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Updated: June 15, 2025
No rhetoric could impress on a class the real spirit and strength of the middle ages as could one of my illuminated psalters or missals; no declamation upon the boldness of Luther could impress thinking young men as did citations from his ``Erfurt Sermon, which, by weakening his safe-conduct, put him virtually at the mercy of his enemies at the Diet of Worms; no statements as to the fatuity of Robespierre could equal citations from an original copy of his ``Report on the Moral and Religious Considerations which Ought to Govern the Republic''; all specifications of the folly of Marat paled before the ravings in the original copies of his newspaper, ``L'Ami du Peuple''; no statistics regarding the paper-money craze in France could so impress its actuality on students as did the seeing and handling of French revolutionary assignats and mandats, many of them with registration numbers clearly showing the enormous quantities of this currency then issued; no illustration, at second hand, of the methods of the French generals during the Revolutionary period could produce the impression given by a simple exhibition of the broadsides issued by the proconsuls of that period; no description of the collapse of the triumvirate and the Reign of Terror could equal a half-hour's reading from the ``Moniteur''; and all accounts of the Empire were dim compared to grandiose statements read from the original bulletins of Napoleon.
The acute suffering from the wreck and rain brought by assignats, mandats and other paper currency in process of repudiation lasted nearly ten years, but the period of recovery lasted longer than the generation which followed.
The councils decreed the issue of mandats territoriaux to the amount of two thousand four hundred millions. They had the advantage of being exchangeable at once and upon presentation, for the national domains which represented them. Their sale was very extensive, and in this way was completed the revolutionary mission of the assignats, of which they were the second period.
The twenty-five hundred millions of mandats went into the common heap of refuse with the previous forty-five thousand millions of assignats: the nation in general, rich and poor alike, was plunged into financial ruin from one end to the other. On the prices charged for articles of ordinary use light is thrown by extracts from a table published in 1795, reduced to American coinage.
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