LAW, JOHN. comptroller-general of the finances of France, and famous for his credit operations during the minority of Louis XV.. was born at Edinburgh. April 21, 1671. His father was a goldsmith and banker, and proprietor of the estate of Lauriston. near Edinburgh. Law early showed a most remarkable talent for arithmetic, algebra, and kindred sciences. After the death of his father he removed to London, where he was admitted into the first circles of fashion, but was soon compelled to flee, in consequence of a duel in whin he killed his adversary. He went to Amsterdam, and spent his time in studying the credit operations of the bank. About the year 1700 he returned to Edinburgh, 11 zealous advocate of a paper currency; but his proposals to the Scottish parliament on this subject met with an unfavorable reception. He now visited different parts of the continent, where lie accumulated a hvge fortune by gambling, but sought in vain to win the favor of governments to his banking schemes. At last he settled in Paris, and in company with his brother William set up, in 1716, a private bank, which was soon successful and prosperous to such an extraordinary degree, that the duke of Orleans, the regent, adopted, in 1718, Law's plan of a national bank, and issued pro digious quantities of bank-notes, which enjoyed perfect credit, whilst the ordinary national bonds remained, as they had long been, at a price far below their nominal value. In 1719 Law originated his Mississippi scheme (q.v.), and the following year was made a councilor of state and comptroller-general of finances; but on the failure of his scheme, and the insolvency of the national bank, he resigned the latter office, and thought it prudent to quit France. He proceeded first to Brussels, but finally settled in Venice, where he managed to eke out a wretched living by and died there in May, 1729. A complete edition of his works was published at Paris in 1790, and another in 1843.
L Muxicirm„ is the law or system of law by which a particular country is gov erned. The municipal law of the continental nations is based upon the civil law; that of England and tlie United States is made up of common law and statute law. The common law is composed of immemorial usages and customs which have not been sanctioned by any legislative acts. Such customs are either general, i.e.. adopted
throughout the whole or particular, i.e., to one district.
Instances of general customs are: "Inheritance never ascends," "The burden of proof is on the plaintiff," "Buildings pass by a grant of the land," etc. The common law is in theory. an unwritten law, though the decisions of the courts in which that law is declared may appear in written or printed reports. The report of a particular case is not regarded as the law, but as a written statement, applicable to the facts of that case, of a principle of law which is in theory never written. Statute law, the other coin.' ponent of municipal law, is that law which is established by act of legislature. See STATUTE. In the United States, except Louisiana, the common law, and generally speaking time English statute law up to the time of the separation of the colonies from England, are the foundation of municipal law, and are so declared in many state con stitutions. As each state has its own courts, with power to give their own independent interpretation to the law, and its own body of statute law enlarging or restraining the operation of the common law, there is no proper United States municipal law, The systems of municipal law in the several states do not, however-, greatly differ, except in details. Municipal law as the law of a particular state is opposed to international law, and the municipal law of one country is foreign law in the courts of any other country. The divisions of municipal law are named according to the subjects of which they treat; thus, criminal law, military law, etc.. See FOREIGN LAW, LAW CRIMINAL, etc.
LAW, RicuAnD, LL.D., 1733-1806; b. Milford, Conn.; son of governor Jonathan; graduated at Yale in 1751; studied law and settled in New London. He was a delegate to the continental congress in 1777-78 and in 1781-84. For more than 20 years he was mayor of New Loudon, also successively a justice and chief-justice of the state supreme court, and judge of the district court of the United States by the appointment of Wash ington. He assisted Roger Sherman in revising the laws of Connecticut. Died at New Loudon.