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Updated: May 24, 2025
This is an instance, among many others I could produce, that our legislators have been wrong, in connecting any change of the national religion with the revolution. I am every day convinced, that this and the assignats are the great causes of the alienation visible in many who were once the warmest patriots.
It declares "their reluctance to receive assignats, and their sordid attachment to their own interests," to make all merchants objects of suspicion. It declares "all the relatives of emigrants" to be objects of suspicion. It declares "all the clergy who have refused the constitutional oath, and all the former magistracy," to be objects of suspicion.
"It opened the army to men of merit, and divided the landed property of the aristocracy among the laboring classes; which, though a violation of the rights of property, enabled the nation to bear the burdens which were subsequently imposed, and to prosper under the evils connected with national bankruptcy, depreciated assignats, the Reign of Terror, the conscription of Napoleon, and the subjugation of Europe."
With her purse full of assignats Mademoiselle was actually obliged to obtain ready money from her diamonds, now useless to her. She gave them to Gaubertin, who sold them, and faithfully returned to her their full price. This proof of honesty touched her heart; henceforth she believed in Gaubertin as she did in Piccini.
But there was no opposition to the successive declarations of war with England, Holland, and the Spanish and Neapolitan Bourbons, which took place in February and March. Eight hundred million of assignats were voted at once, to be secured on the confiscated property of the émigrés. France, at that moment, had only 150,000 soldiers in the field.
I say this with the deepest pain, for I love my country, but I cannot be blind to the teachings of history. He then went on to cite the depreciation of our revolutionary currency, and, at great length pictured the repudiation of the assignats during the French Revolution. He had evidently read Alison and Thiers carefully, and he spoke like an inspired prophet.
There is not one of these persons whose capital, or income payable in assignats, is not at once crippled in proportion to the decline in value of assignats, so that not only the State falls into bankruptcy but likewise every creditor in France, legally bankrupt along with it through its fault. In such a situation how can any enterprise be commenced or maintained?
It was simply legal robbery of the more enthusiastic and trusting by the more cold-hearted and keen. It was, the "unloading" of the assignats upon the mass of the people. Interesting is it to note in the midst of all this the steady action of another simple law in finance.
* 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.
When the creation of assignats was first proposed, much ingenuity was employed in conjecturing, and much eloquence displayed in expatiating upon, the various evils that might result from them; yet the genius of party, however usually successful in gloomy perspective, did not at that time imagine half the inconvenience this measure was fraught with.
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