The daily gazette., 1875-08-02

dsssg7aats had been issued. of which
only 6S2 millions had been returned in
payment of taxes and national do
mains, leaving about 1900, 100000 ia
circulation, The domains in the hands
or tho State amounted to three thou.
sand million francs, exceeding the as.
ssgnats created by only about seventy
millions. He then recommended d
fresh creation of 900 millions. This
was done, and the sum total allowed
three millards,or six hundred mil.
lions of dollars. The same day war
was declared with England.
But this was not enough. Fresh
creations were decreed the same year
to the amount of one thousand two
bundled millions, and nnder the rap
id depreciation the Convention began
to pass penal laws to arrest theta of
this bogus currency. Six years. in
prisonment was decreed against any
one who should sell asstgnats for less
than their face value in silver. A
maximum price of grain was decrecd,
and in July the forestalling of provis-
ions, or refusing to sell them for dsssg-
rats, was declared capital crime
At the same time every man was re-
quired to make a return of the proper
ty he had on hand, and domiciliary
visits were appointed to verify the
statements of possessions. Thus Com
munism became enthroned in the Gov
eminent; but, Notwithstanding all
these seventies, silver franc in June
was worth three paper francs, and in
August IL was worth six.
supported also by eloquent speeches,
by sovereign decreesy and by the safe
ty of the State. Well, in spite Of ali
that Congress, Washington and Frank
lin could do, pair of boots sold $780,
600 in paper, and supper for four
persons, for which $40 was the usual
price, cost $50, 600 in paper"
But all the arguments that could be
brought forward, cogent and conclu-
sive as they were, produced no effect
on the headlong impulse which drove
the Frenchman of that day along the
downward road of initiation. 1t was
carried by majority of SOB to 423 that
fresh dsssgnats to the amount of eight
hundred million francs should be Gre
at d. But it was also resolved that the
issues should never exceed 200 mil
iiOho, anu thCy WClC W OCdI tlO IuItI~
est, the interest on the first issue being
stopped.
At that time the dssignats in circula-
tion were OF the nominal value of seven
hundred and fifty million dollars, or
little less than the aggregate paper
currency now atioat in the United
States. The Assembly now decreed
that the early issues, which bore the
royal eff1gy, should be demonetized,
being only received in payment of
taxes, till the first of january follow
ing, and after that TO have no value at
all. In the meantime, the creation of
dsstgrGts continued with unabated ra-
pidity. By May, 1904, there were almost
six thousand millions in circulation,
after deductlng all which had been re-
turned or destroyed. In June, 1894,
fresh issue of /, ,105 millions were de-
creed, ard, though the property they
were based upon was estimated to ex-
ceed their value, the dsssgndt had fall
en- to the twelfth part of its face.
At last, after the fall of Robespierre
and the Reign of Terror, the sales of
public property, forced loans and de-
monetization of the paper money were
all attempted, but without success
The Minister Of Finance at length pro-
posed the only possible remedy, name.
ly, to return to specie as the only mea-
sure of value, and to reduce the Qssac-
mats to their value in specie. But the
Convention rejected this proposition,
having the same republican horror of
specie, which was supposed to have
ruined paper money, that animated the
breasts of Ben. Butler and the other
American advocates of irredeemable
shinplasters. In 1894 the issue of this
worthless currency had increased to
twenty.nine milliards or nearly SO ,000,-
000. 600, and notwithstanding the num-
bers which were returned and concea-
led, there were no less than nineteen
miliiards in circulation, of, in nominal
value, three thousand, eight hundred
millions of dollars. Public officers
coald no longer live on their salaries,
and resigned. One-third part OF the
army, paid IN this WORTHLESS paper des-
erted. When the Directory took pos
session of the government in Novem-
Der, 1895, there was not an article of
furniture in the Government Offices,
and not a single franc in the Treasury.
The only means of payment in the
morning were the new asslgaafS which
had been printed during the night -
Such was the condition to which q
Government vested with unlimited
power for creating paper money was
reduced. t+# "a
The Directory now devised a plan of
raising the value of the paper by liqui-
dating it at one-thirtieth of its value,
but it was rejected. In .1796 the new
issues amounted to forty-five miiliards
and one thousand millions of francs in
paper was only reckoned equal in real
ity to one million francs in specie; that
is the assfgnat had fallen to the thous-
andth part of its nominal value; q
striking commentary on the wisdom OF
the theory upon which thev were
founded, that, if they only represented
an article of solid value, they would
never fall below gold and silver.
The direc 5ory now saw that something
radical must be done. Process of obtain
ing land for assignates (the only method
- IL, xuo lonU and tpdIOua and