DESMARETS, NICOLAS, MARQUIS DE MAILLEBOIS

born Sept. 10, 1648, Paris, France died May 4, 1721, Paris Desmarets also spelled Des Marets minister of finance during the last seven years of the reign (16431715) of Louis XIV of France. A nephew of Louis's great finance minister Jean-Baptiste Colbert, Desmarets rose rapidly in financial administration, but on Colbert's death (1683) he was exiled for his alleged (though unproved) involvement in a counterfeiting scheme. Allowed to return to Paris in 1686, he produced a remarkable series of memoranda exposing France's desperate economic situation. The fiscal crisis became particularly acute after France engaged the Austrians, British, and Dutch in the War of the Spanish Succession (170114). In 1703 Louis XIV's finance minister, Michel Chamillart, made Desmarets director of finances; and in 1708 he replaced Chamillart as controller general. He immediately postponed repayment of loans made to the government and obtained a lower rate of interest on some types of loans. In addition, he created a royal lottery, devalued metal currency, and instituted in 1710 a 10 percent tax on income. Although his skillful fiscal measures saw France through the war, the public debt had become unmanageable. In 1715 Desmarets recommended that the state should declare itself bankrupt. After the death of Louis XIV (September 1715) and the accession of young Louis XV, Desmarets was dismissed from office by the regent Philippe II, Duke d'Orlans.