John Law of Lauriston, Financier And Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc
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This change was opposed by Law, who, knowing the character of the Regent, foresaw the possibility of disastrous results, but the Due d' Orleans had decided upon the step, and opposition was of no avail. The new ordinance was to come into force on ist 92 JOHN LAW OF LAURISTON January, 17 19. The King reimbursed in specie the holders of the shares, and guaranteed the due payment of the notes in circulation which at that date amounted to 59,000,000 livres. The pro- prietors, who had, as already se...en, only paid one fourth of their holding in specie and the remaining three fourths in depreciated billets 'd etat, thus realised their investment in cash to the face value of their securities. Law was appointed Director-General of the Bank, acting under the instructions of the King through the Regent.
Thus the King by this change became the sole proprietor of the Bank, and the dignity he conferred upon it secured it even more, if that were possible, in the good favour of his people.
It has already been stated that the notes of the General Bank were always convertible at sight into coin of the weight and standard of the day of issue, and that here lay its strength and security.
What to read after John Law of Lauriston, Financier And Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc?
You can find similar books in the "Read Also" column, or choose other free books by A W Wiston Glynn to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This change was opposed by Law, who, knowing the character of the Regent, foresaw the possibility of disastrous results, but the Due d' Orleans had decided upon the step, and opposition was of no avail. The new ordinance was to come into force on ist 92 JOHN LAW OF LAURISTON January, 17 19. The King reimbursed in specie the holders of the shares, and guaranteed the due payment of the notes in circulation which at that date amounted to 59,000,000 livres. The pro- prietors, who had, as already se...en, only paid one fourth of their holding in specie and the remaining three fourths in depreciated billets 'd etat, thus realised their investment in cash to the face value of their securities. Law was appointed Director-General of the Bank, acting under the instructions of the King through the Regent.
Thus the King by this change became the sole proprietor of the Bank, and the dignity he conferred upon it secured it even more, if that were possible, in the good favour of his people.
It has already been stated that the notes of the General Bank were always convertible at sight into coin of the weight and standard of the day of issue, and that here lay its strength and security.
What to read after John Law of Lauriston, Financier And Statesman, Founder of the Bank of France, Originator of the Mississippi Scheme, Etc?
You can find similar books in the "Read Also" column, or choose other free books by A W Wiston Glynn to read onlineMoreLess
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