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Test Bank for Financial Management: Theory and

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Solution Manual for Financial Management: Theory &

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Test Bank for Financial Management Theory and Practice,

3rd Canadian Edition, Eugene F. Brigham, Michael C.
Ehrhardt Jerome Gessaroli Richard R. Nason
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LOC: TBA TOP: Limited liability KEY: Bloom’s: Knowledge
6. If a firm's goal is to maximize its earnings per share, this is the best way to maximize the price of the
common stock and thus shareholders' wealth.
ANS: F PTS: 1 DIF: Difficulty: Easy

OBJ: LO: 1-3 NAT: BUSPROG: Reflective Thinking
STA: DISC: Goals of the firm, role of finance, and analysis of public information
LOC: TBA TOP: Value maximization KEY: Bloom’s: Knowledge
7. If Firm A's business is to obtain savings from individuals and then invest them in financial assets
issued by other firms or individuals, Firm A is a financial intermediary.
ANS: T PTS: 1 DIF: Difficulty: Easy

LOC: TBA TOP: Financial intermediaries KEY: Bloom’s: Knowledge
8. If an individual investor buys or sells a currently outstanding stock through a broker, this is a primary
market transaction.
ANS: F PTS: 1 DIF: Difficulty: Easy

STA: DISC: Financial markets, institutions, and interest rates LOC: TBA
TOP: Financial markets KEY: Bloom’s: Knowledge
9. Recently, Hale Corporation announced the sale of 2.5 million newly issued shares of its stock at a
price of $21 per share. Hale sold the stock to an investment banker, who in turn sold it to individual
and institutional investors. This is a primary market transaction.

TOP: Financial markets KEY: Bloom’s: Knowledge
10. One of the functions of NYSE specialists is to facilitate trading by keeping an inventory of shares of
the stocks in which they specialize, buying when investors want to sell and selling when they want to
buy. They change the bid and ask prices of the securities so as to keep supply and demand in balance.

TOP: Stock market transactions KEY: Bloom’s: Knowledge
11. The disadvantages associated with a proprietorship are similar to those under a partnership. One
exception relates to the more formal nature of the partnership agreement and the commitment of all
partners' personal assets. As a result, partnerships do not have difficulty raising large amounts of
capital.
ANS: F PTS: 1 DIF: Difficulty: Moderate

LOC: TBA TOP: Partnership KEY: Bloom’s: Comprehension
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible
website, in whole or in part.
12. The facts that a proprietorship, as a business, pays no corporate income tax, and that it is easily and
inexpensively formed, are two key advantages to that form of business.
ANS: T PTS: 1 DIF: Difficulty: Moderate

LOC: TBA TOP: Proprietorship KEY: Bloom’s: Comprehension
MULTIPLE CHOICE
13. Which of the following statements is CORRECT?

a. One of the disadvantages of incorporating a business is that the owners then become
subject to liabilities in the event the firm goes bankrupt.
b. Sole proprietorships are subject to more regulations than corporations.
c. In any type of partnership, every partner has the same rights, privileges, and liability
exposure as every other partner.
d. Sole proprietorships and partnerships generally have a tax advantage over many
corporations, especially large ones.
e. Corporations of all types are subject to the corporate income tax.
ANS: D
Sole proprietorships and partnerships pay personal income tax, but they avoid the corporate income
tax. Small corporations that meet certain requirements can elect to be classified as S Corporations, and
then the business is taxed as a partnership.
PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-2

NAT: BUSPROG: Analytic
LOC: TBA TOP: Firm organization KEY: Bloom’s: Comprehension
MSC: TYPE: Multiple Choice: Conceptual

a. One of the disadvantages of a sole proprietorship is that the proprietor is exposed to
unlimited liability.
b. It is generally easier to transfer one's ownership interest in a partnership than in a
corporation.
c. One of the advantages of the corporate form of organization is that it avoids double
taxation.
d. One of the advantages of a corporation from a social standpoint is that every stockholder
has equal voting rights, i.e., "one person, one vote."
e. Corporations of all types are subject to the corporate income tax.
ANS: A PTS: 1 DIF: Difficulty: Easy
OBJ: LO: 1-2 NAT: BUSPROG: Analytic

a. It is generally more expensive to form a proprietorship than a corporation because, with a
proprietorship, extensive legal documents are required.
b. Corporations face fewer regulations than sole proprietorships.
c. One disadvantage of operating a business as a sole proprietorship is that the firm is subject
to double taxation, at both the firm level and the owner level.
d. One advantage of forming a corporation is that equity investors are usually exposed to less
liability than in a regular partnership.
e. If a regular partnership goes bankrupt, each partner is exposed to liabilities only up to the
amount of his or her investment in the business.
ANS: D
Corporations have limited liability; however, they face more regulations than the other forms of
organization.

16. Cheers Inc. operates as a partnership. Now the partners have decided to convert the business into a
regular corporation. Which of the following statements is CORRECT?
a. Assuming Cheers is profitable, less of its income will be subject to federal income taxes.
b. Cheers will now be subject to fewer regulations.
c. Cheers' shareholders (the ex-partners) will now be exposed to less liability.
d. Cheers' investors will be exposed to less liability, but they will find it more difficult to
transfer their ownership.
e. Cheers will find it more difficult to raise additional capital.
ANS: C PTS: 1 DIF: Difficulty: Easy

a. It is usually easier to transfer ownership in a corporation than it is to transfer ownership in
a sole proprietorship.
b. Corporate shareholders are exposed to unlimited liability.
c. Corporations generally face fewer regulations than sole proprietorships.
d. Corporate shareholders are exposed to unlimited liability, and this factor may be
compounded by the tax disadvantages of incorporation.
e. Shareholders in a regular corporation (not an S corporation) pay higher taxes than owners
of an otherwise identical proprietorship.
ANS: A
If ownership in a proprietorship or partnership is transferred, the basic documents under which the
firm operates must be rewritten, whereas for a corporation the seller simply sells shares to a buyer, and
the corporation records the transfer on its books.

18. Which of the following could explain why a business might choose to operate as a corporation rather
than as a sole proprietorship or a partnership?
a. Corporations generally find it relatively difficult to raise large amounts of capital.
b. Less of a corporation's income is generally subjected to taxes than would be true if the
firm were a partnership.
c. Corporate shareholders escape liability for the firm's debts, but this factor may be offset by
the tax disadvantages of the corporate form of organization.
d. Corporate investors are exposed to unlimited liability.
e. Corporations generally face relatively few regulations.
LOC: TBA TOP: Corporate form of organization KEY: Bloom’s: Comprehension
19. You recently sold 100 shares of your new company, XYZ Corporation, to your brother at a family
reunion. At the reunion your brother gave you a check for the stock and you gave your brother the
stock certificates. Which of the following statements best describes this transaction?
a. This is an example of an exchange of physical assets.
b. This is an example of a primary market transaction.
c. This is an example of a direct transfer of capital.
d. This is an example of a money market transaction.
e. This is an example of a derivatives market transaction
TOP: Financial transactions KEY: Bloom’s: Comprehension

