Answer:
This association with the Duke of Orleans would ensure Law's place in history. Not only would Law advance the use of paper money, the French word millionaire would come into use as a result of his most famous scheme — the Mississippi Company.
In 1716 Law convinced the French government to let him open a bank, the Bank Generale, that could issue paper money, or bank notes. The paper notes would be supported by the bank's assets of gold and silver and would circulate as a medium of exchange. Paper money was a new concept for the French; money to them was silver and gold. Law believed that paper notes would increase the money in circulation, which, in turn, would increase commerce. These conditions would help revitalize and rehabilitate the finances of the French government.
Step-by-step explanation: