In 1786 Saint Domingo alone ships back to France for 131millions of its products， and in return receives 44 millions in merchandise. As a result of these exchanges we see， at Nantes， and at Bordeaux， the creation of colossal commercial houses. "I consider Bordeaux， says Arthur Young， as richer and doing more business than any city in England except London； . . . of late years the progress of maritime commerce has been more rapid in France than even in England."[5] According to an administrator of the day， if the taxes on the consumption of products daily increase the revenue， this is because the industry since 1774 has developed a number of new products[6]. And this progress is regular and constant. "We may calculate，" says Necker in 1781， "on an increase of two millions a year on all the duties on consumption." -- In this great exertion of innovation， labor and engineering， Paris， constantly growing， is the central workshop. It enjoys， to a much greater extent than today， the monopoly of all works of intelligence and taste， books， pictures， engravings， statues， jewelry， toilet details， carriages， furniture， articles of fashion and rarity， whatever affords pleasure and ornamentation for an elegant worldly society； all Europe is supplied by it. In 1774 its trade in books is estimated at 45 millions， and that of London at only one-quarter of that sum[7]. Upon the profits many immense and even more numerous moderate fortunes were built up， and these now became available for investment. -- In fact， we see the noblest hands stretching out to receive them， princes of the blood， provincial assemblies， assemblies of the clergy， and， at the head of all， the king， who， the most needy， borrows at ten percent and is always in search of additional lenders. Already under Fleury， the debt has augmented to 18 millions in interests， and during the Seven years' War， to 34 millions. Under Louis XVI.， M. Necker borrows a capital of 530 millions； M. Joly de Fleury， 300 millions； M. de Calonne， 800 millions； in all 1630 millions over a period of ten years. The interest of the public debt， only 45 millions in 1755， reaches 106 millions in 1776 and amounts to 206 millions in 1789[8].
What creditors which these few figures tell us about ！ As the Third-Estate ， it must be noted， is the sole class making and saving money， nearly all these creditors belong it. Thousands of others must be added to these. In the first place， the financiers who make advances to the government， advances that are indispensable， because， from time immemorial， it has eaten its corn on the blade， so the present year is always gnawing into the product of coming years； there are 80 millions of advances in 1759， and 170 millions in 1783. In the second place there are so many suppliers， large and small， who， on all parts of the territory， keep accounts with the government for their supplies and for public works， a veritable army and increasing daily， since the government， impelled by centralization， takes sole responsibility for all ventures， and， requested by public opinion， it increases the number of undertakings useful to the public. Under Louis XV. the State builds six thousand leagues of roads， and under Louis XVI. in 1788， to guard against famine， it purchases grain to the amount of forty millions.
Through this increase of activity and its demands for capital the State becomes the universal debtor； henceforth public affairs are no longer exclusively the king's business. His creditors become uneasy at his expenditures； for it is their money he wastes， and， if he proves a bad administrator， they will be ruined. They want to know something of his budget， to examine his books： a lender always has the right to look after his securities. We accordingly see the bourgeois raising his head and beginning to pay close attention to the great machine whose performances， hitherto concealed from vulgar eyes， have， up to the present time， been kept a state secret. He becomes a politician， and， at the same time， discontented. For it cannot be denied that these matters， in which he is interested， are badly conducted. Any young man of good family managing affairs in the same way would be checked. The expenses of the administration of the State are always in excess of the revenue[9]. According to official admissions[10] the annual deficit amounted to 70 in 1770， and 80millions in 1783； when one has attempted to reduce this it has been through bankruptcies； one to the tune of two milliards at the end of the reign of Louis XIV， and another almost equal to it in the time of Law， and another on from a third to a half of all the interests in the time of Terray， without mentioning suppressions in detail， reductions， indefinite delays in payment， and other violent and fraudulent means which a powerful debtor employs with impunity against a feeble creditor. "Fifty-six violations of public faith have occurred from Henry IV down to the ministry of M. de Loménie inclusive，"[11] while a last bankruptcy， more frightful than the others， loom up on the horizon. Several persons， Bezenval and Linguet for instance， earnestly recommend it as a necessary and salutary amputation. Not only are there precedents for this， and in this respect the government will do no more than follow its own example， but such is its daily practice， since it lives only from day to day， by dint of expedients and delays， digging one hole to stop up another， and escaping failure only through the forced patience which it imposes on its creditors.