a. If expected inflation increases, interest rates are likely to increase.
b. If individuals in general increase the percentage of their income that they save, interest
rates are likely to increase.
c. If companies have fewer good investment opportunities, interest rates are likely to
increase.
d. Interest rates on all debt securities tend to rise during recessions because recessions
increase the possibility of bankruptcy, hence the riskiness of all debt securities.
e. Interest rates on long-term bonds are more volatile than rates on short-term debt securities
like T-bills.
TOP: Interest rates KEY: Bloom’s: Comprehension

a. In Europe and Asia hedge funds are legal, but they are not permitted to operate in the
United States.
b. Hedge funds have more in common with commercial banks than with any other type of
financial institution.
c. Hedge funds have more in common with investment banks than with any other type of
financial institution.
d. In the United States hedge funds are legal, but in Europe and Asia they are not permitted
to operate.
e. The justification for the "light" regulation of hedge funds is that only "sophisticated"
investors with high net worths and high incomes are permitted to invest in these funds, and
such investors supposedly can do the necessary "due diligence" on their own rather than
have it done by the SEC or some other regulator.
ANS: E PTS: 1 DIF: Difficulty: Easy
STA: DISC: Investments and hybrid financing LOC: TBA
TOP: Hedge funds KEY: Bloom’s: Comprehension
22. Money markets are markets for

a. Foreign stocks.
b. Consumer automobile loans.
c. U.S. stocks.
d. Short-term debt securities.
e. Long-term bonds.
ANS: D PTS: 1 DIF: Difficulty: Easy
STA: DISC: Investments and hybrid financing LOC: TBA
TOP: Money markets KEY: Bloom’s: Comprehension
23. Which of the following is a primary market transaction?

a. You sell 200 shares of Johnson & Johnson stock on the NYSE through your broker.
b. Johnson & Johnson issues 2,000,000 shares of new stock and sells them to the public
through an investment banker.
c. You buy 200 shares of Johnson & Johnson stock from your younger brother. You just give
him cash and he gives you the stockthe trade is not made through a broker.
d. One financial institution buys 200,000 shares of Johnson & Johnson stock from another
institution. An investment banker arranges the transaction.
e. You invest $10,000 in a mutual fund, which then uses the money to buy $10,000 of
Johnson & Johnson shares on the NYSE.
ANS: B
Statement b is a primary market transaction, since the money and the security pass directly between
the issuing firm and the investor.

TOP: Financial markets KEY: Bloom’s: Comprehension

a. If Apple issues additional shares of common stock through an investment banker, this
would be a secondary market transaction.
b. If you purchased 100 shares of Apple stock from your sister-in-law, this would be an
example of a primary market transaction.
c. The IPO market is a subset of the secondary market.
d. Only institutions, and not individuals, can participate in derivatives market transactions.
e. As they are generally defined, money market transactions involve debt securities with
maturities of less than one year.
25. You recently sold 200 shares of Apple stock to your brother. The transfer was made through a broker,
and the trade occurred on the NYSE. This is an example of:
a. A futures market transaction.
b. A primary market transaction.
c. A secondary market transaction.
d. A money market transaction.
e. An over-the-counter market transaction.
ANS: C
It is a secondary market transaction because the stock is transferred from one investor to another.


a. The New York Stock Exchange is an auction market with a physical location.
b. Capital market transactions involve only the purchase and sale of equity securities, i.e.,
common stocks.
c. If an investor sells shares of stock through a broker, then this would be a primary market
transaction.
d. Consumer automobile loans are evidenced by legal documents called "promissory notes,"
and these individual notes are traded in the money market.
e. While the distinctions are blurring as investment banks are today buying commercial
banks, and vice versa, investment banks generally specialize in lending money, whereas
commercial banks generally help companies raise capital from other parties.

a. Capital market instruments include both long-term debt and common stocks.
b. An example of a primary market transaction would be your uncle transferring 100 shares
of Wal-Mart stock to you as a birthday gift.
c. The NYSE does not exist as a physical location; rather, it represents a loose collection of
dealers who trade stocks electronically.
d. If your uncle in New York sold 100 shares of Microsoft through his broker to an investor
in Los Angeles, this would be a primary market transaction.
e. While the two frequently perform similar functions, investment banks generally specialize
in lending money, whereas commercial banks generally help companies raise large blocks
of capital from investors.

a. While the distinctions are blurring, investment banks generally specialize in lending
money, whereas commercial banks generally help companies raise capital from other
parties.
b. A security whose value is derived from the price of some other "underlying" asset is called
a liquid security.
c. Money market mutual funds usually invest most of their money in a well-diversified
portfolio of liquid common stocks.
d. Money markets are markets for common stocks and long-term debt.
e. The NYSE operates as an auction market, whereas the Nasdaq is a dealer market.
29. One drawback of switching from a partnership to the corporate form of organization is the following:
a. It subjects the firm to additional regulations.
b. It cannot affect the amount of the firm's operating income that goes to taxes.
c. It makes it more difficult for the firm to raise additional capital.
d. It makes the firm's investors subject to greater potential personal liabilities.
e. It makes it more difficult for the firm's investors to transfer their ownership interests.
ANS: A PTS: 1 DIF: Difficulty: Moderate
LOC: TBA TOP: Corporate form of organization KEY: Bloom’s: Analysis

a. The main method of transferring ownership interest in a corporation is by means of a
hostile takeover.
b. Two key advantages of the corporate form over other forms of business organization are
unlimited liability and limited life.
c. A corporation is a legal entity that is generally created by a state; its life and existence is
separate from the lives of its individual owners and managers.
d. Limited liability of its stockholders is an advantage of the corporate form of organization,
but corporations have more trouble raising money in financial markets because of the
complexity of this form of organization.
e. Although its stockholders are insulated by limited legal liability, the corporation's legal
status does not protect the firm's managers in the same way; i.e., bondholders can sue its
managers if the firm defaults on its debt, even if the default is the result of poor economic
conditions.
ANS: C PTS: 1 DIF: Difficulty: Moderate
LOC: TBA TOP: Corporate form of organization KEY: Bloom’s: Analysis

a. In a regular partnership, liability for other partners' misdeeds is limited to the amount of a
particular partner's investment in the business.
b. Attracting large amounts of capital is more difficult for partnerships than for corporations
because of such factors as unlimited liability, the need to reorganize when a partner dies,
and the illiquidity (difficulty buying and selling) of partnership interests.
c. A slow-growth company, with little need for new capital, would be more likely to
organize as a corporation than would a faster growing company.
d. The limited partners in a limited partnership have voting control, while the general partner
has operating control over the business. Also, the limited partners are individually
responsible, on a pro rata basis, for the firm's debts in the event of bankruptcy.
e. A major disadvantage of all partnerships compared to all corporations is the fact that
federal income taxes must be paid by the partners rather than by the firm itself.
ANS: B PTS: 1 DIF: Difficulty: Moderate
LOC: TBA TOP: Partnership form of organization KEY: Bloom’s: Analysis

