilliance, Law himself stood out as the one great and prominent figure in the kingdom. Court was paid to him by all the most influential personages in France; and by the multitude he was regarded with feelings of awe and admiration. His chambers were crowded day after day by those who at other times would have been in attendance upon their sovereign. Every excuse and artifice was employed in order to obtain an interview with the great man. “I have seen an hundred coaches at his levee in a morning, and dukes and peers waiting for hours together to speak with him, and could not get within two rooms of him for the crowd.” Yet through the whole of this period of flattery and adulation he maintained the same cool unaffected demeanour which had always characterised him, and although given at times to treat his importunate visitors with haughtiness and curtness, yet he was noted for his general suavity and affability when receiving those who were strangers to him, and who had sought introductions without credentials merely for the purpose of obtaining pecuniary assistance. When he passed along the streets, he was followed by crowds by whom he was greeted with cries of “Long live Mr. Law.” Ladies of the highest rank kissed their hands to him, and even princes rendered him obeisance in public. In fact so important had Law become in the eyes of everyone, that he allowed himself to indulge in conduct of a somewhat shameless character, although it was attributed simply to boldness by those who encouraged him in it. The latter—and they were more often than not of the gentler sex—thought they excused their conduct in endeavouring to give it the character of a joke, and the nobility of the period, ready at all times to sacrifice their lives to their honour, scrupled not to sacrifice their honour to their fortune.
The determination of many ladies to have the honour, as they considered it, of speaking with Law, led to many amusing if not ridiculous incidents. One lady, who had waited without success at his house for an interview, instructed her coachman to overturn her carriage if on any occasion when driving her he chanced to meet the great financier. For several days she drove through the streets of Paris he was most in the habit of frequenting, and at last her patience was rewarded. On the approach of Law her coachman upset the carriage, and the lady who was carried into a neighbouring house by the object of her attentions confessed the purpose of her stratagem, and extracted a promise from him that her application for shares would be granted. Not so successful, however, was the ruse of another lady who had failed to secure an invitation to the house of Madame de Simiane where Law was to dine. Driving to the house when all were seated at dinner, she bade her coachman and footman to shout “Fire,” at which the guests all rushed into the street. On seeing the lady leave her carriage to meet him, Law at once perceived the object of the false alarm and fled before she had an opportunity of speaking to him.
At Law’s house was always to be found the most exclusive society in Paris, and it is related that the Regent, expressing the desire on one occasion to find a Duchess to whom he could depute the duty of accompanying his daughter to Modena, mentioned to the Abbé Dubois that he did not exactly know where to find one, to which the latter remarked, “I can tell you where to find every duchess in France: you have only to go to Mr. Law’s; you will see them every one in his ante-chamber.”