Timeline May 1716

Events in May 1716 3

• 1716 John Law founds the Banque Generale A Scottish financier launches France's first paper-money bank In May 1716, the economist John Law established the Banque Generale Privee in Paris with backing from the French regent, Philippe II, Duke of Orleans. The bank issued France's first widely circulated paper banknotes. It became the forerunner of Law's later Mississippi Company scheme.
• 1716 Septennial Act passed British Parliament extends its own maximum term to seven years The Parliament of Great Britain passed the Septennial Act in May 1716, extending the maximum duration of a Parliament from three years to seven. The Whig government argued the change was needed to secure political stability after the Jacobite rising of 1715. The Act remained in force for over two centuries until amended in the twentieth century.
• 1716 Treaty of Westminster signed Great Britain and Austria form a defensive alliance On 25 May 1716, Great Britain and the Holy Roman Emperor Charles VI signed the Treaty of Westminster, establishing a mutual defensive alliance. The agreement reflected growing British involvement in continental power politics during the final years of the Great Northern War. It committed each power to support the other against attack.