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Updated: May 12, 2025
Speech by Robespierre, Thermidor 8, year II... ". Machiavellian designs against the small fund-holders of the State.. .. A contemptible financial system, wasteful, irritating, devouring, absolutely independent of your supreme oversight.... Anti-revolution exists in the financial department.... Who are its head administrators? Lindet says that he had signed twenty thousand papers.
Very well; but from this exception we will pass to another, from that to a third, and so on from exceptions to exceptions, until we have reduced the rule to a pure abstraction. How many supporters do you think, sir, can be claimed for the project of the conversion of the public funds? I venture to say that everybody favors it, except the fund-holders.
And, that none of the middle or upper class may escape, the edict subjects to special rigor, supplementary taxes, and arbitrary arrest, not alone property-holders and fund-holders, but again all persons designated under the following heads, aristocrats, Feuillants, moderates, Girondists, federalists, muscadins, the superstitious, fanatics the abettors of royalism, of superstition and of federation, monopolists, jobbers, egoists, "suspects" of incivism, and, generally, all who are indifferent to the Revolution, of which local committees are to draw up the lists.
That the proposed, or any charitable subscription, must be inadequate to relieve the actual distress of the country was a proposition which could not be disputed, but yet he did not intend to oppose that subscription; on the contrary, he should give it every possible support in his power; and it was, he felt, a consolation to them that there were still some persons in this country who could afford something to relieve the poor; but he was afraid that neither the landowner nor the mercantile interest had the means of doing so; for the former could obtain no rent, and the latter no trade the only persons, in fact, who were able to assist the poor under present circumstances were the placemen, the sinecurists, and the fund-holders, who must give up at least half of their ill-gotten gains in order to effect the object.
The Directory renews and aggravates the measures of the Convention against the remainder of the property-holders: there is no longer a disguised but a declared bankruptcy. 386,000 fund-holders and pensioners are deprived of two-thirds of their revenue and of their capital. A forced loan of 100 millions is levied progressively, and wholly on "the well-off class."
A few years of this system ended in so complete a confusion between Cosimo's trade and the finances of Florence that the bankruptcy of the Medici, however caused, would have compromised the credit of the State and the fortunes of the fund-holders. Cosimo, in a word, made himself necessary to Florence by the wise use of his riches.
It is now time to ask what had been done with the magnificent inheritance which the fourteenth Louis had entered upon at the opening of his reign: he left to his successor, a France crushed by an appalling debt of 2,400,000,000 livres; a noblesse and an army in bondage to money-lenders; public officials and fund-holders unpaid, trade paralysed, and the peasants in some provinces so poor that even straw was lacking for them to lie upon, many crossing the frontiers in search of a less miserable lot.
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