The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Federal Reserve Bank of Chicago
The Life and Times of Nicolas Dutot
François R. Velde
WP 2009-10
The Life and Times of Nicolas Dutot
François R. Velde∗
Federal Reserve Bank of Chicago
November ,
Abstract
Nicolas Dutot (–) is an important figure for the history of economic
thought, as a pioneer in monetary theory and price statistics, and for economic
history as a chronicler of John Law’s System. Yet until recently very little about
him was known, some of it incorrect. I present extensive research that reveals a
remarkable career rising from humble origins and full of surprises. He spent his
formative years in the ranks of the “ancienne finance” he was thought to despise,
and then worked for the chamber of justice that he so decried in his writings,
only to be sent to the Bastille for corruption. After working for Law’s Bank and
retiring quite comfortably thereafter, he continued to socialize with his pre-System
financier and banker friends, joined a short-lived learned society, and accumulated
a substantial library that reveals much about his tastes and affinities. The portrait
that emerges is at odds with the image of an honest accountant he tried to project,
but also richer and more engaging.
Keywords: Dutot, biography, early monetary theory, history of price indices,
pre-classical economic thought (JEL B, B, N).
∗ Much
of the legwork was done by Danielle Velde. I thank Loïc Charles and Christine
Théré for comments, and Olivier Courcelle for information on the Société des Arts. Errors
remain my own.
Introduction
Nicolas Dutot (-) is an important figure for both economic history and economic thought. For the former, his is a primary source: close witness of John Law’s
System, he chronicled its rise and fall extensively in his writings, some published in his
lifetime and others long after his death. Not only was he the first published historian
of the System: the quantitative nature of the evidence that he presented is strikingly
modern and was long unmatched.
Dutot also belongs to the early history of economic thought, before Adam Smith
and François Quesnay, when the word “economist” didn’t exist. In the course of his
public debate with Jean-François Melon over the causes and consequences of inflation,
he pushed forward monetary theory and pioneered the quantitative study of economic
phenomena, carefully marshalling observations about prices in support of his arguments.
He was the first to use an unweighted index of prices, now called the “Dutot price
index” (Walsh , ), and was the only authority cited by Hume (, ) for
the empirical statement of the non-neutrality of money, one of the core concepts of
macroeconomics ever since (Lucas ).
Yet until recently, little was known about him, not even his first name.¹ Since the
late th century it was known that he had worked for John Law’s Bank in . His
only published work, the Réflexions politiques sur les finances et le commerce, appeared in
. Harsin () surmised from his unpublished manuscripts that he died in or
. The Norman pride he displayed in an extended footnote of the Réflexions (Dutot
[] , :–) led Mann (, ) to suspect he was of Norman origin. And
that was the extent of our knowledge until a few years ago.
In his introduction to the first edition of Dutot’s manuscript history of Law’s System,
Murphy (, xxv) identified the author as Nicolas Dutot, born in to another
Nicolas Dutot, a Cherbourg merchant and minor tax official. The problem with this
identification, based solely on a contemporary’s statement that Dutot was a native
of Cherbourg (Réal de Curban , ), is that the Nicolas Dutot of Cherbourg
had one surviving brother named Pierre; but we know from the after-death inventory
Giraud
(, ) knew it to be Nicolas, but we do not know how. Numismatists also knew the first
name of the clerk in Law’s bank (Habrekorn ), although they did not explicitly connect him with the
author. Even his last name has been the subject of some uncertainty, with Harsin (, ) suggesting
and Murphy (, , , xvii) adopting the spelling “Du Tot.” Since spellings of last names in
the th century were quite variable, especially where the use of the particule was concerned, I follow
the simple rule that spells a name as its bearer did. The half-dozen examples of Dutot’s signature that I
found ranging from to (Figures , , , and ) are quite consistent in this regard.
of the author (cited in Murphy ) that his only heir was a brother named Jean
Charles. The key to the correct identification is the author’s marriage, cited in the same
inventory: the original document in Strasbourg identifies Nicolas Dutot as a native of
Barneville in the diocese of Coutances. In the parish registers of Barneville, there is one
(and only one) Dutot named Nicolas with a brother named Jean Charles.
From this solid starting point, we can learn a great deal about the author’s remarkable
career; even the details that remain in the shadows can be plausibly filled in. We will
learn about his background, his friends, his family, the books he owned and even the
clothes he wore. Following the path he took out of a little coastal village of Normandy
will lead us backstage of the main financial events of his time. Doing so will not be
merely entertaining. As a primary source of economic history, Dutot’s reliability needs
to be assessed and knowing more about his life will shed light on his skills, interests,
and motivations. As a prominent figure in early economics, Dutot’s life experiences
and intellectual milieu provide insights into the nature of this emergent discipline (see,
for example, Weintraub and Forget for the value of biography for the history of
economic thought and Terrall for the history of science).
The paper is organized chronologically. Sections through present Dutot’s origins
and life. In section we penetrate into his home and spend some time browsing through
his books, analyzing the contents of his library because they provide remarkable insights
into the man. Section concludes.
Origins
. Birthplace
Barneville, now Barneville-Carteret, is a village on the west coast of the Cotentin facing
the Channel islands (Figure ). It sits atop a small ridge facing the sea; below the estuary
of the Gerfleur creates a shallow port protected by a sand bar. In the seventeenth
century the village numbered about a hundred and fifty hearths or about five hundred
inhabitants. It was a port of call for the coasting trade as well as a small ship-building
site. During the eighteenth century an average of ten coasting vessels were built every
year, and the town counted a half-dozen carpenters and three caulkers (Barros ).
The lordship of Barneville was in the hands of a branch of the du Saussey, a family of
old Norman nobility scattered throughout the Cotentin.
Figure : Cassini’s map of Barneville and surroundings (). The hamlet Dutot is visible right
beneath the letter “v” of Barneville (see inset at lower left).
The word “tot” is of Norse origin, meaning (and etymologically related to) toft.²
In Normandy le Tot is a common toponym and Dutot a common patronymic, found
mostly in the Roumois and Caux regions near Rouen but throughout lower Normandy
as well. Less than a mile west of Barneville, on the bank of the Gerfleur, is a hamlet of
twenty houses called le Tôt, from which the Dutot of Barneville probably took their
name.
Parish records in Barneville begin in the early seventeenth century.³ One Guillaume
Dutot (d. ) had by Françoise Boudet two sons, Jean (-) and Gabriel (). Jean’s surviving children were Adrian François (born ) and Élisabeth ( Oxford
English Dictionary, s.v. “toft”; Diderot’s Encyclopédie, s.v. “tot.”
Archives
départementales (hereafter AD) Manche, registers of Barneville: Nov , baptism of Jean
Dutot; Nov , baptism of Gabriel Dutot; June marriage of Jean Dutot; Sep baptism
of Adrian Dutot; July marriage of Gabriel Dutot; Aug marriage of Gabriel Dutot; Feb
burial of Guillaume Dutot; Feb marriage of Adrian Dutot; Oct baptism of Nicolas
Dutot; Apr marriage of Élisabeth Dutot; Feb birth of Françoise Dutot; Aug
burial of Jean Dutot; Jan baptism of Jean Charles Dutot; Apr burial of Gabriel Dutot;
Feb marriage of Françoise Dutot. See also the transcriptions of these registers by Thierry Jambut,
available on the web site of Cercle généalogique de la Manche (www.CG.org).
), who married a local laboureur or yeoman. Adrian married on Feb Barbe
Bessin, an eighteen-year old girl from Cherbourg who had been residing in Barneville
for two years. Their first child was born less than two months later. The social status of
Barbe’s parents is not known, but the circumstances suggest that she may have served as
a maid and was impregnated by the -year old Adrian.
Adrian and Barbe had six children. Of the two surviving sons, Nicolas was born on
October , and baptized the following day with his maternal grandparents Nicolas
Bessin and Catherine Doesnard serving as godparents. The other son Jean Charles was
born on January , . Two surviving daughters were Jeanne and Françoise, whose
godparents were the lord of Barneville and his sister respectively.
What was Dutot’s family background? His father Adrian was described as a shipcarpenter (charpentier pour les bateaux) at his marriage. Adrian’s uncle Gabriel was also
described as a carpenter at his marriage, suggesting that this was the family trade.
The burials of Guillaume and his two sons inside the local church (as opposed to the
church-yard) are a sign of local prominence, as was perhaps the fact that the local lord’s
sister served as godmother to Adrian. We have an idea of the family’s wealth from
the terms of the marriage contract of Nicolas’s sister Françoise. In February she
married Laurent Lepigeon, by whom she already had a two-year old daughter. In the
marriage contract her brother Jean Charles gave her livres (part of it in the form of
a dotal annuity at %) as her share in their parents’ inheritance, which by the custom
of Normandy was a third. Their wealth would therefore have been livres, yielding
at % an income of livres, a modest sum.⁴
The last bit of information we have on Dutot’s family is that his grandfather Jean
was involved in a curious transaction with the family of his lords du Saussey. René du
Saussey, lord of Barneville (d. ) had two sons, Adrian and Jacques; the latter, who
inherited the lordship of Le Mesnil and Portbail, died in leaving a minor Jean
Antoine. In the lordship of Le Mesnil was sold off by court order, and purchased
by Jean Dutot with Adrian as guarantor. A few months later, on Feb , Jean
Dutot and Adrian du Saussey sold it to Robert Le Pigeon, sieur de Magneville, for
, livres in order to pay off an old debt contracted by Adrian’s uncle Thomas in
. What role the uneducated Jean Dutot played in this transaction, which he signed
with a cross, is unclear.⁵
A
mason in Paris would have earned twice as much (Baulant ).
Bibliothèque
nationale (hereafter BN), P.O. ; see also AD Manche, E , September , a
follow-up contract between Adrian du Saussey and Robert Le Pigeon. I have not found a connection
between this Le Pigeon and Nicolas Dutot’s brother-in-law; any relation would be that of second cousins
Dutot’s inventory after death, discussed below, lists a number of tools and instruments, including a complete case of carpenter’s mathematical instruments (étuy
d’instruments de mathématique complet à l’usage des charpentiers). This modest tool
lets us imagine how young Nicolas revealed his interest in numbers and talent for
computation to his family. Obviously they decided to do something about it, and he
was given an education, even though the level of formal education was not high in the
family. Neither Guillaume nor his two sons could sign their names, and at the next
generation, Nicolas’s aunt couldn’t sign her name and his father Adrian signed, but
hesitantly, at his marriage. Nicolas’s mother couldn’t sign, although her father could. A
choice was thus made to invest in young Nicolas’ education that was not made for his
siblings Jean Charles and Françoise, neither of whom could sign when she married in
.
.
Education
How and where was Dutot educated?
He did not know Latin: his library contained just one beginner’s Latin grammar
and all the classics he owned were translated. This precludes any formal education
beyond the primary level. But his library contained a number of elementary textbooks
in mathematics published in the s and s, suggesting that he was trained, or
trained himself, early on. But where?
Dutot’s writings offer a clue. In the last section of his Réflexions, Dutot attacked the
French prejudice against occupations of trade, more useful to the State but less honored
than the nobility. After citing Sully and examples of Antiquity, he singled out maritime
trade for praise, particularly because, in wartime, privateering afforded opportunities to
rival the nobility in gallantry. He then heaped praise on one particular city, extolling its
captains, sailors, shipwrights, citing the “formidable machine, so celebrated, which was
to reduce it to ashes” devised by its enemies, and recalling how much silver its traders
brought from the South Sea in : “What wonders have been done by the courageous
inhabitants of that city, equally distinguished in its warlike and trading capacity, in
defiance to all the efforts of the enemies to the Crown? . . . How would the Republicks
of Greece and Rome have heap’d honours and rewards upon citizens so worthy of that
name!” (Dutot , –)
The city is not named in the text, but in a footnote, Dutot added: “I shall take
at best.
leave to remark here, that several of the privateers and seamen whom the city of St.
Malo made use of during the course of the last wars were Normans. Among them who
mann’d their ships, and distinguished themselves in fight, there were many from that
province. At this day several Maloine families are natives thereof.”
The enthusiastic praise for the city of Saint-Malo and the footnote about Normans
seem to strike a very personal note. I will sketch the following scenario.
The shipwright Adrian Dutot became aware that his son Nicolas deserved a better
career than the family trade could offer. Through the coastal trade he had connections
in Saint-Malo, the closest large port and a major trading center. As Dutot noted some
of the great merchant families of Saint-Malo, such as the Danycan, came from the coast
of the Cotentin. Adrian arranged to send his son to Saint-Malo to serve as apprentice
in the offices of one of these families (Lespagnol , , , –). This could
have happened toward the end of the Nine Years War, when Saint-Malo was safe again
from English attacks, and Nicolas would have been twelve or thirteen. He may not
have witnessed John Benbow’s ‘infernal machine,’ a fireship launched in vain against
Saint-Malo on November , , but he surely would have heard the story. Did he
serve on some privateer’s ship? That is not inconceivable: we find in his library more
than a dozen books on sailing and ship-building, as well as two different editions of the
memoirs of René Duguay-Trouin, the famous privateer from Saint-Malo.
It may also be during this hypothetical stay in Saint-Malo that Dutot formed
relationships with several members of the merchant families of that city. This very
tight-knit community of merchants, traders, and ship-owners played an important role
in various French trading companies (Lespagnol ). Dutot’s after-death inventory
reveals that for many years he collected in Paris the interest on perpetual rents owned
by two residents of Saint-Malo. The first was Thomas Magon de la Chipaudière
(–), whose father Nicolas had been very active merchant and whose brothers
established a powerful bank in Cádiz. The other was another active merchant and
privateer, Guillaume Moreau de La Primeraye (–). Dutot also maintained an
active correspondence with Jacques Le Fer du Flachet, another Malouin whose cousin
was in business with the Magon brothers in Cádiz. We will see these names reappear in
Dutot’s life.
Early days in Alsace (–)
In , we find Dutot, in his mid-twenties, starting a career working for gens d’affaires
in Alsace. How did he go from Normandy to Alsace? To find clues and fully to
appreciate the milieu in which he spent his formative years, we will have to become
acquainted with a series of minor but fascinating characters. The common point linking
them is a German cardinal and prince, the bishop of Strasbourg.
. The farm of the revenues of the Strasbourg bishopric
The bishop of Strasbourg, a prince of the Holy Roman Empire, had seen the bulk of his
dominions, situated west of the Rhine, under the sovereignty of France in (Livet
). The bishop had nevertheless retained considerable powers and revenues, not only
from extensive land-holdings but also from taxes and monopolies, for example on the
sale of salt, making this bishopric the richest in France (Marion , ). Wilhelm
or Guillaume Egon von Fürstenberg (-), bishop of Strasbourg from to
, had introduced the venality of offices and tax farming in his dominions at the
suggestion of a man named Jacques Auber. In the senior partner in the farm of the
revenues of the bishopric was managed by a fermier général named Cyr Monmerqué
(Dessert , ), who left the actual management of the farm to his junior partner
and former employee Edme Boudard (–).⁶
In Alsace, many rents were still paid in kind (Hoffmann and Ingold –,
:), mostly wine and grains. As a result, a good portion of the bishop’s revenues
consisted in large quantities of foodstuffs. But the farmers had to pay the bishop in
current money, so the farmers were also to some extent in the grain and wine wholesale
business. Thus, when the wars of Louis XIV resumed and fighting took place in
the Low Countries and in Germany, it was natural for these farmers to enter into
another activity, the provisioning of troops, which was also carried out by private
entrepreneurs under contract with the Secretary of War (Sturgill , Germain-Martin
, Iung , Corvisier –, Lynn ). Securing these contracts was relatively
easy for the farmers of the bishop of Strasbourg, since Monmerqué was also one of the
munitionnaires.⁷
.
Dutot employee of Boudard
Having set the scene in Alsace, we now see Dutot appear, in the following circumstances.
Some of the distribution of salt, on which the bishop had a monopoly, was subcontracted
I
describe the history of this tax farm in greater detail in Velde (b).
Archives
nationales (hereafter AN) V//, n. ; see Boudard’s own description in AN V//, n. .
by Boudard: for the bailiwicks of Benfeld to Joseph and Isaac Kahn in , for the
bailiwick of Dachstein to Baruch Weil in November .⁸ It is as witness to the last
contract that Dutot first appears in Alsace, at the age of . He also appears three years
later, with the qualification of employé dans les affaires du Roy, as witness to another
contract by which Boudard sold a minor office in the eaux et forêts.⁹
Figure : Signature as witness to a lease, Nov , (AD Bas-Rhin, E /).
We left Dutot as the bright son of a shipwright in the Cotentin, whose sharp mind
and talent for numbers had been noticed by his family. How, then, did he leave his
native Normandy? Without definite proof, I can sketch a possible path through the
Briton town of Saint-Malo.
We know from Dutot’s personal papers inventoried at his death that he was acquainted with, and trusted by, members of the Magon and Moreau families of SaintMalo. Nicolas Magon de la Chipaudière and Guillaume Moreau de La Primeraye were
both active in the South Sea trade (Dahlgren ) for which a company was formed
in , the Compagnie de la Mer du Sud (Lévy , :–). The prime mover of
the new company was Jean Jourdan de Grouée, and among the shareholders, next to
Magon de la Chipaudière, we find the names of Antoine Barrangue, a frequent partner
of Jacques Auber who preceded Boudard in the farm of the Strasbourg revenues, and
that of Charles Boulanger, treasurer of the Estates of Brittany. A few years later, in ,
Jourdan founded the Compagnie de Salé to exploit a trading monopoly with the town of
Salé in Morocco. Barrangue and Boulanger were shareholders, as was Jacques Auber.¹⁰
Thus from Magon in Saint-Malo, whom Dutot knew, through Jourdan and Barrangue,
we have a link to Jacques Auber. Dutot may even have found clerical employment in
AD
Bas-Rhin, E /, Dec , Nov .
AD
Bas-Rhin, E /, Oct .
AN
MC xxxvi/, Jan ; Salmi ().
one or the other company, which would account for the impressive collection of books
on overseas travels in his library.
However Dutot came to Alsace, he is in employed by Boudard. Aside from the
superb, notarial signature he adds as a witness to Boudard’s leases (Figure ), we find
more clues on his duties in a remarkable document, the journal of Boudard’s expenses
from October to December .¹¹ The diary begins with a trip from Strasbourg
to Paris: Boudard and his wife were accompanied by Dutot and two other employees.
The purpose of the trip was to secure provisioning contracts. Dutot stayed close to his
employer closely: we see Boudard reimbursing his lodger for the purchase of a bed for
Dutot. And before Boudard went to Versailles to see the minister, he bought Dutot an
expensive black dress for livres, to make him presentable at court.
During the next six months Boudard made several trips to Versailles to negotiate
contracts with the munitionnaires. On December , he secured a contract to
deliver , sacks of wheat in Alsace. He apparently was sole contractor initially,
with the advocate Charles-Henri Adam serving as cashier at first and later as partner.
Then, on May , he secures another contract with Fargès, a major munitionnaire,
to deliver , sacks of oats and , quintaux of hay.¹² While in Paris Boudard
busily financed his activities, with the help of the banker Pierre Romet. During this
period he paid a total of livres to Dutot, and also reimbursed him for miscellaneous
toiletry supplies, and before they left Paris Dutot received another livres “for his
affairs.”
