Chapter 610: A New Hope
After two hours of discussion with King George III, William Pitt finally felt reassured: the King supported him.
As the familiar figure of Dr. Willis appeared at the door, Pitt said:
"Your Majesty, I will do my best to resolve the gas streetlamp crisis as soon as possible. However, regarding Lord Fox..."
He referred to James Fox, the leader of the opposition Whig Party.
"Our focus remains on the strategic situation with France, and that requires a stable cabinet. As for the Whigs, I'll persuade them to avoid stirring trouble," George III replied.
Before the King could finish, Dr. Willis approached and bowed.
"Your Majesty, it's time for your treatment. Tonight, you'll undergo another leech and mustard therapy session. It will help you relax mentally."
Suffering from porphyria, George III's condition occasionally affected his mental state. He had been residing at Windsor Castle for treatment, which included methods such as binding, scolding, flogging, caning, bloodletting, and the application of toxic substances.
To his credit, George III's physical constitution was remarkable; he endured these "treatments" and his mental affliction, living to the age of 82.
The King's legs trembled slightly at the thought of the therapy, but he steadied himself, offering Pitt one final piece of advice:
"If all else fails, divert public attention abroad, Mr. Prime Minister."
During peaceful times, the days seemed to pass swiftly.
Not long after Christmas, the gentle breezes of early spring began to stir across France.
The meeting hall in Versailles Palace was warm and cozy from the heat of the fireplaces. Around the conference table, cabinet ministers exchanged smiles, occasionally murmuring to one another.
It was evident that the ministers were pleased with their accomplishments from the past year. Today's cabinet meeting focused on reviewing last year's statistics, with each department presenting its annual summary.
In the past, Joseph had discussed individual matters with the ministers privately. But over the last six months, he had chaired the cabinet meetings personally. This time, he decided to hold the annual review in the meeting hall.
This approach fostered a sense of competition between departments and encouraged cooperation. For instance, the Minister of Trade needed to align plans with the growth data from the industrial sector.
Seated at the head of the table, Queen Marie Antoinette smiled as the ministers greeted her. She then turned to Archbishop Brienne and said:
"Archbishop Brienne, please begin."
Although Marie no longer involved herself in day-to-day governance, she continued to "oversee" the meetings to ensure her son, the Prince, commanded the ministers' respect.
Brienne bowed to the Queen and the Prince, opened with some formal remarks, and then got to the main point:
"… According to our agenda, I will start by presenting the financial data for last year."
The ministers reached for the 1791 National Financial Report, which had been distributed earlier, and began leafing through it.
Brienne's smile was unwavering, almost impossible to suppress.
"By the grace of God, and under the wise governance of Her Majesty and His Highness, last year's total national revenue reached 740 million francs, an increase of 110 million francs from the previous year!"
Although rumors of increased revenues had circulated, the ministers had not anticipated such a substantial rise. Excited murmurs of congratulations filled the room.
A 17% annual growth rate was extraordinary, even by the standards of the Industrial Revolution.
Brienne, clearly pleased, didn't even glance at his notes, having memorized every detail.
"Meanwhile, total expenditures amounted to 640 million francs.
"This leaves us with a surplus of 98 million francs!"
As he concluded, his voice quivered slightly. Taking a moment, he bowed his head and inhaled deeply to steady himself.
His reaction was understandable. For decades—since the late reign of Louis XIV—France had been haunted by the specter of budget deficits. Successive finance ministers had borne the brunt of public ire for their perceived incompetence.
This year marked a historic turning point.
Marie Antoinette stood abruptly, applauding Brienne with visible emotion.
"Thank you for your outstanding and effective work! You have opened a new chapter for France, bringing hope to our nation once again!"
The other ministers followed her lead, rising to applaud and praise Brienne.
Brienne turned toward Joseph, bowing slightly. "This achievement was made possible by His Highness's fiscal and tax reforms. I merely followed his guidance."
It was no false modesty.
Brienne's abilities were middling compared to his predecessors, and without Joseph's innovative policies, fiscal surplus would have been unimaginable. Brienne might have faced dismissal during one of many debt crises over the past two years.
The ministers turned their gazes to Joseph, their expressions silently affirming Brienne's words.
Joseph smiled and said, "The French treasury achieved a surplus under your stewardship, Archbishop Brienne. No one will overlook your immense contributions. Congratulations to you, and to France!"
Joseph's words reflected his willingness to share credit. Brienne had proven loyal, and the Prince saw no harm in lifting his morale.
The room resounded with shouts of "Vive la France!" and "Vive l'Archevêque Brienne!" The ministers also showered Joseph with praise before finally resuming their seats.
Brienne continued:
"This year, our national debt will decrease to 1.98 billion francs.
"If the debt-replacement plan proceeds smoothly, fixed interest expenditures could fall to 84 million francs this year."
The "debt-replacement plan" involved issuing low-interest bonds to replace older, higher-interest loans—a strategy that relied on public confidence in France's progress to keep bond rates low.
Having read the reports on last year's industrial and agricultural growth, Brienne was confident that the bond sales would succeed.
Once again, the room erupted in applause. Although France's total debt remained high, interest payments were nearing sustainable levels. At this rate, France could escape its debt shadow entirely within four to five years.
While others basked in the moment, Joseph remained calm.
He understood that last year's extraordinary surplus was an anomaly, unlikely to be repeated.
First, much of the revenue came from the fines and seizures imposed on tax farmers. This alone accounted for tens of millions of francs. In fact, initial inexperience at the Tax Bureau had briefly caused a decline in collections, which only improved after implementing the VAT system.
Second, the surge in revenues from "special trade" activities had contributed over 10 million francs in just four months.
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