Jacques Necker

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Jacques Necker
Louis XVI
Preceded byLouis Gabriel Taboureau des Réaux
Succeeded byJean-François Joly de Fleury
Personal details
Born(1732-09-30)30 September 1732
Republic of Geneva
Died9 April 1804(1804-04-09) (aged 71)
Geneva, Léman, France
Spouse
(m. 1764; died 1794)
ChildrenGermaine Necker
Signature

Jacques Necker (IPA:

political economist, and a moralist, who wrote a severe critique of the new principle of equality before the law.[1]

Necker held the finance post between July 1777 and 1781,[2] when in the latter year, he earned widespread recognition for his unprecedented decision to publish the Compte rendu – thus making the country's budget public – "a novelty in an absolute monarchy where the state of finances had always been kept a secret."[3] Necker was dismissed within a few months. By 1788, the inexorable compounding of interest on the national debt brought France to a fiscal crisis.[4] Necker was recalled to royal service. His dismissal on 11 July 1789 was a factor in causing the Storming of the Bastille. Within two days, Necker was recalled by the king and the assembly. Necker entered France in triumph and tried to accelerate the tax reform process. Faced with the opposition of the Constituent Assembly, he resigned in September 1790 to a reaction of general indifference.

Early life and career

Necker was born on 30 September 1732 in Geneva to Karl Friedrich Necker and Jeanne-Marie Gautier.[5] His father was a lawyer from Küstrin in Neumark, Prussia (now Kostrzyn nad Odrą, Poland). After publishing some works, Karl Friedrich was appointed professor of public law at the Academy of Geneva in 1725, and later served in the city's Council of Two Hundred.[6] After studying at the Academy of Geneva, Necker moved to Paris in 1748 and became a clerk in the bank of Isaac Vernet and Peter Thellusson.[5] Soon after he managed to learn Dutch and English. On one day, he replaced the first clerk in charge of trading on the stock exchange, and through a sequence of trades, he made a quick profit of half a million French livres.[7] In 1762, Vernet retired and Necker became a partner in the bank with Thellusson who managed the bank in London, while Necker served as his managing partner in Paris. In 1763, before the end of the Seven Years' War, he successfully speculated in British debentures or bonds, wheat, and possibly some shares, which he sold at a good profit in the next few years.[8]

Suzanne Curchod, Necker's wife
Carmontelle

Necker had fallen in love with Madame de Verménou, the widow of a French officer. When she went to see Théodore Tronchin, she became acquainted with Suzanne Curchod. In 1764, Madame de Verménou brought Suzanne to Paris as a companion for Thelusson's children. Suzanne was engaged to British writer Edward Gibbon, but he was forced to break the engagement. Necker transferred his love from the wealthy widow to the ambitious Swiss governess. They married before the end of the year. In 1766, they moved to Rue de Cléry and had a daughter, Anne Louise Germaine, later the famed author and salonnière Madame de Staël.

Madame Necker encouraged her husband to try to find himself a public position. He accordingly became a syndic (or director) of the French East India Company, around which a fierce political debate revolved in the 1760s between the company's directors and shareholders and the royal ministry over its administration and the company's autonomy.[9] After showing his financial ability in its management, Necker defended the company's autonomy in an able memoir against the attacks of Morellet in 1769.[10] As the company never made any profit during its existence, the monopoly ended.[11] The era of free trade had begun.[12] Necker bought up the company's ships and stock of unsold goods when it went bankrupt in 1769.

Château de Madrid, Necker's home in Neuilly-sur-Seine

From 1768 to 1776 he made loans to the French government in the form of

Maurepas, Necker was appointed "Directeur du trésor royal". (As a Protestant, Necker could not serve as Controller.)[17]

Finance Minister of France

On 29 June 1777, according to his daughter in her "Vie privée de Mr Necker" he was made director-general of the royal treasury and not

Third estate
.

