The Crown Prince of France - Chapter 176

Chapter 176: The Terrifying Financial "Black Hole"

Viscount Calonne watched Necker’s expression of fear, his own face as serene as if he were savoring a cup of hot cocoa on a cold day. As he flipped through case files, his eyes narrowed with satisfaction.
“Hmm, shall we now ‘discuss’ your agreement with the Clasenet Bank six years ago, or your dealings with the Vincent Trading Bank seven years ago...?”

Necker slammed his palm on the armrest of his chair, his bloodshot eyes glaring as he roared, “Calonne, what gives you the right to interrogate me? Do you think I’m unaware of the things you’ve done? I’ll expose you! Expose you! Even if I have to go to prison, I’ll drag you down with me!”

Calonne calmly waited for Necker to finish his outburst, then leisurely pulled a document from his pocket. He held it up with a smirk.
“No need for you to expose anything—I’ve already confessed everything to the royal court. Behold, this is a royal pardon signed by His Majesty. My exile is officially over.

“And after returning all my ill-gotten gains, I am no longer subject to prosecution.”

Necker froze in disbelief.
“This... this can’t be...”

Calonne’s smile widened.
“Do you know what your greatest mistake in life was?

“It was grossly underestimating the power of the crown. Oh, and let’s not forget—publicly revealing royal expenditures and blaming the monarchy for financial woes.

“Whereas I chose unwavering loyalty to the crown. And now, I am the one interrogating you.

“Now, let us continue...”

...

At the Palais Royal, the Duke of Orléans finally received the news he had been waiting for.

“Lieutenant Colonel Laviere reports that the person sent to administer the poison has been permanently silenced. There is no trail leading back to him—and certainly none to you.”

Steward Donnadier whispered the message before handing over a small wax-sealed note. “This was just delivered by the secret police.”

Since Necker’s arrest, the Duke of Orléans’ informants had been sending daily updates from the Bastille.

The duke unfolded the note. Unlike before, it contained much more text. After a quick scan, his face turned ashen.

In the grand hall, more than a dozen banking magnates—all linked to Necker—were anxiously discussing countermeasures. Seeing the duke’s dark expression, they quickly gathered around him.

“Your Grace, has something happened?”
“What’s the latest from Necker?”

The Duke of Orléans threw the note to them in silence, his gaze fixed on the window.

Count Isaac picked up the note and exclaimed, “Calonne is conducting the interrogation? He’s returned from exile?”

Pausing, he passed the note to Viscount Berenger.

The viscount took one look before recoiling as if burned, tossing the note onto the table. The contents revealed that Berenger’s bank and its questionable loans with Necker were about to be exposed. Secret police and law enforcement were likely en route to his home and bank.

“I... I’ve been found out. What should I do...?”

The others were too frightened to touch the note, as if it were a venomous scorpion.

Isaac, noting their panic, raised his voice to rally their spirits. “Don’t be afraid. Together, we can surely come up with a solution!”

He turned toward the Duke of Orléans, their pillar of support. “Your Grace, surely you have a plan?”

The duke’s heart raced. He knew retreating now would mean complete defeat in the battle against the crown.

No, there had to be a way...

Sweat slicked his palms as he racked his brain for a strategy. Suddenly, Isaac’s earlier words echoed in his mind: “Together, we...”

The duke’s eyes lit up. Yes! Their greatest advantage was their numbers!

Even if the crown had leverage against individual banks, with enough people, they could escalate the crisis to unmanageable proportions. The monarchy would have no choice but to compromise.

The Duke of Orléans spun around and pointed at Berenger.
“Immediately confess to all charges and announce your bank’s bankruptcy.”

“No!” Berenger’s face turned pale. “What are you trying to do?”

“Set the forest ablaze and spread terror,” the duke replied, his expression cold and calculating. “Don’t bother with debts or liabilities. Leave the aftermath for others to clean up. Oh, and publish the bank’s accounts.”

“Why... why would you...?”

