Chapter 7

[Footnote 8: For specimens of this first issue and of nearly every other issue during the French Revolution, see the extensive collection of originals in the Cornell University Library. For a virtually complete collection of photographic copies, see Dewamin, "Cent ans de numismatique française," vol. i, passim.]

[Footnote 9: See "Addresse de l'Assemblée nationals sur lea emissions _d'assignats_ monnaies," p. 5.]

[Footnote 10: Ibid., p. 10.]

[Footnote 11: For Sarot, see "Lettre de M. Sarot," Paris, April 19, 1790. As to the sermon referred to see Levasseur as above, vol. i, p. 136.]

[Footnote 12: Von Sybel, "History of the French Revolution," vol. i, p. 252; also Levasseur, as above, pp. 137 and following.]

[Footnote 13: For Mirabeau's real opinion on irredeemable paper, see his letter to Cerutti, in a leading article of the "Moniteur"; also "Mèmoires do Mirabeau," vol. vii, pp. 23, 24 and elsewhere. For his pungent remarks above quoted, see Levasseur, ibid., vol. i, p. 118.]

[Footnote 14: See "Moniteur," August 27, 1790.]

[Footnote 15: "Moniteur," August 28, 1790; also Levasseur, as above, pp. 139 _et seq_.]

[Footnote 16: "Par une seule opération, grande, simple, magnifique." See "Moniteur." The whole sounds curiously like the proposals of the "Greenbackers," regarding the American debt, some years since.]

[Footnote 17: "Moniteur," August 29, 1790.]

[Footnote 18: See Lacretelle, "18me Siécle," vol. viii, pp. 84-87; also Thiers and Mignet.]

[Footnote 19: See Hatin, Histoire de la Presse en France, vols. v and vi.]

[Footnote 20: See "Moniteur," Sept. 5, 6 and 20, 1790.]

[Footnote 21: See Levasseur, vol. i, p. 142.]

[Footnote 22: See speech in "Moniteur"; also in Appendix to Thiers' "History of the French Revolution."]

[Footnote 23: See Levassear, "Classes ouvrières," etc., vol. i, p. 149.]

[Footnote 24: See Levasseur, pp. 151 et seq. Various examples of these "confidence bills" are to be seen in the Library of Cornell University.]

[Footnote 25: See Levasseur, vol. i, pp. 155-156.]

[Footnote 26: See Von Sybel, "History of the Revolution," vol. i, p. 265; also Levasseur, as above, vol. i, pp. 152-160.]

[Footnote 27: For Turgot's argument against "fiat money" theory, see A. D. White, "Seven Great Statesmen in the Warfare of Humanity with Unreason," article on Turgot, pp. 169, et seq.]

[Footnote 28: See De Goncourt, "Société française," for other explanations; "Les Révolutions de Paris," vol. ii, p. 216; Challamel, "Les Français sous la Révolution"; Senior, "On Some Effects of Paper Money," p. 82; Buchez and Roux, "Histoire Parlementaire," etc., vol. x, p. 216; Aulard, "Paris pendant la Révolution thermidorienne," _passim_, and especially "Rapport du bureau de surveillance," vol. ii, pp. 562, et seq. (Dec. 4-24, 1795.)]

[Footnote 29: For statements and illustration of the general action of this law, see Sumner, "History of American Currency," pp. 157, 158; also Jevons, on "Money," p. 80.]

[Footnote 30: See De Goncourt, "Société Française," p. 214.]

[Footnote 31: See Von Sybel, History of the French Revolution, vol. 1, pp. 281, 283.]

[Footnote 32: For proofs that issues of irredeemable paper at first stimulated manufactures and commerce in Austria and afterward ruined them, see Storch's "Economie politique," vol. iv, p. 223, note; and for the same effect produced by the same causes in Russia, see ibid., end of vol. iv. For the same effects in America, see Sumner's "History of American Currency." For general statement of effect of inconvertible issues on foreign exchanges see McLeod on "Banking," p. 186.]

