isted, presented his notes at
the bank, and of course obtained gold and silver; then other nobles did
the same, and then foreign merchants, until the bank was drained. Then
came the panic, then the fall of stocks, then general ruin, then
universal despondency and rage. The bubble had burst! Four hundred
thousand families, who thought themselves rich, and who had been
comfortable, were hopelessly ruined; but the State had got rid of half
the national debt, and for a time was clear of embarrassment. The
people, however, had been defrauded and deceived by Government, and they
rendered in return their secret curses. The foundations of a throne are
only secured by the affections of a people; if these are destroyed, one
great element of regal power is lost.

Under the administration of Cardinal Fleury (1726-1743) the finances
were somewhat improved, since he aimed at economical arrangements,
especially in the collection of taxes. He attempted to imitate Sully and
Colbert, but without their genius and boldness he effected but little.
He had an unfortunate quarrel with the Parliament of Paris, and was
obliged to repeal a favorite measure. After his death the country was
virtually ruled by the King's mistress, Madame de Pompadour, who
displaced ministers at her pleasure, and who encouraged unbounded
extravagance. The public deficit increased continually, until it finally
amounted to nearly two hundred millions in a single year. In spite of
this increasing derangement of the finances, the court had not the
courage or will to face the difficulties, but resorted to new loans and
forced contributions, and every form of iniquitous taxation. If a great
functionary announced the necessity of economy or order, he was
forthwith disgraced. Nothing irritated the court more than any proposal
to reduce unnecessary expenses. Nor would any other order, either the
nobles or the clergy, consent to make sacrifices.

In such a state of things, a most oppressive system of taxation was the
necessary result. In no country in modern times have the burdens of the
people been so great. Taxes were imposed to the utmost extent that they
were able to bear, without their consent; and upon the slightest
resistance or remonstrance they were imprisoned and treated as
criminals. So great were the taxes on land, that nearly two-thirds of
the whole gross produce, it has been estimated, went to the State, and
three-quarters of the remainder to the landlord. The p