Count Isaac’s eyes darted as he quickly grasped the plan.
“Berenger Bank doesn’t have enough funds to cover its obligations to depositors and aristocratic investors. If the bank declares bankruptcy, there will be a rush to withdraw funds!”

Marquis Ludo’s face brightened with understanding.
“But most of the funds were loaned out, and much of it was government loans that can’t be recalled quickly. Those unable to retrieve their money will surely panic!”

The Duke of Orléans nodded smugly.
“More than half of Versailles’ nobility has investments in your banks. If they believe the crown will investigate further banks and that their money will vanish like at Berenger Bank, what do you think they’ll do?”

Isaac sneered. “They’ll make sure the king and queen can’t sleep a wink!”

“Exactly.”

Berenger, trembling as he watched the others’ sinister glee, stammered, “But what about me?”

The Duke of Orléans placed a reassuring hand on his shoulder.
“Don’t worry. Once this is over, I’ll get you out of prison and provide you with funds. You might even start over.”

...

The next morning, while Fouché’s agents and secret police were still auditing Berenger Bank, Viscount Berenger and his senior executives held a press conference. Before a crowd of reporters, they confessed to their illegal dealings with Necker and voluntarily surrendered illicit gains—leaving the bank’s accounts empty.

Shortly thereafter, Berenger Bank declared bankruptcy. Baffled police officers sealed the bank and arrested Berenger and his executives.

The shocking news spread swiftly through Versailles, fueled by calculated whispers. Nobles everywhere anxiously asked one another, “Did you invest in that bank?”

Rumors soon followed: Berenger Bank had collapsed due to illegal transactions with Necker, and more banks would likely follow.

That night, dozens of worried nobles crowded into the Palais Royal, seeking guidance from the Duke of Orléans.

“Many banks will face fines for bribery and illegal activities,” the duke said gravely. “No one will buy them, as no one wants to inherit those penalties.”

A nobleman despaired.
“How will I recover my investments? I heard Clasenet Bank might also be in trouble.”

“Please, Your Grace, advise us! Over ten banks have been implicated in Necker’s schemes.”

“That’s half my fortune!”
“My savings of over a decade are gone...”

The duke, seeing their despair, feigned reluctance.
“I, too, have invested heavily in these banks. If Necker’s trial continues, many more banks will fall. None of us will recover our money.”

“Then we must stop the trial!” someone shouted.

“Exile him instead!”

“But the evidence is conclusive. The crown won’t agree...”

The Duke of Orléans pointed at the speaker.
“Viscount Prodome is right. We must unite and pressure the crown to halt the trial.”

“How do we pressure the crown? Even the high courts are under its thumb!”

The duke smiled.
“Follow my lead. Here’s what we’ll do...”

...

In Paris, at the Royal Industrial Planning Bureau, Joseph reviewed a report with barely concealed joy.

Berenger had not only confessed but declared bankruptcy without negotiating terms.

Joseph had expected a fight—perhaps a plea deal or renegotiation—but the swift collapse was a windfall.

Berenger Bank’s failure meant the government was off the hook for its 35.2 million livres in loans. Without bankruptcy or liquidation laws, the contracts simply vanished.

Four and a half billion livres could vanish similarly if all 13 implicated banks collapsed.

Yet as Joseph reveled in this prospect, he overheard sobs from a nearby office.

“Luckily, you withdrew money last month for those dresses. It could’ve been worse,” someone consoled.

“But 80 livres... for house repairs... gone...”

The truth hit Joseph. Bank failures didn’t just erase government debt—they wiped out ordinary people’s savings.

A slower, controlled approach was needed.

At that moment, carriages arrived outside. Bishop Brienne’s attendant stepped out, followed by the bishop himself.

“Your Highness,” Brienne greeted anxiously, “trouble is brewing. Berenger Bank’s sudden collapse has devastated many nobles. They’re gathering at the Petit Trianon to demand Necker’s trial be stopped!”

Joseph’s eyes narrowed. “If they think they can blackmail the crown, they’ll find me merciless.”

Brienne wiped his brow. “Your Highness, they’re forming an alliance. They’ve threatened to cut off government loans if the trial continues...”

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