Necker," he declared, "is a maker of gold; he has introduced the philosopher's stone into the kingdom." This was for a long while the feeling throughout France.

"No bankruptcies, no new imposts, no loans," M.Turgot had said, and had looked to economy alone for the resources necessary to restore the finances.

Bolder and less scrupulous, M.Necker, who had no idea of having recourse to either bankruptcy or imposts, made unreserved use of the system of loans.

During the five years that his ministry lasted, the successive loans he contracted amounted to nearly five hundred million livres.

There was no security given to insure its repayment to the lenders.