a. Corporations are at a disadvantage relative to partnerships because they have to file more
reports to state and federal agencies, including the Securities and Exchange
Administration, even if they are not publicly owned.
b. In a regular partnership, liability for the firm's debts is limited to the amount a particular
partner has invested in the business.
c. A fast-growth company would be more likely to set up as a partnership for its business
organization than would a slow-growth company.
d. Partnerships have difficulty attracting capital in part because of their unlimited liability,
the lack of impermanence of the organization, and difficulty in transferring ownership.
e. A major disadvantage of a partnership relative to a corporation as a form of business
organization is the high cost and practical difficulty of its formation.
ANS: D PTS: 1 DIF: Difficulty: Moderate
LOC: TBA TOP: Partnership form of organization KEY: Bloom’s: Analysis

a. Most businesses (by number and total dollar sales) are organized as partnerships or
proprietorships because it is easier to set up and operate in one of these forms rather than
as a corporation. However, if the business gets very large, it becomes advantageous to
convert to a corporation, mainly because corporations have important tax advantages over
proprietorships and partnerships.
b. Due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority
of U.S. businesses (in terms of number of businesses) are organized as corporations.
c. Most business (measured by dollar sales) is conducted by corporations in spite of large
corporations' often less favorable tax treatment, due to legal considerations related to
ownership transfers and limited liability.
d. Large corporations are taxed more favorably than sole proprietorships.
e. Corporate stockholders are exposed to unlimited liability.
LOC: TBA TOP: Firm organization KEY: Bloom’s: Analysis
34. Jane Doe, who has substantial personal wealth and income, is considering the possibility of starting a
new business in the chemical waste management field. She will be the sole owner, and she has enough
funds to finance the operation. The business will have a relatively high degree of risk, and it is
expected that the firm will incur losses for the first few years. However, the prospects for growth and
positive future income look good, and Jane plans to have the firm pay out all of its income as
dividends to her once it is well established. Which of the legal forms of business organization would
probably best suit her needs?
a. Proprietorship, because of ease of entry.
b. S corporation, to gain some tax advantages and also to obtain limited liability.
c. Partnership, but only if she needs additional capital.
d. Regular corporation, because of the limited liability.
e. In this situation, the various forms of organization seem equally desirable.
ANS: B
The S corporation would allow her to take early losses as deductions against her other income, hence
save some taxes. Then, when the firm became profitable, she would receive dividends and pay taxes
on them, but the firm itself would avoid corporate taxes and double taxation.
PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 1-2

LOC: TBA TOP: Firm organization KEY: Bloom’s: Analysis

a. The corporate bylaws are a standard set of rules established by the state of incorporation.
These rules are identical for all corporations in the state, and their purpose is to ensure that
the firm's managers run the firm in accordance with state laws.
b. The corporate charter is a standard document prescribed by the state of incorporation, and
its purpose is to ensure that the firm's managers run the firm in accordance with state laws.
Procedures for electing corporate directors are contained in bylaws, while the declaration
of the activities that the firm will pursue and the number of directors are included in the
corporate charter.
c. Companies must establish a home office, or domicile, in a particular state, and that state
must be the one in which most of their business (sales, manufacturing, and so forth) is
conducted.
d. Attorney fees are generally involved when a company develops its charter and bylaws, but
since these documents are voluntary, a new corporation can avoid these costs by deciding
not to have either a charter or bylaws.
e. The corporate charter is concerned with things like what business the company will
engage in, whereas the bylaws are concerned with things like procedures for electing the
board of directors.
ANS: E PTS: 1 DIF: Difficulty: Moderate
LOC: TBA TOP: Corporate charter and bylaws KEY: Bloom’s: Analysis
36. With which of the following statements would most people in business agree?
a. The short-run profits of a corporation will almost always increase if the firm takes actions
the government has determined are in the nation's best interests.
b. Government agencies and firms almost always agree with one another regarding the
restrictions that should be placed on hiring and firing employees.
c. Although people's moral characters are probably developed before they get into a business
school, it is still useful for business schools to cover ethics, including giving students an
idea about the adverse consequences of unethical behavior to themselves, their firms, and
the nation.
d. Developing a formal set of rules defining ethical and unethical behavior is not useful for a
large corporation. Such rules generally can't be applied in many specific instances, so it is
better to deal with ethical issues on a case-by-case basis.
e. Because of the courage it takes to blow the whistle, "whistle blowers" are generally
promoted more rapidly than other employees.
ANS: C
It is important to have a specific set of rules that all employees are expected to follow. This helps
constrain actions, and it is also important to "prove" that the company is trying to do right if some
employee does something wrong.

NAT: BUSPROG: Ethics
LOC: TBA TOP: Business ethics KEY: Bloom’s: Analysis
37. The primary operating goal of a publicly-owned firm interested in serving its stockholders should be to
a. Maximize the stock price per share over the long run, which is the stock's intrinsic value.
b. Maximize the firm's expected EPS.
c. Minimize the chances of losses.
d. Maximize the firm's expected total income.
e. Maximize the stock price on a specific target date.
ANS: A PTS: 1 DIF: Difficulty: Moderate
LOC: TBA TOP: Goal of firm KEY: Bloom’s: Analysis

a. The financial manager's proper goal should be to attempt to maximize the firm's expected
cash flows, since that will add the most to the individual shareholders' wealth.
b. The financial manager should seek that combination of assets, liabilities, and capital that
will generate the largest expected projected after-tax income over the relevant time
horizon, generally the coming year.
c. The riskiness inherent in a firm's earnings per share (EPS) depends on the characteristics
of the projects the firm selects, and thus on the firm's assets. However, EPS is not affected
by the manner in which those assets are financed.
d. Potential agency problems can arise between managers and stockholders, because
managers hired as agents to act on behalf of the owners may instead make decisions
favorable to themselves rather than the stockholders.
e. Large, publicly owned firms like IBM and GE are controlled by their management teams.
Ownership is generally widely dispersed; hence managers have great freedom in how they
run the firm. Managers may operate in stockholders' best interests, but they also may
operate in their own personal best interests. As long as they stay within the law, there is no
way to either force or motivate managers to act in the stockholders' best interests.
LOC: TBA TOP: Corporate goals and control KEY: Bloom’s: Analysis
39. Suppose the U.S. Treasury announces plans to issue $50 billion of new bonds. Assuming the
announcement was not expected, what effect, other things held constant, would that have on bond
prices and interest rates?
a. Prices and interest rates would both rise.
b. Prices would rise and interest rates would decline.
c. Prices and interest rates would both decline.
d. There would be no changes in either prices or interest rates.
e. Prices would decline and interest rates would rise.
TOP: Security prices and interest rates KEY: Bloom’s: Analysis
40. Which of the following would be most likely to lead to higher interest rates on all debt securities in the
economy?
a. Households start saving a larger percentage of their income.
b. The economy moves from a boom to a recession.
c. The level of inflation begins to decline.
d. Corporations step up their expansion plans and thus increase their demand for capital.
e. The Federal Reserve uses monetary policy in an attempt to stimulate the economy.
TOP: Interest rates KEY: Bloom’s: Analysis
41. Which of the following factors would be most likely to lead to an increase in interest rates in the
economy?
a. Households reduce their consumption and increase their savings.
b. The Federal Reserve decides to try to stimulate the economy.
c. There is a decrease in expected inflation.
d. The economy falls into a recession.
e. Most businesses decide to modernize and expand their manufacturing capacity, and to
install new equipment to reduce labor costs.
ANS: E
An increase in the demand for capital by businesses will increase interest rates in the economy.

