The Book in the Painting:
De la Caisse d'Escompte
 |
Label on book in 1785 Delapierre portrait. |
The book De la Caisse d'Escompte (also called a pamphlet) depicted in the painting contained an analysis of the French financial institution known as the Caisse d'Escompte (Discount Bank).1 The primary author, Honoré Gabriel Riqueti, Comte de Mirabeau (generally referred to as "Mirabeau"), and his coauthors used this publication to condemn the fiscal policy of the state as going against the interest of the public.2 The work analyzed the unfortunate consequences of this monopoly—accurately predicting that Caisse d'Escompte was a speculative venture destined to collapse.3 It was among the influential literature critical of the French government in the years leading up to the French Revolution.
The bank, which operated from 24 March 17764 to 4 August 1793,5 bought loans at a discount. Its founding was seen as the first step toward putting into place a banking system following the example of the system described by Adam Smith in 1776 in The Wealth of Nations.6 One of its purposes was to grant loans to the French government to help cover debts from France's support of the American Revolution.7 After several successful years it became a monopoly and started to grant too many loans to the government, accompanied by excessive note issues.8
De la Caisse d'Escompte was written in London, printed in Bouillon, Belgium, on 17 May 1785, and smuggled into France.9 Mirabeau realized that the book would be controversial and explained that he was forced to publish it abroad before taking it into France, whose borders were "always so well guarded by the enemies of liberty and truth."10
Although Mirabeau was the primary author, several of the chapters were written by others who would eventually have important roles as the French Revolution approached. In his memoirs, Jacques-Pierre Brissot de Warville wrote that he gave Mirabeau chapters 7 and 8, that another chapter had been composed by Pierre Samuel du Pont de Nemours, and that the rest was from Étienne Clavière.11 12
Potential Significance of De la Caisse d'Escompte and Its Authors to Thomas Jefferson
- All four individuals who helped craft De la Caisse d'Escompte corresponded with Thomas Jefferson, and Jefferson provided materials for some of their writings—mostly though Mirabeau.13
- De la Caisse d'Escompte includes a passionate pro-agrarian introduction that parallels the pro-agrarian philosophy espoused by Jefferson in the only book Jefferson published during his lifetime—Notes on the State of Virginia. Jefferson's book was printed (in English) in Paris on 10 May 178514—seven days before Mirabeau's De la Caisse d'Escompte was printed in Belgium.
- De la Caisse d'Escompte is dated 17 May 1785.15 That date marked the ceremonial high-point of Jefferson's five-year tour in France. (Although Jefferson's promotion from minister plenipotentiary to full minister was conferred by the American Congress on 10 March 1785, the role was not official until the day that Jefferson presented his ministerial credentials to King Louis XVI—Tuesday, 17 May 1785.16)
- The Discount Bank (Caisse d'Escompte) was founded by Isaac Panchaud in 1776—the same year that Jefferson wrote the United States Declaration of Independence and the new country declared independence from England. The bank's founding date was well known throughout France, having been commemorated on widely distributed medals (see image for one example).
 |
Medal commemorating establishment of "Caisse d'Escompte" in 1776. |
Other Works by Mirabeau of Importance to Jefferson
- Jefferson and Mirabeau were admirers of each other's work. Both were proponents of the types of revolutionary ideas which, by 1785, had already taken hold in America and were on the verge of doing so in France. Mirabeau's first published work—Essai sur le despotisme (Essay on Despotism), published in December 1775—was a passionate endorsement of ideals espoused by proponents of the American Revolution.17
- Another influential work by Mirabeau known to be of interest to Jefferson was Considerations Sur l'Ordre de Cincinnatus (1784), or Considerations on the Order of Cincinnatus—a pro-democracy work translated into English by Mirabeau's friend Sir Samuel Romilly in 1785 and distributed widely in England and America.18 Mirabeau used Jefferson's Declaration of Independence as the basis for many of the egalitarian arguments made in Cincinnatus,19 and Mirabeau's colleague Benjamin Franklin (serving with Jefferson in France) personally provided some of the book's materials to Mirabeau.20 Jefferson owned two copies of Cincinnatus: the 1784 French first edition (printed in England rather than France because of its controversial nature)21 and a 1785 French edition.22
- In addition to his personal pro-democracy writings, Mirabeau in 1784 (while in exile in London) translated into French a dissertation written by Jefferson's British colleague Dr. Richard Price.23 To this treatise—Observations on the Importance of the American Revolution, and a Means of Making It a Benefit to the World—Mirabeau added his own "Reflections" tract and several related tracts. With encouragement from Benjamin Franklin, the resulting work was translated in early 1785 from the French of Mirabeau into English and published in London just prior to Mirabeau's publication of De la Caisse d'Escompte. (Early in the combined Observations work, Mirabeau quotes Jefferson's writings at length, specifically the Declaration of Independence and previous writings that were the basis for that document.)
- Price's work was given to Jefferson by Benjamin Franklin at Price's request, and elicited the following response from Jefferson in a letter to Price dated 1 February 1785:24 "I have read it with very great pleasure, as have done many others to whom I have communicated it. The spirit which it breathes is as affectionate as the observations themselves are wise and just. I have no doubt it will be reprinted in America and produce much good there."
