Jacques Laffitte

Jacques Laffittewas a French banker and politician prominent in public affairs from the end of the Napoleonic period to the first years of the July Monarchy (1830–31).

The son of a carpenter, Laffitte became clerk in the banking house of Perregaux in Paris, was made a partner in the business in 1800, and in 1804 succeeded Perregaux as head of the firm. The House of Perregaux, Laffitte et Cie, became one of the greatest in Europe, and Laffitte became regent (1809), then governor (1814) of the Bank of France and president of the Chamber of Commerce (1814). He raised large sums of money for the provisional government in 1814 and for Louis XVIII during the Hundred Days. Elected to the Chamber of Deputies in 1816, he took his seat on the Left and spoke chiefly on financial questions. In 1818 he saved Paris from a financial crisis by buying a large amount of stock, but the next year, in consequence of his heated defense of the liberty of the press and the electoral law of 1819, the governorship of the bank was taken from him. One of the earliest and most determined of the partisans of a constitutional monarchy under Louis-Philippe, duc d’Orléans, he was deputy for Bayonne in July 1830, when his house in Paris became the headquarters of the revolutionary party. When Charles X, after retracting the hated ordinances, tried to negotiate a change of ministry, the banker replied, “It is too late. There is no longer a Charles X.”

Eager to avoid a republic, Laffitte, who was elected president of the Chamber of Deputies, did much to secure Louis-Philippe’s accession to the throne. The new king made him a minister of state and finally, in November 1830, premier. He tried to help revolutionary movements abroad (particularly in Italy) but would not let France intervene, except in Belgium, thus provoking criticism from right and left alike. Laffitte resigned on March 13, 1831.