Fiat Money Inflation in France by Andrew Dickson White
page 20 of 91 (21%)
page 20 of 91 (21%)
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showers upon the earth, then in swelling rivers discharged into the
sea, then drawn up in vapor and finally scattered over the earth again in rapidly fertilizing showers. He predicted that the members would be surprised at the astonishing success of this paper money and that there would be none too much of it. His theory grew by what it fed upon,--as the paper-money theory has generally done. Toward the close, in a burst of eloquence, he suggested that _assignats_ be created to an amount sufficient to cover the national debt, and that all the national lands be exposed for sale immediately, predicting that thus prosperity would return to the nation and that an classes would find this additional issue of paper money a blessing.[15] This speech was frequently interrupted by applause; a unanimous vote ordered it printed, and copies were spread throughout France. The impulse given by it permeated all subsequent discussion; Gouy arose and proposed to liquidate the national debt of twenty-four hundred millions,--to use his own words--"by one single operation, grand, simple, magnificent."[16] This "operation" was to be the emission of twenty-four hundred millions in legal tender notes, and a law that specie should not be accepted in purchasing national lands. His demagogy bloomed forth magnificently. He advocated an appeal to the people, who, to use his flattering expression, "ought alone to give the law in a matter so interesting." The newspapers of the period, in reporting his speech, noted it with the very significant remark, "This discourse was loudly applauded." To him replied Brillat-Savarin. He called attention to the depreciation of _assignats_ already felt. He tried to make the |
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