They returned to Alsace in June to settle the accounts of the various receivers
of the revenues of the bishopric. Suddenly, on August , in the palace of the bishop in
Saverne, Boudard was arrested on orders of “the minister” (of War?). The extravagant
sum he payed for a special courier to send letters to his protectors, the bishop and the
maréchal de Villars, suggest the concern Boudard must have felt. Boudard was freed
the next day, went briefly to Lorraine and spent a month in Strasbourg. He returned to
Paris in January .
. Dutot’s marriage
It is during the month of August , under these stressful circumstances, that Dutot
got married. The marriage contract was signed on August , and the ceremony took
AD
Bas-Rhin, G.
AD
Bas-Rhin, G, fol. ; V//, n. fol. r and r; V//, n. , n. fol. v and end,
n..
place on August in a side chapel of the cathedral of Strasbourg called Saint-Laurent
that served as parish church.¹³ The bride was Marie Anne or Marianne¹⁴ Marchand,
daughter of Étienne Marchand, designated as a merchant (négociant ) of Strasbourg,
and Marguerite Bagrée. The bride’s father, who lived at the corner of the rue des
Juifs and the rue du Dôme, just feet north of the cathedral, may have come from
Goussancourt (Aisne).¹⁵ He was a barber by trade, and had spent in livres to
purchase one of twelve newly created positions of barber in the city of Strasbourg.¹⁶
The profession of barber, whig-maker and bath-keeper (barbier baigneur étuviste et
perruquier) had only been recently separated from that of surgeon, and organized into
its own corporation, with a limit of the number of positions in each city. To raise
funds, Louis XIV frequently sold off such positions; in the case of the barbers outside
Paris, by edict of November . We know a bit more about Marchand’s milieu and
social position from the marriage contract of his younger daughter Anne Marie with
Jean Maupinot, son of a draper of Reims.¹⁷ At this contract, the witnesses for the
bride were her cousin Pierre Marchand, barber, Maréchal also barber, Marc Pellicier
a publican, and Claude La Croix maître d’exercices or training master. The groom’s
witnesses included a wine merchant, a legal clerk, and a tailor. The social milieu on the
bride’s side was that of small businesses and craftsmen, less impressive although perhaps
more stable than that of the groom.
The dowry of Dutot’s bride was , livres, payable half in cash and half within a
year. Dutot brought his bride , livres for her jewelry. This suggests a quite reasonable establishment for the young couple, but it proved to be a strain on Marchand’s
means: he could only provide half of the dowry in cash and gave a promissory note for
the rest. Moreover, when the younger daughter married in her parents felt com AD
Bas-Rhin, E /; registre paroissial, Saint-Laurent, ( Mi /). Dutot lived in the
parish of Saint-Étienne, in the north-east corner of the city, not far away. It is puzzling that the marriage
contract designates Dutot as “native of Cherbourg”; the marriage registration correctly identifies him as
born in Barneville.
She
indifferently signed “Marie” or “Marianne”.
When
he died in , his widow obtained wardship over their underage children in Goussancourt
(AN MC lxxxviii/, Aug ). He also owned real estate there and had a half-brother living in
Goussancourt. Marguerite Bagrée’s background is unknown; she signed the marriage contract with a
cross.
AN
V//B, letters of May . The position was hereditary.
AD
Bas-Rhin, E /, Oct . The other siblings were Marguerite Suzanne, who married
François Polisse; Jean Philippe, born c; Jean Nicolas François, born c, died before ; and
Catherine Reine, born in or , who married by contract of May in Strasbourg Arnoult de
la Gardelle, entrepreneur des bâtiments du Roi (AN Y, Y).
Figure : Signature on his marriage contract, Aug , (AD Bas-Rhin, E /). Note the
letter N inside the initial D.
pelled to provide an equal dowry, but did so with an inventory of housewares, a promise
to pay the groom’s rent for a year, and a further promise to buy more housewares for
the young couple in the future.
The witnesses of the contract and at the marriage ceremony reveal that Dutot was
by now an important employee in Boudard’s affairs. On the marriage contract he bears
the impressive albeit vague title of contrôleur général of the revenues of the bishopric of
Strasbourg. The contract, probably drafted in advance, named Boudard as witness but
he did not sign, no doubt because of his arrest; his relative Edme Boudard des Varennes,
an employee of the farm who married one of his nieces, signed in his place. Another
witness on both occasions was Vincent Loquet, styled directeur of the revenues of the
bishopric, a man who appears frequently in Boudard’s accounts and who had married
another niece of Boudard. At the ceremony, Loquet was joined by Denis Garand, a
prominent bread-maker who served as senator of Strasbourg for the community of
bread-makers from to , and had dealings with Boudard since he later appeared
as one of his creditors for ,L.¹⁸
In spite of these close connections with Boudard’s employees and associates, Dutot’s
exact role in Alsace remains in the shadows. In spite of his title as controller, his name
appears nowhere in the documents and accounts of the farms that I have seen, nor
does he appear involved in any revenue collection. The only instances where he takes a
part in Boudard’s financial operations are few and minor. When Boudard left Alsace
in December , Dutot met up with him in Lorraine where Boudard entrusted him
with letters of exchange to be protested in Nancy.¹⁹ On a few other occasions we see
AN
V//, .
AD
Bas-Rhin, G, fol. . These letters were later ceded to Monmerqué (AN MC xxxviii/,
Jul ).
Boudard drawing bills of exchange on Dutot, twice in July and once in July ; at
both times Dutot was located in Metz.²⁰ My supposition is that he was an accountant
or clerk without operational duties; perhaps a calculator. Such a role is consistent with
the nature of his position in Law’s Bank (which we will see below) and with the presence
in his library of a manuscript attributed to him in the catalogue and titled le Devoir des
Comptables (I have found no trace of the text).²¹
The Chamber of Justice of –
The peace of Rastatt in put an end to all military operations on the German
front and to provisioning activities in Alsace. Monmerqué was personally close to the
finance minister Desmarets, and this no doubt gave Dutot’s employer high hopes for
further opportunities, but Louis XIV died in September , Desmarets was promptly
dismissed by the Regent, and the work of cleaning up the chaos of government finances
soon began. Within months Boudard suffered two blows. The first was the declaration
of December , which subjected all the debts arising from the provisioning of troops
during the recent wars to a visa, in order to reduce them. The second was the creation
of the Chamber of Justice created by edict of March to purge the accounts of Louis
XIV’s last two wars and pursue malfeasance among financiers and war profiteers.²² After
a few spectacular sentences were handed out, the government offered the financiers a
way out in September . The King’s council, based on financial statements made
by the suspects, drew up lists of names and taxes assessed on each. Those who paid
the tax would be cleared. The names were published and widely publicized (Buvat
, :–, –). On December , Boudard was assessed at one million
livres.²³ This enormous sum was far larger than those imposed on a number of more
important financiers such as the farmers general. His associate Monmerqué was only
taxed at , livres, later reduced to , livres.²⁴ Adam was only taxed at ,
AD
Bas-Rhin G, fol. , ; AN V//, n. . Among the papers he left at his death were
documents related to the “régie des vivres de Lorraine” in which he was employed. I presume that this
was one of Boudard’s financial ventures, as the latter’s journal suggests.
Other manuscripts listed in the catalogue (Projet des Comptes, Journal, Mémorial, Facture, Échéance des
Traites & Livres de Caisse du Grand Livre, Grand Livre de Claude Dumont & Compagnie) appear to be
ledgers for a business I have not identified.
Boudard’s
own account of his misfortunes, AN V//, n. . On the chambre de justice, see Mazarine
–; BN Fr –; NAF , , –; AN U/; G//; Ravel ().
BN
Fr .
Arrêt
du conseil Apr , (AN E, fol. ).
livres, Romet at , livres (Lüthy –, :). It immediately became apparent
that Boudard’s affairs were too complex to allow him to make the payment, because
many of his assets were pledged in the hands of creditors in fictitious loans designed
to park Boudard’s assets out of the government’s reach.²⁵ A commission of the King’s
Council was created on January , in effect to carry out bankruptcy proceedings.²⁶
The following years were spent in a game of hide-and-seek until Boudard died on
March , in Molsheim, where he had moved in May in a house rented from
Loquet.²⁷ A curator was appointed to the estate which had been disclaimed by the heirs,
and the proceedings continued. Boudard’s assets, both real and personal, were sold off
as they came into the commission’s hands. All the creditors’ claims were inventoried. A
final judgment was handed down in , determining the order in which the creditors,
including the king, were to be paid off from the liquidation of the estate, but it is
unlikely the king’s treasury obtained much, since the sale of his few assets did not bring
much cash.²⁸
Dutot makes a brief appearance during these proceedings, on the occasion of one
transaction in which he was involved. On July , Boudard had drawn bills of
exchange on Dutot in Metz to the amount of , livres, payable to Bruillard, another
employee of Boudard, who immediately endorsed them to the Jewish banker Isaac Spir
Levy. Levy had sued Dutot in Metz and obtained a sentence against him, but Dutot
claimed that the letters were drawn on him only for business purposes and that recent
legislation (a decree of December , ) discharged the employees of the contractors
of any personal obligation.²⁹ Dutot filed a request before the commission through the
office of Boudard’s old partner, the advocate Adam; the commission found in his favor
and he was discharged.
We do not know when Dutot left his position in Strasbourg, although we know
that he was still employed in July when he accepted the letters of exchange. By ,
however, we find him working as a chief clerk (directeur) of the Chamber of Justice.
The skills he had acquired as an employee of Boudard made him well suited for this
job: he knew where the bodies were buried. Unfortunately for Dutot, it seems that he
succumbed the temptation of bribery.
AN
V//, n. : Boudard’s version, n. the government’s version.
The
minutes of the commission (AN V//) is a main source of information on Boudard’s career.
AD
Bas-Rhin, parish registers, Molsheim, ; AN V//, n. , after-death inventory.
AN
V//, n. , , .
AN
V//, n. ; the decree is in AN E , fol. -. Among Romet’s papers was a letter from
Boudard asking him to draw , to ,L on Dutot in Metz (AN MC xxxiii/, Jul ).
Shortly after the abolition of the Chamber, on April , , King’s orders were
given for the arrest of one Robert Ciceron, described as curator (procureur fiscal ) of
one of the possessions of the archbishop of Bordeaux in Languedoc. Ciceron must
have been an old acquaintance of Boudard: the bishop of Bordeaux was also the
abbot of Notre-Dame-de-Lagrasse, Ciceron was a notary in Lagrasse, and we know
that Boudard had been in Lagrasse in . Moreover, Ciceron had borrowed L
from Boudard in August (at a time when Boudard was in Languedoc) and in
November .³⁰ Ciceron was arrested on the evening of April and imprisoned
in the Bastille, and interrogated on April by the lieutenant de police, Marc-René Le
Voyer d’Argenson.³¹ Another accomplice was arrested by orders of April , namely
Charles-Damien Foucault, a prominent notary who had served as alderman (échevin) of
Paris; I have not found a direct link to Boudard, but we may note that Foucault was
the successor of the notary Robillard who had notarized the lease of the revenues of
Strasbourg in . Foucault was freed a few days later on April .³²
Another order, for the arrest of “Dutaut”, was issued on April , but he was not
apprehended before April , for unknown reasons.³³ When he arrived at the Bastille
the contents of his pockets were inventoried: he had L in gold coins, .L in silver
and small coins, a case of instruments, a silver corkscrew, glasses, a silver watch, a silver
seal, a clasp-knife, eight small keys and some papers.³⁴.
Figure : Signature in the Bastille prisoners’ registry, April , (Arsenal , fol. ).
The reason given for the arrest was that the accomplices had formed an association
AN
V//, n. on Ciceron’s debts; AD Bas-Rhin, G, on Boudard’s trip to Languedoc in August
; Blaquière (, ) on notaries in Lagrasse.
AN
Y; Arsenal , n. .
Arsenal
, n. and .
Arsenal
, n. . Although the name was misspelled on the warrant, the individual is clearly
identified in the police file as “Nicolas Dutot, clerk of M Boudard receiver of the bishopric of Strasbourg
and since one of the directors of the Chamber of Justice, originally from Barneville in the diocese of
Coutances” (Archives de la Préfecture de Police de Paris, A a/, Bastille, III -). The identification
is therefore beyond doubt.
Arsenal,
Bastille , fol. .
to solicit bribes in exchange for reducing taxes imposed by the Chamber of Justice. The
notary’s role was to hold the monies.³⁵ The personal involvement of the lieutenantgénéral de police d’Argenson suggests how serious the matter was. But the police files are
suspiciously empty, as if they had been purged at a later date: aside from imprisonment
orders nothing remains, in particular the interrogations are missing. Did Dutot actually
reduce the assessed taxes? If so, was it out of friendship for his former employees such
as Boudard, or was it out of greed as alleged? Since there was no trial, we cannot say for
sure.
After staying in the Bastille for five months³⁶ Dutot was freed on September , ,
but ordered to remain in his home (son pays) Barneville. He was allowed to return to
Paris (Feb , ) for a period of three months. The permission was extended twice,
on May and August , after which point the affair appears to end.³⁷ But we may
believe that this brush with the law had a lasting impact on him. Of the very few
paintings listed in his after-death inventory, one represents Saint Peter led from his jail
by an angel.
Dutot and Law’s Bank (–)
The next known stage in Dutot’s career is his involvement in John Law’s Bank in
. How he got the job is unknown. Even the exact nature of his duties has been
the subject of confusion. In a later text defending his management of the Bank and
Company, Law incidentally mentioned Dutot as a “commis de la Compagnie qui tenoit
la correspondance avec les directeurs des monnoies de provinces” (Law , ). On a
manuscript copy of this text by Dutot, Murphy found a marginal note in which Dutot
rejected this identification as incorrect and claimed to have been the under-treasurer
and to have handled all the duties of the general treasury of the Bank. Elsewhere, Dutot
elaborated that this under-treasurer had been appointed on January , by the
treasurer Bourgeois who did not wish to burden himself any longer with the detail of
his position, and that this under-treasurer produced all bank notes and delivered them
to the bank’s various cashiers (Murphy , xxv–xxvii, Dutot , ).
Archives
de la Préfecture de Police de Paris, A a/, Bastille, III -.
Voltaire,
who arrived two weeks after Dutot for having suggested that the Regent had committed incest,
stayed nearly a year.
AN,
O// fol ; O// fol. , , . It was during this period that he returned to Paris and filed
his petition before the commission to be discharged of his debt to the Jewish banker from Metz.
. Dutot’s role in the Bank
Whatever Dutot’s claims about his role, the surviving documents do not assign him any
function other than having been “chargé par le sieur Bourgeois trésorier de la Banque de
la recette et distribution généralle des billets de Banque timbrez du mot de division.”³⁸
The notes stamped “division” were small denomination notes of L and L (and
later L), issued from June , for exchange against large-denomination notes of
,L and ,L. At the time confidence in Law’s System was already collapsing,
and the last thing Law wanted was to be seen to increase the supply of notes. Hence the
orders were that these “division” notes were not to increase the total, but be used only
to retire existing notes, which were then burned. The initial issue of million L was
supplemented three times, on September , , and October , for a total of .
million L, a little less than % of all notes issued (Dutot , ).
This operation seems quite straightforward, and Dutot’s account ought to have
been simple enough to give: on one hand the small denomination notes printed, sealed,
and issued; on the other the large denomination notes canceled and burned. But Law’s
text, and Dutot’s marginal note, reveal that there was more.
In the summer of , while John Law’s System was collapsing, the Regent approved a plan to buy back shares of the Company on the market using bank notes. The
logic of the proposal was that shares were supposed to earn about or % while notes
were convertible into % bonds, so retiring shares reduced expenses. This, however, ran
against the official policy of reducing the amount of notes in circulation. The operation
was not publicized, but entrusted to Noël Danycan de Landivisiau (–), a
government official who had been appointed with two others to supervise the Bank and
the Company on June , .³⁹
.
Dutot’s quarrel with his manager
As part of the liquidation of Law’s System, the king created on April , a commission
to inventory the papers of the Compagnie des Indes and the Bank. The minutes of
the commission’s proceedings, which worked from April , to March , ,
AN
V//, fol. r. Dutot reappears several times in the document and is given no other title or
function, except as clerk (commis) of the treasurer Bourgeois.
Landivisiau
happened to be the son of Noël Danycan de L’Espine, a prominent merchant of Saint-Malo
and co-founder of the Compagnie de la Mer du Sud with Jean Jourdan.
show the commissioners walking through every department of the Bank and the Indies
Company, being met by the chief clerk of each office.
On April , the commissioners made a first visit to the Bank, where they entered
“the place formerly known as the Treasury” and were met by Dutot. He presented
his ledger, the minutes of the destruction of the exchanged notes. He also presented
three bundles of vouchers and a handwritten list of orders signed by Law which he had
turned over in December to one of the directors of the Company to be approved
by the Regent, and which had not been returned to him. Dutot later obtained the
documents (not without some difficulty), but upon checking the contents of the folder
he found that one was missing. He submitted the rest to the commissioners on May
: they consisted in orders dated from September to December , , and he
assured them that they could find trace of the missing order in other registers. A
month later, he returned to the commissioners with a rather bizarre story. A capuchin
monk, brother Ange Marie, librarian of the Paris convent, had contacted one of the
cashiers of the Company seeking Dutot’s address to see him on a matter “of the greatest
import.” The monk brought Dutot the missing order, which Dutot now provided to
the commissioners, along with a statement by the monk verifying this cloak-and-dagger
story. The missing document was an order by Law to purchase thirty shares from the
bearer for , livres, dated December , , a week before Law left France.⁴⁰
The commissioners returned to Dutot’s office on May and spent five days on a
detailed inventory of these documents, as well as bundles of large-denomination notes
that had been exchanged but not yet burned.⁴¹ On May an extraordinary dispute
arose in the presence of the commissioners. Dutot was presenting two bundles each of
eight L canceled notes, which the treasurer Bourgeois declared to be counterfeits.
Dutot protested that he could not be held responsible for the loss, and went on to
explain the procedure used at the Bank to exchange worn notes from the public: it
turns out that the notes were not compared with the registers until after they had
been exchanged, and he had been ordered to continue in this fashion when he was
assigned to the exchange of large for small notes. Bourgeois replied that it was not his
responsibility to examine the contents of Dutot’s account. Dutot then proclaimed that
“he had never carried out any operation but under the eyes and on the orders of Mr.
Bourgeois whose clerk he was” (il n’a jamais fait aucune opération que sous les yeux et les
ordres du Sr Bourgeois dont il estoit commis). Bourgeois then boldly denied having ever
AN
V//, fol. v–v, v–v, r–r.
On August , he presented again the same documents as well as a bundle of vouchers for his
accounts (AN V//, fol. v-v, v-r, v-v).
given Dutot any order or having put him in charge of that account; on this note the
dispute ended and the commissioners recorded the statements. Bourgeois’ statement
seems incredible. It remains that, in the presence of the King’s commissioners, Dutot
was not eager to claim the great responsibilities he would assign himself many years
later when presenting his position as a knowledgeable insider of the Bank.
