The final appearance of the Assembly of Notables began in February 1787 during Louis XVI's reign, during which France’s finances were in a desperate situation and the finance ministers of the day (Turgot, Necker, Calonne) all believed that tax reform was necessary if France was going to pay off its debt. However, before any new tax laws could be passed, they first had to be registered with the French parlements (high courts; not to be confused with Parliament) that possessed a limited veto power. Repeated attempts to implement tax reform failed due to lack of parlement support, as parlement judges felt that any increase in tax would have a direct negative effect on their own income.

In response to this opposition, the finance minister at the time, Calonne, suggested that Louis XVI call an Assembly of Notables. While the Assembly of Notables had no legislative power in its own right, Calonne hoped that if the Assembly of Notables could be made to support the proposed reforms then this would apply pressure on parlement to register them. The plan failed, as the 144 assemblymen included princes of the blood, archbishops, noblemen and other people from privileged positions in society, and they did not wish to bear the burden of increased taxation. The Assembly insisted that the proposed tax reforms had to be presented to a representative body such as the States-General.

Opposition in the Assembly combined with intrigues from rival ministers led to Calonne's disgrace and he was subsequently dismissed by Louis XVI on 8 April 1787. In addition to tax reform, the Assembly also discussed other issues. The result was that the Assembly assisted the Parliament in creating provincial assemblies, reestablished free trade in grain, converted the corvée (a feudal duty in the form of forced labour) into a cash payment, and generated short-term loans.

The Marquis de Bouille on Louis XVI’s minister Calonne and the calling of the Assembly of Notables.  Taken from Memoirs Relating to the French Revolution by the Marquis de Bouille, Cadell and Davies, London (1797) p48

The plan of M. de Calonne was connected with that of the provincial administrations, which were meant to be substituted to the arbitrary establishment of the intendants. It was to be supported by an assembly of the notables of the kingdom, formed with a view to counterbalance the parliaments. These measures were the more acceptable to the king, as they tended to fulfill the dearest wish of his heart, that of relieving the most numerous class of his subjects.

The Notables of the kingdom were summoned for the 29th of January 1787. Of this assembly I was a member. It had not been held since the year 1626, under Louis the Thirteenth. At that time the prime minister was Cardinal Richelieu, and he directed all its movements, making them subservient to his own views and projects; this was not the case in the present instance.

Assembly of Notables