Joseph Marie Terray

Joseph Marie Terray (9 December 1715, Boën – 18 February 1778) was a Controller-General of Finances during the reign of Louis XV of France, an agent of fiscal reform.

Terray, tonsured but not a priest, was appointed in 1736 an ecclesiastical counsellor in the Parlement of Paris, where he specialized in financial matters. In 1764 he was made abbot in commendam of the rich abbey of Molesme. The support of his uncle, physician in ordinary to the duchess of Orléans, mother of the Regent, eventually rendered him rich, enabling him to set aside his former circumspect style of life and openly seat his mistresses at his table. His genuine capacity attracted the attention of Louis XV's chancellor, René Nicolas de Maupeou, who made him controller general in December 1769. His first big venture was helping Mme du Barry's partisans to bring down the minister of foreign affairs, Étienne François, duc de Choiseul the very next year by demonstrating that the government could not afford to go to war with Great Britain. "Intelligent, plain-speaking, hard-working and rich", Terray spent the next few years stabilizing the finances of the country by repudiating part of the national debt, suspending payments on the interest on government bonds, and levying forced loans. These reforms aroused mass protest among nobles and commoners alike, which forced Maupeou to strip the Parlements of their political power in 1771, so that further reforms could be enacted.

Terray continued his overhaul of the financial system by reforming the collection of both the vingtième (a five percent tax on income) and the capitation (head tax) of Paris and renegotiating more advantageous agreements with the farmers general, the financiers who held the right to collect indirect taxes. These measures were responsible for a large increase in government revenue; however, he continued to face opposition, particularly over his restriction of free trade of grain, which opponents charged was part of a "Pact of Famine" with Louis XV designed to allow the king to profit from artificially high grain prices. When Louis XV died in May 1774, his successor Louis XVI bowed to pressure and dismissed both Terray and Maupeou.

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