The dispute between Dutot and Bourgeois continued with another bizarre episode.
On September , the Regent had allocated the buildings formerly used by the
Bank to the King’s Library (Balayé , ). It was necessary to immediately vacate the
premises, and for this purpose Bourgeois, accompanied by the Bank’s former inspector
Fenellon and controller du Revest, went on a Sunday morning to move papers and
documents from certain rooms. Later that day, they summoned a police inspector to
the Bank and told him the following story. As he sat down at a desk to write, Bourgeois
noticed something hidden under the cloth cover, and found a dozen or more orders
from Landivisiau to the clerks of the bureau in charge of division notes, to issue small
notes to specified individuals. He thought they would be very useful in his dispute
with Dutot and, having shown them to du Revest, left them on the table and went
home to fetch some documents. Meanwhile, Dutot arrived to join in the work, and
when asked to open the chests of his office he showed that they were empty, because he
had moved all his papers to his home, for which the inspector took him to task. Then,
without a word to anyone, he took the orders on the table, locked them up in one of his
chests, and left. When Bourgeois returned and asked where the papers were he was told
what happened: furious, he sent a lackey to summon Dutot, but the lackey returned
having found only Dutot’s wife and left word with her. Having waited in vain, they
summoned the inspector and filed a complaint. They also recalled that, a few weeks
earlier, Dutot had asked du Revest for access to these rooms and shown displeasure
when the controller replied that he could only do so in the presence of Bourgeois and
Fenellon. Dutot, they thought, had been trying to lay his hands on the papers.⁴²
What makes this strange tale even more curious is that, a few days later, Bourgeois
and du Revest delivered the orders to the commissioners, but made no mention
whatsoever of Dutot. Instead, they said that on Monday around noon, they went to the
Bank along with the king’s architect, the marquis de Lambert (who had an apartment
in the building), and the janitor who, they now said, was the one who found the
papers and showed them to du Revest. The papers were inventoried and kept by the
commissioners: they consisted in twenty-two orders dated between July and August
AN
YB, Oct .
, , totalling a little over . million L.⁴³
What can we make of this story? The account by Bourgeois to the police inspector
does not make complete sense (if he thought the papers important, why did he leave
them on a table? If Dutot said nothing to anyone, how did du Revest know what had
happened to the papers?), and the discrepancy with the account to the commissioners
is hard to explain. Nor is it clear why Dutot would want to steal papers that he needed
to submit with his accounts.
There is no further trace of the dispute between Bourgeois and Dutot. Bourgeois
retired a wealthy man, and Dutot’s remark that Bourgeois had appointed him “in order
to give himself the leisure of finding ways to preserve his fortune” (Dutot , ;
my translation) betrays a lingering bitterness.
. Dutot saved
After explaining the share purchase program, Dutot added that it had later been an
obstacle to closing his accounts, but that it had been removed without any move on
his part, and his account closed as he had presented it. The note leaves one with the
impression that Dutot was completely vindicated. Dutot’s accounts were closed, but it
took considerable effort, if not on his part.
A better understanding of Dutot’s awkward position can be garnered from a series of
memoranda by the Paris brothers in which they detailed the manner in which they tried
to save the Company from assuming the liabilities of the Bank and going bankrupt.⁴⁴ A
total of million small denomination “division” notes had been authorized, of which
millions were printed and sealed. To account for them, Dutot had proof that
millions large-denomination notes had been burned, and he held another millions
duly canceled but not yet burned. That left millions unaccounted for. These notes,
as we know, had been used to purchase shares on the open market. Also, Dutot had
been ordered in September to take . millions in notes retired in exchange for
bank accounts. These notes were also used, on Law’s orders and under the supervision
of Landivisiau, to purchase shares. Both operations were perfectly illegal, in direct
contravention of the decrees that created the division notes and the bank accounts; and
Dutot was now technically accountable for ,, livres representing the capital
AN
V//, fol. v–v. There is a discrepancy between the description of the papers made to the
police inspector: twelve or fifteen orders to Dutot, Petiot, Lesueur and Tocquigny, and the papers given
to the commissioners. The orders are preserved in the same box.
AN
M, premier recueil, p. , , , .
losses incurred on the shares which were now worth much less than the face value he
had paid out in banknotes (another . millions had been directly handed over to the
Indies Company).
The Paris brothers, whose job was to salvage the Indies company which had been
saddled with the Bank’s liabilities, were not interested in putting the blame on clerks:
their goal was to find a clean way to paper over the loss and allow the Indies Company
to disentangle itself from the Bank and continue as a going concern. They finally
arranged for the Company to issue a receipt to Dutot for the amount in question which
Dutot could submit to Bourgeois to render his account, and the receipt was folded
into the million loss owed by the Company to the Crown on account of the Bank,
ultimately written off by the Crown in . On July , a series of orders were
approved by the Regent instructing various clerks to turn over all their accounts and
documents to the Company’s archivist and officially discharging them of their liability.
Dutot’s own order, dated July , was among the papers inventoried at his death. This
precious discharge closed that chapter of his life without any detrimental consequences.
It is not clear whether Dutot knew how much he owed to the man he would later
bitterly debate, Paris-Duverney.⁴⁵
. Dutot and Law
We do not know if Law and Dutot had a personal relationship. Law knew his name,
and mentioned him in passing in a memorandum on the Bank written a few years later
(Law , ). Conversely, we know that Dutot, in his later writings, held Law on
high but not uncritical regard. At the time of the System, however, Dutot was much
less clear-eyed.
The d’Argenson archives in Poitiers contain a lengthy manuscript by Dutot which,
on internal evidence, the last week of May . This was a critical time for Law’s
System: a decree of May had announced the reduction in the face value of banknotes,
and the ensuing run on the Bank had destroyed the confidence in the System.⁴⁶ Titled
Réflexions sur le nouveau Système des finances, it is an enthusiastic defense of the System
and its chances of survival: “I know that I am blamed for having as maxim carefully to
They
may well have known each other, having been in the same line of business: Paris-Duverney
worked for the munitionnaires of the armies of Germany and stopped several times in Strasbourg during
the War of Spanish Succession.
Bibliothèque
universitaire de Poitiers - Fonds d’Argenson, P/II. Some passages appear verbatim in his
later manuscript (Dutot , –).
praise what is praiseworthy in the present government, to excuse what can be excused,
and to say also what could be added to make it more perfect.” It was clearly a first draft,
since he expected comments from friends, but he argued that confidence in the System
must be shored up right away and its transitory inconveniences looked over in view of
the long-term benefits it would ultimately provide. He fully endorses Law’s views that
money creation will stimulate the economy, that paper money is preferable to metallic
money which should be banned, and that shares are a superior form of money since
they pay dividends. Lack of confidence would disappear when Frenchmen become
used to paper money. He explained away incipient inflation by special factors such as
the influx of foreigners in Paris or the bad harvests of , and argued that increased
prosperity will more than compensate for the rise in prices which would be limited by
competition. He was not concerned by the revolutionary aspects of the System: change
is not always bad, the general good must be preferred over private interests. Caution
is advisable when conflicting interests need to be reconciled, but when authority is
concentrated there is no reason to delay.
The text clearly shows how fully Dutot embraced the program of Law, without
reservations. Dutot was years old at the time, young enough to be durably impressed
by this “genius of the first order” as he calls him. It was only with hindsight that Dutot
came to be more critical of Law.
Later life (–)
Dutot lived another eighteen years after the Bank’s affairs were wound up. During the
s, his circle of acquaintances remained surprisingly unchanged from his days as
an associate of Boudard. It is only with time that he became what one might call an
intellectual, retired from the world of financial affairs and increasingly trying to make
his mark on policy through his writings.
. Investments
The aftermath of Law’s System had, for Dutot as well as for hundreds of thousands of
Frenchmen, direct consequences. Part of Law’s scheme had been to convert the national
debt into shares of the Indies Company; the scheme began to unravel in June , and
the government issued new perpetual annuities to begin absorbing the mass of notes
and bonds issued by Law, followed by life annuities in August . The subscription to
these annuities remained open until January , when the process was halted. Rather
than repudiate the debt, the government decided to implement a plan devised by the
Paris brothers: all holders of the liabilities of the System were to submit claims to a Visa,
or inspection, at the end of which they would either be issued certificates convertible
into annuities, or else their existing annuities would be reduced. The rate of conversion
or reduction depended on the size of the holdings and the way in which they had been
acquired (Velde ).
Dutot invested in government annuities in late October and early November .
On October , he spent , livres to purchase livres in perpetual annuities.
He did this through an intermediary named Jacques Houarnet, who the same day
stated that true owners of the sum were Dutot and his wife.⁴⁷ Then, on October
and November , his wife bought four life annuities of livres each, for a total
price of , livres.⁴⁸ Both the life and the perpetual annuities were submitted to
the Visa and reduced in October by half. The life annuities were further reduced,
like all others, in May by /.⁴⁹ This left Dutot and his wife with , livres
in life annuities and livres in perpetual annuities, providing him with sufficient
income to live comfortably. In his last writings Dutot declared that he owned only
government annuities, and no shares.⁵⁰ This was not quite strictly accurate. Aside
from the life annuity, he owned a small life annuity of livres obtained through the
Indies Company’s so-called composite lottery of .⁵¹ Tickets for the lottery could be
purchased with L and two tenths of shares of the Indies Company. Some tickets
won prizes either in cash or in life annuities; the other tickets (such as Dutot’s) received
livres in life annuity.
Dutot thus had , livres in cash to invest in October and November .
This is a sizeable sum. We also know from his inventory that on March ,
Dutot deposited , livres in bank notes with his friend the banker Pierre Romet
(Boudard’s former banker), acknowledging that the real value of these notes was only
, livres. The market value of notes on that date was about % of face value, so it
is likely that the deposit was actually made earlier, at the end of November when
AN
MC lxxxviii/, June .
The
life annuities were formally contracted on the life of Marianne Marchand and the perpetual
annuity under the name of Jacques Houarnet (AN MC lxxxviii/, Feb ; MC lxxxviii/,
Apr ).
AN
MC lxxxviii/, Feb .
“je
déclare ici sincèrement que je n’ay pas une action et que je ne possède aucun autre bien que des
rentes sur la ville” (Dutot [] , :) and “je ne possède aucun bien que des rentes” (Dutot ,
).
AN
MC lxviii/, Mar .
notes were worth around %.⁵² But by March it was too late to invest the notes
in annuities, the subscription having closed in January. presumably, Dutot was anxious
not to be found holding this large sum in cash, and the banker Romet could more easily
account for it by the nature of his business.
How did Dutot acquire ,L in cash? Certainly not from the wages of a
bank clerk!⁵³ The fact that the perpetual and life annuities were reduced by half in
indicates that they fell in one of two categories defined by the rules of the Visa.
The , livres that Dutot used to purchase them came either from real estate
(land, houses or offices) sold after September , or from sale of personal estate, shop
inventories, repayments on bills of exchange or debt reimbursements made before ,
or finally specie brought to the Bank or the Mints during , a rather vague category
for which no documentation was needed, and which was used by many who could
not otherwise account for their wealth.⁵⁴ We can’t tell under which category Dutot
declared his assets, but one cannot escape the feeling that Dutot somehow did well for
himself as employee of the Bank. We may believe his claim that he received no favors
from John Law: “my situation is proof that admits of no reply” (Dutot , ; my
translation). But when he replied to Paris-Duverney that “if cashiers and clerks of the
Bank have enriched themselves as you say, it was by means permitted and authorized
by the government, none were found guilty of corruption in court” (Dutot [] ,
:; my translation), he might have been speaking on his own behalf: somehow,
Dutot did well by Law’s System.
Dutot’s financial activities did not end in . At an unknown date, Dutot entered
into a partnership with Horutner, a linen dealer of Swiss origin, established in Rouen
(Dardel , , ). In January and September , Dutot lent to a German
merchant named André Firnkrans (Fürnkranz) shares of the Indies Company until
March . Firnkrans, who had been involved in provisioning activities for the French
armies and was in Paris to settle his accounts, needed them to satisfy an obligation
he had toward a man named Lagrange. In March Firnkrans handed to Dutot as
collateral a bill for , livres signed Taxis and L s in billets des vivres. Firnkrans
failed to return the shares and Dutot sued him in March before the special
In
Dutot tried to collect on this debt but was unable to have court rulings against Romet enforced.
Pierre Romet died in debtor’s prison on March , ; Dutot made his claim known but was unable to
collect anything (AN Y, Mar ; MC xxxiii/, Jul ).
Law’s
personal secretary Angelini received ,L per year (Rijksarchief in Limburg, Papieren Law,
V, n. ).
Lettres
sur le Visa, musée Dubois-Corneau, Brunoy, mss , fol. .
commission created in to handle all litigation related to shares. The commission
found for Dutot and declared Firnkrans liable for , livres (the value of the shares
and dividends), and ordered that the bills that Dutot held as securities be sold on the
market. Firnkrans appealed twice but without success.⁵⁵
Dutot’s papers contained traces of other dealings in the s, namely a bill for
, livres on the bankers Hogguer and Studer (Lüthy –, :, ) from
and , and another for livres on the banker Abraham Worms dated ,
both uncollected in spite of sentences in commercial court against the debtors.⁵⁶
Dutot’s wealth at death can be estimated from the after-death inventory. The total
value of the moveable estate was estimated at about , livres, of which ,L in
books (although as we will see, their sale brought nearly twice as much), ,L in
silverware and the rest in furniture and clothing (the instruments were only valued at
livres). Among the books were copies of Dutot’s work, unbound and ready for
sale, valued at livre each.⁵⁷
Dutot owned no real estate. The value of the financial wealth is a little harder to
estimate. We have seen that he owned , livres in life annuities and livres in
perpetual annuities. The latter can be valued at % of face value, or , livres.⁵⁸
The life annuity on a -year old woman, using Deparcieux’ mortality tables and the
discount rate implicit in the price of the perpetual annuity, would be worth ,
livres. This puts Dutot’s financial wealth at , livres (or ,L higher if the books
are counted at their market value). Dutot ([] , :; my translation) said that
“as regards fortune it is apparent by my state and condition that I am not of those
she favors”. This is nevertheless more than twenty times the wealth of his parents, a
remarkable testimony to his social ascension.
AN
V//, Jun , Dec , Jan . Fürnkrans was originally from Ulm (Lüthy –
, :), where a Sigismund Fürnkranz (-) was merchant and city alderman (Schmidbauer
, ).
Two
other uncollected debts were listed: one owed by Prévost, for L dated , and the other by
Binet de Roucy, dated , for L.
Dutot’s
contract of February with the bookseller Roslin stipulated that Roslin would account for
copies on fine paper and on common paper, at the price of livres each. Another contract of
March added copies. Although the inventory lists copies, only ordinary copies and
presentation copies were included in the sale of Dutot’s library.
notations in the Gazette d’Amsterdam of price the perpetual annuities at %. In , they
stood at the same value and rose as high as % by Velde and Weir ().
Price
.
Friends and Acquaintances
When Dutot’s father-in-law died around October , his widow was appointed ward
for their underage children on October , and she moved to Paris in Dutot’s lodgings.
She died there on July , , leaving little wealth aside from a share in the Indies
Company, of which she owned seven eighths and her son-in-law one eighth. Since
several siblings of Dutot’s wife were still minors, Dutot was appointed to be their ward
on the advice of family and friends.⁵⁹ Seven friends of the minors are listed: all belonged
to the crowd of associates of Boudard.
François-Marie Chautard, of Parisian origin, worked for the company that managed
the military hospitals in Metz and Lorraine when Boudard was in Alsace: on May ,
Boudard parked L in notes of the munitionaires with Chautard and retrieved
them on Oct , .⁶⁰ Later we find him as a cashier for the company in charge of
selling offices of receveur des domaines and receveur des octrois created in . He went
bankrupt in and died in . He may also have had a connection with the Indies
Company, because both his sons entered its service in the s, one as naval officer and
the other as officer of the troops.⁶¹
Three of the friends were partners of Boudard. One was Charles-Henri Adam,
born on Jan , in Châlons-sur-Marne , the son of a lawyer. He was received
as avocat aux conseils du Roi in Paris on March , . He probably did not litigate,
but served as a business lawyer. He married in Anne Marguerite Mignard, a
great-niece of the famous painter Pierre Mignard, and was listed in the Almanach Royal
as a practicing lawyer until his death in Paris on Oct , .⁶² Adam was the cashier
for one of Boudard’s enterprises in and later became a partner for a % share.
In he again associated with Boudard on another contract. Adam was taxed at
,L by the Chamber of Justice in . We saw Adam serve as Dutot’s lawyer in
. The second was Boudard’s banker Pierre Romet, already mentioned. The last is
Valentin-Gilles Damiens, the son of a surgeon attached to the royal stables.⁶³ A Parisian
by birth, he did not have an established profession, but appears frequently in Boudard’s
AN
MC lxxxviii/, Aug , inventaire après décès; Y, sentence du juillet .
AN
V//, n. , fol. v.
AN
MC lxxxviii/, Nov , marriage contract with Catherine Françoise Loir, of a family of
architects; AN Y, Dec ; Y, Jan ; MC lxi/, Mar , inventory after death
of his widow.
AN
V//; MC li/, Nov .
MC
lxvii/, May , debt contract; MC xvii/, Dec , marriage contract of Damiens’s
sister; MC cxvii/, will of his mother; MC lviii/, Jan , debt transaction with Chautard.
affairs. He married a neighbor and protégée of Boudard’s cousin Boudard des Varennes,
was acquainted with Chautard, and in he partnered with Boudard and others on
a provisioning contract. When Boudard bought life annuities for relatives the same
year, he put them in Damiens’s name; and during the bankruptcy proceedings against
Boudard, Damiens was appointed one of the creditors’ delegates. As late as , I find
him as creditor of the estate of Chautard’s widow for a debt of L going back to
.⁶⁴
Another friend, Philippe Regnard, was from a prominent family of Vermenton; both
his father and grandfather had served as royal officials in Vermenton, and his uncle was a
wood merchant in Paris. In he had married a niece of Boudard. Another friend was
François Joachim Gilbert, a scrivener by trade, nephew of an military engineer based in
Saverne to whom Boudard lent money and whose executor was Damiens.⁶⁵ The list of
family friends finally included Claude Groux, a banker who later became receveur des
consignations, payeur des rentes, and treasurer of the duchess of Orléans (widow of the
Regent).⁶⁶ Since Groux lent livres to Dutot’s widow to cover household expenses
after Dutot’s death, he must have been a close acquaintance of the couple.
The list of Dutot’s debts at his death also reveals a number of other acquaintances.
We know from Dutot’s only surviving letter (see below) that he counted as a friend
Simon Mérard (he described him as “homme aussi prudent que sage et sur l’amitié
duquel je compte beaucoup”). They must have known each other for a long time, since
Mérard had been employed by the Indies Company since at least .⁶⁷ At his death
on Feb. , , he was one of three cashiers of the Indies Company under the cashier
general, in charge of cash operations (caissier du comptant ), the others being in charge
of dividends and interest. He had done quite well for himself, and in he acquired
the office of trésorier payeur des gages de la chancellerie du parlement de Rouen. In the
s, he took part in a number of tax farms and army supply enterprises, like those of
Boudard. Shortly before his death, in July , he bought the lordship of Saint-Just
near Beauvais; his son Simon-Pierre (c-) took the name Mérard de Saint-Just
and, living off the family fortune, earned a brief reputation as a bibliophile and writer
V//,
n. , , ; Y, Jan .
