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Okay, look back through the history of money, and quite often it seems like nothing is happening, long long bits of calm, and then suddenly there's a catalyst of some kind.

Stuff changes, right, and you get everything exploding, things flipping, a period of chaos, and then everything seems to reinvent itself.

John Law, John, you know all about John Law.

His history reflects exactly that.

So what we're trying to do here over this holiday and over two episodes is tell his story, which tells us a lot about money, right, Yeah, and we need.

To take two whole episodes to do it.

This is a special series, folks, Join Law Stories, the story of bast a fugitive scotsman clearly identify with that quite closely.

Briefly became the most powerful man in France and the richest I'm the richest, yeah, which is even more important.

And then doing so he changed both my literary and arguably European her study forever.

Wow, it's a big story, So stay with us for it because his rise and it's for us not just about history, is it.

It's about the monetary system that we live in today.

Okay, John Law.

He might not be as respected as like Adam Smith, but he pretty much laid the foundation for the monetary system that we use today, right, So you could arguably say that his thinking is more important than a lot of that academic muk.

Yeah, you could, and actually and whatever else he was, he was a gambler, sometime moderor he was also a practitioner.

He did what he believed, and of course, as we'll find it, that didn't necessarily work to his advantage.

All the time, I think you know, you're already giving away the fact that despite the fact he's a murderer, gambler, the beginning of the end of monetary systems, and all sorts of other appalling things.

John rather likes John Law.

I think I'm really quite fond of it.

It's the charisma every time.

Well, yes, yes, perhaps chapter one the beginning, Well, is this horrible, doesn't borne?

Well, let's wind by call the way back to April sixteen seventy one and John Law is born in Edinburgh.

He was one of twelve children, four of whom died in childhood.

His dad, William Law, was a goldsmith, and his mum, Jean Campbell, was William's second wife, and she had three sisters and they'd all married well, so he's basically from my kind of upper merchant class background.

So in sixteen eighty three, when John Law's twelve, his father William, goes to France because he's got a kidney stone.

He has to get an operation.

The chances are that he'll die under the knife, but it's his only chance, and there happens to be a company of barber surgeons of great reputation in France who do this kind of thing the time.

So before he leaves, he puts his affairs in order, says goodbye easy, eight kids and his wife, and then heads off to France.

And as it turns out, unfortunately, he does die when the operating.

Table, leaving behind eight kids.

Leaving behind eight kids, and so Gene takes over the family business, and she also avoids getting married again so it's not to have to sign the business over to her husband.

And at this point goldsmiths are all ready in banking, so when he joins Brothers, takes over the kind of goldsmith side of things, actually making stuff out of gold.

But Jane and join sort of jointly kind of operate the banking side of the business, so lending money.

This is already something that goldsmith's are starting to do.

So we're not into fractional reserve banking at this point, not quite yet.

Well not formally, but actually goldsmiths really are lending out money.

It's not like they have to have a one to one correspondence.

There's not one hundred percent reserve requirements, and people know that people need credit, and there's no way you could do that and have all the gold still sitting there in the bank and demand at any time.

I mean, there's actually an interesting called bailment, and this is where if you want your goldsmith to look after your gold, you put it in a bag and you give it to them, and that means that you want that gold back.

But if you give them loose coins and there's an understanding that that money can be lent out and it's not necessarily the same gold coins, it's you're going to get back.

So basically, if everyone came to the goldsmith's at once and wanted all the money back, it wouldn't be there immediately that day.

I reckon I would won my own gold coins back.

I mean, I think you probably would at this time, because a lot of them are debased.

But people's maybe chipped in kleptics out.

Yeah, so I mean you kind of maybe want to use the bailment.

If as a child he's already learned about gaging, interest rates, monopolies gold.

Yeah, yeah, he's kind of off before it.

Yeah, he's that because I suppose another interesting in one of the core things would being a goldsmith is that he's used to that world where gold is an object.

So it's it's jewelry, it's plates, it's things like that, but it's also got a separate financial function.

Does this thing called moneyiness somewhere that is a kind of abstract property of the gold And he appreciates that there's a difference between the gold object and gold has money, and that's probably already kicking around and his brain a wout of thought.

A look the things he has a tear away.

