pure in motive, and above all probability of taint, became luxurious, reckless, cynical, and finally corrupt....
"Even worse than this was the breaking down of morals in the country 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 intoxication, which had grown into a regular national debauch. Every issue 'of paper-money had made matters worse. But so deep was the infatuation that multitudes of people insisted that if there were only enough paper-money all would be well. On December 17, 1791, a new issue was ordered of three hundred millions more, and on April 30, 1792, still another three hundred 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 hundred 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 demand 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 penalty 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 circulation. 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 millions; 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 continued until, at the beginning of 1796, they amounted to over forty-five thousand million francs. One franc in gold was 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 issued instead of them it was decreed that a new paper-money, 'fully secured and as good as gold,' be issued, under the name of 'mandats.'" Choice public 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 hundred million mandats went into the common heap of refuse with the previous thirty-six billion assignats. The whole vast issue was repudiated. The collapse had come at last; the whole nation was plunged into financial distress and debauchery from one end to the other."
We have given the bare skeleton