AD
Yonne, Vermenton parish registers, Sep ; MC lxxxix/, Apr ; MC cxi/, juillet
; AN YB, Jun .
He
was born on Nov , and died in Paris on March , (AN V//, n. ; Y;
the records of the notary who inventoried his estate are lost). Originally a banker, he married Jeanne
Charlotte de Lafaulche, daughter of a payeur des rentes whose office he inherited in .
AN
V//, fol. r.
of light and licentious verse.⁶⁸
Dutot also owed money to the bankers Labhard and Vernet,⁶⁹ and to FrançoisAdam d’Holbach (d. ), a prominent agent de change and famous mississipien, that is,
a speculator enriched during Law’s System, closely tied to Strasbourg banking circles;
his nephew and adopted son would become the famous atheist philosopher Paul Tiry
d’Holbach (Lüthy –, :–, :).
The common thread through almost all of Dutot’s creditors is d’Holbach. He
began his Parisian career in the offices of the banker Labhard. We find him among the
creditors of Claude Groux at his death. Mérard and d’Holbach were linked in various
ways. Mérard was a partner in tax farms with Nicolas Daine, husband of d’Holbach’s
niece (it was Daine who appeared at the inventory of Dutot to present d’Holbach’s
claims); and in we find d’Holbach and Mérard investing together in the Spanish
fleet through the Malouin bankers Magon frères and Le Fer of Cádiz.⁷⁰ Finally, let us
note that d’Holbach’s notaire and family friend (he was a witness to the marriage of
d’Holbach’s nephew the philosopher) was none other than Charles-Damien Foucault,
Dutot’s accomplice in the Chamber of Justice affair.⁷¹
Dutot also remained physically close to these people. In he lived rue Gaillon;
in and rue du Temple, and in he had moved to what would be his final
dwelling rue Croix des Petits-Champs; all these addresses were in the financial district
(Mérard lived rent-free in the building of the Indies Company, around the corner on
the rue Neuve des Petits-Champs).
Taken together, these scraps of evidence suggest that Dutot was still engaging in
commercial and financial speculation through the mid-s, and remained in close
contacts with the banking milieu if not the financier milieu.
AN
MC xlviii/, Feb .
See
Lüthy (–, :–) on Labhard and Vernet; the debt must have been recent because the
banking partnership started around .
AN
MC xlviii/, March . The only other creditor of Dutot (aside from his landlord and
various providers of bread, wine and firewood) was an attorney named Léger de Beaupoil.
For
the sake of completeness, I need to mention another acquaintance of Dutot, a military officer
named Jacques de Belsunce. When the banker Romet died, Belsunce sent Dutot’s brother-in-law as his
proxy to signify his status as creditor of the estate, and listed his address as the hôtel de Lussan where
Dutot lived (AN Y). He also appeared during the proceedings that followed Dutot’s death: he had
been appointed commander at Hendaye, in Southern France, and had left some clothes and a suitcase
in Dutot’s apartment. He surely belonged to the Belsunce family (Belsunce ), but I have found no
further information on him.
.. Dutot and the “gens d’affaires”
Paris-Duverney, Harsin (, :xxv–xxvi), and Murphy (, lii-lvii) have posed Dutot
as a fierce critic of the ancienne finance, a term which seems to include essentially all
those who lent to the government or derived their income from their role in public
finance. The debate between Dutot and Paris-Duverney was but a battle between the
traditional finance and the innovative methods of Law. There are indeed many passages
where Dutot contrasts commerce and finance. It is therefore surprising to discover that
Dutot spent his formative years working in the midst of the ancienne finance, ran in
with the law while (allegedly) trying to help financiers avoid the king’s justice, and even
nor surprising to find that, after becoming a disciple of Law, he remained closely tied to
that milieu. Perhaps we should revisit Dutot’s views.
In fact Dutot explicitly rejected the idea that he held special animosity against
financiers (Dutot [] , :–). He also strongly condemned the visas and
special courts that targeted them (and for which he once worked) because “there is
a manifest injustice to attempt . . . to take back goods which were only acquired by
consent, and in virtue of contracts made with the King himself ” (Dutot , –).
In his unpublished response to Paris-Duverney, he added that “jealousy and animosity
against those who have made quick fortunes are more in play here than actual usefulness:
special courts of justice and visas have none, it was much less a matter of avenging past
ills than finding a solution for present ones and such inquisitions were never solutions,
they cause much ill and can do no good” (Dutot [] , :; my translation).
Financiers cannot be blamed for the gains they made legally, and it is only envy at they
rapid fortune that motivates these operations.
Dutot’s views on financiers are in fact rather nuanced, if we look beyond the
standard rhetoric. In an extended passage, he explains that “the French have a happy
genius for trade; but they apply it to the false branches thereof.” They would engage in
trade “if the alluring prospect of gain which flows faster and in greater plenty in posts
belonging to the Finances, did not divert from this pursuit most of those whose genius
is proper for it. Every man, who is capable of canvassing and concluding an affair of
interest, and in whom this genius well regulated prevails, is a trader or merchant born,
and may succeed in trade; but if this genius turns irregular; if the desire of an immense
fortune leads him to be a farmer of the revenues, and vanity to be a magistrate (which
sometimes is the case) this is to deprive trade of the Men and Money that were proper
for it, and in a manner destin’d to it by nature. In the mean time, trade can only extend
itself in proportion to the forces which it receives ; and where it is not supplied with
these forces, there must necessarily be a gap” (Dutot , )
Financiers are thus no worse than any other sort of man: if anything, they have
a special talent, what we might call today entrepreneurial or managerial skill. Dutot
certainly condemned the system of finance that diverted them from more socially
productive activities. But as someone who would have probably followed the same path
as the farmers of the Strasbourg revenues were it not for the events of and , he
hardly viewed them as harshly as was once thought.
.. The Société des Arts
One curious item in Dutot’s library is a copy of the bylaws of the Société des Arts, dated
.
This short-lived society resulted from the association between two mathematicians,
Jean-Baptiste Clairaut and his brilliant son Alexis (-), the clockmaker Le Roy
and the instrument-maker Jacques Le Maire.⁷² Its purpose was to bring together
scientists and craftsmen, and promote the application of mathematics and physics to
the mechanical arts. Dutot’s library, which holds the works of a few members (Bélidor’s
Cours d’architecture, de Gua’s Usage de l’Analyse de Descartes of , Arbuthnot’s Table
of Ancient Coins, Weights and Measures of ), perfectly reflects this confluence of
interests.
It was formally organized in November , with different grades of membership.
Dutot, giving his address as rue Croix des Petits-Champs, was admitted as a “free
associate” on December , : at that time, he curiously described himself to the
society as a “mechanic” (mécanicien). The surviving minutes of the society indicate that
he took an active role in and , participating in a committee to vet applicants
and searching for a new meeting place. The society’s activities did not last beyond
. One can nevertheless imagine that Dutot was well apprised of the great scientific
expedition which took place that year in Lapland to measure the Earth’s circumference
(Badinter ): led by René Moreau de Maupertuis, nephew of Dutot’s acquaintance
Moreau de La Primeraye, and counting two members of the Society (Alexis Clairaut
and the Swedish scientist Anders Celsius), it was an admirable example of scientific
advances through high-precision measurement.
Dutot’s personal interest in clock-making was manifest. He had a translation of
William Derham’s treatise on clock-making in his library and owned several time-pieces,
See
Birembaut (), Hahn (), Passeron and Courcelle (). I thank Olivier Courcelle for his
help on the Société.
all made by members of the society. His inventory lists “a small clock with an enamel
face made by Le Roy in Paris, in its box, with pedestal of inlaid wood with copper
ornaments,” “a copper clock with enamel face, with chimes, dials marking minutes and
seconds, made by Dutertre in Paris in its box and with pedestal of inlaid wood with
copper ornaments, appraised livres,” and “a small watch with enamel face, marking
minutes and seconds, made by Dutertre in Paris, in its casing with silver key and green
silk ribbon.” Dutertre also appeared as a creditor of Dutot’s estate for livres due on
a répétiteur d’or (repeating circle in gold) delivered on November , . Finally the
appraisal of Dutot’s mathematical instruments was made by Jacques Lemaire.⁷³
We know of one paper that Dutot read to the Society: Harsin () found in
Douai a manuscript titled “Mémoire sur les foiblages et les écharcetez” with the mention
“read on July , .” Harsin interpreted this to mean that it had been read before
a learned society, although he could not say which. No doubt this was the Société
des Arts. Dutot included the substance of the paper as a rather strange digression in
his manuscript history of the System (Dutot , –). It was an attack on a
clause of a monetary edict of December granting to the directors of the mint a
fourth of the amounts by which coins minted were found to be wanting with respect
to the prescribed weight and fineness (these deficiencies were known as faiblages and
écharceté respectively). At the same time, the edict allowed the directors to submit
certificates signed by the director general of the mints as evidence of those amounts.
This, Dutot correctly observed, was an invitation to fraud that could not fail to be
taken up. Dutot cited the details of a case of embezzlement at the Montpellier mint
in the s in which mint officials colluded to commit fraud, attempted to bribe a
more honest colleague and, failing to do so, proceeded to have him convicted under
false charges.⁷⁴. The man Dutot implicitly attacked as author of the offending clause,
Pierre Grassin (–), had been director general of the mints since and an
early investor in Law’s Company of the West (Lüthy –, :; Giraud , ).
Dutot’s attack must have been noticed since an official of the Paris mint named Renard
du Tasta was a member of the society.
It is particularly interesting to note that François Quesnay was admitted into the
Society in February . The physician’s interests in economics are believed to have
AN
Y , Sep . Dutot and Jean-François Melon shared an interest in fine clocks and an
acquaintance with Maupertuis. Melon, who died in the arms of Maupertuis, left him an expensive
long-case clock in memory of their “good friendship” (Maupertuis , :; MC i/, Jan ).
Dutot
(, ). The details of the case suggest that the colleague, one Honoré Le Brun, might not
have been quite as honest as Dutot believed (Collin , –).
begun in , when he laid the foundations of physiocracy. This discovery nevertheless
provides an intriguing living link between Dutot and the flowering of French economic
theory in the second half of the eighteenth century.
This association shows that Dutot was no hermit. If he did not participate in the
kind of brilliant society where he might have enjoyed the lively witticism he seemed to
appreciate in print, he had found a way to meet with kindred spirits, analytical minds
and connoisseurs of careful craftsmanship and exquisite mechanics.
. Writings
By the late s, Dutot was retired. The inventory of his papers yield no evidence of
any employment or active investment. Having lost his shares in the Indies company
to Firnkrans, he did not replace them, leaving his financial wealth was in government
annuities. He did not remain idle, but set to work on writing a history of the System
and its aftermath.
The scope of his project is apparent from a provisional title he scribbled on a sheet:⁷⁵
“Recherches, Réflexions, Considérations politiques sur les opérations de finances faites
en France pendant le sistème de M Law qui ne commencent à proprement parler
que le avril , et sur leurs influences (sur les effets produis par ces opérations)
sur le change étranger et conséquemment sur notre commerce, poussées jusques à la
fabrication des monnoyes ordonnée par édit du mois d’aoust , ainsi elles contiennent
six années trois mois et quelques jours.” The lengthy title gives both the time-frame
he was considering (April to August ) and the narrative device he intended
to use, namely the course of foreign exchange which he called “the true barometer of
trade” (Dutot , ). The starting point was defined by the time when the notes of
John Law’s Bank became legal tender for public dues. The end point was the recoinage
of August , soon after the end of the Visa and the Indies Company’s exit from
receivership.
Dutot never finished this history. The manuscript ends somewhat abruptly with the
events of December , which is more or less when he ceased to be a close observer
of events.⁷⁶ He was adding on it in (Dutot , ). It is likely that Dutot was
diverted from his opus by the famous controversy with Melon and Paris-Duverney.
Bibliothèque
universitaire de Poitiers - Fonds d’Argenson, P/II.
A
partial copy in the Douai library, found independently by Mann () and Harsin (), was
abundantly used by Faure (). Earl Hamilton found the complete Poitiers copy which Murphy
tracked down and published (Dutot ) under the title “Histoire du Systême de John Law.”
In , Jean-François Melon (-) published his Considérations politiques
sur le commerce; an enlarged edition appeared in June . Melon had served as an
advisor of Law and later of the duc d’Orléans and the duc de Bourbon who were
prime ministers from to . His book, partly based on memorials he wrote
during his service, presented a defense of monetary mutations and argued that inflation
favored debtors over creditors, to whom they should be preferred. Dutot disagreed
and Melon, learning of it, wrote to him at the end of , suggesting that he put his
objections in writing. Dutot agreed and wrote three letters to Melon in early September
and expanded them in early . The Douai library holds an early draft of the
resulting work, dating from (Harsin ). Dutot then decided to publish it, with
Melon’s knowledge and implicit encouragement.⁷⁷ Dutot arranged himself the printing
with Vaillant and Prévost, publishers of French Protestant extraction established in
The Hague, and contracted with the bookseller Jacques Rollin fils for the sale, Dutot
receiving L for each copy sold (the book sold for L). The last page came out of the
printing press on the day of Melon’s death, Jan. , , and on February Dutot
delivered to his bookseller copies on premium paper and copies on regular
paper. Of these copies, were in Dutot’s apartment at his death.⁷⁸
The book, published anonymously, was immediately noticed. Guyot-Desfontaines
(–, :–, :–, :–, :–) announced it on February
and reviewed it extensively and effusively, noting with approval the native pride of his
fellow Norman. The Journal de Trévoux reviewed it at length and with much praise
(May , –; June , ). Voltaire published his commentary in Le Pour et
Contre (:–), whose author had been rather defensive of Melon (Prévost d’Exiles
–, :-, :–, :-). The Journal des Sçavans summarized the book
in its August issue (–). All reviews named the author.
The substance of Dutot’s book is a rejection of Melon’s views on inflation, based on
empirical grounds. To prove the damage caused by monetary mutations, he followed
He used his “barometer” (the course of foreign exchange) from the recoinage of to
the achievement of monetary stability in June . But he left a gap, skipping from
April , to August (Dutot [] , :), saying that “it would be no
easy matter to draw certain light from the course of the exchange in that time.” This
See
the testimony of Guyot-Desfontaines (–, :–) that Melon “knew that M. du Tot’s
book was being printed, whereof he frequently enquired with the cheerful and amiable manner that
everyone knew” (my translation).
There
was a second edition by Van Dole in the Hague in , but the copies found in Dutot’s
apartment at his death appear to belong to the first edition.
somewhat disingenuous statement reveals Dutot’s initial intent to leave the System
entirely out of his reply to Melon and to publish separately his history of the System,
the Recherches sur les opérations de finance from to . Indeed, the draft of
the Réflexions in Douai leaves the System entirely aside.
But, for reasons that are unclear, Dutot made two major additions (Dutot []
, :–, –) composed almost entirely of material from his unfinished
Recherches. Perhaps a sign of regret, both additions were entirely excised from the
English translation of . The additions provided a robust defense of Law’s system
and an attack on the policies that followed in its aftermath, namely the recreation of the
public debt during the Visa of –. In doing so he severely criticized the work of
the Paris brothers, who had been the advisers of the government of the duc de Bourbon
until the latter’s fall in June .
The Paris brothers were also historians of themselves and extensively documented
their activities (Velde ). Paris-Duverney had prepared an apology of the Visa which
he never published.⁷⁹ But Dutot’s direct attack could not remain unanswered, especially
since Duverney had returned in favor with the government; indeed, Voltaire’s review
already announced that a rejoinder was forthcoming from a “statesman.” Written by
François-Michel Chrétien-Deschamps, it came out in in August . In a rather
acerbic tone, it followed Dutot’s book page by page and disputed many specific facts
and figures, as well as the general apology of Law’s System and some of Dutot’s general
propositions. It was also reviewed, respectfully in the Journal des Sçavans and the Journal
de Trévoux, approvingly in Prévost d’Exiles (–, :–), and objectively
in Guyot-Desfontaines (–, :–, :-, :-). Dutot, not one
afraid to take on a powerful enemy, was soon hard at work composing a response,
which he intended to be final, but death prevented him from having it published. The
manuscript, left complete, was found and published by Harsin ().
. The trip to London
Nothing else is known of his activities, except for his trip to London in and
. The trip has been known by a letter from Dutot to an unnamed correspondent
dated from London, Dec. , , (Arsenal , fol. -; published by Mann ).
Murphy (, xxx-xxxiii) also uncovered further evidence of this London residency
in a Foreign Ministry archives, confirming that Dutot had been entertained and even
Dutot
([] , :); the manuscript is in the Musée Dubois-Corneau, Brunoy, France.
lodged by the French ambassador for several weeks. One reason for the trip was the
publication in late of a translation of Dutot’s book, which was reviewed by several
English newspapers (Guyot-Desfontaines –, :– also announced it on
November and cited the translator’s preface). One review, in the Craftsman of Dec. ,
, was deemed of sufficient importance to be translated and sent to the cardinal
Fleury and the ministers of foreign affairs and the navy, but mostly because of the
reviewer’s reaction to Dutot’s proposal to build a military port at La Hougue as a direct
military threat to Britain.
Figure : Signature on a letter of Dec , (Arsenal, ms. , fol. ).
But Dutot, who spent at least several months in London, had other motives. We
know from the letter that his stay was longer than he had expected, but that finding
knowledge so useful for his purposes, he wished to make a store of them before
leaving. We know what form this took: Harsin (, ), while perusing a copy of
Bishop Fleetwood’s Chronicon Preciosum ()Berkeley’s at the French National library,
discovered an annotation in Dutot’s own hand, dated Oct. , in London: “This
book is very rare; it is the only one I have found in over one hundred booksellers I have
visited.” Besides this rarity, Dutot purchased dozens of books while in London. The
French ambassador’s letter states that Dutot’s purpose was to study England’s trade and
finances, and indeed most of the books he purchased deal with these matters. French
authorities could only approve of such intelligence gathering: war between Great Britain
and Spain had just broken out in October while Dutot was in London, a war that
France would join in . Assessing Great Britain’s capacity to sustain the struggle
financially was critical for French policymakers.
