Page:Readings in European History Vol 2.djvu/425

 The Eve of the French Revolution 387 necessity. ... At this moment, sire, I confine myself to recalling to you these three items : No bankruptcy. No increase of taxes. No loans. No bankruptcy, either avowed or disguised by illegal reductions. No increase of taxes ; the reason for this lying in the con- dition of your people, and, still more, in that of your Majesty's own generous heart. No /oans; because every loan always diminishes the free revenue and necessitates, at the end of a certain time, either bankruptcy or the increase of taxes. In times of peace it is permissible to borrow only in order to liquidate old debts, or in order to redeem other loans contracted on less advanta- geous terms. To meet these three points there is but one means. It is to reduce expenditure below the revenue, and sufficiently below it to insure each year a saving of twenty millions, to be applied to redemption of the old debts. Without that, the first gunshot will force the state into bankruptcy. The question will be asked incredulously, " On what can we retrench ? " and each one, speaking for his own depart- ment, will maintain that nearly every particular item of ex- pense is indispensable. They will be able to allege very good reasons, but these must all yield to the absolute neces- sity of economy. . . . These are the matters which I have been permitted to recall to your Majesty. You will not forget that in accept- ing the place of comptroller general I have felt the full value of the confidence with which you honor me ; I have felt that you intrust to me the happiness of your people, and, if it be permitted to me to say so, the care of promoting among your people the love of your person and of your authority. At the same time I feel all the danger to which »I expose myself. I foresee that I shall be alone in fighting against J. ° danger of abuses of every kind, against the power of those who profit opposition to by these abuses, against the crowd of prejudiced people who all reforms. Turgot foresees the