John Law was an American banker. He was born in 1671 and died in 1729. He established a private bank in Paris in 1716. In 1718 his plan of a National Bank and an issue of paper money was adopted by the French regent. In 1719 depreciated national currency was received at its par value in payment for shares in John Law's scheme for colonizing the MississippiValley. Speculation and the inflated currency caused a panic in 1720. Research John Law
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