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Updated: May 27, 2025
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.
As the credit of the house of Desprez stood high, it may be easily conceived that on such conditions the Receivers-General, who were besides secured by the authority of the Treasury, would enter eagerly into the proposed plan. In short, the Receivers-General soon transmitted very considerable sums. Chests of money arrived daily from every point of France.
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.
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!
The child was the only son of Fauchet, one of the Receivers-General of the Revenue; a man who kept great state in the largest of the old-fashioned houses in the Rue de Bethisy, where he, had lately entertained the King.
The foundation of the bank of service, in current account with the receivers-general, book- keeping by double entry, formerly brought into France by Law, but which had not been established at the treasury, the publication of annual balance sheets, such were the improvements accomplished at that time by the minister of the treasury.
In these first moments of poverty it was found necessary to raise a loan, for the funds of M. Collot did not last long, and 12,000,000 were advanced by the different bankers of Paris, who, I believe, were paid by bills of the receivers-general, the discount of which then amounted to about 33 per cent.
As the credit of the house of Desprez stood high, it may be easily conceived that on such conditions the Receivers-General, who were besides secured by the authority of the Treasury, would enter eagerly into the proposed plan. In short, the Receivers-General soon transmitted very considerable sums. Chests of money arrived daily from every point of France.
In these first moments of poverty it was found necessary to raise a loan, for the funds of M. Collot did not last long, and 12,000,000 were advanced by the different bankers of Paris, who, I believe, were paid by bills of the receivers-general, the discount of which then amounted to about 33 per cent.
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.
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