His mum actually sends him off to a boarding school in a little village called Egoshum, which is still about an hour and a half drive from Edinburgh, and at least part of it, according to sources at the time, is to keep him away from the temptations at the big city.

He's interested in things like gambling, and it does get to a point where he comes back he's sixteen because of the bet that yeah, exactly, yes, class war even then, but he comes back and they have a falling out him In his muther there actually is a kind of court case over it.

It sounds like he's almost like trying to divorce her and get his inheritance so that he can be free, and she says in the court documents that actually the true cause of his deserting of my family was because of my motherly reprehending him for biding late out at night and going to the lottery and other games.

So basically he's just a naughty boy and she's kind of fed up beating.

Sixteen sixteen seventeen, and a lot of mothers in Edinburgh today similar feelings.

Yes, I can imagine there's a lot of pushing pull, but it doesn't ever fully go to court, and it does eventually get settled by the time he's twenty one in sixteen ninety two.

But the point is, I think this illustrates that a he's already someone who's very much pushing the boundaries and excited about getting out from under and making his name in the world, and also that he's someone who kind of enjoys taking risks and actually probably isn't that careful with money despite his upbringing.

So sixteen ninety two, John Law's twenty one and he's finished his education, He's inherited the money that he's owed from his mother and he goes down to London in the company of a chap called John Campbell, who's a fellow Scott who wants to set up a goldsmith's in London.

Now he does this and that actually eventually becomes Cook's Bank, and John Law himself ends up living in Saint Martin's in the Field, which for anyone who's not based in London is pretty much where charing Cross station is today, and at that point it actually was a field.

It's quite a brave move, even as a young man to move from Edinburgh to London.

Quite a journey, yeah, alien place to scott'stand as it is today.

If I had remember the mood I went to London for the first time when I was twenty one.

Thinking about it, I think it's a brave move.

I think he is clearly ambitious at this point.

I would say he's more reckless than anything else, for reasons we'll see in a moment.

I think basically just wants to have fund, because he spends a lot of his time gambling, to the point where he actually has to write back to his mum and handover a chunky his inheritance in exchange for more cash.

Basically she must have been fit up by that point, if you would think, when you actually it's weird.

Through their lives, they don't have a major falling out again, and she doesn't disinherit him or anything like that.

So although he's leading somewhat forcibly dissolute life, and he's kind of known as a dandy and a ladies man, and he does like gambling and partying and all the rest of it, she doesn't ever actually cut him off.

Maybe the other kids are worse.

I mean possibly possibly, they'd have to try quite hard.

So down in London he gets known as bow Law.

A bow is a dandy, a kind of it boy, a kind of man about town.

In bau right b e A U.

Yes, as beautiful, I guess.

And then we come to a massive turning point.

It's fair to say that if this hadn't happened, John Law might just have ended up as another London society man, maybe dabbling in politics, maybe pushing money making schemes around exchange Alley with the other stock jobbers.

Instead, he's about to embark in the path.

We'll put him in a position to play financial alchemist with one of the biggest economies in Europe.

Chapter two the due in April sixteen ninety four.

John Law is twenty three and he gets involved in the life of a fellow dandy called Edward bow Wilson.

Edward bo Wilson is just another it boy, like John Law, another dandy, and people are really intrigued by him because he's spending an awful lot of money down in London.

Even the load of the family that he comes from is not well off.

They're sort of gentry, but they're the lower end of the gentry, so for perspective, he's thought to be spending something in the region of about four thousand pounds a year, which in current money is about six hundred and seventy five thousand pounds a year, And in terms of what people were saying about them at the time, there's the equivalent of a local gossip columnist who writes to his employers and Devon, who like to be kept up to date on the news in London, and he tells them that Wilson is the subject of the general chat of the town.

He has no gamester, neither is he known to keep women company, and it cannot be yet discovered how he came to live at so prodigious an extravagancy.

We never get to find out where Wilson's money comes from, because in the ninth of April sixteen ninety four, he enjoined fight at Bloomsbury Square and join stabs him in the stomach with an iron and steel sword of a value of five shillings, which about forty pounds to day, into a depth of two inches.

That's all according to court documents, and he dies immediately, which strikes me as a tiny bit odd.

But I don't know any about anatomy.

Okay, so this is really unlucky.

It is unlucky.

We don't know why they fought.