Dutot was also interested in the past. Documents in the d’Argenson archives show
that he called on Law’s daughter and her husband Lord Wallingford: there is a slip of
paper stating in English that “Lord Walingford lives in the middle of Grosvenor Street
at the two round lamps.”⁸⁰ During this visit, Dutot was allowed to make copies of Law’s
Bibliothèque
universitaire de Poitiers - Fonds d’Argenson, P/X.
correspondence after .⁸¹ He also probably acquired copies of Law’s early writings:
he quoted them extensively (and without attribution) in his manuscript response to
Duverney written after the trip, whereas the Réflexions politiques only cited published
works of Law.⁸² The French ambassador died in February, and Lord Wallingford died
abruptly on June , . We do not know for sure when Dutot returned to Paris, but
probably not before April.⁸³
. Final illness
Dutot’s final manuscript shows that he was still working on it in May (Dutot []
, :). His final illness must have been long and painful and involved medication
and surgery. This we may infer from the debts his widow acknowledged to the physician
Dumolin, probably Jacques Molin or Dumoulin (-), consulting physician to
the king (État de la France , :), “for the calls he made to the deceased during his
final illness”; to the apothecary Rissoan for his prescriptions; and to Gilles-Bertrand
Pibrac (-), at the time surgeon to the duke of Orléans (État de la France ,
:) and later chief surgeon of the Royal Military School and director of the Academy
of Surgery. Dutot clearly could afford as good medical care as one could get in Paris at
the time.
Dutot died in the morning of September , , three weeks short of his th
birthday. Around pm an official of the Châtelet de Paris came to the apartment of
the rue Croix des Petits-Champs, at Marianne Marchand’s request, was shown the body
still on the deathbed, and began the inventory. Two weeks later, the seals were removed
and a complete inventory of the contents of Dutot’s lodging was carried out by notaries,
in the presence of the widow and of Thomas Gueullette, a famous attorney of the time
See
in particular Dutot’s note: “c’est ce que j’ay vu et lu dans une lettre écrite par M Law à SAS Mgr le
duc de Bourbon, le août . Cette lettre écrite de la main du fils de M. Law, est entre les mains de
Mylord Walingford à Londres, lequel a épousé Mlle Law, et qui a bien voulu me communiquer cette
lettre ainsi que les suivantes.” Some letters are in Law (, :–), others are unpublished to this
day.
It
may well be that Dutot also obtained the fragments of Law’s memoranda of corrected in Law’s
own hand which can be found in the Argenson archives alongside Dutot’s manuscript history of the
Système (Bibliothèque universitaire de Poitiers - Fonds d’Argenson, P/III). These memoranda are
precisely those that Dutot plagiarized (Dutot [] , :–). More generally, the response to
Duverney contains many unattributed excerpts of Law’s writings. Harsin’s sources for these writings in
his edition of Law’s works are just two manuscripts, Arsenal and Bibliothèque royale de Bruxelles
–.
He
sent his brother-in-law François Polisse to file his claim on Pierre Romet’s estate on April ,
(AN Y).
(Gueullette ), representing Dutot’s only surviving heir, his brother Jean-Charles,
residing in Cherbourg. The inventory took two weeks to complete: sorting and listing
the books alone took the bookseller Jean Boudot four days. The costs of Dutot’s funeral
were advanced by his brother-in-law François Polisse. Dutot left no will: it is possible
that his brother inherited his assets, while his wife claimed her dotage, a paltry sum of
livres according to the marriage contract. I have no found no information about
the fate of Dutot’s wife or brother.⁸⁴
. The slide into semi-oblivion
Dutot’s fame, such as it was, became partly anonymous.
After Dutot’s death, his Réflexions were published several times: in , with his
name for the first time; in –; and in . The controversy remained a reference for
a generation, but lost its importance because of the progress of economic thought, and
also because decades of monetary stability had made the main debate between Melon
and Dutot moot. The other value of Dutot’s work as historian of Law’s System was
intermittently recognized: Thiers (, ) called his observations “undoubtedly the
most profound there is on Law’s System and the causes of its fall” and (Levasseur )
cited him abundantly. Nevertheless, by the time Eugène Daire brought Dutot out of
obscurity in with a partial reprint of the Réflexions in his collection of economists,
he could only admit complete ignorance of any particulars about the author.
Even Dutot’s first name was lost to posterity, which allowed a strange confusion to
develop with Charles Ferrare, son of Pierre Ferrare of Italian origin, and a member of
the Parlement of Rouen who died in (de Frondeville and Monville –, :,
L’Estourmy , ). This Charles Ferrare had bought a fief called Le Tot in the
Norman parish of Gonfreville-la-Caillot in , and was therefore known as the sieur
du Tot or Charles Ferrare du Tot.⁸⁵ The obituary of this man of letters in the Journal
de Trévoux (July , p. –) attributes to him a description of the papal court
published in under the pseudonym of Angelo Corraro. The bibliographer Quérard
(–, :) also attributed to him Dutot’s Réflexions Politiques, even though it
In
Dutot’s perpetual annuity was owned by one Jacques Villemot (AN MC lxxxviii/, Apr
) on whom I have found no further information. Annuities could be sold, so he may have no direct
connection to Dutot.
In
L’Estourmy (, ) he is called “sieur du Tot-Gonfreville.” He gave homage for the fief of
Gonfreville in (AN PP ∗ /). From the th to the th centuries Gonfreville belonged to a
noble family called du Tot. The place is called “le Tot Ferare” on Cassini’s map of , and is now called
“la ferme du Tot” (Beaurepaire –, ).
had been published years later. The confusion propagated into reference works and
into the catalogues of the British Museum and the French Bibliothèque nationale. At
some point “Ferrare” was assumed to be a second given name and the author of the
Réflexions was identified as Charles Dutot. Harsin (, :xi) noted the identification
with bemusement, but had no means to refute it. Although the confusion has since
been purged from the catalogues of the British Library and Bibliothèque nationale, it
persists in the literature to this day.
Dutot at home, amidst his books
Three documents provide a fascinating snapshot of Dutot’s later life and his household:
the account of the affixing of seals on his belongings the day he died, the inventory
of the contents of his house taken two weeks later, and the catalogue of the sale of his
books.⁸⁶ Together, they allow us to wander through the rooms, inspect the furniture,
rummage through his wardrobe, and peruse at length the contents of his library. This is
as close to the man as we will ever come.
. The lodgings
From to his death, Dutot lived in a wing of the Hôtel de Lussan, a th century
building rebuilt in the s.⁸⁷ It was perhaps not the choicest living quarters, but
Dutot rented a whole wing of the building looking onto the inner courtyard for
livres, and his , livres in annual income from his annuities allowed him to make his
life quite cosy. Indeed, the presence of Audiger’s La Maison réglée et l’ Art de diriger la
maison d’un grand seigneur in his library suggests that he intended to live well.
There were two small cellars in the basement and a kitchen on the ground floor.
Off the stairs above the kitchen was a small room that may have served as a guest room,
decorated with a genre painting, the portrait of a man, and the only religious image
in the house, St Peter led from his prison. The second and third floors consisted of a
room with one window followed by two rooms with two windows each, in enfilade.
AN
Y, Sep ; MC liii/, Sep ; and see below for the catalogue. When a person
died either without direct heirs or with some heirs absent, a public official could be summoned to carry
out a rapid inventory of the moveable estate and affix seals on rooms or furniture containing valuables
or important papers. A more thorough inventory was carried out by a notary, with estimation of all
moveable estate by a huissier and specialized experts as needed (Pardailhé-Galabrun ).
Dumolin
(–, :). Its location is now , rue Croix des Petits-Champs and judging by its
present appearance, it was rebuilt in the mid-th century.
Figure : Rue Croix des Petits-Champs in Turgot’s map of Paris (–). Dutot’s house was
the fifth from the left, starting at the intersection.
The dimensions given for the tapestries decking the walls suggests that each floor was
about square feet, and ceiling height about feet.
On the second floor we enter the dining room, hanged with a tapestry of leaves and
birds and heated by a stove: it was large enough for a large dining table and a dozen
chairs, a sideboard, and a washstand. The sideboard contained blue Dutch faience
tableware and enough silverware to entertain eight guests. The cellar contained only red
wine. A cupboard contained fruit preserves and liqueurs, and there was a tea-pot and a
coffee-pot. Moving to the large parlor decked with a Flemish-style verdure tapestry one
found a settee and six armchairs, two mirrors on the walls, a marble-top table with a
clock. Time after dinner could be spent at the card-table, or listening to music played
on the expensive harpsichord made by Blanchet, a prominent maker of the time who
counted Couperin among his clients (Sadie , ). Then came the bedroom: the
walls, the twin beds and the six armchairs were crimson-colored. A wardrobe next to
the chimney contained the clothes.
On the d floor, the first room was divided into a storage room (with cupboards,
chests, suitcases, and a commode) and a dressing room, the latter decorated with a
map of the diocese of Coutances.⁸⁸ The next two rooms, filled with books, served as
library and office. The first, heated by a stove, had in the center a desk with drawers
is in the diocese of Coutances. In his Réflexions, Dutot concluded his outburst of Norman
pride by noting that “we might place at the head of the achievements of the Normans their conquest of
England, anno , and that of the kingdoms of Naples and Sicily made anno by the Lords of
Houteville, of the Diocese of Coutances” (Dutot , ).
Barneville
covered in black leather, two tables, three armchairs, and a clock on a console table
with Campan marble top. Two mirrors covered the walls where bookshelves didn’t. The
back room partly decked in green also contained books and served as a study, with
a writing table, four armchairs upholstered in leather, decorative faience vases on the
chimney mantle, and on the walls a landscape and two portraits of Dutot and his wife
painted on canvas. On the top floor, next to the attic and the maid’s room (her name
was Nicole Denizet, and her wages were livres per annum), Dutot had a small
laboratory where Dutot kept his collection of mathematical and optical instruments,
and turning tools: a terrestrial and a celestial globes made by de L’Isle, models of the
Copernican and Ptolemaic systems, an equatorial machine (machine parallactique) and a
plane table with its compass all made by Chapotot, a prominent maker of instruments;
three microscopes, rulers and compasses; tools for grinding and polishing lenses; and
turning tools.
.
The wardrobe
The inventory suggests small but comfortable and well-appointed lodgings and a
peaceful life of intellectual enquiries and cultivated relaxation among friends. The
harpsichord in the drawing-room, although expensive, might have been for show; but
in his private study Dutot kept a viol in its case, and among his books we find Jean
Rousseau’s classic Traité de la viole. There is no printed music in Dutot’s library; there is
a manuscript collection of dance music, and several editions of Feuillet’s Recueils, famous
for the so-called Beauchamps-Feuillet notation of dance steps and movements, written
so that “everyone can easily learn them without help from any dance master.” These
publications are used today by performers trying to recreate Baroque-era choreography.
Perhaps Dutot had been trying to teach himself how to dance as well as how to play the
viol.⁸⁹
Dutot’s sartorial tastes, however, were not bookish. As we browse through his
wardrobe, we find eight different coats with assorted vests and breeches. There is
a worsted coat lined with silk with one broché waistcoat and another crimson silk
waistcoat lined with gold gaze; there is a dun-colored coat of Vanrobais cloth, the finest
French woollen of the time, with assorted pairs of breeches and a green velvet waistcoat;
a cinnamon-colored wool coat lined with silk with three matching pairs of breeches
and a striped velvet waistcoat. Dutot wore only silk stockings and kept two fashionable
Dutot’s
rival Chrétien-Deschamps loved music: he owned volumes of music, both French and
Italian (BN ∆ ).
chestnut-colored wigs, one knotted and the other “à la brigadière” (he paid livres per
year to a barber).⁹⁰ To complete this stylish wardrobe, we find a gentleman’s sword with
branch guard, hilt and pommel in chiseled silver, a walking cane with gold pommel, and
a mourning sword. Surprisingly, Dutot also owned two pairs of cavalry pistols mounted
in steel and ornamented with brass, made in Charleville and Sedan, a powder-horn and
a pouch, and a small pocket pistol (we should note that Dutot owned three books on
dueling).
. The library
I now turn to Dutot’s library. An extensive analysis of its contents gives us a clear view
of his interests and inclinations. I will also compare it with those of his contemporaries,
and conclude with an intellectual portrait of the man based on my findings.
.. The contents
Dutot’s books were sold by auction from Dec. to January , by Jean
Boudot, the bookseller who had inventoried them after his death and published the
catalogue.⁹¹
The library contained distinct titles, for a total of volumes, appraised
at L.⁹² This is a sizeable library, especially in relation to Dutot’s wealth (L
out of ,L of personal estate). For the period – Marion (, ) found
that Parisian libraries listed in after-death inventories averaged volumes and
L in estimated value. But we can compare the number of volumes and appraised
value with that of his two public rivals. Jean-François Melon left volumes valued at
livres. the inventory of Chrétien-Deschamps’s library counted volumes and
appraised them livres; in the public sale, titles ( volumes) sold for
Years
later, Voltaire would ridicule the banker Necker as “a man who wears a coat of Vanrobais cloth or
Lyon velvet and has silk stockings on his legs” (Vissière , ).
See
Bléchet (, ). There are copies at the Bibliothèque nationale ( ∆ and ∆ , the latter
with a few price notations), the Bibliothèque de l’Arsenal (° H /, with complete price notations),
and the Bibliothèque de l’Institut (° AA ). Boudot arranged the books by format, starting with
folios, and grouped them into lots which were identified in the inventory by the first title and the
number of titles, along with an appraised value for each lot. The catalogue followed the inventory’s
classification. I have sorted books by subjects for my analysis.
Boudot
also collected miscellaneous unbound books, pamphlets, periodicals and manuscripts into
additional packets.
livres.⁹³ The philosopher d’Holbach, nephew of Dutot’s acquaintance but much richer
than Dutot, had his library appraised in January at L for nearly volumes.
Finally, the books which have been traced to Adam Smith’s library represent titles
(Mizuta , xi).
Seventeen titles are manuscripts, the rest are printed. Most of the books were either
folios (%), quartos (%), octavos (%) or duodecimos (%). Thirty-one titles are
noted as printed on large paper. About % of the books in the library were bound in
more expensive morocco (.%) or fawn calf (.%). The proportion of fine bindings is
roughly the same across formats and across subjects, perhaps slightly higher for history
books, and lower for political economy and science books. The proportion also varies
with the age of the books, being higher for both older books (before ) and more
recent books (after ). This clearly reflects an income effect: both categories of
books would have been purchased later in life. Sales prices confirm that fine bindings
were more expensive: volumes bound in morocco sold for % more than the average.
There were very few books in foreign languages: a handful of books in Latin which
were not available in French translation, four books in Dutch and German, one in
Italian. There was a Latin dictionary and grammar, and a German grammar. The only
substantial collection of foreign-language books, grouped into one lot by the bookseller,
were fifty English titles, almost certainly bought during Dutot’s London visit.
A place of publication can be identified for all but titles. French imprints
represent % of all locations, while the Netherlands account for %, Germany and
England % each, and the rest scattered between the Spanish or Austrian Netherlands,
border states (Trévoux in Dombes, Charleville, Sedan), Switzerland, Spain and Italy.
Of course, for French-language books the Dutch and German imprints (particularly
Cologne) can be highly misleading. We do know that Dutot bought books directly
from a librarian in The Hague named Pierre Gosse; but it is also well known that a false
imprint on a French book was a way to avoid censorship, at the cost of losing copyright
protection. The proportion of foreign imprints is in fact roughly constant across the
broad categories of subject matter (history, religion, literature): thus the Dutch and
German imprint are less an indication of interest in foreign subjects than a sign that
much of Dutot’s reading came from unauthorized sources.
Table shows the composition of Dutot’s library by subject matter. The categories I
have used are roughly compatible with those used by librarians of the time.⁹⁴
Inventories after death of Melon and Chrétien-Deschamps (AN MC i/, Feb ; MC lxxxii/,
Nov ); catalogue of Chrétien-Deschamps’s books (BN ∆ ).
Economics
covers political economy, trade, banking, public finance (which was usually be included in
subject
number
religion
law
philosophy
politics
economics
mathematics & sciences
music & fine arts
literature
history
all titles
History:
general
religious
ancient
Italy
France
Spain & Portugal
British Isles
Low Countries
Germany
Northern Europe
rest of world
geography
periodicals
share (%)
unweighted weighted
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Table : Composition of Dutot’s library by subject matter. Because of the variety in the number
of volumes and book sizes across titles, the third column weighs titles by number of volumes
and by format.
The majority of his books concerned history and geography. In history, we find
reference works such as the dictionaries of Bayle and Moréri, and the world histories of
Bossuet and Pufendorf. He had the classic works of Greek and Roman history up to
the th century, all translated (Byzantine history had no appeal for him). He did not
have many modern works on ancient history, aside two copies of Le Nain de Tillemont.
The main focus, not surprisingly, is French history, ranging from Grégoire de Tours to
history), and accounting. I put theoretical physics, astronomy, optics and measurement in sciences, along
with mechanics, military and maritime art, natural history, medicine, other “arts” except music and fine
arts which I counted separately. Philosophy includes ethics and what was at the time called “economics”
(household management and child-rearing). I put works of literary biography and history in literature
rather than in history (about works).
the Mémoires de la Régence published in . There were books on the later Middle
Ages (to ), books on the first half of the th century, books on the second
half, which covers the Wars of Religion. The reigns of the first three Bourbon kings are
covered by titles, with titles for the War of Spanish Succession alone.
Dutot’s collection of French histories followed the path of French historiography
from Étienne Pasquier to André Duchesne, Eudes de Mézeray (the Histoire and three
copies of the abridged version), Gabriel Daniel, Louis Le Gendre and the manuscript
works of Boulainvilliers (Leffler ). He found it important to read original sources:
contemporary chronicles, memoirs and letters, chronologies, pamphlets, collections
of original documents (recueil de pièces). He was not, however, a pure antiquarian, in
spite a volume on the Benedictines of Saint-Maur, and must have been receptive to the
so-called “historical Pyrrhonism” of Vallemont, Johann Burchard Mencke, and Bayle,
whose works he owned.
The Wars of Religion (down to the siege of La Rochelle) clearly fascinated him,
and he had accounts and sources from all sides. By the mid-seventeenth century, the
focus of his books turns to European politics and the wars of Louis XIV. Here again,
we see in Dutot a very eclectic approach, as shown by his two copies of the Protestant
Isaac de Larrey’s Histoire du Règne de Louis XIV. The titles of some pamphlets he owned
are striking: la France démasquée (The Hague, ), Histoires des Promesses Illusoires
(Cologne, ), La France sans bornes (Cologne, ), L’Esprit de la France et les
intrigues de Louis XIV découvertes (), Les Soupirs de la France esclave qui aspire après
la liberté (Amsterdam, ) La France ruinée sous le Règne de Louis XIV () l’Europe
Esclave (Cologne, ). Dutot was an avid collector of the anti-French pamphlets
(some of which were prohibited in France) churned out of the Netherlands to denounce
Louis XIV’s expansionist foreign policy.
Dutot’s religious history section is sizeable. We find several volumes of ecclesiastical
history by Jesuits (Pétau, Labbé, Maimbourg who was expelled from the order for
Gallicanism), but also a Protestant (Jacques Basnage). A dozen works on French
dioceses includes two collections of pamphlets on the claims of the archbishop of
Rouen to primacy over Lyon, another amusing trace of Dutot’s Norman pride. The
works on monastic orders, aside from a hagiographical work on the knights of Malta, are
somewhat prurient accounts of monastic misbehavior, such as the Toilette de l’Archevêque
de Sens, Factum pour les Religieuses de Provins, and the Le Moine Sécularisé. There are
three books of anecdotes and intrigues in the court of Rome. The selection betrays
something of an anti-clerical bent.
