Calonne, in taking office, had found debts of one hundred and ten million livres, debts caused by France's involvement in the American Revolution among other reasons, and no means of paying them.

At first he had attempted to obtain credit, and to support the government by means of loans so as to maintain public confidence in its solvency.

In October 1785 he had reissued the gold coinage, and developed the caisse d'escompte (dealing in cash discounts).

Knowing the Parlement of Paris would veto a single land tax payable by all landowners, Calonne has persuaded Lous XVI to call an assembly of notables to vote on his referendum.

Calonne's eventual reform package, which will be introduced to the Assembly of Notables, consists of five major points:

1) Cut Government Spending

2) Create a revival of free trade methods

3) Authorize the sale of Church property

4) Equalization of salt and tobacco taxes

5) Establish a universal land value tax
 
All these measures will fail because of the powerlessness of the crown to impose them.

As a last resort, he proposes to the king the suppression of internal customs duties, and argues in favor of the taxation of the property of nobles and clergy.

Anne Robert Jacques Turgot and Jacques Necker had attempted these reforms, and Calonne attributes their failure to the opposition of the parlements.

Therefore, he calls an Assemblée des notables in February 1787, to which he presents the deficit in the treasury, and proposes the establishment of a subvention territoriale, which will be levied on all property without distinction.