He did not abate, on the other hand, his assiduous cultivation of the Duc d’Orleans; nor did he fail to please Desmarets, who, as Comptroller-General was in such a position as likely to become a powerful support in carrying out his plans. His relations with the Comptroller-General were also strengthened by the representations made to him by the Regent to encourage Law as a man whose advice at that critical period might prove of the utmost value. By his diplomatic conduct Law succeeded in having his proposal for the establishment of a land-bank brought under discussion by the Council of Ministers. The result, however, was again unfavourable, the ground of rejection of the scheme, according to Stair’s Journal, being that there was no foundation for such a bank in a country where everything depended on the King’s pleasure.
Accession of Louis XV.--National debt of France.--Debasement of coinage.--Arraignment of tax collectors.--Council of Finances consider Law’s proposals unfavourably.--Petition for permission to establish private bank granted.--Constitution of the Bank.--Its Success.--The “Pitt” diamond and its purchase.
Louis XIV. died on 1st September, 1715, and was succeeded by his great-grandson Louis XV., then a mere boy of five years old. The Duc d’Orleans was called to the Regency, and wielded the power of an absolute monarch. He brought to his office the singular gifts of a statesman, and man of affairs, modified by the vices and indifference of a debauchée. The Duc de Saint-Simon speaks of the “range of his mind, of the greatness of his genius, and of his views, of his singular penetration, of the sagacity and address of his policy, of the fertility of his expedients and of his resources, of the dexterity of his conduct under all changes of circumstances and events, of his clearness in considering objects and combining things; of his superiority over his ministers, and over those that various powers sent to him; of the exquisite discernment he displayed in investigating affairs; of his learned ability in immediately replying to everything when he wished.” No doubt this high estimate is the eulogium of a courtier, and requires to be discounted to some extent, but, on the whole, with little modification it may be considered a fair representation of the abilities of the man who was about to place Law in practical command of the government of France.