The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1865-02-10
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From tie Philadelphia Sat. EVening P
FRENCH GREENBACKS.

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The following article, from Chan,Jerss
EdnJuyh Journal, is interesting as fur
nishiug an account of the paper money of
Revolutionary France. The journal
seems to hint at the possibility of the
American Greenbacks depreciating to the
same extent as the French assignats. We
apprehend, however, no danger of this
kind, because we believe that both Con-
gress and tue Executive Department have
sternly set their faces against further
and unlimited issue of them.-Ed Sat.
EUe. Post.
The present generation of untravelled
Englishmen know little by experience of
the important difference which exists be-
tween paper money and coin. Our ma
tional credit has, on the whole, been good
for very long period, and although here
and there banks have broken, and their
paper has become deprecated, the distur-
bauce of the public confidence which has
ensued has seldom been more than tempo
rary and local Few can now say that they
remember the time when they looked suspi-
ciously at 6ve-pound Bank of England
note, and gave themselves no rest until
they had changed it into FIVE golden
sovereigns.
The tremendous struggle going on in
America, however, is familiarizing our
minds with distinction which, happily,
we have not had to learn at our own cost.
A new name has been added to the voca.
buary of the money market Every rea-
der of the newspaper knows that the Fed
eral States are at present flooded with
"greenbacks )" and all who know so much
are aware of this also, that since these
came to form the principal circulating me,
dunn in that country, the value of paper
money has sunk to less than one-half of
its nominal value in coin; that is to say,
suppose similar depreciation to exist
here, we should have to pay five pound
note for perhaps no more than forty shill,
ings in silver. What will be the final is
sue of this financial disturbance, it would
be very difficult to say, and it is not our
purpose here to furnish any particular the.
DRY on the subject But, in connection
with the discussion of problem which so
many feel to be at once an interesting and
an important one, our readers may be glad
to have some information supplied to them
regarding the origin and history of the ia
nous AssIGNATs-th French green
backs, with which the leaders of the first
Revolution fed their armies, and Ca ried
on the gigantic work which fell to their
hands to perform. The times change, and
we change with them aud there are many
points in which the cases are not at all
parallel. But we shall be surprised if the
two stories, when they are both finished,
do not throw some light upon each other !;
and, at any rate, what we have to tell will
afford solder basis than many at present
have for their Speculations about the flu
ture.
On the 18th of June, 1889, the depu..
ties Of the Tiers etat retired from the
States. general, which had assembled at
Versailles in the beginning of the previous
month, and, along with some of the cler-
gy, who threw in their lot with them, con-
stituted themselves into National Assem-
bly,. This event may be said to mark the
date when the old regime ceased, and the
new order of things was inaugurat,d.-
There was still king in France, but after
this the unfortunate Louis reigned only in
name. The Revolution was accomplish
ed. The Democracy was master.
1t was no easy task, however, which the
sovereign people had thus taken into their
OVID hands. Before that eveutfu year
had closed, they found difficulties of every
kind to deal with, and duties and respon-
s,blltles of every description to discharge
For one thing, the treasury was empty;
and with the Court to be kept up, and the
Paris populace to feed, and the business
OF the country to be carried on, it bekooved
them to find money somewhere A new
impost was of course the natural way of
getting what they wanted, but the Nation
al Assembly, like the American Congress
OF our own times, exhibited very deci
ded Discrimination to resort to further tax
alton. A simpler method of raising
revenue Was suggested to them, and fually
adopted. The ilustrious example of Hen.
ry VIII. was followed. The church of
France had vast territorial possessions /;
these by sweeping decree of the Assem-
bly,, were declared to belong to, and to be
at the disposal of the state; and out of
this mine Of wealth, so slightly got, and
so extensive, not only was enough procured
to meet their present necessities, but those
immense financial resources were obtained
which upheld for IL long period the
schemes and enterprises Of the X, volu
ton.