Jacques Laffitte
Encyclopedia
Jacques Laffitte was a French banker and politician.
, one of the ten children of a carpenter.
He became clerk in the banking house of Perregaux in Paris. He was made a partner in the business in 1800, and in 1804 succeeded Perregaux as head of the firm. The house of Perregaux, Laffitte et Cie. became one of the greatest in Europe. Laffitte himself became regent (1809), then governor (1814) of the Bank of France and president of the Chamber of Commerce
(1814). He raised large sums of money for the provisional government in 1814 and for King Louis XVIII of France
during the Hundred Days
. It was with him that Napoleon deposited five million francs in gold before leaving France for the last time.
Rather than permit the government to appropriate the money from the bank, Laffitte supplied two million from his own pocket to cover the arrears of the imperial troops after the Battle of Waterloo
. He was returned by the département of the Seine
to the Chamber of Deputies in 1816, and took his seat on the left. He spoke chiefly on financial questions; his known Liberal views did not prevent Louis XVIII from insisting on his inclusion on the commission on the public finances.
In 1818 Laffitte saved Paris from financial crisis by buying a large amount of stock, but the following year, as a result of his vigorous defence of the liberty of the press and the electoral law of 1817, he lost the governorship of the Bank. One of the earliest and most determined of the partisans of a constitutional monarchy
under the duke of Orleans, he was deputy for Bayonne in July 1830, when his house in Paris became the headquarters of the revolutionary party. When Charles X
, after retracting the hated ordinances, sent the comte d'Argout to Laffitte to negotiate a change of ministry, the banker replied, "It is too late. There is no longer a Charles X," and it was he who secured the nomination of Louis Philippe
as lieutenant-general of the kingdom. On 3 August he became president of the Chamber of Deputies, and on 9 August, he received in this capacity Louis Philippe's oath to the new constitution.
The clamour of the Paris mob for the death of the imprisoned ministers of Charles X, culminating in October riots, induced the more moderate members of the government – including Guizot, the duc de Broglie and Casimir Pierre Perier
– to hand over the administration to a ministry which had the confidence of the revolutionary Parisians. On 5 November, Laffitte became minister-president of a government pledged to progress "mouvement"; he simultaneously held the portfolio of finance. The government was torn between the necessity for preserving order and the need to conciliate the Parisian populace; it succeeded in doing neither. The impeached ministers were saved by the courage of the Chamber of Peers and the attitude of the National Guard; but their safety was bought at the price of Laffitte's popularity.
His policy of a French intervention in favour of the Italian revolutionists, by which he might have regained his popularity, was thwarted by the diplomatic policy of Louis Philippe. The resignation of Lafayette and Dupont de l'Eure further undermined the government, which, incapable of keeping order in the streets of Paris, ended by being completely discredited. At length Louis Philippe, anxious to free himself from the control of the agents of his fortune, thought it safe to parade his want of confidence in the man who had made him king. In March 1831, Laffitte resigned, begging pardon of God and man for the part he had played in putting Louis Philippe on the throne. He left office politically and financially ruined. His affairs were wound up in 1836, and the following year he created a credit bank, which prospered during his lifetime, but failed in 1848. See Paul Thureau-Dangin
, La Monarchie de Juillet (vol. i. 1884).
Burial Place
Père Lachaise Cemetery Paris, France
Biography
Laffitte was born at BayonneBayonne
Bayonne is a city and commune in south-western France at the confluence of the Nive and Adour rivers, in the Pyrénées-Atlantiques department, of which it is a sub-prefecture...
, one of the ten children of a carpenter.
He became clerk in the banking house of Perregaux in Paris. He was made a partner in the business in 1800, and in 1804 succeeded Perregaux as head of the firm. The house of Perregaux, Laffitte et Cie. became one of the greatest in Europe. Laffitte himself became regent (1809), then governor (1814) of the Bank of France and president of the Chamber of Commerce
Chamber of commerce
A chamber of commerce is a form of business network, e.g., a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to advocate on behalf of the business community...
(1814). He raised large sums of money for the provisional government in 1814 and for King Louis XVIII of France
Louis XVIII of France
Louis XVIII , known as "the Unavoidable", was King of France and of Navarre from 1814 to 1824, omitting the Hundred Days in 1815...
during the Hundred Days
Hundred Days
The Hundred Days, sometimes known as the Hundred Days of Napoleon or Napoleon's Hundred Days for specificity, marked the period between Emperor Napoleon I of France's return from exile on Elba to Paris on 20 March 1815 and the second restoration of King Louis XVIII on 8 July 1815...