His greatest financial measures were his use of loans to help fund the French debt and his use of high

municipal bonds, Necker warned of the consequences for the French national budget as the war continued. (The war had cost the state already ca. 1.5 billion livres.) The ministers of War and Navy were especially hostile towards him.[26] In September 1780 Necker asked for his dismissal, but the King refused to let him go.[27]

Compte rendu au roi (Report to the King)

Jean-Michel Moreau, Le festin royal, 1782, NGA 2791

By 1781, France was suffering financially, and as director-general of the royal treasury he was blamed for the rather high debt accrued from the American Revolution.[28] A series of pamphlets appeared.[29] Jacques-Mathieu Augeard attacked him on his foreign origin, his faith, and economic choices.[29] The main reason behind this was the action of Necker "cooking the books" or falsifying the records.[30][31] He brightened the picture by excluding military outlays and other 'extraordinary' charges (Menus-Plaisirs du Roi) and ignoring the national debt.[24][32] Both Necker and Calonne were deceived with the number of pensions and gratifications.[33] The king spent much more on his brothers than on public health. After Necker had shown Louis XVI his annual report, the king tried to keep its contents secret. Necker met the challenge aggressively by asking the King to bring him into the royal council. In revenge, Necker made the Compte rendu au roi public; in no time between 200,000 copies were sold.[34] It was rapidly translated into Dutch, German, Danish, Italian and English.

In his most influential work, which brought him instant fame, Necker summarized governmental income and expenditures to provide the first record of royal finances ever made public. The Account was meant to be an educational piece for the people, and in it, he expressed his desire to create a well-informed, interested populace.[35] Before, the people had never considered governmental income and expenditure to be their concern, but the Compte rendu made them more proactive.

Maurepas became jealous and

libels that appeared in the name of Turgot against her husband. She even tried to have the booksellers arrested.[38][39][40] Did Necker and his brother receive annually 8 million livres as a pension?[41] In any case, Jacques bought an estate in Coppet and Louis in Cologny, both near Lake Geneva. In retirement, Necker, believing in "credible policy", occupied himself with law and economics, producing his famous Traité de l'administration des finances de la France (1784). Calonne tried to prevent the spread in Paris.[42] Never had a work on such a serious subject obtained such general success; 80,000 copies were sold.[37]

In 1781 Congress appointed Robert Morris (financier) as Superintendent of Finance after the US went bankrupt. In 1783 Morris cut off interest payments to France, its largest foreign creditor. Thomas Jefferson, who had succeeded Franklin as American minister to France and John Adams as head of American finance in Europe in 1785, learned about the meeting between the Van Staphorsts’ representatives and the French Minister of Finance only in November 1786, when he received a redacted document describing the Dutch offer from Étienne Clavière, a Genevan banker and pro-America.[43]

The Necker family returned to the Paris region, supposing they were present at the wedding of their only daughter

lettre de cachet for his very public exchange of pamphlets.[48][49]

After two months Necker was allowed to return to Paris. Necker published his Nouveaux éclaircissement sur le compte rendu. Also

Loménie de Brienne
resigned within fifteen months, on 24 August 1788; the king allowed him an enormous pension.

On 7 September 1788, Paris was looking at famine, and Necker suspended the exportation of corn, purchased seventy million livres of wheat, and publicly reposted the decree of the King's Council of 23 April 1789 allowing police to inspect granaries and private inventories of grain, but none of these efforts could solve the problem.[51] In 1788 insurrections broke out in Brittany, Necker was sacked again, and in a letter to Florimond Claude, Comte de Mercy-Argenteau, Marie-Antoinette took personal credit for forcing the king's hand on this matter, believing that Necker would lessen the King's authority and saying "the moment is pressing. It is very essential that Necker should accept."[52]

On 25 or 26 August Necker was called back to office accompanied by fireworks. According to John Hardman Marie-Antoinette helped to organise Necker's return to power. This time he insisted on the title of Controller-General of Finances and access to the royal council.[53][49][54] Necker was appointed as Chief minister of France. He revoked the order of 16 August requiring bondholders to accept paper instead of money; government bonds rose 30% on the market. On 7 September Necker forbade the export of grain.[55]

Nicolaas van Staphorst told Necker that the entire French debt might be redeemed without any loss through the Amsterdam capital markets. Necker, however, was strapped for cash and was willing to listen to any offers. The Van Staphorsts repeated their initial offer for the American bonds. Necker warmed to the proposal but asked for collateral and the sanction of a large investment bank. Necker decided that without collateral or the sanction of a major investment bank, the proposal was not acceptable.[43]

