Free Millionaire: The Philanderer, Gambler, and Duelist Who Invented Modern Finance by Janet Gleeson Page A

to house, all places being then accessible and free to enter.”
    Venice was famed for sex and gambling. The city dubbed “the brothel of Europe” had gambling houses, or
ridotti,
“where none but noblemen keep the bank, and fools lose their money.” One rueful English visitor described a typical soirée: “They dismiss the gamesters when they please, and always come off winners. There are usually ten or twelve chambers on a floor with gaming-tables in them, and vast crowds of people; a profound silence is observed, and none are admitted without masks. Here you meet ladies of pleasure, and married women who under the protection of a mask enjoy all the diversions of the carnival.” With Katherine at his side, Law presumably ignored sexual distractions and capitalized on the plentiful opportunities for making money instead.
    By the end of his tour of Italy, his financial expertise had opened numerous doors: the Duc de Vendôme and the Duke of Savoy were among his royal friends. After ten years of economic research, he had accumulated formidable financial knowledge as well as £20,000 from gambling, moneylending, and foreign-exchange trading. Yet for all this he was dissatisfied. Perhaps ambition made moneymaking for personal gain seem no longer sufficiently satisfying. Perhaps the glamour of travel had dimmed and Katherine, tired with the discomforts of their itinerant life, was pressuring him to settle. Certainly by now his observation of banking systems in Amsterdam and Italy, coupled with what he had seen of London’s financial innovations, had fired within him a grand vision: he wanted to use his understanding and ingenuity for the benefit of the populace, to play a key part in Europe’s financial evolution.
    Law’s interest in economy was leading him, like many others of his age, to reflect on the role of the state, or of large-scale enterprise, in national prosperity. He saw money as a scientist might an array of laboratory equipment and chemicals, as substance for experiment and a subject for theory. In this sense, he was reflecting the new, enlightened age. Just as the mysteries of mathematics and nature had been explained by the researches of scientists like Newton, Huygens, and Boyle, Law’s confident aim was now to use his knowledge to take on the challenge of experimenting with a nation’s fortune.
    Scotland, the land of his birth, he decided, was where his ideas would be unveiled. In about 1704, according to Gray, he made the long journey home, leaving Venice “with his Madam and family” to journey “through Germany down to Holland and there embark for Scotland.” Throughout the voyage, worries about his past constantly intruded. In England he was still a fugitive with a death sentence hanging over him, but Scotland, although ruled by the same monarch, had a separate government and he could not be arrested there for a crime committed in London. Should union between Scotland and England take place, however—and there were many in favor of such a change—his safety would no longer be assured.
    Law was tired of being on the run. After nearly ten years oftraveling he saw that unless he wanted to spend the rest of his life as a fugitive, a royal pardon was essential. The Wilson family’s animosity might be defused if he compensated them generously for their loss—and he now had the money to do so. Royal assent, the other criterion for a pardon, depended on the new monarch, Queen Anne, who had succeeded to the throne after William’s death. A flicker of hope grew that if he could convince her of the benefit his ideas could bring to her country, she might spare him the gallows and give him the longed-for reprieve.
    On arrival in Edinburgh, Law was reunited with his mother, whom he had not seen since he left the city as a young man. What did the redoubtable Jean make of the equally determined Katherine? Did her son hide from her the true nature of the liaison? Whatever their feelings, it seems that