Based on an extensive survey of French primary sources and a discussion of the recent literature on fiscal policy in France and Europe during Louis XIV's wars, this article revisits the rationale behind the first experiment with paper money undertaken by finance minister Michel Chamillart, comparing it to other belligerents’ strategies, in particular England's, to adjust their monetary regime to the challenges of funding long wars of attrition. The article shows how concerns about economic activity, coinage and the need to finance the war deficit led to a series of debasements of the French currency, the establishment of a bank in the form of aCaisse des empruntsand the introduction of mint bills, which became legal tender and caused the first experience of fiat money inflation in history. Whereas Chamillart's personal shortcomings have been recently suggested as the cause of Louis XIV's humbling in the War of the Spanish Succession, I argue on the contrary that the introduction of paper money in 1704 was key to the capacity of France to sustain its military effort, but that a succession of military defeats against a more powerful coalition led to inflation. I also argue that the introduction of paper money saved theCaisse des empruntsand its bonds which helped sustain the war effort up until the peace. By situating the use of paper money within the broader question of the exercise of power in the absolute monarchy, this article examines the formation of fiscal policy, paying attention to the ways in which government sought advice from experts. It concludes by calling for further studies on policy- and decision-making under Louis XIV.

中文翻译：

---

“有史以来最困难的金融问题”：纸币和路易十四时期的战争融资

基于对法国主要资料的广泛调查和对路易十四战争期间法国和欧洲财政政策的近期文献的讨论，本文重新审视了财政部长米歇尔·查米拉特进行的第一次纸币实验背后的基本原理，并将其与其他交战国的战略，特别是英格兰的战略，以调整其货币制度以应对为长期消耗战提供资金的挑战。这篇文章展示了对经济活动、铸币和为战争赤字融资的需求的担忧如何导致法国货币的一系列贬值，以Caisse des emprunts以及薄荷纸币的引入，它成为了法定货币，并导致了历史上第一次法定货币通货膨胀的经历。尽管查米拉特的个人缺点最近被认为是路易十四在西班牙王位继承战争中羞辱的原因，但我相反认为，1704 年纸币的引入是法国维持其军事努力的能力的关键，但对更强大的联盟的一连串军事失败导致了通货膨胀。我还认为纸币的引入节省了Caisse des emprunts它的纽带有助于维持战争直到和平。通过将纸币的使用置于君主专制国家行使权力这一更广泛的问题中，本文考察了财政政策的形成，并关注政府向专家寻求建议的方式。最后呼吁对路易十四时期的政策和决策进行进一步研究。