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Until the month of January 1791 they stood at over 90; in July 1791 they were at 87; during 1792-93, years of the greatest crisis, they fell fast; in 1795 they had almost lost value and during the Directoire period the assignat becomes almost worthless, one recorded transaction giving 3,080 francs in paper for 20 in gold. Behind the financial policy of the assembly was Mirabeau.
The paper was a French assignat, bearing the words, 'Payez au porteur la somme de deux mille livres. Yes; the sum so carelessly thrown on the table by this youth was an order for eighty pounds, issued by the French Government. "Remember the period, gentlemen, when this occurred.
Taking as a standard the value of the assignat when there were two billions in circulation, this law declared that, in payment of debts, one-quarter should be added to the amount originally borrowed for every five hundred millions added to the circulation.
One man, Lagache, warned by the daughter of his host that the treasure for the army chest had evaporated and the truth was out, sprung on his horse and opened a way through the crowd with a pistol in each hand. Drouet told the story to the National Assembly more to his own advantage, claiming to have recognised the queen whom he had seen at Paris, and the king by his likeness on an assignat.
Just then Mavra Kuzminichna appeared from behind the corner of the house with a frightened yet resolute look, carrying a rolled-up check kerchief in her hand. While still a few steps from the officer she unfolded the kerchief and took out of it a white twenty-five-ruble assignat and hastily handed it to him. "If his excellency had been at home, as a kinsman he would of course... but as it is..."
"A month after the fall of Robespierre," she says, "I considered as to the means of providing for myself, for a mother seventy years of age, my sick husband, my child nine years old, and part of my ruined family. I now possessed nothing in the world but an assignat of five hundred francs. I had become responsible for my husband's debts, to the amount of thirty thousand francs. I chose St.
The National Convention which succeeded the Legislative Assembly, issued in 1793 over three thousand millions of assignats, and, of these, over twelve hundred millions were poured into the circulation. And yet Cambon steadily insisted that the security for the assignat currency was perfect.
When the guillotine stops working, the assignat, losing its official value, falls to its real value.
The greater the depreciation of the assignats the greater the amount the government is obliged to issue to provide for its expenses, and the more it issues the more it causes their depreciation, so that the decline which increases the issue increases the depreciation, until, finally, the assignat comes down to nothing.
For their services they received an assignat of a hundred sols from the funds of the Section; but, having been neighbours and friends of the outlaw, they found it embarrassing to meet his eye. Anyhow, it was a hot day; they were thirsty and in a hurry to be off and drink a glass of wine.
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