Victor Amadeo, however, had rejected Law's proposals.

"I am not powerful enough to ruin myself," he had said.

Law had not been more successful with Louis XIV.

The Regent had not the same repugnance for novelties of foreign origin; so soon as he was in power, he authorized the Scot to found a circulating and discount bank (_banque de circulation et d'escompte_), which at once had very great success, and did real service.

Encouraged by this first step, Law reiterated to the Regent that the credit of bankers and merchants decupled their capital; if the state became the universal banker, and centralized all the values in circulation, the public fortune would naturally be decupled.