LAFFITTE, JACQUES, the leading banker of France during the empire and the restoration, was born on the 24th of October 1767 at Bayonne, where his father was an honest but indigent carpenter. In 1787, unfriended, with no references, having nothing to speak for him but an open countenance, a frank disposition, and that lively humour which is the birthright of the south, he walked op to Paris. Almost immediately he obtained a situation as supernumerary clerk in the banking-house of Perregaux, with a salary of 1200 francs, or 48/. Here he became bookkeeper in 1789; cashier in 1792; chief clerk and teenager of the firm in 1800; junior partner in 1804 ; and in 1809 he succeeded to the business, thenceforward carried on in his name. Meanwhile nine brothers and sisters had been called up to the capital, where by his means they were all comfortably provided for. In 1809 Laffitte was created Regent of the Bank of France, and President of the Chamber of Commerce in Paris. In 1814 he succeeded Comte Jaubert ss Governor of the Bank of France, but declined receiving any salary for his services. His annual reports of the operations of the bank were much admired for their clearness, brevity, and precision, as well as for the practical suggestiona they contained.
After the second capitulation in July 1815, the public funds having been so much reduced by the late wars that the French army behind the Loire could not be paid, the government was placed in a critical position, and disturbances were apprehended in the capital, when Laffitte delivered to the fivauce minister, Mallien, the sum of 2,000,000 franca drawn from his own coffers; and hle able management of the national resources did much to maintain public confidence during the crisis. In October 1816 Jacques Laffitto was elected a member of tho Chambre des Deputes for the Electoral College of the department of the Seine, and re-elected for the same constituency in 1817. On the 16th of December of the latter year he delivered an Impressive speech in defence of the liberty of the press, a principle which he steadily advocated through life. A moderate republicau himself, his character was respected by men of every party. In 1815 Louis XVIII., departing for Ghent, deposited a considerable sum in Laffitte's bank, which the emperor left untouched. Nearly four months later, Napoleon I., quitting Paris for the last time, sent a suns of 5,000,000 francs to the same depot ; and when Laffitte waited on him with a receipt, Napoleon esid, "It is unnecessary ; 1 know you, M. Laffitte ; you never liked
my government, but you are an honest man." This large deposit was likewise respected by the Bourbons.
In 1830 the private fortune of M. Laffitte had risen to upwards of 2,000,0004 sterling. This great accumulation had been acquired by sheer industry and integrity, without it is affirmed any private specu lation, in the of revolution, war, and public disturbances of every kind. In that year came the revolution of July. At first Laffitto strove to arrest, the movement. In company with Casimir l'errier, Gerard, Lobau, and Mauguin, he went through the barricades to the head-quarters of Marshal Marniont, expostulated with that officer, and entreated him to use his influence with Charles X. to induce him to withdraw the ordonnanoes which had caused the insurrection. This proposal having been rejected, Laffitte took a decisive course, and joining the insurgent party, opened his hotel to their leaders, issued proclamations, organised the movement, and sustained the popular cause with his owu feuds. It was be, and not M. Thiera, who pro posed the Duke of Orleans as chief magistrate—a fact which has been preserved in his despatch to that prince on the 29th of July 1S30 Do not hesitate, but make your choice between a crown and a passport." On the 3rd of November 1830 Laffitte became prime minister (pre sident du conseil), and also minister of finanoe; but be resigned office in March 1831. Soon after occurred the great monetary panic, which, being felt all over Europe, threw down so many continental houses ; whilst Laffitte, who was the creditor of many of the largest, was involved in the same ruin with those he bad trusted. In this extremity, desirous of meeting if possible every claim, he sold off all his private property, still amounting to 50,000,000 francs. This surrender being then deemed inadequate to liquidate his debts, Laffitto put up for sale his hotel, in which the new monarchy had been formed ; but to permit this it was felt would be a national discredit : a subscription of 1,500.000 francs was raised, and his hotel preserved for his family. Subsequently, when the exact state of his assets became known, he was foiled to have a surplus of 8,000,000 francs, after the full discharge of his liabilities. He died at Paris, May 26th 1844, and was buried at the cemetery of Pere-la-Chaise on the 30th. His obsequies were attended by the elite of the capital : Arago and Dupin delivered orations over his grave.