[Footnote 33: See Louis Blanc, "Histoire de la Révolution," tome xii, p. 113.]

[Footnote 34: See "Extrait du registre des délibérations de la section de la bibliothèque," May 3, 1791, pp. 4, 5.]

[Footnote 35: Von Sybel, vol. i, p. 273.]

[Footnote 36: For general account, see Thiers' "Révolution," chap. xiv; also Lacretelle, vol. viii, p. 109; also "Memoirs of Mallet du Pan." For a good account of the intrigues between the court and Mirabeau and of the prices paid him, see Reeve, "Democracy and Monarchy in France," vol. i, pp. 213-220. For a very striking caricature published after the iron chest in the Tuileries was opened and the evidences of bribery of Mirabeau fully revealed, see Challamel, "Musée," etc. Vol. i, p. 341, is represented as a skeleton sitting on a pile of letters, holding the French crown in one hand and a purse of gold in the other.]

[Footnote 37: Thiers, chap. ix.]

[Footnote 38: For this and other evidences of steady decline in the purchasing power of the _assignats_, see Caron, "Tableaux de Dépréciation du papier-monnaie," Paris, 1909, p. 386.]

[Footnote 39: See especially "Discours de Fabre d'Eglantine," in "Moniteur" for August 11, 1793; also debate in "Moniteur" of September 15, 1793; also Prudhomme's "Révolutions de Paris." For arguments of much the same tenor, see vast numbers of pamphlets, newspaper articles and speeches during the "Greenback Craze,"--and the craze for unlimited coinage of silver,--in the United States.]

[Footnote 40: See Caron, "Tableaux de Dépréciation," as above, p. 386.]

[Footnote 41: Von Sybel, vol. i, pp. 509, 510, 515; also Villeneuve Bargemont, "Histoire de l'Economie Politique," vol. ii, p. 213.]

[Footnote 42: As to the purchasing power of money at that time, see Arthur Young, "Travels in France during the Years 1787, 1788 and 1789." For notices of the small currency with examples of satirical verses written regarding it, see Challamel, "Les français sous la Révolution," pp. 307, 308. See also Mercier, "Le Nouveau Paris," edition of 1800, chapter ccv., entitled "Parchemin Monnaie." A series of these petty notes will be found in the White collection of the Cornell University Library. They are very dirty and much worn, but being printed on parchment, remain perfectly legible. For issue of quarter-"_sou_" pieces see Levasseur, p. 180.]

[Footnote 43: See Levasseur, vol. i, p. 176.]

[Footnote 44: For Chaumette's brilliant display of fictitious reasons for the decline see Thiers, Shoberl's translation, published by Bentley, vol. iii, p. 248.]

[Footnote 45: For these fluctuations, see Caron, as above, p. 387.]

[Footnote 46: One of the Forced Loan certificates will be found in the White Collection in the Library of Cornell University.]

[Footnote 47: For details of these transactions, see Levasseur, as above, vol. i, chap. 6, pp. 181, et seq. Original specimens of these notes, bearing the portrait of Louis XVI will be found in the Cornell University Library (White Collection) and for the whole series perfectly photographed in the same collection, Dewarmin, "Cent ans de numismatique française," vol. i, pp. 143-165.]

[Footnote 48: For statements showing the distress and disorder that forced the Convention to establish the "_Maximum_" see Levasseur, vol. i, pp. 188-193.]

[Footnote 49: See Levasseur, as above, vol. i, pp. 195-225.]

[Footnote 50: See specimens of these tickets in the White Collection in the Cornell Library.]

[Footnote 51: For these condemnations to the guillotine see the officially published trials and also the lists of the condemned, in the White Collection, also the lists given daily in the "Moniteur." For the spy system, see Levasseur, vol. i, p. 194.]

[Footnote 52: See Levasseur, as above, vol. i, p. 186. For an argument to show that the Convention was led into this Draconian legislation, not by necessity, but by its despotic tendencies, see Von Sybel's "History of the French Revolution," vol. iii, pp. 11, 12. For general statements of theories underlying the "_Maximum_," see Thiers; for a very interesting picture, by an eye-witness, of the absurdities and miseries it caused, see Mercier, "Nouveau Paris," edition of 1800, chapter XLIV.]