Nor was Dutot a friend of the Jesuits: next to lives of Loyola and Francis Borgia is a
collection of pamphlets related to the attempts by the University of Paris to have the
Jesuits expelled in , and the satire La Monarchie des Solipses by Inchofer.
The rest of religious history deals with the Reformation, the counter-Reformation,
and the internal debates of the French church over Gallicanism and Jansenism (ten
titles each). This does not seem surprising given the focus of the historical section on
the Wars of Religion and their aftermath. On closer look, however, we find that while
the history of Protestantism was covered by twenty titles, nearly half of the books on
religion (twenty-seven books) were apologetic works, mostly from the Protestant side:
along with Calvin’s Institutions we see Pierre Jurieu, Jacques Abbadie, Isaac Papin, Isaac
d’Huisseau, and English writers such as Burnett, Locke, Sherlock, and Thomas Brown.
In fact, the Catholic side is represented only by Houtteville and the Jansenist Arnauld.
Polemical works of the time of the revocation of the Edict of Nantes are present as
well. It is striking to see that % of the titles on religion had imprints from the Low
Countries or Germany, compared with % for the library as a whole.
The focus on the history of the French wars of religion and on Protestantism is
intriguing. Did Dutot have Protestant sympathies? Of course, the fact that all of his
family’s baptisms and burials appears in the local parish registers indicates that they
were Catholics in good standing. But there were Protestant communities in lower
Normandy, including nearby La Haye du Puits and Glatigny (Cauvin ). The local
lord of Barneville, Adrien du Saussey, who was godfather of Dutot’s sister, was baptized
at age , which may indicate a conversion.
The list of works on French regional history ( titles) is less illuminating. Dutot
collected almost dutifully one or two general works on each French province, with
the exception of the Auvergne. Only one region elicits a spark of interest: Normandy,
not surprisingly, with two different histories, a book on Caen and another on Évreux.
Curiously, there are only two books on Alsace, neither historical: one is a purely
functional listing of Strasbourg magistrates in , in German, and the other is a
volume of illustrations on Alsace of .
In foreign history, the largest section covers England. There is nothing before
Henry VII (the Hundred Years War did not attract his attention either). Aside from
a few works on the Tudors, the bulk concerns the events of the Civil War and the
Glorious Revolution. The Low Countries and United Provinces are very well covered,
the other countries reasonably so. Dutot also owned thirty books on genealogy, nobility,
and heraldry.
Geography and travel are also well covered: we find several atlases, including
the famous Blaeu atlas of , and a portfolio of maps by de L’Isle. As with
French regional history, Dutot systematically collected sample descriptions of European
countries. The collection is much deeper when it comes to the Indies, both East and
West, with about thirty titles for each. Dutot’s writings make clear his strong interest in
trade and colonization, which he considered essential for economic growth.
The next large group includes literature and philosophy. Here, in contrast to history,
Dutot showed little interest in the classics: he had neither Homer nor Virgil’s Aeneid,
though he did have Horace, Petronius, Terence, Cicero. He had the standard French
dictionaries (Académie, Furetière, Richelet), several grammars and books on style and
rhetoric, and a good collection of the French classics: Rabelais, Marot, Malherbe,
Agrippa d’Aubigné, Balzac, Voiture, Boileau, La Fontaine, the Corneille brothers,
Molière, Racine; but each represented by one title of collected works (sometimes
duplicated, as for Marot, La Fontaine and Boileau). This is another stretch of Dutot’s
collection where his mind does not seem fully engaged. Among the (now) lesser-known
writers of the seventeenth century, Dutot showed a strong affinity for independent
minds: Guillaume du Vair, La Mothe Le Vayer, Naudé, Patin, Richard Simon. We
find also several Norman authors: three books of Saint-Évremond (whose birthplace
was less than miles away from Barneville), Segrais, Jean-François Sarasin. There is
some literary criticism and polemic, such as the dispute between Madame Dacier and
La Motte, the works by Adrien Baillet and the replies they provoked from Ménage and
from Le Tellier, etc. There is almost no poetry outside of the collected works cited
above, and we can venture that he did not attend theater much.
Moving to lighter fare, we encounter a large collection of witticisms and bons mots,
the so-called “Ana” which abounded in the second half of the seventeenth century in
imitation of the Scaligeriana: Segraisiana, Carpenteriana, Naudaeana, Patiniana, Perroniana, Thuana, Menagiana, Saint-Evremoniana, Santeuillana, Parrhasiana, Fureteriana.
Novels are few: the medieval Histoire d’Huon de Bordeaux, the Histoire de Francion, a
few historical novels, Fénelon’s Télémaque. Instead, he had a particular taste for fables,
tales and satires: starting with Aesop, Ovid, Apuleus and Heliodore, we then find the
late-medieval Cent nouvelles nouvelles, Boccacio, Rabelais, des Perriers, Entropel, Angoulevent, Tabourot, Straparola, and three works by Beroald de Verville (including the
obscene Moyen de parvenir). The only contemporary works in this whimsical or satirical
vein were Moncrif ’s Les Chats and Montesquieu’s Lettres Persanes. His collection betrays
a fondness for a certain ribald humor, and one is not surprised to find a collection of
documents related to the lawsuit for impotence brought by the marquise de Gesvres
against her husband in .
In philosophy as in literature, we find few classics: only Plato, Marcus Aurelius, and
Sextus Empiricus. Among modern philosophers, Dutot’s clear favorite was Descartes,
with six distinct titles; one also finds Malebranche, Bacon, Locke, Pascal, Bayle, a volume
of Leibnitz and Newton, several works by the Protestant pastor Crousaz. Spinoza’s
works are absent but there was a biography of him, alongside biographies of Descartes
and Edmond Richer (both by Baillet). Moralists and essayists are well represented, with
several editions of Montaigne, La Rochefoucauld, La Bruyère, and Gracián. Dutot’s
philosophical tastes, not surprisingly, were analytical and moral rather than purely
metaphysical, with a strong tinge of criticism and empiricism.
A small group of books on child-rearing make a puzzling appearance in the library:
we find works by Fénelon, Goussault, Guillaume Le Roy, representative of the views on
education of the late th century, but also copies of more recent and innovative works
by the Swiss protestant theologian Jean-Pierre de Crousaz () and by the marquise
de Lambert (). Dutot’s widow declared at the affixing of seals that there were no
children of the marriage. Since the statement does not rule out that there ever were, we
may imagine that they had children who died young, but there is another explanation.
When his mother-in-law died in Dutot was made ward of his wife’s siblings, the
youngest of whom was thirteen. He may have found some guidance useful in taking
care of his wards.
The collection of books on politics is extensive: Machiavelli, Balthasar Gracián,
Guillaume de La Perrière, François de Rosières, Giovanni Botero, Louis de Mayerne
Turquet, Jean de Marnix, Emeric Crucé, Georges de Scudéry, Hobbes, Naudé (including
his Bibliographie politique), Lipsius, Noodt, Pufendorf, Locke, Andrew Ramsay. There
were several books on the education of princes by Budé, Erasmus, Antoine Varillas;
treatises on ambassadors, ministers, courtiers. Recent works included La Jonchère’s
Système d’un Nouveau Gouvernement and several works by his fellow Norman CharlesIrénée Castel de Saint-Pierre (which straddle politics and economics). The collection
was completed with various works on the French monarchy and the king’s rights by
Seyssel, Fromenteau, Quesnel, Senault, Saumaize, the Dupuy brothers, and Denis
Godefroy. This list of titles reflects indirectly Dutot’s interest for the Wars of Religion,
since many of these works were concerned with grounding the king’s authority as a
bulwark against civil strife.
Given Dutot’s role in the history of economic thought, the books on economics
deserve particular attention. The collection might seem relatively thin, but (setting
aside the books in English purchased late in his life) his readings were restricted to texts
in French and publishing of economics was still limited (Théré ). Of what could
be properly called political economy, there are two copies of Montchrétien’s Traité de
l’œconomie politique, a translation of Thomas Mun’s Treasure by Foreign Trade, Jean
Le Pelletier’s Mémoires pour le rétablissement du commerce en France (), the French
translation of Law’s Money and Trade Considered () and Melon’s Essay politique
sur le Commerce (). It is rather surprising not to find a copy of Paris-Duverney’s
Examen of Dutot’s book, given that Dutot’s manuscript reply follows his “censor”’s text
page by page. Another missing work is Bodin’s response to Malestroit, which Dutot did
cite in his publication (Dutot [] , :).
In public finance, we find Le Secret des Finances de France by Nicolas Fromenteau
(), Le Denier Royal by Scipion de Gramont (), Le Guidon des finances by Vincent
Geslée (), Vauban’s Projet d’une Dixme Royale and the commentaries by Guérin
de Rademont () and Pottier de La Hestroye (): all of which he mined for
quantitative information on France’s population and income in his Réflexions. Dutot
had a printed copy of Jacques Auber’s Mémoire sur les tailles and the Mémoires concernant
les tailles published in : Auber had been Boudard’s predecessor as farmer of the
Strasbourg revenues. The books on coinage begin with Budel’s classic collection of
tracts on money (), a summary of the medieval thought, continue with the Nicolas
de Coquerel’s Conférence des Monnoyes de France () which tracks the changes in
the nominal value of gold and silver and describes “the damage to the realm from
the increase in their price.” The Traité des Monnoyes by Henry Poullain ([] )
contains analyses of monetary questions from the same time period, also opposed to
monetary manipulations. The treatises by Le Blanc (; two copies) and Boizard
() are reference works without analysis, but he used them as primary sources for
his Réflexions, like the copies of the mint ordinances of and and several tables
of coinage. There was also a packet of pamphlets on public finance and another on
coinage, whose contents were unfortunately not described.
Practical books on foreign exchange and banking were numerous: Savary’s Parfait
Négociant (but not the Dictionnaire universel de commerce), Ricard, Damoreau (two
copies, from ), Irson, Barrême, Matthieu La Porte, as well as a couple of theologians’
tracts on foreign exchange by Le Correur and Carrel, and on lotteries by Pierre de
Joncourt and Jean de La Placette.
Related to economics, we find a few titles that hint at Dutot’s interest in data
collection. One is a manuscript titled État des Grains vendus à Paris en , ,
& . This is easily recognized as a copy of a manuscript compilation of
bi-weekly market prices which Dutot ([] , :) cited in his rejoinder to ParisDuverney and called by Kaplan (, ) the “Delalande registers”. They survive in
Bibliothèque de l’Institut, Paris, mss. -, although the year is now missing,
and the series continues to . These data were an important source for him as he
tried to demonstrate the impact (or lack thereof ) of monetary manipulations on the
price level (Velde a) by computing a price index as an unweighted average of prices.
On the subject of index numbers, Bishop Fleetwood’s Chronicon Preciosum ()
represents an early attempt at collecting prices for various commodities over long
periods of time. Fleetwood is often credited with first computing a price index, and
the presence of this item in Dutot’s library might seem to corroborate the claim. But,
aside from the fact that Dutot acquired the book in , after his pioneering work,
the claim is mistaken. Although Fleetwood did assert that £ in would represent
as much wealth in as £ in if either sum purchased the same basket of
quarters of wheat, hogsheads of beer, and yards of cloth, he added: “I do not mean
hereby to pre-judge this to be the proportion” and in fact did not attempt to compute
such a weighted price index, since his only purpose was to show that £ was worth
less in than in . To compare prices over long periods of time, Fleetwood
computed -year averages of commodities prices and noted that the growth rates of
prices varied across commodities, but he did not aggregate them (Fleetwood , ,
). By contrast, Dutot valued a constant basket of goods at two different dates and
took the ratio to deflate in real terms the French king’s revenues (Dutot [] ,
:).
We also note the Cours des Changes et effets commerçables qui se sont négociés à la
Bourse pendant l’année et ( volumes mo), a tantalizing title since we presently
do not have reliable sources for foreign exchange and bond market prices before
(Velde and Weir ). Dutot’s interest in foreign exchange quotations and securities
prices is amply demonstrated in his writings, which provide an unparalleled source
on foreign exchange in the early years of the th century. It is also evident from his
writings that Dutot had either Giraudeau’s compilation of securities prices during the
System or another similar compilation, but there is no trace of it in the catalogue. Both
of these works were the result of a conscious effort by the government in the s to
collect economic data, probably under the influence of the Paris brothers. Another
interesting manuscript titled État de baptêmes et mariages de la ville de Paris probably
contained the data that appears in various surviving manuscripts (see Charlot and
Dupâquier ), and recalls two English-language books in the library, Petty’s Essays in
Political Arithmetick () and John Graunt’s Natural and political observations made
upon the bills of mortality ().
The mathematical section contains two copies of Euclid and several th century
works on arithmetic (Jacques Pelletier, Jacques Chauvet, Jean Abraham), alongside more
recent but very elementary texts (Arithmétique rendue facile à la pouvoir apprendre sans
maître of ) or practical works (Le Gendre, Bourmon, Barrême, all three writing
for bankers). But the collection goes beyond these basics into Cartesian geometry,
algebra and analysis. Dutot had works by leading French mathematicians, such as the
Oratorians Bernard Lamy and Charles Reyneau (two works each), Michel Rolle’s treatise
on algebra, Louis Carré’s Méthode pour la mesure des surfaces, one of the first works on
integral calculus, L’Hôpital’s Traité des Sections coniques and Analyse des infiniment petits,
and Rémond de Montmort’s text on probability. He was clearly keeping abreast of the
most recent developments in mathematics of the time.
Scientific books, outside of mathematics, are limited in scope. Aside from works
by Rohault and Pardies, there is little in physics except on fluid dynamics (Dampier,
Mariotte, Varignon, Georges Fournier). Astronomy interests him along with gnomonics
(six titles), measurement of surfaces, optics, and mechanics. Applied sciences are limited
to a few books on warfare and fortifications, and almost twenty works on navigation
and shipbuilding (including four copies of Jean Bernoulli’s Théorie de la Manœuvre des
Vaisseaux). To the end, Dutot remained a Norman raised on the shores of the sea by a
shipwright, fascinated by navigation.
Dutot’s collection of periodicals was remarkable, totaling nearly volumes. He
had a complete run of the Gazette de France from to , La Connoissance des
Temps, La Clef des temps, the Mercure François, the Lettres historiques, La Clef du Cabinet
des Princes. He had Bayle’s Nouvelles de la République des Lettres, the Journal de Trévoux,
Le Journal Littéraire, Les Nouvelles Littéraires, and the literary periodicals of Le Clerc,
Basnage and de La Roche. He also had the Journal des Sçavans, L’Europe Sçavante,
and the Mémoires of the Academy of Sciences. Curiously, we do not find the Gazette
d’Amsterdam or any other Dutch periodical mentioned by name, although the bookseller
Boudot collected volumes of miscellaneous gazettes into a packet without detailing
the contents.
Boudot also collected together the foreign-language books, about fifty titles nearly
all in English: works by John Locke, Josias Child, William Petty, John Graunt, Francis
Brewster, Thomas Baston, William Wood; works on the history of English coinage by
Charles Arbuthnot, Martin Folkes and William Fleetwood; books from the time of the
recoinage of by Locke and Lowndes, and half a dozen titles by Charles Davenant.
There are also fifteen works published between and , and dealing with the
current situation of Great Britain and the war with Spain that broke out in . It is
very likely that all these English titles were acquired when Dutot visited to London that
very year. The evidence is in his writings: he cited the French translation of Thomas
Mun that he owned in the Réflexions politiques published before the trip, whereas he
cited Petty and Davenant (which he owned in the original English) at the end of the
response to Duverney written after the trip.⁹⁵
Aside from the works in English, there are very few books with imprints after
(%). The exceptions include Melon’s work and historical works related to the period
of John Law’s System.
Dutot was clearly a bibliophile. We find a copy of Naudé’s Avis pour dresser une
Bibliothèque, whose encyclopedic approach is reflected in the fields that interested Dutot.
He owned eighteen catalogues of private collections, starting with the library of Jean de
Cordes which was bought by Gabriel Naudé for the cardinal Mazarin in , all the
way to the very recent sale of the collection of the maréchal d’Estrées in . Some
sales he may well have attended, since they were held in Paris (such as the books of the
former finance minister Nicolas Desmarets, sold by Jean Boudot, the same bookseller,
in ); but other sales took place in The Hague. He also owned catalogues were not
sales catalogues (the library of the abbey of St. Geneviève, or the library of the comte
de Toulouse). He clearly sought to build a rather comprehensive library, on the model
of the great private libraries of the time, which is what makes the gaps in his collection
so revealing.
Indeed, Dutot’s collection is also interesting for what it does not contain.
The religion section is rather sparse. Aside from Dutot’s interest in religious history
and Protestant apologetics discussed above, we find little metaphysics, theology, or
piety.⁹⁶ We find only one copy of the New Testament in French, and another in English
which he bought in London. What little he had in theology did not come from the
most orthodox writers. On scriptures we only find pamphlets from contemporary
scholarly controversies. The book on patristics by Louis Ellies Dupin, a staunch
Gallican who ran afoul of Bossuet (whose attack on Dupin was in the library), was
prohibited, and the Adrien Baillet’s works on hagiography were condemned by the
Vatican. The inspirational literature is a scant and odd assortment: La Vallière’s
Réflexions sur la Miséricorde de Dieu, the Jansenist Du Guet’s Traité de la prière publique,
and a translation of the Anglican Richard Allestree’s The Whole Duty of Man.
Dutot had no interest in law. The presence of classics of international law such as
discussion of Locke’s monetary writings in the Réflexions does not reflect direct knowledge, but is
in fact copied verbatim from Le Clerc’s biographical notice on Locke included in the Œuvres diverses
(Rotterdam, ) which Dutot owned (Dutot [] , :–, :, :).
The
journal, in contrast, records his purchase of the ubiquitous Imitation de Jésus-Christ and the
sermons of Bourdaloue for livres (AD Bas-Rhin, G, fol. , ).
Boudard’s
Pufendorf and Grotius is explained by his interest in European politics. On Roman
law he chose the Jansenist Domat’s Lois civiles, and on the common law of Normandy
he chose the Protestant Basnage. The handful of other volumes, on commercial law
and notarial procedure, were either reference works (Delamare’s Traité de la Police) or
utilitarian.
Natural history held little appeal, aside from bibliophily: we only find sixteenthcentury works of Belon and Rondelet and Merian’s exquisite book on the insects of
Surinam. The library is almost empty of books on medicine or agriculture: Dutot did
not share the fascination for agriculture that marked the next generation of French
economists. A thin veneer of knowledge in fine arts could be sought in two copies of
Félibien’s books on painting and sculpture. The handful of books on architecture is
once again explainable by his other interest in applied mathematics.
The sale of Dutot’s library brought livres, more than twice the livres
estimated in the inventory (excluding the copies of the Réflexions), but not far above
the estimates in the catalogue totaling livres. By far the most expensive item, sold
for livres, was a copy of Joan Blaeu’s famous Atlas Maior in volumes (Amsterdam
), followed by another atlas, that of Guillaume de L’Isle with maps, for livres.
