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But the notes steadily lost favor, and by December the country had returned to a specie basis. In addition, the French controlled the colony of Louisiana, a vast settlement in the interior of North America. Later Law would create cash flow from new economic activity. Economists are divided on how to interpret Law's scheme.

Moreover, the supply of bank notes, unlike that of metallic money, would be perfectly elastic. Louisiana west of the Mississippi and the Isle of Orleans went to Spain. The Estate and Its Owners. Problems with the French economy presented the opportunity to put his system into practice.

Law and the authors of the other tracts all attributed the crisis to scarcity of money, but Law was the only one who carefully formulated the theory underlying his proposal. Law studied mathematics, commerce, and political economy in London. The resultant shortage of precious metals led to a shortage of coins in circulation, which in turn limited the production of new coins. Het Groote Tafereel der Dwaasheid.

His tall stature andIn August his Company of

He not only ended unemployment but even induced a labor shortage and overfull utilization of plant capacity. The financial district in Paris became so agitated at times with investors that soldiers would be sent in at night to maintain order. The paper notes of the Bank Royale were made legal tender, which meant that they could be used to pay taxes and settle most debts. The early years of the festival allowed driving throughout the city but eventually curbed the practice back to only art cars.

His tall stature and elegant dress allowed Law to charm his way across Europe's financial hubs, from Amsterdam to Venice. In August his Company of the West was chartered. The paper notes would be supported by the bank's assets of gold and silver and would circulate as a medium of exchange.