his attention to the monetary and banking affairs of the countries
through which he passed. He stayed a few months in Amsterdam, and
speculated to some extent in the funds. His mornings were devoted to
the study of finance and the principles of trade, and his evenings to
the gaming-house. It is generally believed that he returned to
Edinburgh in the year 1700. It is certain that he published in that
city his "Proposals and Reasons for constituting a Council of Trade."
This pamphlet did not excite much attention.

In a short time afterwards he published a project for establishing
what he called a Land-bank [The wits of the day called it a sand-bank,
which would wreck the vessel of the state.], the notes issued by which
were never to exceed the value of the entire lands of the state, upon
ordinary interest, or were to be equal in value to the land, with the
right to enter into possession at a certain time. The project excited
a good deal of discussion in the Scottish parliament, and a motion for
the establishment of such a bank was brought forward by a neutral
party, called the Squadrone, whom Law had interested in his favour.
The Parliament ultimately passed a resolution to the effect, that, to
establish any kind of paper credit, so as to force it to pass, was an
improper expedient for the nation.

Upon the failure of this project, and of his efforts to procure a
pardon for the murder of Mr. Wilson, Law withdrew to the Continent,
and resumed his old habits of gaming. For fourteen years he continued
to roam about, in Flanders, Holland, Germany, Hungary, Italy, and
France. He soon became intimately acquainted with the extent of the
trade and resources of each, and daily more confirmed in his opinion
that no country could prosper without a paper currency. During the
whole of this time he appears to have chiefly supported himself by