substitutes for money in a nation simply increases prices, disturbs
values, alarms capital, diminishes legitimate enterprise, and so
decreases the demand both for products and for labor; that the only
persons to be helped by it are the rich who have large debts to pay.
This pamphlet was signed "A Friend of the People," and was received
with great applause by the thoughtful minority in the Assembly. Du
Pont de Nemours, who had stood by Necker in the debate on the first
issue of _assignats_, arose, avowed the pamphlet to be his, and said
sturdily that he had always voted against the emission of irredeemable
paper and always would.[21]

Far more important than any other argument against inflation was the
speech of Talleyrand. He had been among the boldest and most radical
French statesmen. He it was,--a former bishop,--who, more than any
other, had carried the extreme measure of taking into the possession
of the nation the great landed estates of the, Church, and he had
supported the first issue of four hundred millions. But he now
adopted a judicial tone--attempted to show to the Assembly the very
simple truth that the effect of a second issue of _assignats_ may be
different from that of the first; that the first was evidently needed;
that the second may be as injurious as the first was useful. He
exhibited various weak points in the inflation fallacies and presented
forcibly the trite truth that no laws and no decrees can keep large
issues of irredeemable paper at par with specie.

In his speech occur these words: "You can, indeed, arrange it so that
the people shall be forced to take a thousand _livres_ in paper for a
thousand _livres_ in specie; but you can never arrange it so that a
man shall be obliged to give a thousand _livres_ in specie for a
thousand _livres_ in paper,--in that fact is embedded the entire