John Law was a Scottish economist who believed that money was only a means of exchange which did not constitute wealth in itself and that national wealth depended on trade. He was appointed Controller General of Finances of France under the Duke of Orleans, who served as regent for the youthful king, Louis XV. In 1716 Law established the Banque Générale, a private bank, in France and which, one year was nationalised at his request to become the Banque Royale, the first Central Bank of France; the original private bank was funded by John Law and Louis XV and three-quarters of its capital consisted of government bills and government-accepted notes making it the first central bank of the nation and was only backed by silver making it a fractional reserve bank. He set up and was director of the Mississippi Company, funded by the Banque royale, its eventual chaotic collapse in France has been compared to the early-17th century tulip mania in Holland. The Mississippi Bubble was contemporaneous with the South Sea Company bubble of England which borrowed ideas from the Mississippi Company design.
Law was a brilliant mental calculator. He was known to win card games by mentally calculating the odds, he originated economic ideas such as the scarcity theory of the real bills doctrine. Law held that money creation will stimulate the economy, that paper money is preferable to metallic money, that shares are a superior form of money since they pay dividends; the term "millionaire" was coined to describe the beneficiaries of Law’s scheme. Law was born into a family of goldsmiths from Fife. Upon leaving the High School of Edinburgh, Law joined the family business at age fourteen and studied the banking business until his father died in 1688. Law subsequently neglected the firm in favour of more extravagant pursuits and travelled to London to live extravagantly. There, he lost large sums of money in gambling. On 9 April 1694, John Law fought a duel with another British dandy, Edward "Beau" Wilson, in Bloomsbury Square, London. Wilson had challenged Law over the affections of Elizabeth Villiers. Law killed Wilson with a single thrust of his sword.
He was charged with murder and stood trial at the Old Bailey. He appeared before the infamously sadistic'hanging judge' Salathiel Lovell and was found guilty of murder, sentenced to death, he was incarcerated in Newgate Prison to await execution. His sentence was commuted to a fine, upon the ground that the offence only amounted to manslaughter. Wilson's brother appealed and had Law imprisoned. Law urged the establishment of a national bank to create and increase instruments of credit and the issue of banknotes backed by land, gold, or silver; the first manifestation of Law's system came when he had returned to Scotland and contributed to the debates leading to the Treaty of Union 1707. He published a text entitled Money and Trade Considered: with a Proposal for Supplying the Nation with Money. Law's propositions of creating a national bank in Scotland were rejected, he left to pursue his ambitions abroad, he spent ten years moving between France and the Netherlands. Problems with the French economy presented the opportunity to put his system into practice.
He had the idea of abolishing private farming of taxes. He would create a bank for national finance and a state company for commerce to exclude all private revenue; this would create a huge monopoly of finance and trade run by the state, its profits would pay off the national debt. The council called to consider Law's proposal, including financiers such as Samuel Bernard, rejected the proposition on 24 October 1715. Law made his home in Place Louis-le-Grand, a royal square where he hosted and entertained various Parisian nobles. Gaining the attention of such notable people as the Duke of Orleans, Law found himself a regular in high-stakes gambling parties attended by only the most affluent of Paris, his tall stature and elegant dress allowed Law to charm his way across Europe's financial hubs, from Amsterdam to Venice. These travels influenced Law's theories on monetary policy and the importance of paper money as credit. Law's idea of a centralised bank which would deal in a new form of paper money was years ahead of its time.
Despite this forward concept, Law still championed mercantilist beliefs with the promotion of monopolistic companies through government charters. The wars waged by Louis XIV left the country wasted, both economically and financially; the resultant shortage of precious metals led to a shortage of coins in circulation, which in turn limited the production of new coins. With the death of Louis XIV seventeen months after Law's arrival, the Duke of Orleans presented Law with the opportunity to display his ingenuity. Since, following the devastating War of the Spanish Succession, France's economy was stagnant and her national debt was crippling, Law proposed to stimulate industry by replacing gold with paper credit and increasing the supply of credit, to reduce the national debt by replacing it with shares in economic ventures. On 1 May 1716, Law presented a modified version of his centralised bank plan to the Banque Générale which approved a private bank that allowed investors to supply one-fourth of an investment in currency and the other parts in defunct government bonds.
