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Updated: May 24, 2025
Though maternal prudence had only allowed them a slender sum of money they thought themselves rich in possessing a few louis, an actual treasure in those days when assignats were reaching their lowest depreciation and gold was worth far more than silver.
Throughout the country began a cry for another issue of paper; thoughtful men then began to recall what their fathers had told them about the seductive path of paper-money issues in John Law's time, and to remember the prophecies that they themselves had heard in the debate on the first issue of assignats less than six months before.
He said, "I have resisted the king of England in his power, the king of France in his authority, the people in its rage; I am not going to yield to Mirabeau." Necker was less tenacious of office, and rather than consent to an increased issue of assignats, resigned, much to his honour, and retired obscurely. Mirabeau triumphed.
Our revenue is assignats, our army wrecked disobedient, disorganised; what, then, shall we do? Dumouriez is summoned to Paris, quick, shifty, insuppressible; while royalist seigneurs cajole, and, as you turn your legislative thumbscrew, king's veto steps in with magical paralysis. Yet let not patriotism despair. Have we not a virtuous Pétion, Mayor of Paris, a wholly patriotic municipality?
You should begin, then, by proving that all these things create themselves; you must suppose the Mint melting ingots of gold which have fallen from the moon; or that the Board of Assignats be put in action at the national printing office; for you cannot reasonably think that if the quantity of corn, cloth, ships, hats and shoes remains the same, the share of each of us can be greater, because we each go to market with a greater number of real or fictitious money.
The National Convention which succeeded the Legislative Assembly, issued in 1793 over three thousand millions of assignats, and, of these, over twelve hundred millions were poured into the circulation. And yet Cambon steadily insisted that the security for the assignat currency was perfect.
If on the contrary, the new paper is of precarious value, as was clearly seen to be the case with the French assignats as early as February, 1791, it can confer no lasting benefits.
* The mandats were, in fact, but a continuation of the assignats, under another name. The last decree for the emission of assignats, limited the quantity circulated to forty milliards, which taken at par, is only about sixteen hundred millions of pounds sterling! What I have hitherto written you will understand as applicable only to the troops employed on the frontiers.
In over a hundred pamphlets during the four years of his life as a Revolutionist, Condorcet disseminates his ideas fortnightly pamphlets, many of them even now worth reading, lighting up now this, now that aspect of his faith kingship, slavery, the destiny of man, two Houses, assignats, education of the people, finance, the rights of man, economics, free trade, the rights of women, the Progress of the Human Mind.
"How odd to find that even this industry has its financial panics, and at times sees its assignats and greenbacks languish to zero, and everything come to a standstill. Go on, Sandy." "And so upon a time, after year and day, the good abbot made humble surrender and destroyed the bath.
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