Why Was the treasury empty when …
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Posted by Aditya Mishra 7 years, 5 months ago
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Yogita Ingle 7 years, 5 months ago
(i) Long years of wars had drained the financial resources of France. The condition was served when under Louis XVI, France helped the thirteen American colonies to gain their independence from Britain.
(ii) The king's court at the immense palace of Versailles was extravagant. A huge amount of money was required for its maintenance.
(iii) Taxes were levied only on third estate and exempted first and second estates which were rich.
(iv) The war with Britain added more than a billion livres to a debt that had already risen to more than 2 billion livres.
(v) Lenders who had given the state credit, now began to change 10 per cent interest on the existing loans. So, the French government had to spend an increasing percentage of its budget on interest payment.
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