A later theory claimed that Elizabeth Villiers, who was King Williams's mistress, was involved, but there's no evidence for that, and it lightly originated the century afterwards.

And there's also a scandalous pamphlet from the seventeen twenties, and then this suggests that Wilson was actually living an affair with a nobleman who was the person paying for his lifestyle, and that Law killed Wilson to silence and so effectively he was acting as a kind of eighteenth century hit man.

But that seems to just be pure gossip meant to damage Law's reputation at the time, and a more plausible, if somewhat less dramatic account mentions a Missus Lawrence and she was a friend of Laws, and she was the landlady of a house where Wilson's sister lived.

Wilson then discovered that Law was keeping a mistress there, and he told his sister to leave, and Missus Longs took offense, probably because like, oh, what are you accusing me of running some kind of you know, broadle or something.

An argument followed and that's where the duel came from.

So basically Law might have been defending his friend's honor, which I think is probably quite believable because he's clearly still quite hot headed and reckless, but I mean, ultimately we don't know the real reason.

After the fight, Law is arrested and the key legal question is whether it was a planned duel or a spontaneous fight.

The duels were common but illegal, and I mean, this will seem a bit weird.

That's what premeditation is what made it murder and therefore punishable by hanging, whereas a kind of heat of the moment impulse fight meant it was manslaughter, and basically basically knows days you got away with manslaughter.

So Law claimed that Wilson attacked him suddenly in Bloomsbury Square, and that would have made it self defense.

But the prosecutors argued that it was pre arranged and that kind of they showed letters and things to show that they had ongoing feud, so it was kind of cut and dried from that point of view.

So the jury agreed, they convicted them a murder and they sent them to hang.

Now the king reprieved them because the low jewels were technically illegal.

They were also sort of seen as a way that young men let off steam, so no one was actually they can of execute people for them.

But Wilson's family appealed and that left join Law kind of rotten in prison.

The jails then were privately ruined, so he was able to pay for better quarters.

So you know, in certain parts of the prison, poor people were kept and they were awful, whereas the bit that he was in was probably a little bit more pleasant, maybe like a kind of three star B and B.

So he remained there for nine months while the appeals dragged on and on and in the background, because he was quite well connected or from a well connected family, Scottish politicians were lobbying the king for his release, while at the same time, Wilson's side was lobbying for him to be hung, and the king was kind of stuck in the middle.

You get the sense that the king just wished the problem would go away.

And as early as kind of made that year, you've got officials hinting in documents that law could easily escape from this prison, and it was kind of stupid of him to just be hanging around waiting to see whether he'd get a pardon or not.

But I think that's a little bit unfair because obviously he's a society guy, he's a gentleman, and if he does escape from prison, that's going to make him a fugitive.

So you can see why he might have thought, well, I'd rather wait for this pardon, which is surely forthcoming at any minute, but in the end of appeal doesn't go his way.

He sends to be hung.

There's a quote in Johnson's recollections in which he recalls that one of the King's right hand men told him that the King wouldn't pardon Law without the consent of Wilson's brother.

But he also said that I think the King is willing he should be saved, provided it can be done in such a manner as that his majesty did not appear in it.

And then at that point, reading between the lines, King William tacitly gives permission for him to be bailed out.

Fascinating the King's sound in this case, right, It is.

Interesting, But I suppose we need to remember that Law is basically a foreign national who's under threat of execution in a foreign country.

So the Scottish legal authorities were almost bound to say something, even if Law wasn't as well connected.

And he actually, you know, he is quite well connected.

So he get that.

So the Law makes his escape, or rather the sounds of it, he's rescued Johnston.

That's the Scottish Secretary estate we mentioned earlier reports that the king's right hand man came up to him and whispered to me in a crowd that my friend was at liberty but had been very slow to understand matters and prayed me to keep the secret, which I did until King William's death.

And from that point we don't know exactly where Law goes.

That's the point, isn't it, John Really.

Well, it's yes, yes, when you go on the run.

But yes, this is a major turning point in his life, probably the major turning point, because it's his fugitive status that will eventually drive him to France, which is where he will create monetary history Chapter three, Law on the Lamb.

There's a gap before he arrived in France, such a refined his monitary and physical thinking.

Yes, this is when he does that.