The bankers advanced the treasury sufficient funds to forestall a crisis over the next year. The winter of 1788–89 was one of the bitterest in history. In the summer of 1789 when the population suffered from famine Necker intervened personally and successfully at the Amsterdam bank Hope & Co. to supply the 'King of France' with grain.[56][57] The 2.4 million in the royal treasury he used as a collateral.[58] Necker's method sought a more limited monarchy along the English constitutional and financial model.[59]

According to Peter Kropotkin, Necker "helped to shake down the system which was already tottering to its fall, but he was powerless to prevent the fall from becoming a revolution: probably he did not even perceive that it was impending."[60]

The one non-noble minister

In this 1789 engraving, James Gillray caricatures the triumph of Necker (seated, on left) in 1789, comparing its effects on freedom unfavorably to those of William Pitt the Younger in Britain. France has the caption "Freedom," while Britain has the caption "Slavery."

Necker succeeded in doubling the representation of the Third Estate to satisfy the nation's people. The Third Estate had as many deputies as the other two orders together. His address at the Estates-General on 5 May 1789 about the fundamental problems as financial health, constitutional monarchy, and institutional and political reforms lasted three hours. Necker suffered from a cold and after fifteen minutes he asked the secretary of the Agricultural Society to read the remainder.[61] He invited the representatives to leave aside their factional interests and take into consideration the general, long-term interests of the nation. Personal rivalries and radical claims had to give way to a pragmatic spirit of moderation and conciliation.[62] Necker's last sentence of the speech:

"Finally, gentlemen, you will not be envious of what only time can achieve, and you will leave something for it to do. For if you attempt to reform everything that seems imperfect, your work will lead to poor results."[63]

According to Simon Schama, he "appeared to consider the Estates-General to be a facility designed to help the administration rather than to reform government".[64] Two weeks later Necker seems to have sought to persuade the king to adopt a constitution similar to that of Great Britain and advised him in the strongest possible terms to make the necessary concessions before it was too late.[65] According to François Mignet "He hoped to reduce the number of orders, and bring about the adoption of the English form of government, by uniting the clergy and nobility in one chamber, and the third estate in another."[66] Necker warned the king that unless the privileged orders yielded, the States-General would collapse, taxes would not be paid, and the government would be bankrupt.[67]

On 17 June 1789, the first act of the new National Assembly in revolutionary France declared all existing taxes illegal. Necker had legitimate reasons to be concerned about the implications of this unprecedented decision.[68] On 23 June the king proposed to the royal council the dissolution of the Assembly. On 11 July, the king advised Necker to leave the country immediately. According to Jean Luzac the couple went for a walk in a parc and from there got into their carriage to drive to their estate in Saint-Ouen at seven in the evening.[69] When the news became known the next day it enraged Camille Desmoulins. Wax heads of Necker and the Duc d'Orléans were taken through the streets to the Tuileries. The Royal Guard allegedly chose to open fire rather than salute the likenesses.[70] The threat of a counter-revolution caused citizens to take up arms and storm the Bastille on 14 July.[71] The king and the Assembly recalled the immensely popular Necker to a third ministry in a letter dated 16 July.[72] Necker replied from Basle on the 23rd.[73] He wrote to his brother that he was going back to the abyss. His successor, the 74-year-old Joseph Foullon de Doué was hanged from a lamppost on the 22nd. His entry into Versailles on the 29th was a festival day;[74] he demanded a pardon for Baron de Besenval, who was imprisoned after given command of the troops concentrated in and around Paris early July.[75]

On 4 August 1789, the day when Feudalism was abolished by the National Assembly, Necker is quoted as saying, "The collectors of the taille are at their last shift."[76]

Assignats

Early French banknote issue by Domaines Nationaux – Assignat for 100 livres, 1790 Issue

Necker proved to be powerless as tax revenue dropped quickly.

assignats, certificates of indebtedness of 1,000 livres each, with an interest rate of 5%, secured and repayable based on the auctioning of the "Biens nationaux".[85]
Once the assignats were paid, they had to be destroyed or burnt.

