, usually known by the name of the projector, was born at Edinburgh, in
, usually known by the name of the projector, was born at Edinburgh, in April 1671; and on the
death of his father, who was a goldsmith or banker, inherited a considerable estate, called Lauriston. He is
said to have made some progress in polite literature, but
his more favourite study was that of financial matters,
banks, taxes, &c. and he was at the same time a man of
pleasure, and distinguished by the appellation of Beau
Law. Having visited London in 1694, his wit and accomplishments procured him admission into the first circles,
and he became noted for his gallant attentions to the ladies.
One of his intrigues having involved him in a quarrel with
a Mr. Wilson, a duel took place, and Mr. Law killed his
antagonist. He was then apprehended, and committed to
the king’s-bench prison, from which he made his escape,
and is supposed to have retired to the continent. In 1700,
however, he returned to Edinburgh, as he appears in that
year to have written his “Proposals and reasons for constituting a Council of Trade,
” which, although it met with
no encouragement from the supremo judicature of the
kingdom, procured him the patronage of some noblemen,
under which he was induced in 1705, to publish another
plan for removing the difficulties the kingdom was then,
exposed to by the great scarcity of money, and the insolvency of the bank. The object of his plan was to issue
notes, which were to be lent on landed property, upon
the principle, that being so secured, they would be equal
in value to gold and silver money of the same denomination, and even preferred to those metals, as not being
liable to fall in value like them. This plausible scheme
being also rejected as an improper expedient, Mr. Law
now abandoned his native country, and went to Holland,
on purpose to improve himself in that great school of
banking and finance. He aftewards resided at Brussels,
where his profound skill in calculation is said to have contributed to his extraordinary success at play.