These two titles alone account for % of the value of the library. Other publications
by Blaeu (French translations of the Theatrum series on France, Savoy and Piedmont,
and Italy) fetched between and livres per volume. Among the priciest volumes
Mézeray’s Histoire de France in volumes stands out at livres, as does an edition of
La Fontaine’s Contes (Amsterdam, , morocco binding, for livres). The average
volume (excluding Blaeu’s Atlas) sold for . livres. But the relation between the average
price of a volume and its format is almost linear, and an average octavo volume sold
for . livres. Adjusting for format the more expensive volumes (excluding Blaeu and
de L’Isle) were on religion, law, bibliography, general history, and the fine arts. The
cheapest books were those on economics and politics, and the periodicals.
.. Dutot’s library compared with contemporaries
How did Dutot’s library compare with those of his contemporaries, and whose libraries
did it resemble most? To answer this question, I compare the libraries’ composition
according to the classification used by Parisian booksellers: theology, law, arts and
sciences, literature, and history. This classification, although coarse, was followed in
most library catalogs of the time and standardization has allowed Marion (, )
to compare large numbers of th century libraries. I compare Dutot’s library with
those of various social categories in the th century identified by Marion, as well as
with those of individuals selected because of their potential affinity. First, I include
Nicolas Desmarets, finance minister of Louis XIV; Charles-Jérôme de Cisternay du Fay,
a retired army officer and famed bibliophile; cardinal Dubois, the Regent’s minister
of foreign affairs and later prime minister; and Victor-Marie, maréchal duc d’Estrées,
a minister of the Regent, and a director of the Indies Company. The reason is that
Dutot owned copies of these four catalogs. I also include catalogs of sales posterior to
Dutot’s. Some represent the world of the finance ministry: Michel-Robert Le Peletier
Desforts was a finance minister, Louis Fagon was an intendant des finances. Antoine
Crozat was a financier. Others present potential intellectual affinities: Claude-Jacques
Herbert wrote on the grain trade, Anne-Jacques-Robert Turgot was the famous finance
minister and economist, Jean-Baptiste Glucq de Saint-Port was a magistrate and close
friend of Jean-François Melon, Louis-Augustin Angran de Fontpertuis wrote a history
of French finances mistakenly attributed to Law by Harsin (Murphy , ), and
François-Michel Chrétien-Deschamps was Dutot’s rival.⁹⁷
To measure the “distance” between two libraries, several concepts are available.
Each library is characterized by the proportions of books in five areas: I represent it as
five numbers {x , x , x , x , x } , each between and , and summing to . One way is
to think of each library as a point on a simplex (the space of all such quintuplets of
numbers between and summing to : if we had three numbers, the simplex would
be a triangle-shaped plane area in a -dimensional space). Distance can be measured
by a norm on the space R . Several norms are available: the Euclidean norm takes the
square-root of the sum of squares of distances, the sup-norm takes the largest absolute
value of the distances. Given two quintuplets x and y , the distance between them is
d (x, y) =
p X
(
(xi − yi ) )
()
i=
with the euclidean norm and
d∞ (x, y) = max (|xi − yi |)
i=,...,
()
with the sup-norm.
Alternatively, the quintuplets can be thought of as probability distributions, and
All the data for these individual libraries come from Marion (), except that of Turgot from Tsuda
(–).
a natural concept of distance is relative entropy, also known as the Kullback-Leibler
distance:
X
X
xi
yi
dKL = (
xi log( ) +
yi log( )).
()
i=
yi
x
i
i=
Once we have a concept of the distance between two libraries, we need to scale it,
in other words have a sense of what it means to be close or distant. One way to do
this is to think of all possible libraries as being distributed uniformly over the simplex,
and compute the relative frequency of distances from the reference library. If a given
library is at a distance d , and, say, % of libraries are at a distance of d or less from the
reference library, we could consider the two to be close; but if % of libraries are at a
distance d or less, the two would be distant from each other. This is a way to measure
the size of a “ball” of diameter d around the reference library.
The results are presented in Table .
The results vary depending on the measure used but the results are broadly consistent. Dutot’s library was closest to those of the upper nobility and ministers. It was
somewhat similar to those of financiers and magistrates, and it was most distant from
those of professionals: notaries, lawyers, clergymen, physicians. It was not particularly
close to those of economists and actors of the Enlightenment, all of whom belonged
to a later generation. This no doubt reflects the state of knowledge at the time when
Dutot formed his library: he was an empiricist, and the facts he looked for were in
history books. The knowledge he sought had not yet been collected and analyzed into
the category of sciences and arts.
It is striking to see how close it is to those of marshals of France, that is, the highest
military officers. This reflects the fact that Dutot’s library was heavily weighted towards
history, and away from literature, law, and religion. A more detailed analysis for some
catalogs (not shown) shows that Dutot’s history books were more weighted towards
recent history, that the share of religious history was not different from others, that
of ancient history was rather low, and French and British history and geography were
markedly higher.
It is also noteworthy that Dutot’s library was quite similar to that of his rival
Chrétien-Deschamps. A closer analysis of the latter is possible based on the published
catalogue (BN ∆ ). There was substantial overlap between the two: among the
pre- imprints in Chrétien-Deschamps’s library, % appear among Dutot’s books.
Another similarity is the love of maps: Chrétien-Deschamps had composed his own atlas
in three folio volumes, with maps. It was sold for L, more than a quarter of the
total for the library (L). The inventory of Melon’s library is too sparse to compare
euclidean
norm
sup
norm
relative
entropy
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
maréchaux
ministres
noblesse de cour
Deschamps ()
famille royale
Maréchal d’Estrées ()
Le Peletier des Forts ()
savants
secrétaires du Roi
Desmarets ()
officiers
ducs
militaires
gens de finance
fermiers généraux
libraires
all libraries
présidents de parlement
receveurs généraux
parlement
Glucq ()
Fagon ()
Du Fay ()
Turgot ()
prélats
encyclopédistes
Dubois ()
Herbert ()
notaires
évêques
Crozat ()
avocats
curés
Fontpertuis ()
médecins
Table : Composition of Dutot’s library compared to other libraries.
(no catalog is available), but it shows that Melon owned many of the same books: of
named titles, appear in Dutot’s library. Melon, like Dutot and Chrétien-Deschamps,
also liked maps and owned two folio volumes of maps by de Lisle.
.. Libertine, pedant or “honnête homme”?
Although judging a man by his books is tricky, the temptation is too strong to resist.
This is the portrait of the man I infer from his library.
Dutot was a man of the seventeenth century: eighty percent of Dutot’s books
(excluding periodicals) were printed before the death of Louis XIV, and seventy percent
between and . It is true that the periodicals kept him abreast of current
developments in literature and science, but the runs of titles peter out in the s, as if
he had lost interest. The intellectual affinities he reveals through his choice of books,
particularly multiple copies of the same work or multiple titles of the same author, are
with the French intellectuals of the Grand Siècle. But that century had many aspects.
To which was he the closest?
The ideal of the “honnête homme” was expounded among others by Claude Fleury
and René Rapin, whose works he owned. The deliberate attempts at owning surveys
in various fields, broad enough to include the known world in history and geography,
the marked taste for the products of witty society and conversation, the interest in
aristocratic activities like horse-riding and dueling, the choice of classical authors do
point in the direction of this model. But in other respects Dutot had something of
the pedant in him: this tendency is most apparent in the historical section, where
his relentless pursuit of original documents, his taste for controversies and sometimes
obscure polemics are most apparent. When Dutot became embroiled in a public
controversy of his own with Melon and Paris-Duverney, for all his books on wit
and rhetoric he plodded doggedly from point to point, buttressing his long-winded
arguments with punctilious recitations of facts, numbers, and calculations. He admitted
as much in the last words of his manuscript reply to his contradictor: of his text lacking
brilliance, “I’ll admit it readily, as I do not pride myself on it. As for him, I will say
to his credit that he appears to me brilliant everywhere, but this talent is not the most
essential in the subject we have treated” (Dutot [] , :; my translation).
But the most accurate characterization would probably be that of the libertine,
in the seventeenth century sense of the word: a free thinker casting a critical look,
yet hoping that truth might be attained through reasoned argument. His intellectual
realm of choice was the society of learned men that spanned boundaries and engaged in
scholarly debate between Paris and Amsterdam.
He was no doubt a patriot, very attached to his country, but without illusions
about the motivations and costs of Louis XIV’s policies. The intellectual journey
that his books follow is that of the Frenchman traumatized by the civil wars of the
sixteenth century, a man perhaps sympathetic to Protestantism (more than Jansenism),
or at any rate rejecting ultramontanism and skeptical of absolutism, torn between
supporting the monarchy as bulwark against civil disorder and trying to impose norms
of rational government on the sovereign. His obvious fascination with England’s
glorious revolution and his late attempt at collecting information on the foundations
of England’s rising supremacy in the conflicts of the eighteenth century betray the
same tension. He was undoubtedly asking himself the question that would continue
to bedevil France until : how to reform the monarchy and maintain her position
against England and the Netherlands.
What kind of a man was Dutot, then? Clearly an intellectual, but neither a
dreamer nor an artist; a man inclined to speculation but of the rationalizing sort, an
analytical and theorizing mind, very much attuned to the real world and to quantifiable
phenomena. He found certainty in numbers, yet he loved history and what we now call
social sciences. He wanted to improve welfare, and find a rational basis for policy, but
had a disabused although not cynical view of mankind and society. He enjoyed brilliant
wit, but was not himself a wit. He was more at ease in an academic society than in a
literary salon.
That such a product of the French Grand Siècle could have been so seduced by
John Law is intriguing, and emblematic at the same time. One of the many puzzles
of John Law’s story is how he could have seduced a whole country and be given a free
rein to experiment as boldly as he did with the institutions of a tradition-bound society
scarred by the turmoils of the previous centuries. To do this, Law had to seduce not
just the Regent, but also men like Dutot, who were not only his assistants but also his
defenders and followers. Possibly his foreign origins and radical ideas appealed to the
slightly dissident mind of this fellow traveler of Jansenists and Protestants. Perhaps the
key to this mystery lies in the books of Dutot’s library: in those books, perhaps, are the
questions to which Law seemed to provide long-awaited answers.
Conclusion
Before drawing broader conclusions about the insights in Dutot’s position for economic
history and economic thought, it is worthwhile to reflect for a moment on the man’s
career.
Dutot’s trajectory is striking. He started out as the son of a barely educated
shipwright on the fringes of France, and ended as a member of the French intelligentsia,
broadly construed. Posterity remembered him as an astute and precise observer of
the most novel and complex economic phenomena that modern Europe had ever
experienced. Yet, although nothing was known until now about his background, no
one ever questioned his credentials or his skills. The graduate school he attended was
that of experience: first with his apprenticeship in French public finances through his
work at the Alsace farm, then with his work under John Law.
Much of what he learned was under the tutelage of small-time financiers. His
mentor Boudard was not a key player of the time: he did not belong to the top echelon
of financiers that Dessert () chronicled, but was rather a species of self-made
entrepreneurs with a knack for financial dealings. Dutot was fifteen years younger than
Boudard. His career in the world of finance was cut short by the collapse of his employer
Boudard, and took an interesting turn as he went to work for the Chamber of Justice.
We know, however, that his circle of friends remained the same, and the opinions he
expressed about the Chamber of Justice make clear where his sympathies laid: with his
friends the financiers, victims of repression, rather than with the king. Would he have
followed a similar path? He might have tried, but would he have succeeded?
Probably not. The s and s were relatively peaceful and uneventful times
in France, by the standards of the previous decades. Men whose “genius was proper
for” commerce, in Dutot’s own phrase, could devote their talent to it. Dutot probably
realized that he was not one of them. In contrast to Boudard’s associates, Dutot never
invested any money of his own in his patron’s ventures, and we find him only once
involved in the business of endorsing bills. He served as an accountant or a secretary,
and was clearly skilled and trained in accounting and banking, but displayed little
aptitude in his few financial and commercial ventures of the s. The collapse of
Law’s System left him with a comfortable amount of cash which he invested as best he
could: but although he continued to associate with bankers and financiers, in the end
he contented with what he had, and spent most of his money on simple comfort, on
books, and on instruments. He was not an entrepreneur with the breadth of vision of
John Law, or the frenetic activity and risk-taking of his employer Boudard. He was,
after all, more of an intellectual, and in the relative comfort of his apartment he devoted
himself to reading, writing, and mechanical hobbies. He was, ultimately, a calculator,
albeit one with the intellectual curiosity to try and established reasoned patterns in data.
He was not a theorist, but a theoretically minded empiricist.
That is not to say that he retired from the world, either. The mark he hoped
to make was in the forum of public policy. His history of the System, had he not
been diverted from it by the controversy with Melon, would have been the very first,
coming before Hautchamp and Forbonnais. The reply to Melon was also a work of
public policy, addressing the important question of how a government should conduct
monetary policy; and, against his better judgment, he could not resist inserting long
digressions taken from his work on Law to discuss the events of the System and its
aftermath. His trip to London was also evidently motivated by a desire to acquire
influence in policy-making circles, with which he had contacts. His death cut short this
second career.
One cannot help wonder how far he could have pursued it. It seems, judging by
his library, that he would have remained something of an outsider. Paris-Duverney
would likely have prevented him from achieving prime influence as long as he himself
remained influential, and that lasted until his own death in . It is nevertheless
interesting to note that the government did not try to suppress the debate in which
Dutot participated: rebuttal, not censorship, was the response. But in this respect Dutot
was born too soon: he would have fit in better in the generation of the Encyclopedists.
The monetary stability that France enjoyed from to the Revolution (probably
in part due to Dutot’s own admonitions against monetary disorders) made moot the
controversy in which he played such an important role. The highly technical nature
of the debate, for which he is in part to blame, also dampened its potential impact
on policy discourse: by the time he was busy writing his reply to Paris-Duverney, the
controversy had become mired in complex calculations certain to dull the general
public’s interest. Dutot would no doubt have made sound contributions to the the next
set of issues, such as free trade, and his pioneering use of index numbers in economic
analysis might have had a greater impact, but he died before they could arise.
Another missed opportunity was Dutot’s insistence on the value of commerce and
trade, and the poor incentives that existed in Old Regime France for encouraging men
of talent to pursue these growth-enhancing activities. His comments on merchants
being as worthy of praise as soldiers were certainly noticed at the time, but the next
generation of economists was of a different background than his, and placed more
emphasis on agriculture as a source of wealth.
Finally, what can we make of Dutot’s position as a historian of the System? His
personal role in the Bank has been somewhat overstated. But there is no doubt that, as
Murphy observed, his fascination with hard numbers afforded future historians of the
System with an invaluable source of data. But the image of Dutot as the scrupulous
and impartial accountant of the System (Murphy , xxix) needs to be revised. His
early career, his imprisonment for corruption, the dubious role that he played in the
dying System’s activities and the suspicious amount of cash he held in the end, all cast a
shadow over the image he tried to create in his writings. As with any close source to
such an event, we must always try to apportion how self-serving such accounts can be.
Original sources
Archives nationales
E, ; G//; M; PP ∗ /; O//, ; U/; V//B, ; V//,
, , , , ;Y, B, , B, , , , , ;
Z/j/;
Minutier central
I/; XVII/; XXXIII/; XXXVI/; XXXVIII/; XLVIII/, ; LI/;
LIII/; LVIII/; LXI/; LXVII/; LXVIII/; LXXXII/; LXXXVIII/,
, , , ; LXXXIX/; CXI/; CXVI/; CXVII/;
Bibliothèque nationale, manuscrits
P.O. ; Fr –; NAF , , –,
Bibliothèque Mazarine
–
Bibliothèque del’Arsenal
, , ; Bastille
Archives de la Préfecture de Police de Paris
A a/, Bastille, III -
Bibliothèque universitaire de Poitiers
Fonds d’Argenson, P
Archives départementales de la Manche
E ; parish registers: Barneville
Archives départementales du Bas-Rhin
G, ; E /, , ;parish registers: Molsheim, ; Strasbourg, Saint-Laurent,
Archives départementales de l’Yonne
parish registers: Vermenton
Rijksarchief in Limburg
Papieren Law, V
References
Badinter, Elisabeth. . Le Voyage en Laponie de Monsieur de Maupertuis. Paris: Seuil.
Balayé, Simone. . La BibliothBque Nationale des origines à . Genève: Droz.
Barros, Jean. . Le canton de Barneville-Carteret (Côte des isles). Barneville-Carteret: Éditions
de la Côte des isles.
Baulant, Micheline. . Le Salaire des ouvriers du bâtiment à Paris de à . Annales
E.S.C. ():–.
Beaurepaire, Charles de. –. Dictionnaire topographique du département de Seine-Maritime.
Paris: Bibliothèque nationale.
Belsunce, Roger vicomte de. . Les Belsunce: huit siècles d’histoire familiale. Le Puy: Éditions
Jeanne -d’Arc.
Birembaut, Arthur. . Quelques réflexions sur les problèmes posés par la conservation et la
consultation des archives techniques françaises. Archives internationales d’histoire des sciences
:–.
Blaquière, Henri. . Répertoire numérique des archives déposées par les notaires. Fonds
anciens. Working paper, Archives départementales de l’Aude.
Bléchet, Françoise. . Les ventes publiques de livres en France - : répertoire des catalogues
conservés à la Bibliothéque Nationale. Oxford: Voltaire Foundation : Taylor Institution.
Buvat, Jean. . Journal de la Régence (–). Paris: H. Plon.
Cauvin, Marcel. . Le Protestantisme dans le Cotentin. Bulletin de la Société d’Histoire du
Protestantisme en France ():–.
Charlot, E. and Jacques Dupâquier. . Mouvement annuel de la population de la ville de
Paris de à . Annales de Démographie Historique –.
Collin, Bruno. . L’Atelier monétaire royal de Montpellier et la Circulation monétaire en
Languedoc de Louis XIII à la Révolution (–). Montpellier: Éditions du Balancier.
Corvisier, André. –. Histoire militaire de la France. Paris: Presses Universitaires de France.
Dahlgren, Erik Wilhelm. . Les Relations commerciales et maritimes entre la France et les côtes
de l’océan Pacifique (commencement du XVIIIe siècle). Paris: Honoré Champion.
Dardel, Pierre. . Commerce, industrie et navigation à Rouen et au Havre au XVIIIème siècle.
Rouen: Société libre d’émulation de Seine-maritime.
Dessert, Daniel. . Argent, pouvoir et société au Grand Siècle. Paris: Fayard.
Dumolin, Maurice. –. Études de Topographie parisienne. Paris: n.p.
Dutot, Nicolas. [] . Réflexions politiques sur les finances et le commerce. Paris: E. Droz.
———. . Political Reflections Upon the Finances and Commerce of France. London: A.
Millar.
———. . Histoire du Systême de John Law (–). Paris: Institut national d’études
démographiques.
État de la France. . État de la France. Paris: Guillaume-Denis David.
Faure, Edgar. . La Banqueroute de Law. Paris: Gallimard.
Fleetwood, William. . Chronicon Preciosum: or, an Account of English Money, the Priec of
Corn, and Other Commodities, for the last Years. London: Charles Harper.
de Frondeville, Henri and Alexandre Bigot Monville. –. Les conseillers du Parlement de
Normandie; recueil généalogique établi sur la base du manuscrit Bigot de la Bibliothèque de
Rouen. Rouen: A. Lestringant.