TOP: Interest rates KEY: Bloom’s: Analysis

a. If General Electric were to issue new stock this year it would be considered a secondary
market transaction since the company already has stock outstanding.
b. Capital market transactions only include preferred stock and common stock transactions.
c. The distinguishing feature between spot markets versus futures markets transactions is the
maturity of the investments. That is, spot market transactions involve securities that have
maturities of less than one year, whereas futures markets transactions involve securities
with maturities greater than one year.
d. Both Nasdaq "dealers" and NYSE "specialists" hold inventories of stocks.
e. An electronic communications network (ECN) is a physical location exchange.
TOP: Financial transactions KEY: Bloom’s: Analysis

a. Corporations generally are subject to more favorable tax treatment and fewer regulations
than partnerships and sole proprietorships, which is why corporations do most of the
business in the United States.
b. Managers who face the threat of hostile takeovers are less likely to pursue policies that
maximize shareholder value than are managers who do not face the threat of hostile
takeovers.
c. One advantage of the corporate form of organization is that liability of the owners of the
firm is limited to their investment in the firm.
d. Because of their simplified organization, it is easier for sole proprietorships and
partnerships to raise large amounts of outside capital than it is for corporations.
e. Bond covenants are an effective way to resolve conflicts between shareholders and
managers.
LOC: TBA TOP: Miscellaneous concepts KEY: Bloom’s: Analysis

a. A good goal for a firm's management is maximization of expected EPS.
b. Most business in the U.S. is conducted by corporations, and corporations' popularity
results primarily from their favorable tax treatment.
c. Because most stock ownership is concentrated in the hands of a relatively small segment
of society, firms' actions to maximize their stock prices have little benefit to society.
d. Corporations and partnerships have an advantage over proprietorships because a sole
proprietor is exposed to unlimited liability, but the liability of all investors in the other
types of businesses is more limited.
e. The potential exists for agency conflicts between stockholders and managers.

a. One disadvantage of operating as a corporation rather than as a partnership is that
corporate shareholders are exposed to more personal liability than partners.
b. There is no good reason to expect a firm's bondholders and stockholders to react
differently to the types of new asset investments a firm makes.
c. Bondholders are generally more willing than stockholders to have managers invest in risky
projects with high potential returns as opposed to safer projects with lower expected
returns.
d. Stockholders are generally more willing than bondholders to have managers invest in risky
projects with high potential returns as opposed to safer projects with lower expected
returns.
e. Relative to sole proprietorships, corporations generally face fewer regulations, which
makes raising capital easier for corporations.
46. Which of the following statements is NOT CORRECT?