In January 1790, Necker obtained an order of arrest against Jean-Paul Marat, for having "had openly espoused the cause of the people, the poorest classes," according to Peter Kropotkin and Marat was forced to flee to London.[86][87] On 10 March 1790, on the proposition Pétion, the administration of the church property was transferred to the municipalities.[88] In the past few months Étienne Clavière lobbied for large issues of assignats representing national wealth and operating as legal tender.[89] For daily life smaller denominations were needed and extended to the whole of France.[90] On 17 April 1790, the new notes of 200 and 300 livres were declared legal tender but their interest was reduced to 3%.[91] The assignats would compensate for the scarcity of coin and would revive industry and trade.[92]

In May 1790 the feudal and ecclesiastical properties were sold against assignats. Constitutional monarchists such as

Count Mirabeau, who played a decisive role in the Assembly, accused him of complete financial dictatorship.[96] For Mirabeau, to express doubts in the assignats, was to express doubts in the revolution.[97]

At the end of August the government was again in distress; four months after the first issue the money was spent. Montesquiou-Fézensac, the teacher of Mirabeau, presented a report in the Assembly. Assignats should be used not only for payment of church property.[98]

Montesquiou had massively exaggerated the amount of the redeemable debt, probably to convince the Assembly.[99] On 27 August 1790 the Assembly decided another issue of 1.9 billion assignats which would become legal tender before the end of the year. Necker endeavored to dissuade the Assembly from the proposed issue; suggesting that other means could be found for accomplishing the result, and he predicted terrible evils. Necker was not backed by Comte de Mirabeau, his strongest opponent who called for "national money" and won that day.[100] A few crowds were sent to shout and threaten him.[101] When all resources were exhausted, the Assembly created paper money, according to Necker.[102] He handed in his resignation on 3 September.[103] The massive and dangerous issue of 1.9 billion he succeeded to get down to 800 million, but the attacks influenced his resignation.[104][105] Necker did not step down on the decision to make the assignat legal tender, but on the choice to issue the paper money for the full value of the land instead of one-quarter of it, and a foul campaign against his person, and the loss of confidence in parliament.[106]

The Assembly decreed that it would itself direct the public Treasury.

stockjobbing and greed.[109] A declaration (14 Oct) suspending all interest payments turned the assignats into fiat paper money proper.[110]

Necker's efforts to keep the financial situation afloat were ineffective. His popularity vanished and he resigned with a damaged reputation.[111] [112] Necker left leaving two million livres in the public treasury; he took 1/5 of the amount with him.[113]

Retirement

Château de Coppet

Necker, suspected of reactionary tendencies, traveled east to

Saint-Ouen sûr Seine and the two million livres were confiscated by the French government.[118] Mme Necker, who had always seen herself as ill, sank into mental illness. Since the birth of Germaine, she was correcting the most morbid clauses of her will and insisted to be embalmed by Samuel-Auguste Tissot
, preserved and exhibited in a bedroom for four months. [119] He continued to live under the care of his daughter. By 1794 France would be flooded by false assignats. But his time was past, and his books had except abroad no political influence.[citation needed] In 1795 Germaine moved to Paris with Benjamin Constant, but she came back, sometimes involuntary, and founded the Cercle de Coppet.

In March 1798 a momentary excitement was caused by the

Saint-Ouen sûr Seine contained almost all the articles in support of liberty proposed by Necker before the Revolution of 14 July 1789.[120][126] Therefore, George Armstrong Kelly called him the "grandfather of Restoration Liberalism."[127]

"Posterity has not been fair to Necker", according to Aurelian Craiutu.

Marquis De Lafayette, Barnave and Pétion, Necker was only temporarily supported by the people.[129][130]

Personal life

In 1786 Necker's daughter

Napoleon Bonaparte. On 22 March 1814, she was promised 21 years of interest on her father's investment in the public treasury.[131]
After his death his daughter published "Vie privée de Mr. Necker". His grandson Auguste de Staël (1790–1827) edited the Complete Oeuvres by Jacques Necker.

