why was the treasury empty when Louis XVI ascended the throne of France?
Answers
Answer:
1. Long years of wars had drained the financial resources of France.
2. The King's court at the immense palace of Versailles was extravagant. A huge amount of money was required for it's maintenance.
3.Taxes were levied only on third estate and exempted first and second estates which were rich.
4.The war with Britain added more than a billion livres to a debt that had already risen to more than 2 billion livres.
5.Lenders who gave the state credit, now began to charge 10% interest on the existing loans.
So, the treasury was empty when Louis XVI ascended the throne of France
Explanation:
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In 1774, Louis XVI of the Bourbon family of kings ascended the throne of France. He found an empty treasury. The causes for it was (i) Long years of wars had drained the financial resources of France. ... So, the French government had to spend an increasing percentage of its budget on interest payment.