thirty-five hundred millions had been put forth, of which six hundred
millions had been burned, leaving in circulation twenty-eight hundred
millions.

When it is remembered that there was little business to do and that
the purchasing power of the _livre_ or franc, when judged by the
staple products of the country, was equal to about half the present
purchasing power of our own dollar, it will be seen into what evils
France had drifted. As the mania for paper money ran its course, even
the _sous_, obtained by melting down the church bells, were more and
more driven out of circulation and more and more parchment notes from
twenty _four_ to five were issued, and at last pieces of one _sou_, of
half a _sou_ and even of one-quarter of a _sou_ were put in
circulation.[42]

But now another source of wealth was opened to the nation. There came
a confiscation of the large estates of landed proprietors who had fled
the country. An estimate in 1793 made the value of these estates
three billions of _francs_. As a consequence, the issues of paper
money were continued in increased amounts, on the old theory that they
were guaranteed by the solemn pledge of these lands belonging to the
state. Under the Legislative Assembly through the year 1792 new
issues were made virtually every month, so that at the end of January,
1793, it was more and more realized that the paper money actually in
circulation amounted close upon three thousand millions of _francs_.
All this had been issued publicly, in open sessions of the National
and Legislative Assemblies; but now under the National Convention, the
two Committees of Public Safety and of Finance began to decree new
issues privately, in secret session.