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As we have seen, it was in 1831 that Faraday opened up the field of magneto-electricity. Reversing the experiments of his predecessors, who had found that electric currents may generate magnetism, he showed that magnets have power under certain circumstances to generate electricity; he proved, indeed, the interconvertibility of electricity and magnetism.
Very elaborately he devised a funding scheme which, taken in connection with his system of issues, was in effect what in these days would be called an "interconvertibility scheme" By various degrees of persuasion or force, the guillotine looming up in the background, holders of assignats were urged to convert them into evidence of national debt, bearing interest at five per cent, with the understanding that if more paper were afterward needed more would be issued.
All in vain. The official tables of depreciation show that the assignats continued to fall. A forced loan, calling in a billion of these, checked this fall, but only for a moment. The "interconvertibility scheme" between currency and bonds failed as dismally as the "interconvertibility scheme" between currency and land had failed.
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