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Being obliged to raise money, he deposited with the Bank the bonds of the Receivers-General which had been consigned to him, but which were already discharged by the sums transmitted to their credit in the account current. The Bank, wishing to be reimbursed for the money advanced to Desprez, applied to the Receivers-General whose bonds were held an security.
Perhaps the giving of this authority was a great error; but, be that as it may, Desprez, encouraged by the complaisance of the Treasury, desired the Receivers-General to transmit to him all the sums they could procure for payment of interest under 8 per cent., promising to allow them a higher rate of interest.
Ouvrard, Wanlerberghe, and Seguin were the persons whose capital and credit rendered them most capable of relieving the Treasury, and they agreed to advance for that purpose 102,000,000, in return for which they were allowed bonds of the Receivers-General to the amount of 150,000,000.
This serious financial distress was occasioned by the following circumstances. The Treasury had, by a circular, notified to the Receivers-General that Desprez was the holder of their bonds. They were also authorised to transmit to him all their disposable funds, to be placed to their credit in an account current.
He then said to me, "Bourrienne, I give up your department to you. Name whom you please for the appointments; but remember you must be responsible to me." What a list would have been which should contain the names of all the prefects, sub-prefects, receivers-general, and other civil officers to whom I gave places!
Being obliged to raise money, he deposited with the Bank the bonds of the Receivers-General which had been consigned to him, but which were already discharged by the sums transmitted to their credit in the account current. The Bank, wishing to be reimbursed for the money advanced to Desprez, applied to the Receivers-General whose bonds were held an security.
The Council also, speaking broadly, cooperates in most of the duties of all the other magistrates; and this ends the list of the functions of that body. Part 50 There are ten Commissioners for Repairs of Temples, elected by lot, who receive a sum of thirty minas from the Receivers-General, and therewith carry out the most necessary repairs in the temples.
The decree further declared, in the king's name, that he would never draw on the bank until the value of his drafts had first been lodged in it by his receivers-general. The bank, it was said, had by this time issued notes to the amount of one thousand millions; being more paper than all the banks of Europe were able to circulate.
Perhaps the giving of this authority was a great error; but, be that as it may, Desprez, encouraged by the complaisance of the Treasury, desired the Receivers-General to transmit to him all the sums they could procure for payment of interest under 8 per cent., promising to allow them a higher rate of interest.
He represented the misery of the people. "All letters that come from the provinces, whether from the intendants, the receivers-general, and even the bishops, speak of it," he wrote to the King. He insisted on a reduction of the taille by five or six millions; and surely it was time, when its collection gave rise to such scenes as have just been described. It was in vain.