EDITOR'S TABLE. 



617 



pure in motive, and above all proba- 

 bility of taint, became luxurious, reck- 

 less, cynical, and finally corrupt. . . . 



"Even worse tban this was the 

 breaking down of morals in the coun- 

 try at large, resulting from the sudden 

 building up of ostentatious wealth in a 

 few large cities, and the gambling, 

 speculative spirit fostered in the small 

 towns and rural districts." 



There was no stopping now. The 

 artificial quickening had gradually run 

 into a feverish activity, followed by in- 

 toxication, which had grown into a 

 regular national debauch. Every issue 

 'of paper - money had made matters 

 worse. But so deep was the infatua- 

 tion that multitudes of people insisted 

 that if there were only enough paper- 

 money all would be well. On Decem- 

 ber 17, 1791, a new issue was ordered 

 of three hundred millions more, and on 

 April 30, 1792, still another three hun- 

 dred millions were thrown out. The 

 currency was now depreciated thirty 

 per cent., and in July of the same year 

 another three hundred millions were 

 emitted. " Issue after issue followed 

 at intervals of a few months until, on 

 December 14, 1792, we have an official 

 statement that thirty -four hundred 

 millions had been put forth, of which 

 six hundred millions had been burned, 

 leaving in circulation twenty-eight hun- 

 dred millions." 



As articles of common consumption 

 grew enormously dear, their holders 

 became unwilling to sell them for the 

 worthless currency with which France 

 was flooded, and there then arose a de- 

 mand that those who refused to make 

 such exchanges should be punished 

 with death. Laws were passed making 

 the sales of goods compulsory at fixed 

 prices in paper-money, which were, of 

 course, inoperative. In 1793 there was 

 an enactment forbidding the sale or 

 exchange of specie for more than its 

 nominal value in paper, under a penal- 

 ty of six years' imprisonment in irons ; 

 and then twelve hundred millions more 



of the inflated currency was thrown 

 out. "Toward the end of 1794 seven 

 thousand million assignats were in cir- 

 culation. By the end of May, 1795, 

 the circulation was increased to ten 

 thousand millions ; at the end of June, 

 to fourteen thousand millions ; at the 

 end of July, to sixteen thousand mill- 

 ions ; and the value of one hundred 

 francs in paper fell steadily first to 

 four francs in gold, then to three, then 

 to two and a half." The issues con- 

 tinued until, at the beginning of 1796, 

 they amounted to over forty-five thou- 

 sand million francs. One franc in gold 

 w r as worth two hundred and eighty- 

 eight francs in paper - money ; sugar 

 was five hundred francs a pound, and 

 carriage-hire six thousand francs a day 

 in the legal currency. Debts were, of 

 course, now easily paid. 



The madness continued, but its 

 form was diversified. In 1796 "it was 

 decreed that no more assignats be is- 

 sued ; instead of them it was decreed 

 that a new paper-money, ' fully secured 

 and as good as gold, 1 be issued, under 

 the name of ' mandats.' " Choice pub- 

 lic real estate was set apart to secure 

 this money, but it speedily depreciated 

 ninety-five per cent. It was decreed 

 that those who refused to take it should 

 be fined and sent to prison, and that 

 those who even spoke against it should 

 incur the same penalties. But the end 

 at last came. On July 16, 1796, "it 

 was decreed that all paper, mandats 

 and assignats, should be taken at its 

 real value, and that bargains might be 

 made in whatever currency the people 

 chose. The reign of paper-money in 

 France was over. The twenty-five hun- 

 dred million mandats went into the 

 common heap of refuse with the previ- 

 ous thirty-six billion assignats. The 

 whole vast issue was repudiated. The 

 collapse had come at last; the whole 

 nation was plunged into financial dis- 

 tress and debauchery from one end to 

 the other." 



We have given the bare skeleton 