a. When a corporation's shares are owned by a few individuals and are not traded on public
markets, we say that the firm is "closely, or privately, held."
b. "Going public" establishes a firm's true intrinsic value, and it also insures that a highly
liquid market will always exist for the firm's shares.
c. When stock in a closely held corporation is offered to the public for the first time, the
transaction is called "going public," and the market for such stock is called the new issue
market.
d. Publicly owned companies have shares owned by investors who are not associated with
management, and public companies must register with and report to a regulatory agency
such as the SEC.
e. It is possible for a firm to go public and yet not raise any additional new capital at the
time.
ANS: B PTS: 1 DIF: Difficulty: Challenging
LOC: TBA TOP: Ownership and going public KEY: Bloom’s: Analysis
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window.
A narrow room, in the midst of which was a cask, which served as
a table; on that table was placed some paper and some glasses. In a
corner stood the King and Queen; by the window were Madame
Elizabeth and Madame Royale; in the background, the Dauphin,
overcome with fatigue, was sleeping on a bed, at the foot of which
was Madame de Tourzel; at the door were stationed the two
femmes-de-chambre—Madame de Neuville and Madame de Brunier,
acting as sentinels—or, rather, two women armed with forks.
The first word that the King uttered was, “Well, gentlemen, when
do we start?”
“When it pleases your Majesty.”
“Give your commands, sire,” said M. de Choiseul. “I have with me
forty hussars; but lose no time. We must act before the citizens have
an opportunity of bribing my men.”
“Well, gentlemen, descend, and clear the way; but mind, no
violence.”
The young men went down.
The moment that M. de Goguelot had his hand on the street door,
the National Guard summoned the hussars to dismount.
“Hussars,” cried M. de Goguelot, “remain in your saddles.”
“Wherefore?” queried the officer commanding the National Guard.
“To protect the King,” replied M. de Goguelot.
“Good!” returned the officers; “we can take care of him without
you.”
A hundred voices at the same time cried, “Yes, yes, yes! Make the
hussars dismount! It is our business, and not the business of
strangers, to protect the King! Dismount, hussars—dismount!”
M. de Damas slipped through the crowd, and rejoined the three or
four men who had been faithful to him.
M. de Goguelot exchanged signals with M. de Malmy, and in
company with M. de Choiseul again ascended to the King’s chamber.
Both addressed the Queen, as they knew that it was her head that
planned.
“Madame,” said M. de Goguelot, “it is no use thinking of
proceeding in the carriages; but there is a way of safety.”
“What?”
“Will you mount a horse, and set out with the King? He will take
charge of the Dauphin. The bridge is barricaded, but at the bottom
of the Rue Jean the river is fordable. With our forty hussars we will
pass. In any case, make a quick resolution. Our hussars are already
drinking with the people; in another quarter of an hour they will be
brothers.”
The Queen drew back; that iron heart failed her at that critical
moment. She again became a woman; she feared a struggle, a
skirmish—perhaps a bullet.
“Speak to the King, messieurs,” said she; “it is he who should
decide on this plan; it is he who should command; it is for me but to
follow.”
She then added, timidly, “After all, it cannot be long before M. de
Bouillé arrives.”
The gardes du corps were there ready to attempt anything.
M. de Valory said, in his and the name of all his comrades, “Her
Majesty knows that she can command. We are ready to die for her.”
M. de Goguelot and M. de Choiseul chimed in.
“M. de Damas is below,” said M. de Choiseul; “he told us to tell
your Majesty that he had but three or four dragoons, but that he
could count on their fidelity as on his own.”
“Let us set out, sire—let us set out, since the Queen places herself
in your hands.”
If the King replied yes, there was still hope.
“Messieurs,” asked the King, “can you promise me that in the
struggle which must take place as a consequence of our departure,
no ball will strike the Queen, my sister, or my children?”
A sigh passed the lips of the King’s defenders. They felt him giving
way in their hands.
“Let us reason coolly,” said the King. “The municipal council do not
refuse to let me go. The annoyance is, that we are compelled to
spend the night here; but before daybreak, M. de Bouillé will be
acquainted with the situation in which we are. He is at Stenay.
Stenay is but eight leagues from here; two hours will take one there,
and another two suffice to bring back a message. M. de Bouillé
cannot fail to be here in the morning, then shall we depart without
danger or violence.”
As he uttered these words, without announcing themselves, or
asking the permission of the King to be admitted, the municipal
council entered the room.
The decision that they had arrived at was brief and precise.
The people strongly objected to the King’s continuing his route,
and had resolved to send a courier to the National Assembly to know
its sentiments.
In fact, a citizen of Varennes, an M. Maugin, surgeon by
profession, had started at full speed for Paris.
M. de Goguelot saw that there was not an instant to lose; he
dashed from the house, and found M. de Malmy at the door.
“Monsieur,” he said, “you live here, therefore you know this part of
the country. A man, come what will, must set out for Stenay to
advise M. de Bouillé of the predicament in which the King is placed,
and return with a sufficient force to rescue him.”
“I will go myself,” said M. de Malmy.
And sticking his spurs into his horse, he set off at a gallop.
At M. Gerbaut’s door, he saw a file of National Guards, who
commanded him to stop.
“All very well,” replied M. de Malmy; “but I intend to go on.”
“Not you, more than another!” cried an officer, seizing his horse by
the bridle.
“If you advance another step,” said M. Roland, the commander of
the National Guard, cocking a pistol, “I will shoot you.”
M. de Malmy, without reply, spurred his horse right on to him.
M. Roland fired off the pistol so close that the flame blinded M. de
Malmy’s horse, at the same time as the bullet passed through the
fleshy part of the horseman’s arm.
The frightened animal reared, and fell back upon his master.
From the chamber where I was engaged in watching the King, I
heard the pistol-shot, the fall of the horse and man, and the scream
of a woman.
I recognised the voice of Mdlle. Sophie. I dashed down stairs, and
arrived in time to see her throw herself on the breathless, and, as
she thought, dead body of M. de Malmy.
“Réné, Réné!” she cried. “Help me—oh, help me!”
I rushed out of the house, took M. de Malmy in my arms, and, at
the moment when he tried to stand, I took him into the house, and
laid him on M. Gerhaut’s bed.
“He is dead—he is dead! They have killed him, the wretches!”
cried the unhappy and despairing girl, who was covered with the
blood which had flowed from his wound.
At this moment, M. de Malmy opened his eyes.
“He is not dead, Mdlle. Sophie,” cried I.
“Oh!” said she.
And she threw herself prostrate on the bed.
“Leave me—leave me!” said M. de Malmy, making an effort to lift
himself up. “I must go and seek M. de Bouillé.”
Pain and weakness compelled him to fall back again.
“In the name of heaven, stay there, Alphonse!” cried Mdlle.
Sophie. “Do not move, or you will uselessly throw away your life.
You owe me somewhat; grant me that favor.”
“I must,” said the young man. “I think that my leg is broken.”
“Réné, Réné! I pray, I implore you, my friend—my brother—run
for a surgeon!”
“Immediately!” said I, dashing out into the street.
But it was impossible to move.
The crowd had become something fearful.
“Hussars!” cried M. de Goguelot, “are you for the King or the
nation?”
They all replied, “For the nation!”
“The others?”
“For the King—for the King!” they cried out, in German.
“Do you hear them?” said M. Drouet. “They are strangers—they
are Germans—that is to say, enemies.”
“No, sir,” cried the officer; “it is a Frenchman, who, in good
French, says to you, ‘Make way, in the name of the King!’”
“And I reply to you, in better French, if your hussars do not lay
down their arms, we will fire on them, and not one shall leave
Varennes alive. Soldiers, present arms—and, gunners, to your
pieces!”
Then, stepping two paces forward, he said to M. Goguelot, “Take
care, sir. I have sighted you with my gun.”
“Vive la nation!” cried the hussars, as they saw the musket barrels
pointed at them, with the matches burning brightly in the obscurity,
and the two little pieces of cannon placed in battery at the bottom of
the Rue St. Jean.
At this moment, several National Guards sprang upon M.
Goguelot’s horse, snatched the rider from the saddle, and dashed
him head-foremost into the road, where he lay for a moment or so,
completely stunned.
They treated M. Damas and M. de Choiseul, who appeared on the
door-step at that moment, in the same fashion.
In the midst of this struggle, I set out for the Place Latry, by way
of the Rue l’Horloge. When I got there, I found that M. Maugin had
started for Paris, by wish of the municipality, at full speed.
I ran to the house of another doctor of less skill than M. Maugin—
a M. Saulnier—and brought him to the Rue de la Basse Cour, where
the hussars were drinking and fraternizing with the National Guard.
M. de Malmy was wounded in the shoulder by a ball which had
traversed the deltoid muscles. His leg was not broken, but his knee
was badly sprained.
Mdlle. Gerbaut, who feared that the condition of the wounded
man would not be improved by his remaining on the ground floor in
direct communication with the street, begged us to carry M. de
Malmy into a chamber where the surgeon could pay, without
inconvenience, all the cares necessary to a man in his condition.
I assisted M. Saulnier—a sufficiently difficult job—to carry a man
who could use neither his left arm nor his right leg. Afterwards, as I
saw that my presence was not welcome to Mdlle. Sophie, and as I
felt no particular interest in the wounded man, I retired, so as not to
lose a single scene of the drama which was being played out before
my eyes, and which was nothing less than a duel between a King
and a nation.
CHAPTER XXXI.
T H E R E T U R N O F R O Y A LT Y I N A R R E S T.
In the midst of the tumult which was produced by the disarming

