Dorisy then went on to insist that the government lands were worth at
least thirty-five hundred million _livres_ and said: "Why should
members ascend the tribunal and disquiet France? Fear nothing; your
currency reposes upon a sound mortgage." Then followed a
glorification of the patriotism of the French people, which, he
asserted, would carry the nation through all its difficulties.

Becquet, speaking next, declared that "The circulation is becoming
more rare every day."

On December 17, 1791, a new issue was ordered, making in all
twenty-one hundred millions authorized. Coupled with this was the
declaration that the total amount in actual circulation should never
reach more than sixteen hundred millions. Before this issue the value
of the 100 _livres_ note had fallen at Paris to about 80 _livres_;[38]
immediately afterward it fell to about 68 _livres_. What limitations
of the currency were worth may be judged from the fact that not only
had the declaration made hardly a year before, limiting the amount in
circulation to twelve hundred millions, been violated, but the
declaration, made hardly a month previous, in which the Assembly had
as solemnly limited the amount of circulation to fourteen hundred
millions, had also been repudiated.

The evils which we have already seen arising from the earlier issues
were now aggravated; but the most curious thing evolved out of all
this chaos was a _new system of political economy_. In speeches,
newspapers and pamphlets about this time, we begin to find it declared
that, after all, a depreciated currency is a blessing; that gold and
silver form an unsatisfactory standard for measuring values: that it
is a good thing to have a currency that will not go out of the kingdom