The regent in Law's time had given a monopoly of note issue to a bad bank, and had paid off the debts of the nation in worthless paper.

The Government had created a machinery of ruin, and had thriven on it.

Among so apprehensive a race as the French the result was fatal.

For many years no attempt at note issue or deposit banking was possible in France.

So late as the foundation of the Caisse d'Escompte, in Turgot's time, the remembrance of Law's failure was distinctly felt, and impeded the commencement of better attempts.
This therefore is the reason why Lombard Street exists; that is, why England is a very great Money Market, and other European countries but small ones in comparison.