Note 261 — Chapter XXI

The Emergency War Fund had been instituted by Louis XIV.’s celebrated War Minister, Louvois, who wished to have large sums of money always at hand for his great projects, without being obliged to take the Minister of Finance into his confidence, and was maintained, in time of war, by contributions levied on conquered territory, and, in time of peace, by a variety of means. The treasurers were not bound to render accounts annually, as in other Government offices, but were permitted to retain the money and employ it in their own affairs. This system had its advantages, but, on the other hand, it lent itself readily to malversation on the part of those who had the management of the Fund.