The internal-condition of France was every day becom ing more alarming, Monsieur de Calonne was now at the head of her finances. He had already displayed address and talents in the measures that he suggested for the re establishment of the Caisse d'Escompte. He also esta blished the Caisse D'Amortissement, or sinking fund, the plan of which was recommended by its simplicity. Ac cording to it, government were to pay annually into the hands of commissioners, the entire interest of the national debt, together with an additional sum of 120,0001. sterling. By this, it was estimated that annuities to the amount of 50,0001. would be annually extinguished ; and in that pro portion the sum set apart for the liquidation of the national debt would be increased. In order to secure, as it was ex pected, the regular application of this sum, the annual re ceipt of the Caisse D'Amortissement was declared incapa ble of being diverted to any other object. But it is mani fest, that, in a country where the regular expences of the state were far above its income, it would be impossible to raise the additional annual suns requisite for the establish ment and operation of a sinking fund. The object of the financiers of France ought to have been exclusively to re lieve the existing difficulties, and not by any means to have extended their views and plans to a remote generation. There were besides other causes operating against the suc cess of any plans of finance, which will unfold themselves as we proceed in the history. As the manners and the ta lents of Calonne were more insinuating and popular than those of Neckar, while he was also more accommodating to the necessities or the wishes of the court, he was their favourite ; but with the nation at large, he was not so great a favourite as Neckar had been. He continued, however, to support himself without being exposed to any consider able degree of odium, till the year 1785, when, by the es tablishment of a new East India Company, he excited vio lent censure. The objections urged against this monopoly were brought forward in a style of boldness and freedom, hitherto unusual in France ; and, from the substance as well as the manner of them, it was evident that those phi losophers who had hitherto confined their speculations on government and political economy to books, were extreme ly desirous of reducing them to practice. Monsieur de Calonne was by no means in a condition to regard the dis cussions which this subject gave rise to with indifference ; as they plainly indicated, that a body of men who at this time had great influence in France, were decidedly hostile to the measures of his administration. He likewise was convinced, that the re-establishment of the finances was a much more arduous task than he had anticipated ; for though France had now been at peace for three years, it was found requisite at the end of each year to supply the deficiency of the revenue by a loan. Still, however, had the rigid economy recommended and pursued by Neckar tr been persevered in, the ex rndii tire and the hictome might have been brought more nearly on a level ; but large sums were laid out on the fortifications of Cherbourg ; and the Marquis de Castries, as minister of the marine, had been profuse in his expenditure. These sums might have been saved, as there was no absolute and pressing necessity ei ther to extend the fortifications of Cherbourg., or to increase the navy. The money required during the dispute between the Emperor and the Dutch, for the purpose of placing the French army on a respectable and efficient footing, was more properly laid out.
As the internal resources of France were the only means by which the revenue could be augmented, it became the paramount duty of the ministry to nourish them with the greatest care and attention. That they did not perform this duty in a conscientious and wise manner, was loudly and generally urged against them, in consequence of the com mercial treaty between Great Britain and France in the year 1786. On this subject, strong and unfounded prejudice bore down calm and clear investigation; but, in some re spects, it must be admitted, that the framers of the treaty did not sufficiently advert to the protection which the weak and infant manufactures of France required, in order to enable them to rise to an equality with those its England, or, at least, to meet the English manufactures in the markets of France.
The popular mind was now in such a state of discontent and irritation, that the smallest evil made it break out into bitter complaints against government. it may therefore well be conceived, that the edict at the end of the year 1785, for registering a loan of the enormous amount of 3,333,0001. sterling, produced violent murmurs. When this edict was presented to the parliament of Paris, they selected a deputation to wait on the King with their remon strances ; but he informed them, that he expected to be in stantly and implicitly obeyed ; and the ceremony of regis tering took place the next day, accompanied, however, with a resolution, that public economy was the only genuine source of abundant revenue, and that, without it, the neces sities of the state could not be supplied, nor public credit and confidence restored. This firmness was highly dis pleasing to the King ; he ordered the records of the par liament to be brought to him, and erased the resolution with his own hand ; at the same time declaring, that he expected in future they would communicate, in a loyal and respect ful manner, whatever they deemed advantageous to the nation. As the parliament were at variance with Calonne, the King embraced this opportunity of supporting the mea sures of that minister, which were not to be defeated by their violence or groundless apprehensions. In order more strongly to mark the royal displeasure, one of the members, who had been most active in passing the resolution, was dismissed.
Calonne at this period seems to have been first convinc ed of the necessity of assembling the Notables. It is pro bable, that he expected from them a more ready acquiesc ence in his views and plans than he had met with from the parliament of Paris ; and as these views and plans now went far beyond the measures he had at first proposed and adopted, it was proper they should be sanctioned by a bo dy more numerous, as well as more respectable, than the parliament. Ile was convinced that the state of the king dom was such, both with respect to its finances and re sources, and with respect to the general feeling of the ne cessity of sonic political reform, that farther delay would be dangerous ; and he hoped that the assembling of the Notables would. remedy the existing evils in the most safe and legitimate Aiode. He had, indeed, the option of as semblinv, either the States-general or the Notables. The former had not been called togt.ther since the year 1614 : They consisted of deputies chosen by the three estates, the nobility, clergy, and people at large. To this assembly Calonne had strong objections : In the first place, the elec tion of the deputies, in the agitated state of the country, could not fail to increase the commotion, and to let the people feel too sensibly their own weight and influence ; in the second place, the deliberations of such an assembly would necessarily be tedious, and, consequently, the dis tracted state of the country would be prolonged. But the circumstance which weighed with the minister most pow erfully against calling out the States•general, was the ap prehension that they would be disposed •o carry the reform farmer than he wished ; and the impossibility of foreseeing what would be the consequence of putting power into their hands. The Notables, therefore, an assembly 'which had been occasionally substituted in the room of the States-general, was preferred by Calonne. It consisted of a number of persons from all parts of the kingdom, chiefly selected from tile higher orders of the state by the King himself. This mode of selection would render the delega tion of power to them perfectly safe, it was expected; while their deliberations would be shorter, and more easily managed by royal influence. The writs for calling toge ther this assembly were accordingly issued on the 29th of December 1786 : they were addressed to seven princes of the blood, nine dukes and peers of France, eight field mar shals, twenty-two nobles, eight councillors of state, four masters of requests, eleven archbishops and bishops, thir ty-seven heads of the law, twelve deputies of the pays d'etats, the lieutenants-civil, and twenty-five magistrates of the different towns in France. The total number was 144; and the opening of the assembly was fixed for the 29th of January 1787.