His nephew Jacques Necker (1757–1825), a botanist, married Albertine Necker de Saussure. They took care of their uncle after his wife had died in 1794. Their son was the geologist and crystallographer Louis Albert Necker de Saussure.[132]

Places named after Jacques Necker

  • Necker Hospital for Children (Paris, France)
  • Necker Island (Northwestern Hawaiian Islands)
  • Necker middle school (Coppet, Switzerland)

Works

Source:[133]

Notes

  1. ^ a b A Voice of Moderation in the Age of Revolutions: Jacques Necker's Reflections on Executive Power in Modern Society, p. 6 by Aurelian Craiutu
  2. ^ Peter Kropotkin (1909). "Chapter 5". The Great French Revolution, 1789–1793. Translated by N.F. Dryhurst. New York: Vanguard Printings.
  3. ^ Stael and the French Revolution Introduction by Aurelian Craiutu
  4. ^ Macroeconomic Features of the French Revolution, by T.J. Sargent & F.R. Velde, p. 481
  5. ^ a b Jacques Necker in German, French and Italian in the online Historical Dictionary of Switzerland.
  6. ^ Jean de Senarclens: Necker in German, French and Italian in the online Historical Dictionary of Switzerland.
  7. ^ Brewster, David. The Edinburgh Encyclopædia, p. 316
  8. ^ Zeitgenossen. Biographieen und Charakteristiken p. 72
  9. ^ Lüthy, Herbert. Necker et la Compagnie des Indes
  10. ^ Réponse au Mémoire de M. l'Abbé Morellet, sur la Compagnie des Indes
  11. ^ Gordon, Daniel. Citizens without Sovereignty: Equality and Sociability in French Thought, p. 197
  12. ^ Keber, Martha L. Seas of Gold, Seas of Cotton: Christophe Poulain DuBignon of Jekyll Island p. 68
  13. ^ De Lapouge, Claude Vacher. Necker économiste, p. 48
  14. ^ F. Aftalion, p. 23
  15. ^ Durant, Will and Ariel (1967) Rousseau and Revolution, p. 865
  16. ^ F. Aftalion, p. 22
  17. ^ Necker's First Ministry: 1776–81
  18. ^ Neckers Charakter und Privatleben: nebst seinen nachgelassenen ..., Band 1, p. 32
  19. ^ Simon Schama, Citizens: A Chronicle of the French Revolution (New York: Random House, 1989), p. 94.
  20. ^ a b Will and Ariel Durant (1967) Rousseau and Revolution, pp. 866–867
  21. ^ Othénin d'Haussonville (2004) "La liquidation du 'dépôt' de Necker: entre concept et idée-force,", pp. 154–155 Cahiers staëliens, 55
  22. ^ Sur l’administration de M. Necker, p. 365
  23. ^ Donald F. Swanson and Andrew P. Trout, "Alexander Hamilton, 'the Celebrated Mr. Neckar,' and Public Credit," The William and Mary Quarterly 47, no. 3 (1990): 424.
  24. ^ a b Will and Ariel Durant (1967) Rousseau and Revolution, p. 870
  25. ^ The French Revolution: An Economic Interpretation by Florin Aftalion, p. 23
  26. ^ F. Aftalion, p. 24
  27. ^ Jean-Denis Bredin (2004) "Necker, La France et la Gloire,", p. 15 Cahiers staëliens, 55
  28. ^ George Taylor, review of Jacques Necker: Reform Statesman of the Ancien Regime, by Robert D. Harris, Journal of Economic History 40, no. 4 (1980): 878.
  29. ^ a b Annie Duprat, " Leonard Burnand, The pamphlet against Necker. Media and political imaginary to the xviiie century ", historical Record of the French Revolution [online], 361 | July–September 2010, published online 22 March 2011, accessed 14 November 2018. URL : http://journals.openedition.org/ahrf/11742
  30. ^ F. Aftalion, pp. 24–25
  31. ^ Taylor, Jacques Necker: Reform, pp. 877f.
  32. ^ S. Schama, pp. 92–93
  33. ^ Francis Page (1797) Secret History of the French Revolution from the Convocation of the Notables ... pp. 271–273
  34. ^ The Edinburgh Encyclopædia; Conducted by David Brewster, p. 316
  35. ^ Schama, Citizens, 95.
  36. ^ S. Schama, p. 93
  37. ^ a b Considerations on the principal events of the French Revolution Germaine de Staël
  38. ^ Tweede briev van Jan van Utrecht, p. 54
