It is said that, during the war with Holland, Louvois induced the king to contract a loan; the premier-president, Lamoignon, supported the measure.

"You are triumphant," said Colbert, who had vigorously opposed it; "you think you have done the deed of a good man; what! did not I know as well as you that the king could get money by borrowing?
But I was careful not to say so.

And so the borrowing road is opened.
What means will remain henceforth of checking the king in his expenditure?
After the loans, taxes will be wanted to pay them; and, if the loans have no limit, the taxes will have none either." At the king's death the loans amounted to more than two milliards and a half, the deficit was getting worse and worse every day, there was no more money to be had, and the income from property went on diminishing.

"I have only some dirty acres which are turning to stones instead of being bread," wrote Madame de Sevigne.

Trade was languishing, the manufactures founded by Colbert were dropping away one after another; the revocation of the edict of Nantes and the emigration of Protestants had drained France of the most industrious and most skilful workmen; many of the Reformers had carried away a great deal of capital; the roads, everywhere neglected, were becoming impracticable.