The political testament of M. Jean Baptist Colbert, minister and Secretary of State wherein is contain'd all that hath pass'd under the reign of Lewis the XIV unto the year 1684 : with remarks upon the government of the kingdom of France / translated out of French.

CHAP. XIV. Of the Men of Business, such Bankers or others who farm the King's Revenue.

IN so great a Kingdom as your Majesty's, where its Bounds have been so much enlarg'd by your Conquests, there ought to be a con∣stant Fund of ready Money, that in Case your Enemies should have a mind to be reveng'd for their Losses; your Majesty may be in a conditi∣on to oppose and repulse 'em. It is impossible you can do it at your own Charge, tho' your Revenue be great, for if you should make it your Business to gather and hoard up Money, your People would presently be sensible of it: The Money which is necessary to maintain Trade in a Nation, must be in a continual circulation, to make a Kingdom flourish.

When War was declar'd by a Herald; a Prince had some time to prepare for it, by fil∣ling his Coffers beforehand. But since nothing is so much practis'd by Princes, as surprising

one another, there is a necessity of having rea∣dy Money, which must be supply'd by Bankers, whose Credit keeps all Trade in continual Motion. It is therefore your Majesty's Interest, not only to make use of, but likewise to protect them. They must not however be suffer'd to suck your Peoples Blood, but should be severely punish'd, when they are found guilty of Extortion: 'Tis just they should get something, but they must not be permitted to rob your Subjects, and go unpunish'd.

To encourage them by an Honest Gain, I think it sufficient to allow them a sixth Part for Ma∣nagement, and 10. per Cent. upon extraordinary Occasions; for those Branches of your Revenue which are farm'd out, I think there can be no better establishment than the present; I would not have 'em let at a Rent certain, as in Loans, and no account to be given of the Overplus.

That would be to revive the Ministry of Mon∣sieur Fouquet, and open a Door to all the Abuses that were committed in his time. A Farmer that looks forward, and considers what may hap∣pen hereafter, must not by bold Frauds make too much haste to be Rich, and hazard the undoing of himself, and his Children after him. There may a time come, when he shall be call'd to a strict Account, and be forc'd to disgorge all he hath swallow'd, and rot in a Goal: He were much better for his own Peace, be contented with reasonable Gain.

In farming out your Majesty's Revenue, it is necessary that the Person on whom you rely to do it, should never depend on the Fidelity of the

Commissioners: For, let him be never so cauti∣ous, they will, if possible, deceive him in their Accounts; they will dextrously charge too much or too little as they see their Advantage; and sometimes between the Intendant of the Finan∣ces, who hath Power to let them; and the Far∣mers that rent them; there may be so Good an understanding, as to divide the Cake, and defraud your Majesty. To prevent this, there should always be join'd with the Farmers, an honest Man who may be confided in; he will be a continual Spie upon the rest, and be so distrusted by them, that they will be afraid, tho' they have never so much mind, to do your Majesty Wrong.

It being impossible for a Comptroller General, to know of himself, all the ways and means which may be us'd to raise Money; he ought to deal faithfully with those, that give him information how it may be done. I always, without respect of Persons, gave Rewards to those that brought me any good Memorials, or Proposals to that purpose. 'Tis the way to sharpen Mens Wits, and to discontent such Men, may be very pre∣judicial to your Majesty's Affairs. Their Papers must be examin'd, to see what is good, and what is bad in their Proposals. I would fain know what a Minister of State could do, if he were not sometimes assisted by other Mens ad∣vice, he will find it so much trouble to look over and rectifie those Memorials that are brought him, that he will hardly have time to sleep qui∣etly.

