utterances of sundry politicians at that time pointed clearly to
issues of paper money practically unlimited. These men were logical
enough to see that it would be inconsistent to stop at the unlimited
issue of silver dollars which cost really something when they could
issue unlimited paper dollars which virtually cost nothing.

In thus exhibiting facts which Bishop Butler would have recognized as
confirming his theory of "The Possible Insanity of States," it is but
just to acknowledge that the French proposal was vastly more sane than
that made in our own country. Those French issues of paper rested not
merely "on the will of a free people," but on one-third of the entire
landed property of France; on the very choicest of real property in
city and country--the confiscated estates of the Church and of the
fugitive aristocracy--and on the power to use the paper thus issued in
purchasing this real property at very low prices.

I have taken all pains to be exact, revising the whole paper in the
light of the most recent publications and giving my authority for
every important statement, and now leave the whole matter with my
readers.

At the request of a Canadian friend, who has expressed a strong wish
that this work be brought down to date, I have again restudied the
subject in the light of various works which have appeared since my
earlier research,--especially Levasseur's "Histoire des classes
ouvrières et de l'industrie en France,"--one of the really great
books of the twentieth century;--Dewarmin's superb "Cent Ans de
numismatique Française" and sundry special treatises. The result has
been that large additions have been made regarding some important
topics, and that various other parts of my earlier work have been made