  39. ^ Annie Duprat, "Leonard Burnand, The pamphlet against Necker. Media and political imaginary to the xviiie century", historical Record of the French Revolution [online], 361 | July–September 2010, published online 22 March 2011, accessed 14 November 2018. URL : http://journals.openedition.org/ahrf/11742
  40. ^ The End of the Old Regime in Europe, 1776–1789, Part I: The Great States of ... by Franco Venturi, p. 348
  41. ^ Othénin d'Haussonville (2004) "La liquidation du 'dépôt' de Necker: entre concept et idée-force,", p. 204 Cahiers staëliens, 55
  42. ^ Zeitgenossen: Biograhien und Charakteristiken, Ausgaben 1–4, p. 6
  43. ^
  44. ^ The French Revolution: An Economic Interpretation by Florin Aftalion, p. 25
  45. ^ The Problem with Necker's Compte Rendu au roi (1781) by Joël Félix
  46. ^ From Virtue to Surplus: Jacques Necker's Compte Rendu (1781) and the Origins of Modern Political Discourse by Jacob Soll
  47. ^ The French East India Company
  48. ^ John Hardman (2016) The life of Louis XVI
  49. ^ a b Madame de Stael by Maria Fairweather
  50. ^ "Charles-Louis Ducrest (1747–1824)".
  51. ^ Peter Kropotkin (1909). "Chapter 10". The Great French Revolution, 1789–1793. Translated by N. F. Dryhurst. New York: Vanguard Printings. The distress in the city, however, increased from day to day. It is true that Necker had taken measures to avert the dangers of a famine. On September 7, 1788, he had suspended the exportation of corn, and he was protecting the importation by bounties; seventy million livres were expended in the purchase of foreign wheat. At the same time he gave widespread publicity to the decree of the King's Council of April 23, 1789, which empowered judges and officers of the police to visit private granaries to make an inventory of the grain, and in case of necessity to send the grain to market. But the carrying out of these orders was confided to the old authorities and-no more need be said!
  52. ^ Peter Kropotkin (1909). "Chapter 5". The Great French Revolution, 1789–1793. Translated by N. F. Dryhurst. New York: Vanguard Printings. At Paris, after the dismissal of the Archbishop of Sens, there were numerous demonstrations. The Pont Neuf was guarded by troops, and several conflicts occurred between them and the people, of whom the leaders were, as Bertrand de Moleville remarks,9 "those who later on took part in all the popular movements of the Revolution." Marie-Antoinette's letter to the Count de Mercy should also be read in this connection. It is dated August 24, 1788, and in it she tells him of her fears, and announces the retirement of the Archbishop of Sens and the steps she had taken to recall Necker; the effect produced on the Court by those riotous crowds can therefore be understood. The Queen foresaw that this recall of Necker would lessen the King's authority; she feared "that they may be compelled to nominate a prime minister," but "the moment is pressing. It is very essential that Necker should accept." Source: J. Feuillet de Conches, Lettres de Louis XVI, Marie-Antoinette et Madame Elisabeth (Paris, 1864), vol. i. pp. 214–216.
  53. ^ Will and Ariel Durant (1967) Rousseau and Revolution, p. 948
  54. ^ Jacques Necker
  55. ^ Will and Ariel Durant (1967) Rousseau and Revolution, p. 949
  56. ^ At Spes non Fracta: Hope & Co. 1770–1815, p. 46 by M.G. Buist
  57. ^ Othénin d'Haussonville (2004) "La liquidation du 'dépôt' de Necker: entre concept et idée-force,", p. 156 Cahiers staëliens, 55
  58. ^ Neckers Charakter und Privatleben: nebst seinen nachgelassenen ..., Band 1, p. 83
  59. ^ Overture to Revolution: The 1787 Assembly of Notables and the Crisis of France's Old Regime. By John Hardman. Oxford: Oxford University Press, 2010.
  60. ^ Peter Kropotkin (1909). "Chapter 6". The Great French Revolution, 1789–1793. Translated by N. F. Dryhurst. New York: Vanguard Printings.
  61. ^ Wikisource
  62. ^ Aurelian Craiutu (2012) A Virtue for Courageous Minds: Moderation in French Political Thought, 1748–1830, pp. 119–121