Also while he's in jail, this is probably when he meets his long term partner, Katherine Knowles, who is oddly enough a great great granddaughter of Mary Berlin, who was Anne Berlin's big sister, the one who got away from Henry the eighth, and actually introduces the tantalizing prospect that just maybe John Law's children had showed her blood in them, depending on exactly who was the father of Mary's kids, benby Catherine's brother Charles, who's a sort of dissolute upper class scoundrel, is in jail at the same time as Law from mother and his brother in law, and so you have to assume that this is how they meet, because she just sort of appears in his life in the historical record otherwise.

And this is something I find really interesting about Law in general.

He never gets married, so they're happily living together kind of like essentially out of wedlock.

He's born a Protestant, but he converts to Catholicism purely for political purposes.

But it's so interesting how does wars being fought over religion all over the place at this point, And I just find it fascinating what I kind of unusually free thinking individual he seems to be.

And I don't know, Messa where that comes from.

And perhaps there were a lot more people like that in Scotland and England and France of the time that we traditionally think.

If he changing religion between Pritain and catholic back then, it did shows a kind of open mindedness and a lack of being but not being widded to an ideology any type that you could say that more or less the same, but we won't go there on this.

Customers, you know you're not wedded to a particular ideology.

Open minded, you're thinking freely.

You've escaped from prison, Yes, got your girl with you, a prison cavern's with them.

We don't know where he's gone.

But he turns up in.

Well, he turns up in general.

But I think the other thing he kind of contextualized stuff a little bit at this point.

So sixteen ninety four, while he's in jail, This is also when the Bank at England gets established.

So England and France are basically both skint because they've spent so much money on either being at war with each other or the other European powers.

So England's fiscal problem dates back to Charles the second.

So he'd been borrowing money from the goldsmiths and they would lend the money deposited with them to the crown and it would be secured against tax revenues coming during the near future.

So it's basically an early but very very primitive form of government debt.

But by sixteen seventy two, a combination the war and good living means that Charles is out of money, and so he suspends interest payments to the goldsmiths and an event which is known as the stop of the Exchequer.

And as it turns out, the payments are never fully made and there are running court cases right up until the seventeen hundreds.

But in the immediate term it bankrupts several big goldsmiths and also means that many wealthy families lose their money because they had been depositing it with the goldsmiths and that had been lent to the king.

So anyway, that has a big shadow over the Crown's credit worthiness.

And so comes sixteen ninety three, the king has changed.

It's King William now in the middle of the Nine Years War, which is a big European war which is basically France versus everyone else, and England's at war again, and William needs to raise money to rebuild the navy after a defeat.

But of course the remaining Goldsmiths have no interest in financing the crown anymore.

But at the same time, the London financial sector, if you like, is buzzing.

People have got lots of ideas about how to raise money.

Let's talking lotteries talks about lots of other kinds of schemes, but the scheme that does eventually get support is the idea to set up the Bank of England.

So the idea is to establish a bank that will sell shares to raise one point two million pounds in that money, so one point two million a lot more than that today's money from shareholders, and in exchange they'll get an eight percent annual interest rate which is backed by tax revenues raised on excise duties from ships coming up and down the Thames.

Basically, and that's the start of a kind of more formal way of raising debt for the country in a way that doesn't purely rely on the whims of the crown.

We used since it has a bit, it has a bit.

Where as she's getting your institutionalized and your institutions are starting to get built.

Was in France, you still get this very kind of old system.

Louis the fourteenth has already experiment to be paper money and then bind it because he didn't trust it.

The tax is raised largely from the poor.

Nobles and the clergy are exempt.

The tax raison powers are sold to people who then pay for the right to raise the taxes, but then when they're collecting them, obviously there's massive scope for corruption involved in that, and so you get a much older, less efficient, more corrupt and also more vested interests kind of system of financing the country in France.

So that's kind of where we are at that point.

So I think that's just useful for thinking about what happens next.

If you see an organization set up out with the crown, yeah, supposedly independent or a separate organization, but also allowed to raise money, yeah, with the power of the state behind it, that would definitely start thinking.

Okay, so that's the state of the public finances in England and France, and that's a very idea who they differ.

So now let's get back to John Law of an Escape from Prison.

Okay, So if this was a film, this is the point which we'd break into training montage, except rather than having Rocky punching bits and meat, we'd have Join Law darting about Europe with his wife Catherine, also not his wife, his lady partner.