. It was with him that Napoleon deposited five million francs in gold before leaving France for the last time.
Rather than permit the government to appropriate the money from the bank, Laffitte supplied two million from his own pocket to cover the arrears of the imperial troops after the Battle of Waterloo
Battle of Waterloo
The Battle of Waterloo was fought on Sunday 18 June 1815 near Waterloo in present-day Belgium, then part of the United Kingdom of the Netherlands...
. He was returned by the département of the Seine
Seine (département)
Seine was a département of France encompassing Paris and its immediate suburbs. Its préfecture was Paris and its official number was 75. The Seine département was abolished in 1968 and its territory divided among four new départements....
to the Chamber of Deputies in 1816, and took his seat on the left. He spoke chiefly on financial questions; his known Liberal views did not prevent Louis XVIII from insisting on his inclusion on the commission on the public finances.
In 1818 Laffitte saved Paris from financial crisis by buying a large amount of stock, but the following year, as a result of his vigorous defence of the liberty of the press and the electoral law of 1817, he lost the governorship of the Bank. One of the earliest and most determined of the partisans of a constitutional monarchy
Constitutional monarchy
Constitutional monarchy is a form of government in which a monarch acts as head of state within the parameters of a constitution, whether it be a written, uncodified or blended constitution...
under the duke of Orleans, he was deputy for Bayonne in July 1830, when his house in Paris became the headquarters of the revolutionary party. When Charles X
Charles X of France
Charles X was known for most of his life as the Comte d'Artois before he reigned as King of France and of Navarre from 16 September 1824 until 2 August 1830. A younger brother to Kings Louis XVI and Louis XVIII, he supported the latter in exile and eventually succeeded him...
, after retracting the hated ordinances, sent the comte d'Argout to Laffitte to negotiate a change of ministry, the banker replied, "It is too late. There is no longer a Charles X," and it was he who secured the nomination of Louis Philippe
Louis-Philippe of France
Louis Philippe I was King of the French from 1830 to 1848 in what was known as the July Monarchy. His father was a duke who supported the French Revolution but was nevertheless guillotined. Louis Philippe fled France as a young man and spent 21 years in exile, including considerable time in the...
as lieutenant-general of the kingdom. On 3 August he became president of the Chamber of Deputies, and on 9 August, he received in this capacity Louis Philippe's oath to the new constitution.
The clamour of the Paris mob for the death of the imprisoned ministers of Charles X, culminating in October riots, induced the more moderate members of the government – including Guizot, the duc de Broglie and Casimir Pierre Perier
Casimir Pierre Perier
Casimir Pierre Perier was a French statesman, President of the Council during the July Monarchy, when he headed the conservative Parti de la résistance .-Life:...
– to hand over the administration to a ministry which had the confidence of the revolutionary Parisians. On 5 November, Laffitte became minister-president of a government pledged to progress "mouvement"; he simultaneously held the portfolio of finance. The government was torn between the necessity for preserving order and the need to conciliate the Parisian populace; it succeeded in doing neither. The impeached ministers were saved by the courage of the Chamber of Peers and the attitude of the National Guard; but their safety was bought at the price of Laffitte's popularity.
His policy of a French intervention in favour of the Italian revolutionists, by which he might have regained his popularity, was thwarted by the diplomatic policy of Louis Philippe. The resignation of Lafayette and Dupont de l'Eure further undermined the government, which, incapable of keeping order in the streets of Paris, ended by being completely discredited. At length Louis Philippe, anxious to free himself from the control of the agents of his fortune, thought it safe to parade his want of confidence in the man who had made him king. In March 1831, Laffitte resigned, begging pardon of God and man for the part he had played in putting Louis Philippe on the throne. He left office politically and financially ruined. His affairs were wound up in 1836, and the following year he created a credit bank, which prospered during his lifetime, but failed in 1848. See Paul Thureau-Dangin
Paul Thureau-Dangin
Paul Thureau-Dangin , member of the French Academy , was a historian of the reign of Louis-Philippe and also of the revival of Catholic thought in nineteenth century Britain.Thureau-Dangin reconciled his liberal Catholic position with support for republican...
, La Monarchie de Juillet (vol. i. 1884).
Burial Place
Père Lachaise Cemetery Paris, France