Germain-Martin, Henri. . le Financement des guerres de Louis XIV. Revue des travaux de
l’Académie des Sciences morales et politiques –.
Giraud, Marcel. . Histoire de la Louisiane française: La Louisiane après le système de Law
(-). Paris: Presses universitaires de France.
Gueullette, J.-E. . Thomas-Simon Gueullette : un Magistrat du e siècle, ami des lettres, du
théâtre et des plaisirs. Paris: E. Droz.
Guyot-Desfontaines, Pierre-François. –. Observations sur les écrits modernes. Paris:
Chaubert.
Habrekorn, Raymond. . Deux documents sur la fin de la "Banque Royale" (–).
Bulletin de la Société française de numismatique ():–.
Hahn, Roger. . Science and the arts in France : the limitations of an encyclopedic ideology.
Studies in Eighteenth-Century Culture :–.
Harsin, Paul. . Réflexions politiques sur les finances et le commerce, chap. Introduction, xi–lv.
Paris: Les Belles Lettres.
———. . Autour de la personnalité et de l’œuvre de l’économiste Dutot. Revue des sciences
économiques (Liége) :–.
Hoffmann, Charles and Augustin Marie Pierre Ingold. –. L’Alsace au dix-huitième siècle
au point de vue historique, judiciaire, administratif, économique, intellectual, social et religieux.
Colmar: H. Huffel.
Hume, David. . Political Discourses. Edinburgh: R. Fleming.
Iung, Jean-Éric. . Service des vivres et munitionnaires sous l’Ancien Régime : la Fourniture du
pain de munition aux troupes de Flandre et d’Allemagne de à . Master’s thesis, École
des Chartes. AN AB/XXVIII/.
Kaplan, Steven L. . Provisioning Paris : merchants and millers in the grain and flour trade
during the eighteenth century. Ithaca, NY: Cornell University Press.
Law, John. . Œuvres, contenant les principes sur le numéraire, le commerce, le crédit et les
banques. Paris: Buisson.
———. . Œuvres Complètes. Paris: Librairie du recueil Sirey.
Leffler, Phyllis K. . French Historians and the Challenge to Louis XIV’s Absolutism. French
Historical Studies ():–.
Lespagnol, André. . Messieurs de Saint-Malo : une élite négociante au temps de Louis XIV.
Rennes: Presses Universitaires de Rennes.
L’Estourmy, Pierre de. . La Recherche de noblesse de pour la généralité de Rouen, dite
recherche de la Galissonnière : élection de Rouen. Saint-Pois: The Author.
Levasseur, Émile. . Recherches historiques sur le Système de Law. Paris: Guillaumin et Cie.
Lévy, Claude-Frédéric. . Capitalistes et pouvoir au siècle des Lumières, vol. . Paris: Mouton.
Livet, Georges. . L’intendance d’Alsace sous Louis XIV, –. Paris: Société d’édition Les
Belles Lettres.
Lucas, Jr., Robert E. . Nobel Lecture: Monetary Neutrality. Journal of Political Economy
():–.
Lüthy, Herbert. –. La Banque protestante en France de la révocation de l’Édit de Nantes à
la Révolution. Paris: S.E.V.P.E.N.
Lynn, John A. . Giant of the "Grand siècle": the French Army, –. Cambridge:
Cambridge University Press.
Mann, Fritz Karl. . La personnalité de Dutot d’après une lettre inédite. Annales de la Société
scientifique de Bruxelles; série D, sciences économiques :–.
———. . Dutot und sein Werk. Zeitschrift für Nationalökonomie ():–.
Marion, Marcel. . Dictionnaire des institutions de la France aux XVIIe et XVIIIe siècles. Paris:
A. Picard.
Marion, Michel. . Recherches sur les bibliothèques privées à Paris au milieu du XVIIIe siècle :
-. Paris: Bibliothèque nationale.
———. . Collections et collectionneurs de livres au XVIIIe siè?cle. Paris: Honoré Champion.
Maupertuis, René Moreau de. . Œuvres. Lyon: Jean-Marie Bruyset.
Mizuta, Hiroshi. . Adam Smith’s library: a supplement to Bonar’s Catalogue with a checklist of
the whole library. London: Cambridge University Press for the Royal Economic Society.
Murphy, Antoin. . The enigmatic Monsieur du Tot. In Studies in the History of French
Political Economy, edited by Gilbert Faccarello, –. London and New York: Routledge.
———. . Histoire du Systême de John Law (–), chap. Introduction, xi–lxxvii. Paris:
Institut national d’études démographiques.
———. . Nicolas Du Tot and John Law. In Economic Development and Social Change:
Historical Roots and Modern Perspectives, edited by Yiorgos Stathakis and Gianni Vaggi,
–. Routledge.
Pardailhé-Galabrun, Annik. . La Naissance de l’intime : foyers parisiens XVIIe-XVIIIe
siècles. Paris: Presses universitaires de France.
Passeron, Irène and Olivier Courcelle. . La Société des arts, espace provisoire de reformulation des rapports entre théories scientifiques et pratiques instrumentales. In Règlement, usages
et science dans la France de l’absolutisme, edited by Christiane Demeulenaere-Douyère and
Eric Brian, –. Paris: Lavoisier.
Prévost d’Exiles, Antoine-François. –. Le Pour et Contre. Paris: Didot.
Quérard, Joseph-Marie. –. La France Littéraire, ou Dictionnaire bibliographique des
savants, historiens et gens de lettres de la France, ainsi que des littérateurs étrangers qui ont écrit
en français, plus particulièrement pendant les XVIIIe et XIXe siècles. Paris: Firmin Didot.
Ravel, Pierre. . La Chambre de Justice de . Paris: E. de Boccard.
Réal de Curban, Gaspard de. . La Science du gouvernement, tome huitième. Amsterdam:
Arkstée & Merkus.
Sadie, Stanley, ed. . The New Grove dictionary of musical instruments. London, New York:
Macmillan Press.
Salmi, Jeanne-Marie. . Jean Jourdan et la société de Salé. In Les Sources inédites de l’histoire
du Maroc, e série, tome V, edited by Philippe de Cossé-Brissac, –. Paul Geuthner.
Schmidbauer, Richard. . Die Augsburger Stadtbibliothekare durch vier Jahrhunderte. Augsburg: Verlag Die Brigg.
Sturgill, Claude C. . Claude Le Blanc : Civil Servant of the King. Gainesville, FL: University
Presses of Florida.
Terrall, Mary. . Biography as Cultural History of Science. Isis ():–.
Théré, Christine. . Economic publishing and authors, –. In Studies in the History
of French Political Economy, edited by Gilbert Faccarello, –. London and New York:
Routledge.
Thiers, Adolphe. . Law. In Encyclopédie progressive, edited by François Guizot, –. Paris:
Bureau de l’Encyclopédie progressive.
Tsuda, Takumi. –. Catalogue des livres de la bibliothèque de Turgot d’après le catalogue
manuscrit conservé dans la Bibliothèque nationale, Paris. Tokyo: Institut d’études économiques,
Université Hitotsubashi.
Velde, François R. a. Chronicle of a Deflation Unforetold. Journal of Political Economy
():–.
Velde, François R. b. The Tax Farm of the Bishopric of Strasbourg. Working paper -??,
Federal Reserve Bank of Chicago.
Velde, François R. . French Public Finance between and . In Government Debts
and Financial Markets in Europe, edited by Fausto Piola Caselli, –. London: Pickering
and Chatto.
Velde, François R. and David R. Weir. . The Financial Market and Government Debt
Policy in France, –. Journal of Economic History ():–.
Vissière, Isabelle. . Cher Voltaire : la correspondance de Madame Du Deffand avec Voltaire.
Paris: Des Femmes.
Walsh, Correa Moylan. . The Measurement of General Exchange Value. New York: Macmillan.
Weintraub, E. Roy and Evelyn L. Forget. . Introduction. In Economists’ Lives: Biography
and Autobiography in the History of Economics, edited by E. R. Weintraub and Evelyn L.
Forget, –. Duke University Press (Durham and London).
Working Paper Series
A series of research studies on regional economic issues relating to the Seventh Federal
Reserve District, and on financial and economic topics.
U.S. Corporate and Bank Insolvency Regimes: An Economic Comparison and Evaluation
Robert R. Bliss and George G. Kaufman
WP-06-01
Redistribution, Taxes, and the Median Voter
Marco Bassetto and Jess Benhabib
WP-06-02
Identification of Search Models with Initial Condition Problems
Gadi Barlevy and H. N. Nagaraja
WP-06-03
Tax Riots
Marco Bassetto and Christopher Phelan
WP-06-04
The Tradeoff between Mortgage Prepayments and Tax-Deferred Retirement Savings
Gene Amromin, Jennifer Huang,and Clemens Sialm
WP-06-05
Why are safeguards needed in a trade agreement?
Meredith A. Crowley
WP-06-06
Taxation, Entrepreneurship, and Wealth
Marco Cagetti and Mariacristina De Nardi
WP-06-07
A New Social Compact: How University Engagement Can Fuel Innovation
Laura Melle, Larry Isaak, and Richard Mattoon
WP-06-08
Mergers and Risk
Craig H. Furfine and Richard J. Rosen
WP-06-09
Two Flaws in Business Cycle Accounting
Lawrence J. Christiano and Joshua M. Davis
WP-06-10
Do Consumers Choose the Right Credit Contracts?
Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, and Nicholas S. Souleles
WP-06-11
Chronicles of a Deflation Unforetold
François R. Velde
WP-06-12
Female Offenders Use of Social Welfare Programs Before and After Jail and Prison:
Does Prison Cause Welfare Dependency?
Kristin F. Butcher and Robert J. LaLonde
Eat or Be Eaten: A Theory of Mergers and Firm Size
Gary Gorton, Matthias Kahl, and Richard Rosen
WP-06-13
WP-06-14
1
Working Paper Series (continued)
Do Bonds Span Volatility Risk in the U.S. Treasury Market?
A Specification Test for Affine Term Structure Models
Torben G. Andersen and Luca Benzoni
WP-06-15
Transforming Payment Choices by Doubling Fees on the Illinois Tollway
Gene Amromin, Carrie Jankowski, and Richard D. Porter
WP-06-16
How Did the 2003 Dividend Tax Cut Affect Stock Prices?
Gene Amromin, Paul Harrison, and Steven Sharpe
WP-06-17
Will Writing and Bequest Motives: Early 20th Century Irish Evidence
Leslie McGranahan
WP-06-18
How Professional Forecasters View Shocks to GDP
Spencer D. Krane
WP-06-19
Evolving Agglomeration in the U.S. auto supplier industry
Thomas Klier and Daniel P. McMillen
WP-06-20
Mortality, Mass-Layoffs, and Career Outcomes: An Analysis using Administrative Data
Daniel Sullivan and Till von Wachter
WP-06-21
The Agreement on Subsidies and Countervailing Measures:
Tying One’s Hand through the WTO.
Meredith A. Crowley
WP-06-22
How Did Schooling Laws Improve Long-Term Health and Lower Mortality?
Bhashkar Mazumder
WP-06-23
Manufacturing Plants’ Use of Temporary Workers: An Analysis Using Census Micro Data
Yukako Ono and Daniel Sullivan
WP-06-24
What Can We Learn about Financial Access from U.S. Immigrants?
Una Okonkwo Osili and Anna Paulson
WP-06-25
Bank Imputed Interest Rates: Unbiased Estimates of Offered Rates?
Evren Ors and Tara Rice
WP-06-26
Welfare Implications of the Transition to High Household Debt
Jeffrey R. Campbell and Zvi Hercowitz
WP-06-27
Last-In First-Out Oligopoly Dynamics
Jaap H. Abbring and Jeffrey R. Campbell
WP-06-28
Oligopoly Dynamics with Barriers to Entry
Jaap H. Abbring and Jeffrey R. Campbell
WP-06-29
Risk Taking and the Quality of Informal Insurance: Gambling and Remittances in Thailand
Douglas L. Miller and Anna L. Paulson
WP-07-01
2
Working Paper Series (continued)
Fast Micro and Slow Macro: Can Aggregation Explain the Persistence of Inflation?
Filippo Altissimo, Benoît Mojon, and Paolo Zaffaroni
WP-07-02
Assessing a Decade of Interstate Bank Branching
Christian Johnson and Tara Rice
WP-07-03
Debit Card and Cash Usage: A Cross-Country Analysis
Gene Amromin and Sujit Chakravorti
WP-07-04
The Age of Reason: Financial Decisions Over the Lifecycle
Sumit Agarwal, John C. Driscoll, Xavier Gabaix, and David Laibson
WP-07-05
Information Acquisition in Financial Markets: a Correction
Gadi Barlevy and Pietro Veronesi
WP-07-06
Monetary Policy, Output Composition and the Great Moderation
Benoît Mojon
WP-07-07
Estate Taxation, Entrepreneurship, and Wealth
Marco Cagetti and Mariacristina De Nardi
WP-07-08
Conflict of Interest and Certification in the U.S. IPO Market
Luca Benzoni and Carola Schenone
WP-07-09
The Reaction of Consumer Spending and Debt to Tax Rebates –
Evidence from Consumer Credit Data
Sumit Agarwal, Chunlin Liu, and Nicholas S. Souleles
WP-07-10
Portfolio Choice over the Life-Cycle when the Stock and Labor Markets are Cointegrated
Luca Benzoni, Pierre Collin-Dufresne, and Robert S. Goldstein
WP-07-11
Nonparametric Analysis of Intergenerational Income Mobility
with Application to the United States
Debopam Bhattacharya and Bhashkar Mazumder
WP-07-12
How the Credit Channel Works: Differentiating the Bank Lending Channel
and the Balance Sheet Channel
Lamont K. Black and Richard J. Rosen
WP-07-13
Labor Market Transitions and Self-Employment
Ellen R. Rissman
WP-07-14
First-Time Home Buyers and Residential Investment Volatility
Jonas D.M. Fisher and Martin Gervais
WP-07-15
Establishments Dynamics and Matching Frictions in Classical Competitive Equilibrium
Marcelo Veracierto
WP-07-16
Technology’s Edge: The Educational Benefits of Computer-Aided Instruction
Lisa Barrow, Lisa Markman, and Cecilia Elena Rouse
WP-07-17
3
Working Paper Series (continued)
The Widow’s Offering: Inheritance, Family Structure, and the Charitable Gifts of Women
Leslie McGranahan
Demand Volatility and the Lag between the Growth of Temporary
and Permanent Employment
Sainan Jin, Yukako Ono, and Qinghua Zhang
WP-07-18
WP-07-19
A Conversation with 590 Nascent Entrepreneurs
Jeffrey R. Campbell and Mariacristina De Nardi
WP-07-20
Cyclical Dumping and US Antidumping Protection: 1980-2001
Meredith A. Crowley
WP-07-21
Health Capital and the Prenatal Environment:
The Effect of Maternal Fasting During Pregnancy
Douglas Almond and Bhashkar Mazumder
WP-07-22
The Spending and Debt Response to Minimum Wage Hikes
Daniel Aaronson, Sumit Agarwal, and Eric French
WP-07-23
The Impact of Mexican Immigrants on U.S. Wage Structure
Maude Toussaint-Comeau
WP-07-24
A Leverage-based Model of Speculative Bubbles
Gadi Barlevy
WP-08-01
Displacement, Asymmetric Information and Heterogeneous Human Capital
Luojia Hu and Christopher Taber
WP-08-02
BankCaR (Bank Capital-at-Risk): A credit risk model for US commercial bank charge-offs
Jon Frye and Eduard Pelz
WP-08-03
Bank Lending, Financing Constraints and SME Investment
Santiago Carbó-Valverde, Francisco Rodríguez-Fernández, and Gregory F. Udell
WP-08-04
Global Inflation
Matteo Ciccarelli and Benoît Mojon
WP-08-05
Scale and the Origins of Structural Change
Francisco J. Buera and Joseph P. Kaboski
WP-08-06
Inventories, Lumpy Trade, and Large Devaluations
George Alessandria, Joseph P. Kaboski, and Virgiliu Midrigan
WP-08-07
School Vouchers and Student Achievement: Recent Evidence, Remaining Questions
Cecilia Elena Rouse and Lisa Barrow
WP-08-08
4
Working Paper Series (continued)
Does It Pay to Read Your Junk Mail? Evidence of the Effect of Advertising on
Home Equity Credit Choices
Sumit Agarwal and Brent W. Ambrose
WP-08-09
The Choice between Arm’s-Length and Relationship Debt: Evidence from eLoans
Sumit Agarwal and Robert Hauswald
WP-08-10
Consumer Choice and Merchant Acceptance of Payment Media
Wilko Bolt and Sujit Chakravorti
WP-08-11
Investment Shocks and Business Cycles
Alejandro Justiniano, Giorgio E. Primiceri, and Andrea Tambalotti
WP-08-12
New Vehicle Characteristics and the Cost of the
Corporate Average Fuel Economy Standard
Thomas Klier and Joshua Linn
WP-08-13
Realized Volatility
Torben G. Andersen and Luca Benzoni
WP-08-14
Revenue Bubbles and Structural Deficits: What’s a state to do?
Richard Mattoon and Leslie McGranahan
WP-08-15
The role of lenders in the home price boom
Richard J. Rosen
WP-08-16
Bank Crises and Investor Confidence
Una Okonkwo Osili and Anna Paulson
WP-08-17
Life Expectancy and Old Age Savings
Mariacristina De Nardi, Eric French, and John Bailey Jones
WP-08-18
Remittance Behavior among New U.S. Immigrants
Katherine Meckel
WP-08-19
Birth Cohort and the Black-White Achievement Gap:
The Roles of Access and Health Soon After Birth
Kenneth Y. Chay, Jonathan Guryan, and Bhashkar Mazumder
WP-08-20
Public Investment and Budget Rules for State vs. Local Governments
Marco Bassetto
WP-08-21
Why Has Home Ownership Fallen Among the Young?
Jonas D.M. Fisher and Martin Gervais
WP-09-01
Why do the Elderly Save? The Role of Medical Expenses
Mariacristina De Nardi, Eric French, and John Bailey Jones
WP-09-02
Using Stock Returns to Identify Government Spending Shocks
Jonas D.M. Fisher and Ryan Peters
WP-09-03
5
Working Paper Series (continued)
Stochastic Volatility
Torben G. Andersen and Luca Benzoni
WP-09-04
The Effect of Disability Insurance Receipt on Labor Supply
Eric French and Jae Song
WP-09-05
CEO Overconfidence and Dividend Policy
Sanjay Deshmukh, Anand M. Goel, and Keith M. Howe
WP-09-06
Do Financial Counseling Mandates Improve Mortgage Choice and Performance?
Evidence from a Legislative Experiment
Sumit Agarwal,Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet,
and Douglas D. Evanoff
WP-09-07
Perverse Incentives at the Banks? Evidence from a Natural Experiment
Sumit Agarwal and Faye H. Wang
WP-09-08
Pay for Percentile
Gadi Barlevy and Derek Neal
WP-09-09
The Life and Times of Nicolas Dutot
François R. Velde
WP-09-10
6
@FedFRASER