Nicolas Desmarets

Nicolas Desmarets, Marquis De Maillebois (September 10, 1648, Paris – May 4, 1721, Paris) was a controller general during the reign of Louis XIV of France.

Related Topics:
September 10 - 1648 - Paris - May 4 - 1721 - Louis XIV of France

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Desmarets was a nephew of Jean-Baptiste Colbert and therefore rose through the ranks of the financial administration rapidly. He was exiled upon Colbert's death in 1683, however, for his alleged role in a counterfeiting scheme. After returning to Paris in 1686, Desmarets published a series of memoranda that exposed the deplorable economic situation of France.

Related Topics:
Jean-Baptiste Colbert - 1683 - 1686 - France

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Desmarets was made director of finances in 1703 and replaced Michel Chamillart as controller general in 1708. Desmarets undertook several policies aimed at restoring France's financial status while in office, including postponing repayment of loans, securing lower interest rates on certain loans, creating a royal lottery, devaluing metal currency, and instituting a ten percent tax on income in 1710. While these measures helped France stay afloat during the War of Spanish Succession, the public debt became unmanageable, and Desmarets recommended in 1715 that the state should delcare itself bankrupt. Desmarets was dismissed from office after Louis XIV's death that year.

Related Topics:
1703 - Michel Chamillart - 1708 - 1710 - War of Spanish Succession - 1715

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