[Footnote 53: For a summary of the report of the Committee, with list of articles embraced under it, and for various interesting details, see Villeneuve Bargemont, "Histoire de l'Economie Politique," vol. ii, pp. 213-239; also Levasseur, as above. For curious examples of severe penalties for very slight infringements on the law on the subject, see Louis Blanc, "Histoire de la Révolution française," tome x, p. 144. For Louis XIVth's claim see "Memoirs of Louis XIV for the Instruction of the Dauphin."]

For a simple exposition of the way in which the exercise of this power became simply confiscation of all private property in France, see Mallet Du Pan's "Memoirs," London, 1852, vol. ii, p. 14.]

[Footnote 54: See Du Pont's arguments, as given by Levasseur.]

[Footnote 55: Louis Blanc calls attention to this very fact in showing the superiority of the French _assignats_ to the old American Continental currency, See his "Histoire de la Révolution française," tome xii, p. 98.]

[Footnote 56: See Sumner, as above, p. 220.]

[Footnote 57: See Levasseur, as above, vol. i, p. 178.]

[Footnote 58: See Cambon's "Report," Aug. 15, 1793, pp. 49-60; also, "Decree of Aug. 24, 1793," sec. 31, chapters XCVI-CIII. Also, "Tableaux de la dépréciation de papier monnaie dans le department de la Seine."]

[Footnote 59: For the example of Metz and other authorities, see Levasseur, as above, vol. i, p. 180.]

[Footnote 60: See Von Sybel, vol. iii, p. 173.]

[Footnote 61: See Thiers; also, for curious details of measures taken to compel farmers and merchants, see Senior, Lectures on "Results of Paper Money," pp. 86, 87.]

[Footnote 62: See Von Sybel, vol. iv, p. 231.]

[Footnote 63: See Von Sybel, vol. iv, p. 330; also tables of depreciation in "Moniteur"; also official reports in the White Collection; also Caron's "Tables," etc.]

[Footnote 64: For a lifelike sketch of the way in which these exchanges of _assignats_ for valuable property went on at periods of the rapid depreciation of paper, see Challamel, "Les français sous la Révolution," p. 309; also Say, "Economic Politique."]

[Footnote 65: For a very complete table of the depreciation from day to day, see "Supplement to the Moniteur" of October 2, 1797; also Caron, as above. For the market prices of the _louis d'or_ at the first of every month, as the collapse approached, see Montgaillard. See also "Official Lists" in the White Collection. For a table showing the steady rise of the franc in gold during a single week, from 251 to 280 _francs_, see Dewarmin, as above, vol. i, p. 136.]

[Footnote 66: See "Mèmoires de Thibaudeau," vol. ii, p. 26, also Mercier, "Lo Nouveau Paris," vol. ii, p. 90; for curious example of the scales of depreciation see the White Collection. See also extended table of comparative values in 1790 and 1795. See Levasseur, as above, vol. i, pp. 223-4.]

[Footnote 67: For a striking similar case in our own country, see Sumner, "History of American Currency," p. 47.]

[Footnote 68: See Villeneuve Bargemont, "Histoire de l'économie politique," vol. ii, p. 229.]

[Footnote 69: See Von Sybel, vol. iv, pp. 337, 338. See also for confirmation Challamel, "Histoire Musée," vol. ii, p. 179. For a thoughtful statement of the reasons why such paper was not invested in lands by men of moderate means, and workingmen, see Mill, "Political Economy," vol. ii, pp. 81, 82.]

[Footnote 70: See Von Sybel, vol. iv, p. 222.]

[Footnote 71: See especially Levasseur, "Histoire des classes ouvrières," etc. vol. i, pp. 219, 230 and elsewhere; also De Nervo, "Finance française," p. 280; also Stourm, as already cited. The exact amount of _assignats_ in circulation at the final suppression is given by Dowarmin, (vol. i, p. 189), as 39,999,945,428 _livres_ or _francs_.]

