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Updated: June 27, 2025
I know, from high authority, that to the interference of Princesse Louis alone is he indebted for not being shut up in the Temple, and, perhaps, transported to our colonies, for having depreciated the power and means of France to invade England.
His modest inheritance, invested chiefly in real estate, had so far depreciated that apparently it could not much longer provide for even his frugal life abroad. "I must give up my chosen career for a life of bread-winning," he had concluded sadly, and he was ready to avail himself of any good opening that offered.
At that time, during the suspension of specie payments by the bank, when paper was fifteen per cent below par, Mr. Vansittart had presented his celebrated resolution, declaring that a bank-note was still worth the value expressed on its face; that the bank note had not depreciated, but that the price of bullion had risen.
By their means we have been flooded with a depreciated paper, which it was evidently the design of the framers of the Constitution to prevent when they required Congress to "Coin money and regulate the value of foreign coins," and when they forbade the States "to coin money, emit bills of credit, make anything but gold and silver a tender in payment of debts," or "pass any law impairing the obligation of contracts."
The experience of the present panic has proven that the currency of the country, based, as it is, upon the credit of the country, is the best that has ever been devised. Usually in times of such trials currency has become worthless, or so much depreciated in value as to inflate the values of all the necessaries of life as compared with the currency.
The pay even of the officers, in the depreciated paper currency, was wholly unequal to the maintenance of their rank. Some of them who had small patrimonial estates found them melting away, while their lives were unprofitably devoted to the service of their country, and they who had no private fortune could not appear in a manner becoming their station.
New issues were made at every crisis, until the over issue alarmed the reflecting portion of the community, and assignats depreciated to a mere nominal value. At the close of the year, the credit of the nation was destroyed, and the precious metals were withdrawn, in a great measure, from circulation.
That minister was of opinion, that, whatever their secret nutritive virtue might be, the state could not live upon assignats alone, that some real silver was necessary, particularly for the satisfaction of those who, having iron in their hands, were not likely to distinguish themselves for patience, when they should perceive, that, whilst an increase of pay was held out to them in real money, it was again to be fraudulently drawn back by depreciated paper.
Their beauty neglected or controverted, their age increased or their supposed understandings depreciated, instantly kindles their little passions, and overturns any system of consequential conduct that in their most reasonable moments they have been capable of forming.
He appeared to be about sixty-five, and the dignified aspect which he wore to a gazer at a distance became depreciated to jocund slyness upon nearer view, when the small type could be read between the leading lines. Then it could be seen that his upper lip dropped to a point in the middle, as if impressing silence upon his too demonstrative lower one.
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