for land they should be burned, and thus a healthful contraction be
constantly maintained. Unlike the first issue, these new notes were
to bear no interest.[23]

Great were the plaudits of the nation at this relief. Among the
multitudes of pamphlets expressing this joy which have come down to us
the "Friend of the Revolution" is the most interesting. It begins as
follows: "Citizens, the deed is done. The _assignats_ are the
keystone of the arch. It has just been happily put in position. Now
I can announce to you that the Revolution is finished and there only
remain one or two important questions. All the rest is but a matter
of detail which cannot deprive us any longer of the pleasure of
admiring this important work in its entirety. The provinces and the
commercial cities which were at first alarmed at the proposal to issue
so much paper money now send expressions of their thanks; specie is
coming out to be joined with paper money. Foreigners come to us from
all parts of Europe to seek their happiness under laws which they
admire; and soon France, enriched by her new property and by the
national industry which is preparing for fruitfulness, will demand
still another creation of paper money."

France was now fully committed to a policy of inflation; and, if there
had been any question of this before, all doubts were removed now by
various acts very significant as show- ing the exceeding difficulty of
stopping a nation once in the full tide of a depreciating currency.
The National Assembly had from the first shown an amazing liberality
to all sorts of enterprises, wise or foolish, which were urged "for
the good of the people." As a result of these and other largesses the
old cry of the "lack of a circulating medium" broke forth again; and
especially loud were the clamors for more small bills. The cheaper