of M. de Choiseul and M. de Damas, and the cries of “Vive la
nation!” shouted out by the hussars, to the great delight of the
people, M. de Goguelot, profiting by a moment of inattention on the
part of his guards, rushed up-stairs, and, all bleeding as he was,
entered the chamber of the King.
His head had been cut open by the fall, but he did not feel the
wound.
The appearance of the chamber had changed. It had become a
prison.
Marie Antoinette, who was in reality the strength and life of the
family, was overwhelmed. She had heard the cries, the shots, and
she saw M. de Goguelot return all covered with blood.
The King, standing upright, prayed M. Sauce, the grocer, to assist
them; as if he had the power, even had he wished to do so.
The Queen, seated on a stool between two packages of candles,
likewise implored his assistance.
But with brutal and petty selfishness, he replied, “I should like to
be able to serve you, certainly; but if you think of the King, I think of
M. Sauce.”
The Queen turned aside, shedding tears of rage.
She had never been so humbled before.
The day began to dawn.
The crowd filled the street, the Place de la Rue Neuve, and the
Place Latry.
All the citizens cried from their windows, “To Paris—to Paris—to
Paris with the King!”
Alas! to show himself—he was to appear no longer, as on the 6th
of October, on the balcony of the marble court, but at the windows
of a grocer’s house.
The King had fallen into a state of torpor.
The cries redoubled.
Five or six people had seen, or rather had caught a glimpse, of the
King; the others wished to inspect him thoroughly.
At that period, when it took a diligence six or seven days to go to
Paris, to have seen the King was a thing to talk about. Each one had
formed an imaginary portrait of him for him or herself.
Therefore the astonishment was intense when Louis the Sixteenth
showed himself with swollen eyes, and proved to that multitude a
thing which they did not before believe—namely, that a king may be
fat, pale, bloated—with dull eyes, hanging lips, a bad peruke, and a
gray suit of clothes.
The crowd believed that they were being deceived, and growled
accordingly.
Afterwards, when they knew that it was the King, “Oh, heavens!”
said they. “Poor man!”
Pity having once seized them, their hearts opened, and they
began to shed tears.
“Long live the King!” cried the crowd.
If Louis XVI had profited by that moment—if he had prayed that
concourse of people to help him and his children,—perhaps they
would have passed him and the royal family over the barricaded
bridge, and delivered them into the hands of the hussars.
He took no advantage of that pity and sorrow.
An example was given of the commiseration which the royal family
inspired.
Sauce had an aged mother—a woman of some eighty years of
age. She was born in the reign of Louis XIV, and was a Royalist. She
entered the chamber; and seeing the King and Queen bowed down
with sorrow, and the children sleeping on the bed, which had never
been destined for such a mournful honor, she fell on her knees
beside it, repeated a prayer, and, turning towards the Queen,
“Madame,” said she, “will you allow me to kiss the hands of the two
innocents?”
The Queen bowed her head, in token of assent.
The good woman kissed their hands, and left the room, sobbing,
as if her heart would break.
The Queen was the only one who did not sleep.
The King, who had need, whatever his preoccupation of mind
might be, to eat and sleep well, having neither ate nor slept to his
satisfaction, was distracted.
About half-past six, M. Deslon was announced.
M. Deslon had arrived from Dun with about a hundred men.
He had found the Rue de l’Hôpital barricaded; had held a parley;
and demanding admission to the presence of the King, was accorded
permission to visit him.
He informed them how, at the sound of the tocsin, he had hurried
on; and that M. de Bouillé, warned by his son and M. de Raigecourt,
would, without doubt, arrive in a short time.
The King, however, seemed as if he did not hear him.
Three times M. Deslon repeated the same thing, and rather
impatiently the last time.
“Sire,” said he, “do you not hear me?”
“What do you wish, monsieur?” said the King, as if starting from a
reverie.
“I ask your commands for M. de Bouillé, sire!”
“I have no more commands to give, monsieur—I am a prisoner.”
“But, at least, sir—”
“That he does what he can for me.”
M. Deslon retired, without being able to obtain another answer.
In fact, the King was indeed a prisoner.
The tocsin had completed its dismal task. Every village had sent
its contingent. Four or five thousand men encumbered the streets of
Varennes.
About seven in the morning, two men arriving by the Clermont
road, and bestriding horses flecked with foam, pushed their way
through the multitude.
The shouts of the people announced something new to the King.
Soon the door opened, and admitted an officer of the National
Guard.
It was the same Rayon, who, whilst snatching a moment’s rest at
Châlons, sent on an express to St. Menehould.
He entered the royal chamber fatigued, excited, almost mad,
without a cravat, and with his hair unpowdered.
“Ah, sire,” said he, in a hoarse voice—“our wives, our children!
They slaughter them at Paris, sire; you will not go much further. The
interest of the State—”
And he fell, almost fainting, into an arm-chair.
“Well, sir,” said the Queen, taking his hand, and showing him the
Dauphin and Madame Royale sleeping on the bed, “am I not a
mother, too?”
“In short, sir,” said the King, “what have you to announce to me?”
“Sire, a decree of the Assembly.”
“Where is it?”
“My comrade has it.”
“Your comrade?”
The officer made a sign to open the door.
One of the gardes du corps opened it, and they saw M. de Romeuf
leaning against the window of the ante-chamber, and weeping.
He came forward, with downcast eyes.
The Queen started at sight of him.
It was the same young man who had accompanied M. Lafayette in
the visit he had paid the King just a quarter of an hour before he
started.
“Ah, monsieur! is it you?” said the Queen. “I could never have
believed it.”
It was she who should have blushed before him, and she tried to
make him blush.
M. de Romeuf held in his hands the decree of the Assembly.
The King snatched it from him, cast his eyes over it, and cried,
“There is no longer a King in France!”
The Queen took it in her turn, read it, and returned it to the King.
The King re-read it, and then placed it on the bed where his
children slept.
“No—no!” cried the Queen, exasperated, furious, mad with hate
and anger; “I do not wish that infamous paper to defile my children.”
“Madame,” at last said Romeuf, “you have just reproached me for
being charged with this mission. Is it not better that I should have
undertaken the task than one who would have borne witness with
regard to transports of passion?”
There was, in fact, at this action of the Queen’s, a terrible murmur
among the spectators.
The Queen had crumpled up the decree, and dashed it on the
floor.
M. de Choiseul, who had regained his liberty, and who, at the
moment, entered the chamber, accompanied by two messengers,
picked up the decree, and placed it on the table.
The Queen appreciated his intention, and thanked him with a look.
“At least, sir,” said she, addressing M. de Romeuf, “I hope that you
will do all you can for M. de Choiseul, M. de Damas, and M. de
Goguelot when we are gone.”
In fact, the Queen well understood that go she must.
It was seven o’clock in the morning, and M. de Bouillé had not put
in an appearance.
The peasants of the villages round Varennes continued to pour
into the town, armed with guns, pitchforks, and scythes, and each
cried louder than the other, “To Paris! to Paris!”
The carriage was in readiness.
The King made the most of each little obstacle, counting each
moment, awaiting Bouillé.
At last, it was necessary to make a move.
The King rose first.
The Queen followed his example.
One of her women—whether naturally, or whether as an artifice,
to gain time—fainted.
“They may cut me into pieces if they will,” said the Queen, “but I
will not leave without one who has the misfortune to be my friend.”
“As you will—stay if you like,” said a man of the people, “At any
rate, I will take the Dauphin.”
He took the royal child in his arms, and stepped towards the door.
The Queen seized the Dauphin from him, and descended the
stairs, blushing.
All the family were filled with poignant anxiety. On arriving in the
street, Madame Elizabeth perceived that half of the Queen’s hair had
turned gray; the other half was to grow gray at the Conciergerie in a
second night of agony, which was not, perhaps, more terrible than
that which we have recounted.
They got into the carriage; the three gardes du corps mounted on
the box.
M. de Goguelot, in the hope of bringing succor, had found means
of escaping through the little passage situate at the back of the
house of M. Sauce.
M. de Choiseul and M. de Damas were conducted to the city
prison, where M. de Romeuf caused himself to be imprisoned with
them, for the sake of protecting them more efficiently.
At last, after having exhausted every possible means of delay, the
carriage started, escorted by the National Guard, under the
command of M. Signemont, by the hussars of M. de Choiseul, which
had been sent to protect his flight, and by more than four thousand
citizens of Varennes and its suburbs, armed with guns, pitchforks,
and scythes.
The carriage of the King did not, as some historians say, pass the
house of the grocer, Sauce; that was the historical limit of the fatal
journey.
The moment that the carriage moved, I felt great doubt—or,
rather, great remorse.
The catastrophe of the arrest of the King had brought in its train
an event which, though I have but mentioned it in the place it
occupied relatively to that arrest, influenced in a strange manner the
whole of my life.
One can readily understand that I speak of M. de Malmy’s wound;
of the impression that that wound produced on Mdlle. Sophie, and of
the involuntary avowal that, on her part, she had made to me.
I had a deep affection for Sophie. This affection, more than
fraternal, had a spice of jealousy in it; although I must do the poor
girl the justice to say that from the moment that she perceived my
nascent love, she had done all she could to nip it in the bud, by
telling me that she could never be anything more than a sister to
me. I always had the suspicion—I will not say that my rival, for there
was no real rivalry, was M. de Malmy.
This time I could no longer doubt it, and I felt it impossible to
remain under the same roof with him. Not only because Sophie
loved him and he loved Sophie, but because I knew that he was the
origin of all the misery and unhappiness that was gradually wearing
her away.
As soon as I saw the King ready to set out, and the carriage about
to move on to Paris, I bade adieu to M. Gerbaut, without telling him
that I did not think of returning to Varennes, and started off without
having the courage to see Sophie, whom however, I unexpectedly
found in my road, barring up the corridor.
“What, Mdlle. Sophie!”
She threw herself, weeping, on to my neck.
“Each one has his destiny, my good Réné,” said she. “Mine is to
suffer. I shall accomplish it.”
“Shall I always be your brother?” asked I, weeping myself.
“Ah, yes! And if ever I have need of you, I will show you that I am
your sister, by coming to you for assistance.”
“Heaven guard you, Mdlle. Sophie,” cried I, withdrawing myself
from her embrace.
“And you, also—heaven bless you, Réné!”
And I heard the sobs which followed these words even as far as
the door which opened into the street.
I took my place at the door of the King’s carriage, making a signal
to MM. Drouet and Guillaume, who were on horseback, with the
intention of preceding the carriages, in order to make way for, and
protect them.
What was M. de Bouillé doing at this time? We will tell you in the
following chapter.
CHAPTER XXXII.
W H AT M . D E B O U I L L E D I D I N T H E M E A N T I M E .
M. de Bouillé was at Dun, where he had passed the night in a

