it was decreed that Banque Générale notes should be used in payment for all taxes, a measure initially resisted in some places but effectively enforced by the government. Law's ambition was to revive economic confidence in France by establishing a public bank, on the Dutch model, but with the difference that this bank would issue paper money. As money was invested in the bank, the government's huge debt would be consolidated. At the same time, paper money would revive French trade - and with it French economic power.
by Niall Ferguson
(0 Reviews)

The Banque Générale was mandated to accept its notes as payment for all tax obligations, despite initial reluctance in certain regions, a policy that the government ultimately enforced. The intention behind this approach was to restore economic confidence in France by creating a public bank modeled after the Dutch system, with a distinctive feature of issuing paper currency. As investments poured into this bank, the overwhelming national debt would stabilize, fostering a stronger financial foundation.

Additionally, the introduction of paper money aimed to invigorate trade in France, thereby enhancing the nation's economic strength. Law's vision sought not just to revitalize the economy but to transform France into a powerful trading entity by effectively utilizing a banking model that had shown success elsewhere. The initiative encapsulated a strategic effort to merge public finance with innovative monetary practices to stimulate growth and recovery.

Stats

Categories
Votes
0
Page views
1
Update
February 04, 2025

Rate the Quote

Add Comment & Review

User Reviews

Based on 0 reviews
5 Star
0
4 Star
0
3 Star
0
2 Star
0
1 Star
0
Add Comment & Review
We'll never share your email with anyone else.
More »

Other quotes in book quote

More »

Popular quotes

My life amounts to no more than one drop in a limitless ocean. Yet what is any ocean, but a multitude of drops?
by David Mitchell
Small towns are like metronomes; with the slightest flick, the beat changes.
by Mitch Albom
Look, if you say that science will eventually prove there is no God, on that I must differ. No matter how small they take it back, to a tadpole, to an atom, there is always something they can't explain, something that created it all at the end of the search. And no matter how far they try to go the other way – to extend life, play around with the genes, clone this, clone that, live to one hundred and fifty – at some point, life is over. And then what happens? When the life comes to an end? I shrugged. You see? He leaned back. He smiled. When you come to the end, that's where God begins.
by Mitch Albom
You say you should have died instead of me. But during my time on earth, people died instead of me, too. It happens every day. When lightning strikes a minute after you are gone, or an airplane crashes that you might have been on. When your colleague falls ill and you do not. We think such things are random. But there is a balance to it all. One withers, another grows. Birth and death are part of a whole.
by Mitch Albom
A half-read book is a half-finished love affair.
by David Mitchell
Our lives are not our own. We are bound to others, past and present, and by each crime and every kindness, we birth our future.
by David Mitchell
Travel far enough, you meet yourself.
by David Mitchell
The pollenless trees were genomed to repel bugs and birds; the stagnant air reeked of insecticide.
by David Mitchell
A random sequence of seemingly unrelated events.
by David Mitchell
People pontificate, "Suicide is selfishness." Career churchmen like Pater go a step further and call in a cowardly assault on the living. Oafs argue this specious line for varying reason: to evade fingers of blame, to impress one's audience with one's mental fiber, to vent anger, or just because one lacks the necessary suffering to sympathize. Cowardice is nothing to do with it - suicide takes considerable courage. Japanese have the right idea. No, what's selfish is to demand another to endure an intolerable existence, just to spare families, friends, and enemies a bit of soul-searching.
by David Mitchell