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Australia’s Banking Industry

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But the grandest experiment upon the system of Mr. Law, was tried in France. During the minority of Louis XV. while France was governed by the regent duke of Orleans, Mr Law went to Paris. He established a bank there in 1717, under a patent from the king. This bank, upon its first establishment, assumed the modest title of the Bank of Law and company. It issued bank- notes, the first ever seen in France; and as the bank was careful to sustain its credit, and to meet all its engagements with promptitude and alacrity, those notes soon obtained an extensive circulation. In December 1718, an act of council.