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==Economic theoretician== Law urged the establishment of a [[central bank|national bank]] to create and increase instruments of [[credit (finance)|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 wrote a pamphlet entitled ''[[Two Overtures Humbly Offered to His Grace John Duke of Argyll, Her Majesties High Commissioner, and the Right Honourable the Estates of Parliament]]'' (1705)<ref>{{Cite book |last=Law |first=John |year=1705 |title=Two Overtures Humbly Offered to His Grace John Duke of Argyll, Her Majesties High Commissioner, and the Right Honourable the Estates of Parliament |publisher= |publication-date=1705 |location=Edinburgh |url= |access-date=}}</ref><ref>{{Cite book |last=Patterson |first=William |year=1750 |title=The Writings of William Paterson ... Founder of the Bank of England, Volume 2 |publisher= Effingham Wilson |publication-date=1858 |location=London |url=https://books.google.com/books?id=0Xd0I5-jlcYC&pg=PR43 |access-date=28 January 2021}}</ref> which foreshadowed the ideas he would propose for establishing new systems of finance, paper money and refinancing the national debt in a subsequent tract entitled ''[[Money and Trade Considered|Money and Trade Considered: with a Proposal for Supplying the Nation with Money]]'' (1705).<ref>{{Cite book |last=Law |first=John |year=1750 |title=Money and Trade Consider'd with a Proposal for Supplying the Nation with Money, First Published in Edinburgh in 1705 |publisher= A. Foulis |publication-date=1750 |location=Glasgow |url=https://archive.org/details/moneytradeconsid00lawj |access-date=26 June 2015}} via Internet Archive</ref><ref name="Buchan97">{{Cite book |last=Buchan |first=James |title=Frozen Desire: An inquiry into the meaning of money |publisher=Picador |year=1997 |isbn=0-330-35527-9}}</ref>{{rp|136}} Law's propositions of creating a national bank in [[Scotland]] were ultimately rejected, and he left to pursue his ambitions abroad.<ref>''Collier's Encyclopedia'' (Book 14): "Law, John", p. 384. P. F. Collier Inc., 1978.</ref> Law spent ten years moving between France and the [[Dutch Republic|Netherlands]], dealing in financial [[speculation]]s. He had the idea of abolishing minor [[monopoly|monopolies]] and private [[tax farming (France)|farming of taxes]]. He would create a bank for national finance and a state company for commerce, ultimately to exclude all private revenue. This would create a huge monopoly of finance and trade run by the state, and its profits would pay off the [[national debt]].
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