There are sometimes hard Bargains, where a Company loses considerably, notwithstanding

the Allowance that is made 'em: As when Com∣modities are assign'd to 'em for Payment, which they cannot sell or put off. The Case is then the same, as if nothing had been given them. A Minister of State, ought on such Occasions to do them Justice, and not let 'em suffer: For if your Majesty will have Money, you must pro∣tect, and not Persecute those that are to furnish you with it; for if they are to advance it, 'tis requisite People should believe they are Men of Substance, and in a good Condition; when once they think the contrary, they will be wary how they part with their Money, to those that are upon the brink of Ruin.

I remember a Conjuncture of this nature, since I have been in the Post to which your Majesty was pleased to prefer me; but I presently ap∣ply'd a Remedy: It was in the Year 1670. when People kept their Purses sast tied, and there was little or no Money stirring. The Bankers came daily, and told me, their Credit was quite lost, that People thought them engag'd in ill Bargains, and would trust 'em no longer. I then did two things which succeeded very well; first I ap∣pointed Persons to enquire what Losses they had sustain'd, with a Promise that when I knew what really they were, I would make 'em Satis∣faction: Next I sent for the Principle Agents of the Bank, and after having had your Maje∣sty's Consent, I distributed Three Millions among 'em, which they presently employ'd in Trade. They that knew not whence the Mo∣ney came, concluded presently, that these Men would never run the Risque of so great a Summ,

but upon very good grounds, they immediately follow'd their Example, and People universally began again to open their Purses.

In a time of scarcity, especially of Wine, the like inconvenience may happen, because they that farm the Duties upon it, would be undone, if there were not some allowance made them, proportionable to their loss. Now not know∣ing how it will go with them, till your Majesty's pleasure be declar'd how much they shall be a∣bated; every one keeps his Money in his hands, and all the Banks are shut up at once, they like∣wise who are Sub-farmers will pay nothing, be∣cause they also expect an abatement; pretend∣ing they are not able to pay, when sometimes they have a great deal of Money in their hands, which they will not part with, tho' you should Quarter Souldiers upon them, or send them to Prison. To avoid this, which in time will be extremely prejudicial to your Majesty's Affairs; your Minister must appoint Commissioners to make him a true report of the state of Affairs, but they must never be chosen out of the gene∣ral Farmers; because that would be to put Your Majesty's Concerns, into the hands of suspected Persons, not to be trusted. Who under bor∣row'd names, are often partners with the Sub-farmers; and will be sure to aggravate their losses, pretending them to be much greater than in truth they are. And when they are not con∣cern'd, will not trouble themselves, let what will happen.

Your Majesty must forbear as much as possibly you can, and the state of your Affairs will per∣mit,

the imposing of any new Taxes; but there is one that hath not yet been laid, which I think very just and necessary, and will be so far from doing hurt, that it will certainly do a great deal of good. All France is of late years, so over run with Luxury, and Vanity reigns every where to that degree; that 'tis impossible to know a Peasant from a Gentleman, a Citizen from a Magistrate, or the Rabble from Citizens. Their Families in the mean time suffer, and 'tis an abuse which Your Majesty is oblig'd to sup∣press, not only that Mens several conditions may be distinguish'd, but also to keep them from being miserable. A bare Law in this Case, will be but an uncertain remedy; because we daily see Laws last but a little time, and are fre∣quently broken as soon as made. Your Majesty must therefore lay a Tax upon all those that wear Clothes beyond their Quality, and you must by an Edict declare, who may wear Gold and Sil∣ver, who Silk, and so downwards; and that they who ought not to wear Gold or Silver, and yet presume to do it, shall pay so much; and they that wear Silk, or any other forbidden Stuff, so much. This imposition will make all People live within compass, according to their condi∣tion, or will be a very considerable Income to Your Majesty; for if you oblige those to pay a Crown or two, that contrary to the Law wear Gold or Silver, and those to pay a little less that wear Silk, Lace, or whatever else shall be prohibited; how many that by the Law ought not to wear such or such things, will rather pay

their Money, than (as is usually said) not go like other folks; and yet no body can complain a∣gainst such a Tax, because it will be voluntary, no person being bound to pay it, but he that will.