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JACQUES LAFFITTE (1767-1844)

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Originally appearing in Volume V16, Page 68 of the 1911 Encyclopedia Britannica.
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JACQUES See also:

LAFFITTE (1767-1844)  , See also:French banker and politician, was See also:born at See also:Bayonne on the 24th of See also:October 1767, one of the ten See also:children of a See also:carpenter . He became clerk in the banking See also:house of Perregaux in See also:Paris, was made a partner in the business in 1800, and in 1804 succeeded Perregaux as See also:head of the See also:firm . The house of Perregaux, See also:Laffitte et Cie. became one of the greatest in See also:Europe, and Laffitte became See also:regent (1809), then See also:governor (1814) of the See also:Bank of See also:France and See also:president of the Chamber of See also:Commerce (1814) . He raised large sums of See also:money for the provisional See also:government in 1814 and for See also:Louis XVIII. during the See also:Hundred Days, and it was with him that See also:Napoleon deposited five million francs in See also:gold before leaving France for the last See also:time . Rather than permit the government to appropriate the money from the Bank he supplied two million from his own See also:pocket for the arrears of the imperial troops after See also:Waterloo . He was returned by the See also:department of the See also:Seine to the Chamber of Deputies in 1816, and took his seat on the See also:Left . He spoke chiefly on See also:financial questions; his known Liberal views did not prevent Louis XVIII. from insisting on his inclusion on the See also:commission on the public finances . In 1818 he saved Paris from a financial crisis by buying a large amount of stock, but next See also:year, in consequence of his heated See also:defence of the See also:liberty of the See also:press and the electoral See also:law of 1867, the governorship of the Bank was taken from him . One of the earliest and most determined of the partisans of a constitutional See also:monarchy under the See also:duke of See also:Orleans, he was See also:deputy for Bayonne in See also:July 183o, when his house in Paris became the headquarters of the revolutionary party . When See also:Charles X., after retracting the hated ordinances, sent the See also:comte d'Argoutl to Laffitte to negotiate a See also:change of See also:ministry, the banker replied, " It is too See also:late . There is no longer a Charles X.," and it was he who secured the nomination of Louis Philippe as See also:lieutenant-See also:general of the See also:kingdom . On the 3rd of See also:August he became president of the Chamber of Deputies, and on the 9th he received in this capacity Louis Philippe's See also:oath to the new constitution .

The clamour of the Paris See also:

mob for the See also:death of the imprisoned ministers of Charles X., which in October culminated in riots, induced the i Apoilinaire See also:Antoine See also:Maurice, comte d'Argout (1782-1858), after-wards reconciled to the July monarchy, and a member of the Laffitte, Casimir-See also:Perier and See also:Thiers cabinets.more moderate members of the government—including See also:Guizot, the duc de See also:Broglie and Casimir-Perier—to See also:hand over the See also:administration to a ministry which, possessing the confidence of the revolutionary Parisians, should be in a better position to See also:save the ministers from their fury . On the 5th of See also:November, accordingly, Laffitte became See also:minister-president of a government pledged to progress (mouvement), holding at the same time the See also:portfolio of See also:finance . The government was torn between the See also:necessity for preserving See also:order and the no less pressing necessity (for the moment) of conciliating the Parisian populace; with the result that it succeeded in doing neither one nor the other . The impeached ministers were, indeed, saved by the courage of the Chamber of Peers and the attitude of the See also:National Guard; but their safety was bought at the See also:price of Laffitte's popularity . His policy of a French intervention .in favour of the See also:Italian revolutionists, by which he might have regained his popularity, was thwarted by the See also:diplomatic policy of Louis Philippe . The resignation of See also:Lafayette and See also:Dupont de 1'See also:Eure still further undermined the government, which, incapable even of keeping order in the streets of Paris, ended by being discredited with all parties . At length Louis Philippe, anxious to See also:free himself from the hampering See also:control of the agents of his See also:fortune, thought it safe to See also:parade his want of confidence in the See also:man who had made him See also:king . Thereupon, in See also:March 1831, Laffitte resigned, begging See also:pardon of See also:God and man for the See also:part he had played in raising Louis Philippe to the See also:throne . He left See also:office politically and financially a ruined man . His affairs were See also:wound up in 1836, and next year he created a See also:credit bank, which prospered as See also:long as he lived, but failed in 1848 . He died in Paris on the 26th of May 1844 . See P .

Thureau-Dangin, La Monarchie de Juillet (vol. i . 1884) .

End of Article: JACQUES LAFFITTE (1767-1844)
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