And so between about sixteen ninety five and seventy oh five they spend ten years going around Europe.

They spend a lot of time in France, they spend some time in Holland, there's various other places they may or may not have been, And most of the time he's basically funding their lifestyle by hosting high end society gambling games.

He's very good with statistics, he's very good with understanding probability, which I mean he wants to be.

When you read some of the things that people were getting excited about at the time, but they're talking bit like he's calculating the odds of rolling a seven with two dice, and you're kind of like thinking, how did know when el know how to do that?

But you know, it's that sort of thing, and he also wanted to be able.

To do that instinctively.

It's amazing, really, yeah.

I and also taking the interest to write it down because there are a lot of people writing a book probability and gaming in particular at this point.

The other thing that's interesting is that he twigs that in certain games what you need to be as the banker, So a lot of the time he's not actually gambling so much as being the house on the behalf of a lot of rich people who probably not engage with probability.

Particularly, and that's the other way he's making his money.

But at the same time he's not just doing that.

He's learning about financial markets.

So you know, in Holland, he's sort of learning about shotting, he's learning about futures options because you know, the financial markets and Amsterdam are extremely sophisticated by the standards of the time.

He's also spent a lot of time thinking about money because obviously his goldsmith and background means that he knows a fair bit about basic banking already.

I think something that's real and poly point out is that none of this is coming out of the blue.

But the biggest drivery all this actually and all this monetary theory stuff is the fact that England and France have been and the rest of you know, Europe has been in war for three or four decades.

So the governments are incredibly indebted and they keep looking for schemes and ways to raise more money, and so there's all kinds of schemes going around and there's all kinds of thinking about it.

So during this time, John Law actually pitches Land banks to three different countries.

He pitches them England, he pitches it to France, and he also pinches it to Scotland, and Scotland is the place where in seventeen oh four he ends up back there, and he's actually up in front of Parliament or sending his ideas to Parliament because Scotland is looking for ways to raise more money because it's gone bank up because of an ill advised colonial scheme, the burn in mind.

He can go back to Scotland because Scotland and England obviously are two separate countries, so the fact he's wanted in England doesn't mean that he's a fugitive in Scotland.

But also by this point he has actually reached an agreement with Robert Wells, Wilson's brother that he will scrap his appeal and he's no longer going to pursue him for the death penalty.

So Lowie hasn't got a formal pardon yet and won't receive one for quite some time.

It's less of a pressing problem for him.

So back in Scotland is where he publishes his monetary Treatise, which is Money in Trade, which is basically his idea of how money works.

So Phelix Martin and need for Chancellor, both of whom are respected financial historians and former guests on this podcast make the point that laws thinking does advance the concept of money.

And there's one key quote that they pull out, which is this money is not the value for which goods are exchanged, but the value by which they are exchanged.

So, in other words, Laws making the point that money is not a thing in itself, it's the financial technology that makes everything else work.

And overall, that's his view of the world, that is that money is the problem where there isn't enough of it.

Money is the kind of oil you need to make things go round.

What do you think his driver was?

I mean, if the way you've just described him, he could have stayed in Amsterdam and made an absolute fortune trading right.

I was like, he would have been a phenomenal trader.

He could have made a fortune doing that.

What was his driver behind doing all this?

Do you think he's have to state is after power, after more money than you're going to ever make shorting stuff on Amsterdam.

I think that's a really interesting question, But I honestly think it's the ideas that drove him.

I mean that there is a quote a camera who it's from, but one of his contemporaries points is not the money that he was basically interested in.

It was his ideas.

He's basically a world improver.

One of the problems we tie in your currency to gold, and it was a problem, and it would be a problem, is it sometimes you run out of gold.

And I think one of the things that we forget because we've had paper money for a while, so we recognized paper money's foible's relative to gold.

Gold and precious metal had a lot of problems too.

They were constantly being devalued and constantly having the relative values change.

One of the things that John Law does is he goes back into the history books and looks at how much the price of silver has changed.

And one of the reasons that he talks about a land bank, and this is the idea basically that you issue a paper currency that is effectively a mortgage on land.

It's not very practical, which is one reason why it doesn't take off.

But the point is that the land is almost like the kind of stones of Yap.

It never would actually change hands.

Is just a thing that backs the iowe you.