The second key feature of the proposal centred on the premise that this private bank was able to issue its own
Blasius's horseshoe bat is a species of insectivorous bat in the family Rhinolophidae found throughout large parts of the Mediterranean, Middle East and Northern Africa. R. blasii is a medium-sized horsehoe bat, with a length of between 46.5 and 56 mm, a weight of between 12 and 15 g. The fur is fluffy, with the base of hairs white. Dorsal side hair is grey brown, sometimes with a lilac tinge, while the hair on the ventral side is white. South-Eastern Europe, Cyprus, Asia Minor along the Caucasus to Pakistan, in the Near and Middle East and the Arabian Peninsulа. North Africa, savannah landscapes south of Sahara to South Africa. Blasius's horseshoe bat lives in warm limestone-based areas with open covers of shrubs and trees. Summer and winter roosts are in caves, with the bats hanging and not in contact with other bats; the constant frequency signal is 93–98 kHz, with a short drop in frequency at the end of each signal, which lasts 40-50 milliseconds. Schober, Wilfried. Dr. Robert E. Stebbings. A Guide to Bats of Britain and Europe.
UK: Hamlyn Publishing Group. ISBN 978-0-600-56424-9
The II Corps of the Ottoman Empire was one of the corps of the Ottoman Army. It was formed in the early 20th century during Ottoman military reforms. With further reorganizations of the Ottoman Army, to include the creation of corps level headquarters, by 1911 the II Corps was headquartered in Tekfur Dağı; the Corps before the First Balkan War in 1911 was structured as such: II Corps, Tekfur Dağı 4th Infantry Division, Tekfur Dağı 10th Infantry Regiment, Tekfur Dağı 11th Infantry Regiment, Tekfur Dağı 12th Infantry Regiment, Hayrabolu 4th Rifle Battalion, Tekfur Dağı 4th Field Artillery Regiment, Tekfur Dağı 4th Division Band, Tekfur Dağı 5th Infantry Division, Gallipoli 16th Infantry Regiment, Gallipoli 17th Infantry Regiment, Malkara 18th Infantry Regiment, Uzunköprü 5th Rifle Battalion, Gallipoli 5th Field Artillery Regiment, Constantinople 5th Division Band, Gallipoli 6th Infantry Division, Smyrna 16th Infantry Regiment, Smyrna 17th Infantry Regiment, Yemen 18th Infantry Regiment, Sakız 6th Rifle Battalion, Sisam 6th Field Artillery Regiment, Constantinople 6th Division Band, Smyrna Units of II Corps 2nd Rifle Regiment, Yemen 2nd Field Howitzer Battalion, Şam 2nd Engineer Battalion, Adrianople 2nd Telegraph Battalion, Adrianople 2nd Transport Battalion, Constantinople 2nd Medical Battalion, Constantinople Dardanelles Fortified Area Command, Çanakkale 3rd Heavy Artillery Regiment, Çanakkale 4th Heavy Artillery Regiment, Çanakkale 5th Heavy Artillery Regiment, Çanakkale Independent Heavy Artillery Regiment, Çanakkale Torpedo Detachment, Çanakkale Mine Detachment, Çanakkale Wireless Detachment, Çanakkale On October 17, 1912, the corps was structured as follows: II Corps 4th Division, 3rd Division Uşak Redif Division On October 19, 1912, the corps was structured as follows: II Provisional Corps Uşak Redif Division, Denizli Redif Division, Smyrna Redif Division On October 29, 1912, the corps was structured as follows: II Corps 4th Division, 5th Division, Kastamonu Redif Division On November 17, 1912, the corps was structured as follows: II Corps 4th Division, 5th Division, 12th Division South Wing Detachment II Provisional Reserve Corps 30th Division, Amasya Redif Division, Yozgat Redif Division, Samsun Redif Division On March 25, 1913, the corps was structured as follows: II Corps 5th Division, 12th Division Ankara Redif Division II Provisional Reserve Corps Selimiye Redif Division, Aydın Redif Division, Samsun Redif Division II Corps 3rd Division, 5th Division, 12th Division In August 1914, November 1914, Late April 1915, the corps was structured as follows: II Corps 4th Division, 5th Division, 6th Division In late Summer 1915, January 1916, the corps was structured as follows: II Corps 4th Division, 5th Division, 6th Division In August 1916, the corps was structured as follows: II Corps 11th Division, 12th Division In December 1916, the corps was structured as follows: II Corps 1st Division, 47th Division In August 1917, the corps was structured as follows: II Corps 1st Division, 42nd Division In September 1918, the corps was structured as follows: II Corps 62nd Division, Provisional Infantry Division x 3