Achille Fould

Achille Fould
Born	Template:Birth date Paris, France
Died	October 5, 1867(1867-10-05) (aged 66) Tarbes, France
Occupation(s)	Financier, politician
Years active	1839–1867
Known for	Finance Minister of France (four terms), influential figure in the Second French Empire

Achille Marcus Fould (17 November 1800 – 5 October 1867) was a prominent French financier and politician who held the position of finance minister on four separate occasions between 1849 and 1867. Recognized as a significant figure during the Second French Empire, his political stance has been characterized as "conservative by nature, liberal by consideration."

Family and personal life

Born in Paris, Achille Fould was the third son of Jewish banker Beer Léon Fould and Charlotte Brullen. In 1823, he married Henriette Goldschmidt, who was the daughter of a banker and sister to Adolphus Goldsmith. Together, they had three children: Adolphe-Ernest (1824–1875), Charlotte-Amélie (1826–1917), and Gustave Eugène (1836–1884).

In 1847, Fould purchased an estate in Tarbes, which he expanded with designs by architect Louis-Jules Bouchot. He later built a vacation residence in Vichy in 1863, known as the chalet des roses. In 1858, he converted to Protestantism. Upon his death in Tarbes, his funeral was conducted at the Protestant Oratoire du Louvre in Paris, and he was interred at Père Lachaise Cemetery.

Career

Achille Fould started his professional life at the family banking firm established in 1799 by his father and subsequently managed by his brother Benoît Fould. After the 1830 July Revolution, he developed connections with members of the House of Orléans. In 1834, he helped establish the Jockey-Club de Paris.

His political career commenced in 1839 when he was elected from the Hautes-Pyrénées, becoming a deputy there in 1842 with a focus on economic and fiscal matters. Following the revolution of 1848, he authored pamphlets opposing paper currency. In September 1848, he returned to the National Assembly representing the Seine Department. Initially an Orleanist supporter, he gradually aligned closer to Louis Napoleon, who appointed him finance minister in October 1849. Though he briefly vacated this role in January 1851, he resumed it from April to October that same year.

After aiding in preparations for the December 1851 coup d'état—though not involved in its execution—Fould was reinstated as finance minister. He resigned in January 1852 following the confiscation of Orléans assets but was soon appointed Senator. By July, he assumed the role of Minister of State, and by December became Minister of the Imperial Household, holding both offices until November 1860. These positions established him as one of the most influential officials during the Second Empire, overseeing economic strategies as well as institutions such as the Legion of Honour, Institut de France, theaters, museums, and libraries. He managed Napoleon III's Louvre expansion and directed the Paris Exposition Universelle (1855). In 1857, he was inducted into the Académie des beaux-arts. During Napoleon III’s 1859 Italian campaign, Fould effectively governed France as Secretary of the Privy Council.

Within the newly constructed Richelieu Wing of the Louvre—housing his ministries—Fould was granted an opulent apartment. Although incomplete when he stepped down in late 1860, this residence later served finance ministers until it became part of the museum’s Appartements Napoleon III in 1993. Concurrently, his wife Henriette undertook renovations of their residence during this era.

Fould resigned his posts in November 1860 due to opposition to Napoleon III’s fiscal policies deemed imprudent and retired to Tarbes where he championed financial discipline. As economic confidence waned, Napoleon III eventually adopted Fould’s fiscal approach. Returning as finance minister in November 1861, Fould replaced Pierre Magne, whom he criticized for financial leniency. He restored investor trust symbolized by Napoleon III’s December 1862 visit to James de Rothschild at Château de Ferrières. In 1863, Fould successfully reduced floating debt through a negotiated loan amounting to 300 million francs.

By late 1866, facing both internal dissent and external pressures, Napoleon III clashed with Fould over budgetary matters and compelled his resignation in January 1867; Eugène Rouher succeeded him. After months spent traveling abroad, Fould retired once more to Tarbes where he died unexpectedly in October that year.

Honors

Achille Fould was awarded successive distinctions within the Legion of Honour: beginning as chevalier in 1848, advancing to officier in 1850, then commandeur in 1851, elevated to grand officier by 1854, and ultimately achieving the highest distinction of grand croix in 1856.

See also

• Rothschild banking family of France
• Jacques Laffitte
• Pereire brothers
• Armand Donon