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In May 1716, he opened the Banque Gnrale Prive (“General

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January 28th, 2018

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One economic crisis disrupted the Regency; the Scottish economist and banker John Law was named controller general of finances. In May 1716, he opened the Banque Gnrale Prive (“General Private Bank”), which soon became the Banque Royal. It was mostly funded by the government, and was one of the earliest banks to issue paper money, which he promised could be exchanged for gold.[15] He also persuaded wealthy Parisians to invest in the Mississippi Company, a scheme for the colonization of French territory of Louisiana.

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