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Nicolas DesmaretsMinister of Finance of France under Louis XIV.
Date of Birth: 10.09.1648
Country:  France |
Content:
- Nicolas Desmarets: Finance Minister under Louis XIV
- Return to Service
- Financial Challenges
- Financial Innovations
- Post-War and Legacy
- Family
Nicolas Desmarets: Finance Minister under Louis XIV
Early Life and CareerNicolas Desmarets was born into a wealthy family in Paris. His uncle, Jean-Baptiste Colbert, the influential finance minister under Louis XIV, recognized his financial acumen and appointed him as an intendant of finances in 1683. However, accusations of misconduct forced his removal from office toward the end of Colbert's life.
Return to Service
In 1699, at the urging of Michel de Chamillart, the head of the finance ministry, Louis XIV recalled Desmarets and appointed him as the director-general of finances in 1703. When Chamillart resigned in 1708, Desmarets succeeded him as finance minister.
Financial Challenges
France's financial situation was dire upon Desmarets's appointment. The War of the Spanish Succession drained the treasury, leaving a state debt exceeding 482 million livres, and taxes had been pledged for years to come. The situation worsened in 1709 when a severe frost destroyed a significant portion of the harvest.
Financial Innovations
To secure funds for the war effort, Desmarets increased the national debt. In 1710, inspired by ideas proposed by Sébastien Le Prestre de Vauban, he introduced a tax known as the "dixième," a tithe on the income of all social classes, including the clergy. However, the tax was unpopular and was soon repealed.
Post-War and Legacy
After Louis XIV's death, Desmarets was dismissed from his position. In his "M?moire" (1716), he defended his financial administration. Despite initial criticism, his abilities were later recognized by historians such as Saint-Simon and Voltaire.
Family
Desmarets' eldest son, Jean-Baptiste Desmarets, became a Marshal of France.
