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troversy with John Law, his all too apt pupil in the fine art of promoting, by which he stemmed the tide setting in for an inconvertible paper currency in Scotland. He is also credited with a "great share" in the treaty of England and Scotland relating to trade and finance. One of the last acts of the Scottish Parliament was to recommend Paterson to Queen Anne, "for his good service."

Dumfries, forgiving him for his Darien scheme, which had cost Scotland dearly, sent Paterson to the first United Parliament; but the house unseated him. In 1715, after repeated refusals, parliament appropriated £18,000, making good his personal claims, which were omitted years before, in the settlement of the accounts of his Scottish African Company. This remarkable act of governmental generosity set him on his feet again. He died early in 1719.

Paterson's published works-many of them published anonymously-make a long list. The more important ones were gathered together by Mr. Bannister in 1859, and published under the title, "Life and Writings of Paterson."

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"MON

II

JOHN LAW

1671-1729

ONEY and Trade Considered: with a Proposal for supplying the Nation with Money; first published at Edinburgh MDCCV, by the celebrated John Law, Esq., afterwards Comptroller-General of the finances of France," is a neatly printed little book from the celebrated Foulis press of Glasgow, bearing date 1760. John Law's clear and vigorous style as a writer on financial subjects partially accounts for the man's remarkable success as a pioneer in so-called high finance. Turning to page sixty-four, we find this clear exposition of the evolution of banking from the necessities of trade and commerce (copied verbatim):

"The use of banks has been the best method yet practised for the increase of money. banks have been long used in Italy, but, as I am informed, the invention of them was owing to Sweedland. their money was copper, which was inconvenient, by reason of its weight and bulk; to remedy this inconveniency, a bank was set up where the money might be pledged, and credit given to the value, which past in payments, and facilitate trade.

Then follows an historical sketch of the Bank of Amsterdam and the Bank of Scotland. Law now proceeds to meet the objections then prevalent against banks, as follows:

"Some are against all banks where the money does not lie pledged equal to the credit. I. they say the demand may be greater than the money in bank. secondly, if we are declining in our trade, or money, we are not at all, or are less sensible of it: and if the bank fail, we are in a worse condition than before.

"To the first 'tis answered, Tho' the nation had no benefit by the addition the bank makes to the money; nor the people by being supply'd with money when otherwise they could not, and at less interest; and tho' the proprietors had no gain by it: the other conveniences, as quicker and easier payments, &c. are more than equal to that hazard; or bank notes, gold-smiths and bankers notes, would not be preferred to money, every body knowing such a stop may happen to the bank, and that gold-smiths and bankers may fail.

"The other objection is the same as to say, a merchant who had a small stock, and was capable of imploying a greater; if a sum were offered him without interest, equal to what he had, and more as his own increased, should refuse it, because he might fancy himself richer than he

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