Necker set to work with a fine display of zeal just as Turgot
had done. In 1781 he published a careful review of the French
finances. The king understood nothing of this ``Compte
Rendu.'' He had just sent troops to America to help the colonists
against their common enemies, the English. This expedition
proved to be unexpectedly expensive and Necker was
asked to find the necessary funds. When instead of producing
revenue, he published more figures and made statistics
and began to use the dreary warning about ``necessary economies''
his days were numbered. In the year 1781 he was
dismissed as an incompetent servant.
After the Professor and the Practical Business Man came
the delightful type of financier who will guarantee everybody
100 per cent. per month on their money if only they will
trust his own infallible system.
He was Charles Alexandre de Calonne, a pushing official,
who had made his career both by his industry and his
complete lack of honesty and scruples. He found the country
heavily indebted, but he was a clever man, willing to oblige
everybody, and he invented a quick remedy. He paid the
old debts by contracting new ones. This method is not new.
The result since time immemorial has been disastrous. In
less than three years more than 800,000,000 francs had been
added to the French debt by this charming Minister of Finance
who never worried and smilingly signed his name to every
demand that was made by His Majesty and by his lovely
Queen, who had learned the habit of spending during the days
of her youth in Vienna.
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