References and notes
[1] A History of Banking in all the Leading Nations, Vol. III (France, Italy, Spain, Portugal, Canada), edited by the Editor of the Journal of Commerce and Commercial Bulletin, New York, 1896; Chapter III, "The Discount Bank—La Caisse D'Escompte."
[2] Richard Whatmore & James Livesey, "Étienne Clavière, Jacques-Pierre Brissot and the intellectual origins of Girondin politics," Annales historique de la Révolution française, #321, July-September 2000.
[3] Philippe Nataf, "La libre concurrence bancaire en France (1796-1803)."
[4] Le Comte de Mirabeau, De la Caisse d'Escompte, 1785, p. 127.
[6] Philippe Nataf, "La libre concurrence bancaire en France (1796-1803)."
[7] A History of Banking in all the Leading Nations, Vol. III (France, Italy, Spain, Portugal, Canada), edited by the Editor of the Journal of Commerce and Commercial Bulletin, New York, 1896; Chapter III, "The Discount Bank—La Caisse D'Escompte." See also Franklin L. Ford, Europe 1780-1830, Holt, Rinehart and Winston, Inc., New York, 1970, p. 98.
[8] Roy Davies & Glyn Davies, "A Comparative Chronology of Money: Monetary History from Ancient Times to the Present Day (1750 – 1799)."
[9] Antonina Vallentin, Mirabeau, translated by E.W. Dickes, The Viking Press, New York, 1948, p. 214.
[10] Le Comte de Mirabeau, De la Caisse d'Escompte, 1785, p. 207.
[11] Richard Whatmore & James Livesey, "Étienne Clavière, Jacques-Pierre Brissot and the intellectual origins of Girondin politics," Annales historique de la Révolution française, #321, July-September 2000. See also Jacques Brissot, J.-P. Brissot: Mémoires (1734-1793) publiés avec étude critique et notes par Cl. Perroud (Volume 2), Librairie Alphonse Picard & Fils, Paris, 1911, p. 31.
[12] Jacques Pierre Brissot de Warville informed Thomas Jefferson that he planned to move with his wife and children to the United States. But, after becoming a leading member of the Girondist movement during the French Revolution and a household name in France because of his political journalism, he was executed on 31 October 1793. Étienne Clavière became Minister of Finance for the Girondists but—facing execution—committed suicide on 8 December 1793. After rising to prominence as president of the National Assembly and then narrowly escaping execution, Pierre Samuel du Pont de Nemours relocated with his family from France to the United States, where he retained his close ties to Thomas Jefferson during Jefferson's presidency. In 1802, du Pont originated the idea of the Louisiana Purchase and was enlisted by Jefferson to help negotiate the transaction with France. His son Eleuthère Irénée du Pont founded E.I. du Pont de Nemours and Company, one of America's largest corporations.
[13] The Papers of Thomas Jefferson, Volume 21, edited by Julian P. Boyd, Princeton University Press, Princeton, New Jersey, 1983: Index to correspondence with Brissot (pp. 62-63), Clavière (p. 101), Dupont (p. 155), and Mirabeau (p. 357).
[14] Jefferson's Memorandum Books—Accounts, with Legal Records and Miscellany, 1767-1826, Volume 1, edited by James A. Bear, Jr., and Lucia C. Stanton, Princeton University Press, Princeton, New Jersey, 1997, p. 591, footnote 78.
[15] Le Comte de Mirabeau, De la Caisse d'Escompte, 1785, p. 221.
[16] Jefferson's Memorandum Books—Accounts, with Legal Records and Miscellany, 1767-1826, Volume 1, edited by James A. Bear, Jr., and Lucia C. Stanton, Princeton University Press, Princeton, New Jersey, 1997, p. 584, footnote 56.
[17] Antonina Vallentin, Mirabeau, translated by E.W. Dickes, The Viking Press, New York, 1948, p. 86.
[18] Carl Van Doren, Benjamin Franklin, The Viking Press, New York, NY, 1938, pp. 709-710.
[19] Considerations on the Order of Cincinnatus…translated from the French of the Count de Mirabeau, printed for J. Johnson, St. Paul's Church-Yard, MDCC.LXXX.V. [1785], p. 27, footnote 1 (which quotes from the United States Declaration of Independence and references its entirety).
[20] Benjamin Franklin provided Cincinnatus materials to Mirabeau during a meeting at Franklin's residence in Passy, France, that took place on 13 July 1784. Eight weeks later, on 8 September 1784, Franklin wrote a letter to Benjamin Vaughan that was instrumental in helping Mirabeau find a publisher in London for "his dangerous book." (See Carl Van Doren, Benjamin Franklin, The Viking Press, New York, NY, 1938, p. 710.)
[21] Catalogue of the Library of Thomas Jefferson, Volume III, compiled with annotations by E. Millicent Sowerby, University Press of Virginia, Charlottesville, Virginia, 1983, pp. 229-231.
[22] Ibid., p. 295.
[23] Antonina Vallentin, Mirabeau, translated by E.W. Dickes, The Viking Press, New York, 1948, p. 202.
[24] The Papers of Thomas Jefferson, Volume 7, Princeton University Press, Princeton, New Jersey, 1953, pp. 630-631.