Founding of the Banque Générale
- When
- 1716
- Where
- Paris; Place Louis-le-Grand, Paris
- Episodes
- 2
In May 1716, John Law founded the Banque Générale in Paris as a private joint-stock bank. The institution was established with Regent Philippe's approval and initially operated from Law's residence before moving to the Hôtel de Mesmes.
Episodes
- Bank Founding
The Banque Générale was founded as a private joint-stock company in May 1716.
- Regency Approval
The Regency Council approved Law's plan to establish a private bank in May 1716.
Background and detail
Background. John Law, a Scottish-French economist, had long advocated for a national bank inspired by the Bank of England. Following the death of Louis XIV in 1715, he gained the support of Regent Philippe II, Duke of Orléans, who approved Law's plan to create a private bank that would accept gold deposits in exchange for banknotes.
Establishment. The Regency Council formally approved Law's proposal on 2 May 1716, granting him the power to establish a bank. The institution, formally known as the Banque Générale, was structured as a private-sector joint-stock company. It was initially located at Law's home on Place Louis-le-Grand in Paris before relocating to the Hôtel de Mesmes in the summer of 1716.
People involved
- John Law · Founder and financier
- Philippe II, Duke of Orléans · Regent and approver
Sources
- John Law's Bank Wikipedia, revision of 2026-09-14
- John Law (economist) Wikipedia, revision of 2026-09-27
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.