Michel Goudchaux
| Michel Goudchaux | |
|---|---|
 |
|
| Born |
18 March 1797 Nancy, Meurthe, France |
| Died | 27 December 1862 (aged 65) Paris, France |
| Nationality | French |
| Occupation | Banker, politician |
Michel Goudchaux (18 March 1797 – 27 December 1862) was a French banker and politician who was twice Minister of Finance during the French Second Republic. A firm Republican, he refused to accept the government of Napoleon III.
Michel Goudchaux was born in Nancy, Meurthe, on 18 March 1797, son of Gerson-Jacob Goudchaux, a Jewish banker. At an early age he became interested in mathematics, and planned an academic career. However, when his father died, Michel and his two brothers continued the business, which was profitable although never large. In 1825 he moved to Paris to represent the bank, and there became involved in Liberal opposition circles. Early in 1830 he was one of the founders of Le National, a paper that attacked the regime of Charles X of France. He was injured on a barricade in the July Revolution of 1830.
After the revolution Goudchaux became a supporter of King Louis-Philippe. For a period he was general counsel of the Seine, and then paymaster-general of the Army in Strasbourg. In 1834 he left office after publicly criticizing the government's financial management in three brochures. Back in Paris he resumed his banking career, and invested most of his fortune in the railways. Writing in Le National he criticized the government's policy with the railways and with the Bank of France.
Goudchaux was the brother-in-law of Hypolite Worms, a large-scale coal merchant and founder of Worms & Cie, of the Jewish merchant family of Sarrelouis. He was in favor of free enterprise and competition. In 1847, as banker to an association of producer cooperatives, he made it clear that the members would be expected to compete with each other.
Goudchaux was reputed for the strength of his Republican principles. described him as both a banker and a radical. After the French Revolution of 1848, on 24 February Goudchaux was made Finance Minister in the cabinet of Dupont de l'Eure. There was some criticism of the appointment based on his religion. However, he was known to be in favor of law and order and skilled in finance, so was expected to reassure business interests. He took emergency measures to resume the collection of taxes, which had been disrupted by the revolution, while promising to arrange for more equitable methods of taxation as soon as possible. He created a discount counter for small businesses and abolished the stamp tax on periodicals. He also authorized early payment of arrears by the government. This measure backfired, causing a crisis of confidence since creditors did not think the government could meet its commitments. Goudchaux resigned on 5 March 1848 and could not be persuaded to return. He was succeeded by Louis-Antoine Garnier-Pagès.
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