state of mortal disquietude.
It was the advanced post of his watch.
At three o’clock, having received no news, he proceeded to
Stenay.
At Stenay he was in the centre of his forces, and was able to act
with greater facility, having at his disposal a great number of men.
From four to five o’clock he was successively joined by M. de
Rohrig, M. de Raigecourt, and by his son.
He then knew all.
But M. de Bouillé could but little depend on his men. He was
surrounded by hostile villagers, as he called them—that is to say,
patriotic. He was menaced by Metz, by Verdun, and by Stenay. It
was his fear of Stenay that had caused him to quit Dun.
The Royal German was the sole regiment on which he could
depend. It was necessary to keep up their loyalty.
M. de Bouillé and his son Louis sat themselves to the work body
and soul.
A bottle of wine and a louis per man settled the affair.
But it took two hours to arm and set out.
At last, he started; but at seven o’clock, just at the time when the
King got into the carriage.
In two hours he covered the eight leagues which separated him
from Varennes.
On the road he met a hussar.
“Well?”
“The King is arrested.”
“We know it. What then?”
“He has just set out from Varennes.”
“Where goes he?”
“To Paris.”
Bouillé did not give himself time to reply.
He dashed his spurs into the flanks of his horse.
His regiment followed him.
Varennes saw the regiment descend “like a waterspout amongst
its vines,” to quote the language of the proces verbal.
When he arrived at the Place du Grand Monarque, the King had
started more than an hour.
He acted so as to lose no time. The Rue de l’Hôpital was
barricaded; the bridge was barricaded. They made a detour round
the town; they crossed the river by the ford at the Boucheries, in
order to take up a favorable position on the Clermont road, to attack
the escort.
The order was given, and the manœuvre accomplished.
The river was crossed.
A hundred steps more, and they would be on the road.
But the Moulin Canal was on their way—six feet deep, and
impossible to ford.
It was necessary to stop and march back.
For an instant, they held the idea of fording the river at St.
Gengoulf, taking the Rue St. Jean, passing through Varennes and
falling on the rear of the escort.
But the dragoons were fatigued; the horses rebelled at every step.
It would be necessary to fight a way through Varennes, and to fight
to get to the King.
They said that the garrison of Verdun were on the march, with
some cannon.
Their courage failed them. They felt that all was lost.
M. de Bouillé, weeping with rage, dashed his sword into its
sheath, and ordered a retreat.
The inhabitants of the high town saw him and his men standing
there for an hour, unable to make up their minds to return.
Eventually he and his men took the route to Dun, and disappeared
in the distance.
The King continued his way—the way of the Cross.
After the arrest of M. Dandoins and his lieutenant, an officer of

the National Guard, Citizen Legay, had established under the trees at
the angle of the Rue de la Post au Bois and the Rue du Marais a post
of National Guards, picked men, and all ordered to fire on any one
entering or leaving the city at a gallop, without responding to the
challenge of the sentinels.
Some minutes after these orders had been given, a report was
circulated that the hussars of Pont-de-Somme-Vesles had gone
round the town, and that Drouet and Guillaume ran a great risk of
falling into their hands.
M. Legay then asked for two volunteers to go with him on the
road, and pick up what information they could with regard to Drouet
and Guillaume.
Two gendarmes, Collet and Pointe, offered themselves, and all
three set out on their voyage of discovery.
On the road they met the two citizens of St. Menehould, who had
started on sorry hacks, and been unable to keep up the chase. They
learnt from them that no accident had happened to the two
messengers. Anxious to be the bearers of this good news, they put
their horses to the gallop, and, forgetting the orders given by Legay,
omitted to answer the challenge of the sentinels in ambuscade.
The sentinels fired. Two of the horsemen fell; one dead, and the
other wounded.
Legay received five or six shots in the arm and hand.
The same day that the King repassed St. Menehould, the slain
gendarme was buried.
The King, on arriving, found the church hung with black, and the
whole town prepared to follow the body to its last home.
CHAPTER XXXIII.
A N O L D A C Q U A I N TA N C E T U R N S U P.
Nothing important passed between Varennes and St. Menehould.