[Footnote 72: For details of the mandat system very thoroughly given, see Thiers' "History of the French Revolution," Bentley's edition, vol. iv, pp. 410-412. For the issue of _assignats_ and _mandats_ at the same time, see Dewarmin, vol. i, p. 136; also Levasseur, vol. i, pp. 230-257. For an account of "new tenor bills" in America and their failure in 1737, see Summer, pp. 27-31; for their failure in 1781, see Morse, "Life of Alexander Hamilton," vol. i, pp. 86, 87. For similar failure in Austria, see Summer, p. 314.]

[Footnote 73: See Marchant, "Lettre aux gens de bonne foi."]

[Footnote 74: See Summer, p. 44; also De Nervo, "Finances françaises," p. 282.]

[Footnote 75: See De Nervo, "Finances françaises," p. 282; also Levasseur, vol. i, p. 236 et seq.]

[Footnote 76: See Table from "Gazette de France" and extracts from other sources in Levasseur, vol. i, pp. 223-4.]

[Footnote 77: Among the many striking accounts of the debasing effects of "inflation" upon France under the Directory perhaps the best is that of Lacretelle, vol. xiii, pp. 32-36. For similar effect, produced by the same cause in our own country in 1819, see statement from Niles' "Register," in Sumner, p. 80. For the jumble of families reduced to beggary with families lifted into sudden wealth and for the mass of folly and misery thus mingled, see Levassour, vol. i, p. 237.]

[Footnote 78: For Madame Tallien and luxury of the stock-gambler classes, see Challamel, "Les français sous la Révolution," pp. 30, 33; also De Goncourt, "Les français sous le Directoire." Regarding the outburst of vice in Paris and the demoralization of the police, see Levasseur, as above.]

[Footnote 79: See Levasseur, Vol. i, p. 237, et seq.]

[Footnote 80: For specimens of counterfeit _assignats_, see the White Collection in the Cornell University Library, but for the great series of various issues of them in fac-simile, also for detective warnings and attempted descriptions of many varieties of them, and for the history of their Issue, see especially Dewarmin, vol. i, pp. 152-161. For photographic copies of Royalist _assignats_, etc., see also Dewarmin, ibid., pp. 192-197, etc. For a photograph of probably the last of the Royalist notes ever issued, bearing the words "Pro Deo, pro Rege, pro Patria" and "Armée Catholique et Royale" with the date 1799, and for the sum of 100 _livres_, see Dewarmin, vol. i, p. 204.]

[Footnote 81: For similar expectation of a "shock," which did not occur, at the resumption of specie payments in Massachusetts, see Sumner, "History of American Currency," p. 34.]

[Footnote 82: See Thiers.]

[Footnote 83: See Levasseur, vol. i, p. 246.]

[Footnote 84: For examples of similar effects in Russia, Austria and Denmark, see Storch, "Economie Politique," vol. iv; for similar effects in the United States, see Gouge, "Paper Money and Banking in the United States," also Summer, "History of American Currency." For working out of the same principles in England, depicted in a masterly way, see Macaulay, "History of England," chap. xxi; and for curious exhibition of the same causes producing same results in ancient Greece, see a curious quotation by Macaulay in same chapter.]

[Footnote 85: For parallel cases in the early history of our own country, see Sumner, p. 21, and elsewhere.]

[Footnote 86: For a review of some of these attempts, with eloquent statement of their evil results, see "Mémoires de Durand de Maillane," pp. 166-169.]

[Footnote 87: For similar effect of inflated currency in enervating and undermining trade, husbandry, manufactures and morals in our own country, see Daniel Webster, cited in Sumner, pp. 45-50. For similar effects in other countries, see Senior, Storch, Macaulay and others already cited.]

[Footnote 88: For facts regarding French finance under Napoleon I am indebted to Hon. David A. Wells. For more recent triumphs of financial commonsense in France, see Bonnet's articles, translated by the late George Walker, Esq. For general subject, see Levasseur.]