And his idea is that, well, actually we should use land because a that's where all of the wealth of the economy actually comes from and b At that time, the price of land was much less volatile than the price of silver, so he's actually talking about anchoring the paper currency to an asset which is a much more stable background value.

So basically, I think he's very much an idealist and he's excited by economic ideas and excited by theory at the same time.

There are lots of people like them, you know.

So Daniel Defoe is not just you know, you know, the writer of Robinson Crusoe.

He's also a kind of political pamphleteer, and he's also they call them projectors.

But it's not his guy's coming up with mad ideas for raising money or not so mad.

I mean, that's where the Bank of England came from.

Wasn't a default idea, but it was the idea of the guy who would actually later go on to do Scotland's ill fated Darians game.

Yes, shape us from the Improved is absolutely so.

Yeah, it's a time of intellectual ferment.

And John Law happens to be one of the flowers that grows most rapidly from that particular.

Flower weed weed.

Yes, he's proposal for this Land Bank, Money and Trade Considered.

That's published anonymously by Joins aunt Agnes, who runs a printing business which holds the local monopoly in printing bibles as well.

By the way, everyone in politics knows who's behind it.

And despite the fact that his reputation is obviously controversial and he does have some high profile supporters, and his scheme does get a hearing in the Scottish Parliament alongside several others.

However, they cut along and complicated story shot.

It's not something that he go into for this podcast.

Scotland doesn't go ahead when monetary reform and instead it's somewhat reluctantly agrees to you to night with England in seventeen oh seven, and that's partly to be like the economy and specifically the elites who'd lost a lot of money in the Darian scheme.

Okay, so here we are.

He's still in Scotland.

Is he still in Scotland for the active Union?

He is not because what happens, but obviously the Actor Union is coming up and he's still a fugitive.

He can't stay in Scotland.

Exactly because it might become part of England and so that's when he moves to buy looks at it.

That's when he moved to Genoa.

Ply his descendants still calling for independence, I.

Would explained something.

So he goes to Genoa.

During this time, they had two kids, and by seventeen eleven he's got one hundred and forty thousand lera in the bank.

Now, Corny James Buckin's book, a laborer earns one or two lera a day, so let's call that in the minimum wage.

Now, the minimum wage in the UK's about twelve quid an hour at the moment.

I wasn't going to multiply that to a day.

But even if you take twelve quid for an hour and you multiply that by one hundred and forty thousand, then you are looking at somewhere between eight hundred and fifty grandy about one point seven million.

So he's definitely a well off guy.

He's got a lot of liquid assets, and this seems to being built up through the same sort of thing, so like running games.

Also, I think he's probably involved in supplying armies because again there's kind of a war going on, and he's also making a lot of contacts, so there's a lot of people, a lot of factions.

The Jackieby in Scotland are very fond of him, even though though he doesn't really doesn't see me have very high convictions in terms of political stuff.

It's like he's kind of nice to Jacobates because they're nice to him.

He's quite a loyal person, really, somebody helps him out than he tends to do.

Likewise, but again you don't get the sense that he's terribly ideological in terms of party politics or anything like that.

He's kind of more obsessed with his ideas about monetary and economic reform, because during this time he is also trying to shop his ideas around.

So he's tried in Scotland and failed.

He approaches the Ducas Savoy with a similar idea for a kind of central bank type organization.

He nearly gets the scheme going in Turin, but again that doesn't happen.

And so as far as we can see, France is currently engaged in the war succession that comes to an end in seventeen thirteen, and at this point he moves back to Frances lucas you can get and now because they're not a war anymore.

And it's also very clear that Louis the fourteenth is on his last legs, it's going to be a succession.

France is very, very, very badly off.

Deb is running at something like to one hundred percent of GDP, which reminds me of somebody else that we can them right now, and so basically he sees the opportunity to get his ideas maybe taken up.

And what is actually one of the biggest economies in Europe at this point, so France.

Is kind of at again this might sound familiar, but reform or crisis stage absolutely when they decide to go for a reform or as we will find out, yeah, well a bit of both.

Why not both exactly?

So France is desperate for fresh ideas on how to deal with it's lacking money, and John Law is desperate to see his ideas put into practice.

He's been knocked back by Scotland, he's been knocked back by Savoy, but maybe he can find a home for his thoughts in France and we'll find out how that went in the next episode.