The illustrious prisoners, starting at every new noise, lost in a
measure, as they approached the latter town, every hope of succor.
The first thing they encountered was a sort of rebuke from the
dead. Of course, I allude to the interment of the man shot in the
evening by the sentinels.
The royal carriages stopped in order to allow the funeral
procession to pass. Two kings found themselves face to face with
each other—a living majesty and the King of Death. The living King
recognised the power of King Death, and bowed down before him.
St. Menehould was crowded. The National Guard poured in from
all points, those from Châlons coming in public or private vehicles. In
fact, the affluence of people was such that they feared a lack of
provisions.
In the midst of all these people coming and going, I recognised,
mounted on a little pony, M. Dampierre, our old chasseur of the
Forest of Argonne. He knew me, and came to me, trying to force the
line of guards on duty at the side of the gates.
It was I who repulsed him, because he did not count on my
resistance.
“Pardon, M. le Comte,” said I; “you cannot pass!”
“Why can I not pass?” asked he.
“Because it is ordered that none shall be allowed to approach the
King’s carriage.”
“Who gave that order?”
“Our Captain, M. Drouet.”
“A revolutionist!”
“Possibly so, M. le Comte; but he is our commander, and we are
bound to obey him.”
“Is it forbidden to cry ‘Vive le Roi?’”
“No, M. le Comte; we are all Royalists.”
M. de Dampierre lifted his hat as high as his length of arm would
permit him, raised himself in his stirrups, and cried “Vive le Roi!”
The King put his head out of the window, and without any
expression of gratitude or remembrance, bowed to him.
M. de Dampierre retreated out of the crowd with trouble, being
obliged to make his horse go backwards. I remember him as well as
if the events occurred but yesterday. He wore gray trousers, long
riding boots, a white waistcoat, a three-cornered hat, trimmed with
gold lace. As usual with him, he carried, slung over his shoulder, a
little single-barrelled gun.
I lost sight of him. I fancied that he took the direction of the Rue
de l’Abreuvoir.
During this time, the Mayor and members of the municipality had
advanced as far as the bridge of the Aisne, situate at the extremity
of the Porte au Bois, to meet the royal family.
A municipal officer then took occasion to speak, and to tell the
King what alarms his flight had caused in France.
Louis XVI was contented to reply, with an ill-tempered air, “I never
intended to leave my kingdom.”
The crowd was so great that we took half an hour to go five
hundred yards.
About half-past eleven, the King mounted the steps of the Hotel
de Ville, his garments covered with dust, and his face altered and
careworn.
The Queen dressed in black. She had changed her robe at M.
Sauce’s, and held the Dauphin by the hand.
Louis XVI and his children were hungry.
As for the Queen, in the same manner, as she cared not to sleep,
she now seemed to care not to eat.
A breakfast had been prepared through the forethought of the
municipal council, but as they were a long time serving it, a
gendarme named Lapointe brought some cherries in his hat for
Madame Royale.
The royal family had likewise need of rest.
The Mayor, M. Dupuis de Dammartin, offered them hospitality;
they accepted it; only M. Dupuis de Dammartin observed to the King
that it would be just as well if the Queen and the Dauphin showed
themselves to the people.
The King made no difficulty. He showed himself first. Afterwards
the Queen appeared in her turn, holding the Dauphin in her arms.
The window of the Hotel de Ville—the only one which had a balcony
—was so narrow that the King and Queen could not both show
themselves at the same time.
A municipal officer then announced to the people that the King,
being fatigued, intended to honor the citizens of St. Menehould by
sleeping within their walls.
The carriages had already been taken to the stables, and the news
of a halt for twenty-four hours was not less agreeable to us, who
had been marching seven or eight leagues under a burning sun,
than it was to the royal family, when the National Guards from the
adjacent towns and villages, who filled the hotels and cafés, rushed
into the place, crying “Aristocrats! Traitors!” and saying that the royal
family were far too near the frontier to be allowed to halt.
In consequence, they ordered the immediate departure of the
King and his family.
The King, having informed himself of the cause of the tumult,
said, with his usual impassibility, “Very well; let us go.”
The Queen then reappeared on the balcony holding her son by the
hand. She pointed out the National Guards to him, saying some
words in a whisper.
An inhabitant of St. Menehould, who was at an adjoining window,
assured me that the following were the words that she spoke. “Do
you see those blue toads? It is they who wish us to set out!”
It is needless to say that the National Guards wore the blue
uniform.
As the royal family crossed the hall of the Hotel de Ville, into
which opened the door of the chapel, where the prisoners had heard
mass, the Queen perceiving the captives, distributed among them
five louis—the King ten.
At two o’clock the carriages started for Châlons. From the time
that the King had been recognised he took the place of honor in the
vehicle.
MM. de Malden, de Moustier, and de Valory, sat on the box, but
they were not strapped to it as some people have said.
Not a single shout for the King, except that which Dampierre
uttered, as we have before mentioned, was used at either his arrival
or departure. The only shouts raised were “Vive la nation!” “Vivent
les patriotes!”
About nine or ten in the morning the Comte de Haus arrived at St.
Menehould, exasperated by the news of the arrest of the King.
Many persons had heard him say, “The King is arrested! We are all
lost! But the King shall know that he still has some faithful subjects!”
I have said that, after speaking to me, I had seen him go round to
the side of the horse-pond.
As the royal carriage passed, he presented arms to the august
prisoners, after the fashion of a sentinel.
The King recognised him, pointed him out to the Queen, and
returned his salute.
M. Dampierre then put his horse to a gallop, and disappeared at
the Rue de l’Abreuvoir so as to get in advance of the King’s carriage,
stopped in the most public part of the town, at the corner of the Rue
de l’Abreuvoir, and presented arms afresh.
The King saluted him a third time.
Then pushing his horse through the crowd on the side where I
was, he approached the carriage.
It was going at this time up the Fleurion at a foot pace.
“Sire,” said he, “you see before you one of your most faithful
servants. My name is Duval de Dampierre, Comte de Haus. I have
married a lady of the House of Legur, a relative of the minister of
that name, and a niece of M. d’Allonville.”
“All these names are known to me,” replied the King; “and I am
touched at the proof of fidelity which you give me.”
This whispered conversation, after the pretence of the Comte in
presenting arms to the King on his road, was a direct provocation to
that crowd who were taking him who had wished to escape back to
Paris.
In the meantime the Comte had been gently pushed on one side,
and darting off, he disappeared in the distance.
The head of the procession reached the end of the town, and
arrived at the decline of Dammartin la Planchette.
As they left the city, M. de Dampierre reappeared, and followed
their route, keeping himself on the other side of the hedge and
ditch. He wished, by some means, to get on to the top of the King’s
carriage, from whence he could hold communication with the royal

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ANS: F PTS: 1 DIF: Difficulty: Easy

ANS: T PTS: 1 DIF: Difficulty: Easy

ANS: F PTS: 1 DIF: Difficulty: Easy

ANS: T PTS: 1 DIF: Difficulty: Easy

ANS: T PTS: 1 DIF: Difficulty: Easy

ANS: F PTS: 1 DIF: Difficulty: Moderate

ANS: T PTS: 1 DIF: Difficulty: Moderate

13. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-2

14. Which of the following statements is CORRECT?

15. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-2

17. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-2

20. Which of the following statements is CORRECT?

21. Which of the following statements is CORRECT?

22. Money markets are markets for

23. Which of the following is a primary market transaction?

PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-8

24. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-8

26. Which of the following statements is CORRECT?

27. Which of the following statements is CORRECT?

28. Which of the following statements is CORRECT?

30. Which of the following statements is CORRECT?

31. Which of the following statements is CORRECT?

32. Which of the following statements is CORRECT?

33. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 1-2

35. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 1-3

38. Which of the following statements is CORRECT?

PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 1-6

42. Which of the following statements is CORRECT?

43. Which of the following statements is CORRECT?

44. Which of the following statements is CORRECT?

45. Which of the following statements is CORRECT?

46. Which of the following statements is NOT CORRECT?

At the end of some minutes, during which they had been

In the midst of the tumult which was produced by the disarming

M. de Bouillé was at Dun, where he had passed the night in a

After the arrest of M. Dandoins and his lieutenant, an officer of

Nothing important passed between Varennes and St. Menehould.

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