But in the course of the spring France sustained a far heavier loss than even the defeat of an army could have inflicted on her, in the retirement of Necker from the ministry.

As a statesman, he was certainly not entitled to any very high rank.

He had neither extensive knowledge, nor large views, nor firmness; the only project of constitutional reform which he had brought forward had been but a mutilated and imperfect copy of the system devised by the original and statesman-like daring of Turgot.

At a subsequent period he proved himself incapable of discerning the true character of the circumstances which surrounded him, and wholly ignorant of the feelings of the nation, and of the principles and objects of those who aspired to take a lead in its councils.

But as yet his financial policy had undoubtedly been successful.
He had greatly relieved the general distress, he had maintained the public credit, and he had inspired the nation with confidence in itself, and other countries also with confidence in its resources; but he had made many and powerful enemies by the retrenchments which had been a necessary part of his system.