John Law of Lauriston

It has been the fate of most men who have left their name upon the pages of political history to have their conduct scrutinised with a degree of ethical fineness which happily is denied those whose records have not risen above the commonplace. Such a standard of criticism has been invariably applied in instances where origin of birth would hardly justify anticipations of pre-eminent greatness—and especially where the circumstances that have fostered its rise lie outside the beaten track, and possess the inviting charm of novelty. Reputation acquired in the steady, patient pursuit of a purpose is not more likely to reach the level of permanent fame, than one of which spasmodic progress forms the outstanding element. Where brilliance of meteoric splendour appears in any sphere of life, but chiefly in the region of national politics, a curiosity which otherwise would be escaped is aroused by reason of its suddenness, and attempts are made to discover unworthy motives behind each act. While these attempts can only have a problematic value in absence of any true disclosure of motive, judgment is not infrequently passed with an air of authority that seems to exclude refutation. Nor is it an uncommon occurrence for contemporary opinion, prejudiced and perhaps unjust, to distort the estimates of subsequent writers. Exemplification of this is in some degree to be found in the case of John Law of Lauriston, the founder of the Mississippi Scheme, whose chequered and questionable career before his elevation to a position of national importance in the government of France, furnished excellent material for a sinister interpretation of his intentions by his detractors.

By birth, Law belonged to a family which held a position of considerable social rank and influence in the Scottish capital. He was born at Edinburgh, on the 21st of April, 1671, and his father, William Law, described in the records of his time as a goldsmith carrying on business in the capital, followed a profession more nearly allied to that of banking as now understood. Some conflict appears to have existed as to his lineage, but on the authority of Walter Scott, Writer to the Signet, father of Sir Walter Scott, who acted for some time as agent for the family, it may be taken that Law was the grandson of James Law of Brunton, in Fife, by Margaret, daughter of Sir John Preston, Bart. of Prestonhall, and great-great-grandson of James Law, Archbishop of Glasgow from 1615 to 1632. The claim of his mother, Jane Campbell, to relationship with the ducal house of Argyll may have been somewhat remote, but is not at all improbable.

With a view no doubt to educating his son to a career which the fortunes of the family were sufficient to enable him to follow, and perhaps because he early perceived evidences of uncommon capacity, William Law embraced every opportunity which the educational facilities of the time afforded. In order to put him beyond the possible prejudicial influences of the city, he sent young Law at an early age to Eaglesham, where he was placed under the care of the Rev. James Hamilton, whose son subsequently married his eldest sister. There he received his early education in a school established by the Rev. Michael Rob, the first Presbyterian minister ordained after the liberty.