Antoine Laurent Lavoisier, F. R. S., 1743-1794

ON 20 March 1791 the National Assembly of France cancelled the lease of the Farmers/General who, under the system established by Colbert in the seventeenth century, bought the privilege of collecting the indirect national taxes and certain customs and duties for a stipulated sum paid annually to the Government in advance, the cancellation being dated retrospectively from 1 July 1789, so that all actions of the Farm from that date onwards were to be considered as done in the name of the nation. A lease normally ran for a period of six years, after which time a new lease was drawn up on terms arranged between the Minister of Finance and the Farmers General. The purchase of a share in a lease was regarded as an investment of capital with the chance of profit or the risk of loss

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