  63. ^ R.D. Harris (1986) Necker and the Revolution of 1789, pp. 433–434
  64. ^ Schama, Citizens, pp. 345–346.
  65. ^ Aurelian Craiutu (2012) A Virtue for Courageous Minds: Moderation in French Political Thought, 1748–1830, p. 123
  66. ^ a b History of the French Revolution from 1789 to 1814 by M. Mignet
  67. ^ Will and Ariel Durant (1967) Rousseau and Revolution, p. 958
  68. ^ Aurelian Craiutu (2012) A Virtue for Courageous Minds: Moderation in French Political Thought, 1748–1830, p. 124
  69. ^ Gazette de Leyde – Livraison n° 58 du 21 juillet 1789
  70. ^ Godechot, Jacques. The Taking of the Bastille 14 July 1789.
  71. ^ De la Révolution française, Band 2 by Jacques Necker, p. 13
  72. ^ Briefe und Urkunden von Ludwig XVI., Marie Antoinette und Madame Elisabeth, p. 410
  73. ^ Gazette de Leyde – Livraison n° 63 du 7 août 1789
  74. ^ History of the French revolution of 1789, Band 1 , p. 568
  75. ^ Peter Kropotkin (1909). "Chapter 15". The Great French Revolution, 1789–1793. Translated by N. F. Dryhurst. New York: Vanguard Printings.
  76. ^ François Crouzet (1993) La grande inflation : La monnaie en France de Louis XVI à Napoléon, pp. 97–98
  77. ^ Historical View of the French Revolution: From Its Earliest Indications to ... by Jules Michelet, p. 248
  78. ^ Crouzet, F. (1993) La grande inflation, p. 101
  79. ^ Crouzet, F. (1993) La grande inflation, pp. 104–105
  80. ^ F. Aftalion, p. 64
  81. ^ The French Revolution: An Economic Interpretation by Florin Aftalion, p. 59
  82. ^ a b Stuff and Money in the Time of the French Revolution by Rebecca L. Spang
  83. ^ Historical View of the French Revolution: From Its Earliest Indications to ... by Jules Michelet, p. 288
  84. ^ The French Revolution, the Assignats, and the Counterfeiters
  85. ^ Kropotkin, Peter (1909). "Chapter 28". The Great French Revolution, 1789–1793. Translated by Dryhurst, N. F. New York: Vanguard Printings.
  86. .
  87. ^ Crouzet, F. (1993) La grande inflation, p. 110
  88. ^ Whatmore, Richard (1996) "Commerce, Constitutions, and the Manners of a Nation: Etienne Clavière's Revolutionary Political Economy, 1788–1793." History of European Ideas 22.5–6 (1996): 351–368. Web.
  89. ^ F. Aftalion, p. 95
  90. ^ The French Revolution: An Economic Interpretation by Florin Aftalion, p. xii
  91. ^ The French Revolution: An Economic Interpretation by Florin Aftalion, pp. 80, 95
  92. ^ The French Revolution: An Economic Interpretation by Florin Aftalion, p. 76
  93. ^ Crouzet, F. (1993) La grande inflation, p. 99
  94. ^ Aurelian Craiutu (2012) A Virtue for Courageous Minds: Moderation in French Political Thought, 1748–1830, p. 130
  95. ^ Simon Schama (1989) Citizens, pp. 499, 536
  96. ^ E. Levasseur (1894) The Assignats: A Study in the Finances of the French Revolution, p. 183. In: Journal of Political Economy. Vol. 2, No. 2
  97. ^ F. Aftalion, p. 77
  98. ^ F. Aftalion, p. 78
  99. ^ A.D. White (1878) The Assignat|Ann Arbor Library
  100. ^ a b Historical View of the French Revolution: From Its Earliest Indications to ... by Jules Michelet, p. 487
  101. ^ F. Aftalion, pp. 84–85
  102. ^ Considerations on the principal events of the French Revolution Germaine de Staël, pp. 256–258
  103. ^ Crouzet, F. (1993) La grande inflation, p. 115
  104. ^ Histoire de la révolution française: depuis l'Assemblée des notables ... by Jacques Necker, p. 35
  105. ^ Histoire de la Révolution française par Henri Martin, p. 214
  106. ^ The Money and the Finances of the French Revolution of 1789: Assignats and Mandats: A True History: Including an Examination of Dr. Andrew D. White's Paper Money Inflation in France by Stephen Devalson Dillaye, p. 18
  107. ^ F. Aftalion, p. 81
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Further reading

In French

External links