Many causes doubtless worked together to the disastrous result which marked the end of the reign of Louis XIV.: constant wars, bad administration in the latter half of the period, extravagance throughout; but France was practically never invaded, the war was kept at or beyond her own frontiers with slight exceptions, her home industries could suffer little from direct hostilities.

In these respects she was nearly equal to England, and under better conditions than her other enemies.

What made the difference in the results?
Why was France miserable and exhausted, while England was smiling and prosperous?
Why did England dictate, and France accept, terms of peace?
The reason apparently was the difference in wealth and credit.

France stood alone against many enemies; but those enemies were raised and kept moving by English subsidies.

The Lord Treasurer of England, writing in 1706 to Marlborough, says:-- "Though the land and trade of both England and Holland have excessive burthens upon them, yet the credit continues good both of them and us; whereas the finances of France are so much more exhausted that they are forced to give twenty and twenty-five per cent for every penny they send out of the kingdom, unless they send it in specie." In 1712 the expenditure of France was 240,000,000 francs, while the taxes brought in only 113,000,000 gross, of which, after deducting losses and necessary expenses, only 37,000,000 remained in the treasury; the deficit was sought to be met by anticipating parts of the revenue for years ahead, and by a series of extraordinary transactions tedious to name or to understand.
"In the summer of 1715 [two years after the peace] it seemed as if the situation could not grow worse,--no more public nor private credit; no more clear revenue for the State; the portions of the revenue not pledged, anticipated on the following years.